Common use of Partnership Expenses and Liabilities Clause in Contracts

Partnership Expenses and Liabilities. (a) Except as provided in the Delaware Act, the General Partner shall have the liabilities of a partner in a partnership without limited partners to Persons other than the Partnership and the other Partners. Except as provided in the Delaware Act or this Agreement, the General Partner shall have the liabilities of a partner in a partnership without limited partners to the Partnership and to the other Partners. (b) Except as otherwise expressly required by law, a Limited Partner, in its capacity as such, shall have no liability in excess of (i) the amount of its capital contributions to the Partnership, (ii) its share of any assets and undistributed profits of the Partnership, and (iii) the amount of any distributions wrongfully distributed to it.