Liability of a Withdrawn General Partner A Sample Clauses

The 'Liability of a Withdrawn General Partner' clause defines the ongoing responsibilities and potential liabilities of a general partner after they have withdrawn from a partnership. Typically, this clause clarifies whether the former partner remains liable for obligations incurred while they were a partner and may specify any continuing duties or limitations on liability for actions taken after withdrawal. Its core function is to ensure clarity regarding the extent of a withdrawn partner's legal and financial exposure, thereby protecting both the partnership and the departing partner from future disputes or misunderstandings.
Liability of a Withdrawn General Partner A. Any General Partner who withdraws from the Partnership shall be, and remain, liable for all obligations and liabilities incurred by it as General Partner prior to the time such withdrawal becomes effective. In addition, a General Partner who voluntarily withdraws in violation of this Agreement shall be subject to the liability described in Section 6.1C.
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Liability of a Withdrawn General Partner A. Any General Partner who withdraws from the Fund shall be, and remain, liable for all obligations and liabilities incurred by it as General Partner' prior to the time such withdrawal becomes effective. In addition, a General Partner who voluntarily withdraws in violation of this Agreement shall be subject to the liability described in Section 6.l C. B. Upon the withdrawal of a General Partner, such General Partner shall immediately cease to be a General Partner, and, unless a Successor General Partner has acquired the Interest of the withdrawing General Partner pursuant to Section 6.5, the withdrawn General Partner's Interest shall be converted to a limited partner Interest of a new class. Such conversion shall not affect any rights or liabilities of the withdrawn General Partner, except that such General Partner shall no longer participate in the management of the Fund.
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Related to Liability of a Withdrawn General Partner A

  • Liability of General Partner Except as otherwise provided in this Agreement, the liability of the General Partner arising from the conduct of the business affairs or operations of the Partnership or from the debts of the Partnership is unrestricted.

  • Liability of a Member The liability of each Member shall be limited as provided in the Delaware Act and as set forth in this Agreement. No Member shall be obligated to restore by way of Capital Contribution or otherwise any deficits in its Capital Account (if such deficits occur).

  • Liability of Partners No Limited Partner shall be liable for the debts, liabilities, contracts or any other obligations of the Partnership. Except as agreed upon by the Partners, and except as otherwise provided by the Act or by any other applicable state law, no Partner shall be required to make any other Capital Contributions or to loan any funds to the Partnership. No Partner shall have any personal liability for the repayment of its Capital Contributions or loans of any other Partner.

  • Liability of Members The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.

  • Liability of Member The Member shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.