NO LIABILITY OF CORPORATE LIMITED PARTNER Sample Clauses

NO LIABILITY OF CORPORATE LIMITED PARTNER. The Corporate Limited Partner shall not be liable to any Unitholder for any action or nonaction by it taken or omitted in good faith or in reliance upon advice, written notice, request or direction from a Unitholder believed by it to be genuine and to have been signed or presented by the proper person or persons. The Unitholders and Investor Limited Partners and not the Corporate Limited Partner shall be liable to the Partnership or any third party for any obligations for which limited partners are liable under this Agreement or Massachusetts law, and each Unitholder assumes and agrees to pay or to reimburse the Corporate Limited Partner with respect to any such liability applicable to his Unit.
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NO LIABILITY OF CORPORATE LIMITED PARTNER. The Corporate Limited Partner shall not be liable to any Unitholder for any action or nonaction by it taken or omitted: (1) in good faith and without negligence or misconduct and (2) in reliance upon advice, written notice, request or direction from a Unitholder believed by it to be genuine and to have been signed or presented by the proper person or persons. The Unitholders and Investor Limited Partners and not the Corporate Limited Partner shall be liable to the A-18 Partnership or any third party for any obligations for which limited partners are liable under this Agreement or applicable law in accordance with Section 7.4, and each Unitholder assumes, and agrees to pay or to reimburse the Corporate Limited Partner with respect to, any such liability applicable to his Unit.
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Related to NO LIABILITY OF CORPORATE LIMITED PARTNER

  • No Liability of Members All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

  • No Liability of Member Except as otherwise specifically provided in the Act, the Member shall not have any personal liability for the obligations of the Company. Except as provided in Section 4.1, the Member shall not be obligated to contribute funds or loan money to the Company.

  • Liability of General Partner The General Partner is not liable, responsible, or accountable in damages or otherwise to the Limited Partner or the Partnership for any act performed by the General Partner in good faith and within the scope of this Agreement. The General Partner is liable to the Limited Partner only for conduct that involves gross negligence, bad faith, or fraud.

  • Liability of Limited Partners Except as provided in the following sentence, notwithstanding the provisions hereof for the allocation of the Partnership’s net losses and for the distribution of cash to the Partners by the Partnership, the Limited Partners shall not be responsible or obligated to any third parties for any debts or liabilities of the Partnership in excess of such Limited Partner’s unrecovered contributions to the capital of the Partnership and such Limited Partner’s share of any undistributed profits of the Partnership.

  • Limited Liability of Limited Partners (1) Each Unit of Limited Partnership Interest, when purchased by a Limited Partner, subject to the qualifications set forth below, shall be fully paid and non-assessable.

  • Liability of Company The Indemnitee agrees that neither the stockholders nor the directors nor any officer, employee, representative or agent of the Company shall be personally liable for the satisfaction of the Company's obligations under this Agreement and the Indemnitee shall look solely to the assets of the Company for satisfaction of any claims hereunder.

  • Liability of Partners (a) No Limited Partner shall be liable for any debt, obligation or liability of the Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Partner of the Partnership, except to the extent required by the Act.

  • Limited Liability of Members No Member shall be liable for any debts or obligations of the Company beyond the amount of the Capital Contributions made by such Member.

  • The Limited Liability Company 8 2.1 Formation; Effective Date of Agreement .................................... 8 2.2 Name ...................................................................... 8 2.3 Business Purpose .......................................................... 9 2.4 Powers .................................................................... 9 2.5 Duration .................................................................. 9 2.6 Registered Office and Registered Agent .................................... 9 2.7

  • Liability of the Company The Company shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Company herein.

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