Distribution to Limited Partners. It is the intent of the parties -------------------------------- hereto that no distribution to any Limited Partner shall be deemed a return of money or other such property in violation of the Act. This provision shall be deemed to be a compromise within the meaning of Section 17-502(b) of the Act, and the Limited Partner receiving any such money or property shall not be required to return any such money or property to the Partnership, any creditor of the Partnership or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partners.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Petro Stopping Centers L P), Limited Partnership Agreement (Petro Stopping Centers L P), Petro Holdings Financial Corp
Distribution to Limited Partners. It is the intent of the parties -------------------------------- hereto that no distribution to any Limited Partner shall be deemed a return of money or other such property in violation of the Act. This provision shall be deemed to be a compromise within the meaning of Section 17-502(b) of the Act, and the Limited Partner receiving any such money or property shall not be required to return any such money or property to the Partnership, any creditor of the Partnership or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partners.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Petro, Inc.), Limited Partnership Agreement (Petro, Inc.)
