Common use of Liability of the Partners Clause in Contracts

Liability of the Partners. ‌ (a) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and a Limited Partner shall not be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner; except that a Limited Partner shall contribute to the Partnership any amounts required under the Act or pursuant to Section 6.05(e)(ii). (b) To the extent required by the Act, the General Partner shall be liable for the repayment and discharge of all debts, obligations and liabilities of the Partnership. Neither the General Partner nor any of its Affiliates (other than the Partnership) shall be liable for the return of the Capital Contributions of any Limited Partner or the payment of any amounts hereunder to any Limited Partner, and each Limited Partner hereby waives any and all claims that it may have against the General Partner or any of its Affiliates (other than the Partnership) in this regard.

Appears in 3 contracts

Sources: Limited Partnership Agreement, Limited Partnership Agreement, Limited Partnership Agreement

Liability of the Partners. ‌ (a) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and a Limited Partner shall not be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner; except that a Limited Partner shall contribute to the Partnership any amounts required under the Act or pursuant to Section 6.05(e)(ii). (b) To the extent required by the Act, the General Partner shall be liable for the repayment and discharge of all debts, obligations and liabilities of the Partnership. Neither the General Partner nor any of its Affiliates (other than the Partnership) shall be liable for the return of the Capital Contributions of any Limited Partner or the payment of any amounts hereunder to any Limited Partner, and each Limited Partner hereby waives any and all claims that it may have against the General Partner or any of its Affiliates (other than the Partnership) in this regard.

Appears in 2 contracts

Sources: Limited Partnership Agreement, Limited Partnership Agreement

Liability of the Partners. ‌ (a) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and a Limited Partner shall not be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner; except provided, however, that a Limited Partner shall be required to contribute to the Partnership any amounts required under the Act or pursuant to Section 6.05(e)(ii)5.5(b) or Section 9.3. (b) To the extent required by Except as otherwise provided in the Act, the General Partner shall be liable have unlimited liability for the repayment and discharge of all debts, obligations and liabilities of the Partnership. Neither the General Partner nor any of its Affiliates (other than the Partnership) shall be liable for the return of the Capital Contributions of any Limited Partner or the payment of any amounts hereunder to any Limited Partner, and each Limited Partner hereby waives any and all claims that it may have against the General Partner or any of its Affiliates (other than the Partnership) Affiliate thereof in this regard.

Appears in 2 contracts

Sources: Limited Partnership Agreement (New Mountain Vantage Advisers, L.L.C.), Exempted Limited Partnership Agreement (New Mountain Vantage Advisers, L.L.C.)

Liability of the Partners. ‌ (a) Except as otherwise expressly provided in the ActELP Law, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and a Limited Partner shall not be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner; except that a Limited Partner shall contribute to the Partnership any amounts required under the Act ELP Law or pursuant to Section 6.05(e)(ii). (b) To the extent required by the ActELP Law, the General Partner shall be liable for the repayment and discharge of all debts, obligations and liabilities of the Partnership. Neither the General Partner nor any of its Affiliates (other than the Partnership) shall be liable for the return of the Capital Contributions of any Limited Partner or the payment of any amounts hereunder to any Limited Partner, and each Limited Partner hereby waives any and all claims that it may have against the General Partner or any of its Affiliates (other than the Partnership) in this regard.

Appears in 1 contract

Sources: Exempted Limited Partnership Agreement

Liability of the Partners. ‌ (a) Except as otherwise expressly provided in the Act, the debts, obligations and liabilities of the Partnership, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and a Limited Partner shall not be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner; except provided, however, that a Limited Partner shall be required to contribute to the Partnership any amounts required under the Act or and pursuant to Section 6.05(e)(ii6.05(d)(ii). (b) To the extent required by Except as otherwise provided in the Act, the General Partner shall be liable have unlimited liability for the repayment and discharge of all debts, obligations and liabilities of the Partnership. Neither the General Partner nor any of its Affiliates (other than the Partnership) shall be liable for the return of the Capital Contributions of any Limited Partner or the payment of any amounts hereunder to any Limited Partner, and each Limited Partner hereby waives any and all claims that it may have against the General Partner or any of its Affiliates Affiliate thereof (other than the Partnership) in this regard.

Appears in 1 contract

Sources: Limited Partnership Agreement (Clinton Group Inc)