Liability of General Partners. General Partners shall have unlimited liability for the satisfaction and discharge of all losses, liabilities and expenses of the Partnership.
Liability of General Partners. No General Partner shall be liable or accountable, directly or indirectly (including by way of indemnification, contribution, assessment or otherwise), for any debts, obligations or liabilities of, or chargeable to, the Partnership or each other, whether arising in tort, contract, or otherwise, which are created, incurred or assumed by the Partnership (or owing to creditors or Partners during liquidation of the Partnership) while the Partnership is a registered limited liability limited partnership.
Liability of General Partners. The General Partners shall be liable to the Partnership and the Limited Partners for gross negligence or willful or wanton misconduct, but neither the General Partners nor their directors or officers shall be liable to either the Partnership or any Limited Partner or to Persons who have acquired interests in the Units, whether as Assignees or otherwise, for errors in judgment or for any acts or omissions that do not constitute gross negligence or willful or wanton misconduct. In all transactions for or with the Partnership, a General Partner shall act in good faith and in a manner which the General Partner believes to be in, or not opposed to, the best interests of the Partnership.
Liability of General Partners. A. A General Partner shall only be liable to make the payment of the General Partner’s Capital Contribution required hereunder. No General Partner shall be liable for any obligations of the Partnership, any other General, Limited or Subordinated Limited Partner or the Managing Partner, unless personally guaranteed by the General Partner pursuant to a separate document.
Liability of General Partners. All debts and obligations of the Partnership shall be paid or discharged first with the assets of the Partnership before the General Partners shall be obligated to pay or discharge such debts or obligations (and then such obligation shall be only to the extent required by applicable law). The General Partners shall not be liable for the return of the Capital Contribution of any Limited Partner.
Liability of General Partners. Notwithstanding anything to the contrary contained herein, the General Partners shall not be liable, responsible or accountable in damages or otherwise to the Partnership or to any Limited Partner, successor, assignee or transferee except by reason of acts or omissions due to bad faith, gross negligence, recklessness, fraud or intentional misconduct, or by reason of actions taken in the knowledge that such actions were not within the stated purposes and powers of the Partnership or the powers reasonably to be implied therefrom.
Liability of General Partners. The General Partners shall have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not such funds are in their immediate possession or control. No General Partner shall be liable to the Partnership or any of the other Partners for any act or omission performed or omitted by him in his capacity as a General Partner, other than for his gross negligence or willful malfeasance.
Liability of General Partners. (a) Neither of the General Partners nor their respective directors, officers, employees, agents, or representatives shall be liable to the Partnership or any Limited Partner for errors in judgment or for any acts or omissions that do not constitute gross negligence, fraud, or willful or wanton misconduct.
Liability of General Partners. No General Partner shall be liable or accountable, in damages or otherwise, to the Partnership or to any other Partner for any error of judgment or for any mistakes of fact or law or for anything which it may do or refrain from doing hereafter in connection with the business and affairs of the Partnership except (i) in the case of fraud, willful misconduct (such as an intentional breach of fiduciary duty or an intentional breach of this Agreement) or gross negligence, and (ii) for other breaches of this Agreement, but the liability of a General Partner under this clause (ii) shall be limited to its interest in the Partnership as more particularly provided for in Paragraph 5.8 below. No General Partner shall have any personal liability for the return of any Limited Partner's capital.
Liability of General Partners. 61 SECTION 6.12. Other Matters Concerning the General Partners.............62 SECTION 6.13. Conversion to Corporate Form..............................63 SECTION 6.14.
