Non-Recourse to the Partners. Notwithstanding anything to the contrary contained in this Agreement, the Partnership shall not incur debt that is recourse to the Partners, and the Partners shall not be liable for any debts or other obligations or liabilities incurred by the Partnership; provided, that, if a lender will not accept the Partnership as a guarantor for “non-recourse carve-outs,” LMLP shall provide such “non-recourse carve-out” guarantee.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Lexington Master Limited Partnership), Limited Partnership Agreement (Lexington Realty Trust), Limited Partnership Agreement (Lexington Master Limited Partnership)
Non-Recourse to the Partners. Notwithstanding anything to the contrary contained in this Agreement, the Partnership shall not incur debt that is recourse to the Partners, and the Partners shall not be liable for any debts or other obligations or liabilities incurred by the Partnership; provided, that, if a lender will not accept the Partnership as a guarantor for “non-recourse carve-outs,” LMLP shall provide such “non-recourse carve-out” guarantee.
Appears in 1 contract
Samples: Management Agreement (Lexington Corporate Properties Trust)
