Common use of Limitation Upon Liability of Limited Partners Clause in Contracts

Limitation Upon Liability of Limited Partners. The personal liability of each Limited Partner to the Partnership (except as provided in Section 4.01), to the General Partner, to the creditors of the Partnership or to any other third party for the losses, debts or liabilities of the Partnership shall be limited to the amount of its Capital Contribution which has not theretofore been returned to it as a Distribution (including a Distribution upon liquidation). Distributions to a Limited Partner shall first be deemed a return of its Capital Contribution for purposes of the foregoing sentence. A Limited Partner shall not at any time be liable or held accountable to the Partnership, to the other Partners, to the creditors of the Partnership or to any other third party for or on account of any negative balance in its Capital Account.

Limitation Upon Liability of Limited Partners. The personal liability of each Limited Partner to the Partnership (except as provided in Section 4.01), to the General Partnerother Partners, to the creditors of the Partnership or to any other third party for the losses, debts or liabilities of the Partnership shall be limited to (i) the amount of its Capital Contribution which has not theretofore been returned to it as a Distribution (including a Distribution upon liquidation), and (ii) the amount of any liability under I.C. 23-16-7-8 for any Capital Contribution returned to the Limited Partner. Distributions to a No Limited Partner shall first be deemed a return of its Capital Contribution for purposes of the foregoing sentence. A Limited Partner shall not at any time be liable or held accountable to the Partnership, to the other Partners, to the creditors of the Partnership or to any other third party for or on account of any negative balance in its Capital Account.