Common use of Release of General Partner Clause in Contracts

Release of General Partner. Upon the removal of a General Partner, the Partnership shall release and hold harmless such removed General Partner from all actions, claims, costs, demands, losses, damages and expenses based upon events which occur in relation to the Partnership after the effective date of such removal, except where the same results from the fraud, wilful misconduct or gross negligence of such former General Partner.

Release of General Partner. Upon the removal or resignation of a the General PartnerPartner as aforesaid, the Partnership shall release and hold harmless such removed the General Partner and the Limited Partners shall release the General Partner from all actions, claims, costs, demands, losses, damages and expenses based upon with respect to events which occur in relation to the Partnership after the effective date time of such removal, except where the same results from the fraud, wilful misconduct or gross negligence of such former General Partner.