Rights and Duties of the Partners. (a) The Limited Partner as limited partner in the Partnership shall not participate in the control of the business of the Partnership and shall have no power to act for or bind the Partnership. (b) Pursuant to Pennsylvania law, the Limited Partner shall not be liable for losses or debts of the Partnership beyond the aggregate amount such Partner is required to contribute to the Partnership pursuant to this Agreement plus its share of the undistributed net profits of the Partnership, except that a Partner may be liable under Pennsylvania law to repay certain distributions received by it.
Appears in 2 contracts
Sources: Agreement of Limited Partnership (Graham Packaging Acquisition Corp.), Limited Partnership Agreement (Graham Packaging Acquisition Corp.)