Common use of Limitation on Responsibility of General Partner Clause in Contracts

Limitation on Responsibility of General Partner. The General Partner's obligations to perform the functions enumerated herein and such other obligations as may arise by operation of law or otherwise shall be performable only to the extent that the Partnership from time to time has funds available therefor, and neither the General Partner nor its Affiliates shall ever be personally liable to furnish involuntarily its or their own funds for any such purposes, to respond in damages, or to render specific performance. The Limited Partner hereby further agrees to look solely to the Partnership Interest of the General Partner for recovery of any judgment against the General Partner. In the exercise of any of its responsibilities or authority under this Agreement or otherwise, the General Partner shall be obligated to act in good faith; and so long as it acts in good faith, it shall have no liability or obligation to the Partnership or to any Partner for any decision, act or omission, whether or not such decision, act or omission shall have been authorized or reasonably prudent, and whether or not such decision, act or omission shall have been the result of the exercise of good or bad business judgment.

Limitation on Responsibility of General Partner. The General Partner's obligations to perform the functions enumerated herein and such other obligations as may arise by operation of law or otherwise shall be performable only to the extent that the Partnership from time to time has funds available therefor, and neither the General Partner nor its Affiliates shall ever be personally liable to furnish involuntarily its or their own funds for any such purposes, to respond in damages, or to render specific performance. The Limited Partner hereby further agrees to look solely to the Partnership Interest of the General Partner for recovery of any judgment against the General Partner. In the exercise of any of its responsibilities or authority under this Agreement or otherwise, the General Partner shall be obligated to act in good faith; and so long as it acts in good faith, it shall have no liability or obligation to the Partnership or to any Partner for any decision, act or omission, whether or not such decision, act or omission shall have been authorized or reasonably prudent, and whether or not such decision, act or omission shall have been the result of the exercise of good or bad business judgment., ARTICLE VI