Partnership Liability definition
Examples of Partnership Liability in a sentence
In furtherance of (and without limiting) the foregoing, the Canadian Borrower acknowledges and agrees that its Partnership Liability shall exist in full force and effect regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any Outstanding Obligations of the U.S. Borrower or the rights of the Administrative Agent or any of the Lenders with respect thereto.
In furtherance of (and without limiting) the foregoing, Kingsway acknowledges and agrees that its Partnership Liability shall exist in full force and effect regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any Outstanding Obligations of Partnership or the rights of the Administrative Agent or any of the Lenders with respect thereto.
The Designs Partner agrees to indemnify the LOS Partner and the LOS Partner's Affiliates and hold them harmless from and against (i) all Damages relating to any obligation or liability of the Partnership assigned to and assumed by the Designs Partner or its designees and (ii) 70 percent of all Damages incurred by the LOS Partner or the LOS Partner's Affiliates and related to any obligation or liability of the Partnership not assigned to or assumed by either Partner (an "Unassigned Partnership Liability").
A Partnership Liability to the extent that no Partner or Related Person bears the economic risk of loss (as defined in Section 1.752-2 of the Regulations) with respect to the liability.
The entire outstanding Principal Indebtedness, together with --- --- all accrued but unpaid interest thereon to (but excluding) the Maturity Date and all other amounts then due under the Loan Documents, shall be due and payable by the Borrowers to the Lenders (jointly and severally, except that the Trust and the Operating Partnership shall only be liable for the Operating Partnership Liability Amount) on the Maturity Date.
Partnership Liability — Any debt or obligation for which the Partnership is liable or which is secured by any Partnership Property.
No agreements to which -------------------------------------- the Operating Partnership or the Trust is a party restrict the amount of Debt that may be incurred by the Operating Partnership and the Trust except as set forth in Schedule 5, and none of such agreements would preclude the Operating ---------- Partnership and the Trust from borrowing hereunder in an amount equal to the Operating Partnership Liability Amount.
The LOS Partner agrees to indemnify the Designs Partner and the Designs Partner's Affiliates and hold them harmless from and against (i) all Damages relating to any obligation or liability of the Partnership assigned to and assumed by the LOS Partner or its designees and (ii) 30 percent of all Damages incurred by the Designs Partner or the Designs Partner's Affiliates and related to any Unassigned Partnership Liability.
If the LOS Partner or any Affiliate of the LOS Partner reasonably anticipates that it may incur Damages in excess of its 30 percent share of an Unassigned Partnership Liability, it may notify the Designs Partner and the Designs Partner will thereupon be required to pay its 70 percent share of such liability to the LOS Partner, or the LOS Partner's Affiliate as the case may be, without requiring the LOS Partner, or the LOS Partner's Affiliate as the case may be, to first pay its 30 percent share.
Partner Nonrecourse Liability — Any Partnership Liability to the extent the liability is nonrecourse under state law, and on which a Partner or Related Person bears the economic risk of loss under Section 1.752-2 of the Regulations because, for example, the Partner or Related Person is the creditor or a guarantor.