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: (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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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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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.

  • Liability of General Partner Except as otherwise provided in this Agreement, the liability of the General Partner arising from the conduct of the business affairs or operations of the Partnership or from the debts of the Partnership is unrestricted.

  • 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. (2) A Limited Partner shall have no liability in excess of his obligation to make contributions to the capital of the Partnership and his share of the Partnership’s assets and undistributed profits, subject to the qualifications provided in the Partnership Act.

  • 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 No Limited Partner shall be liable for the debts, liabilities, contracts or any other obligations of the Partnership. Except as agreed upon by the Partners, and except as otherwise provided by the Act or by any other applicable state law, no Partner shall be required to make any other Capital Contributions or to loan any funds to the Partnership. No Partner shall have any personal liability for the repayment of its Capital Contributions or loans of any other Partner.

  • 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 The Members have created a limited liability company: The operations of the Company shall be governed by the laws located in the State of Governing Law and in accordance with this Agreement as follows:

  • 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.

  • Liability of Member The Member shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.

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