Partnership Operations Sample Clauses

Partnership Operations. A. The General Partner intends to use reasonable efforts to cause the Partnership to operate in a manner (including, without limitation, incurring indebtedness, establishing and maintaining cash reserves, and undertaking and financing recurring and non-recurring capital expenditures) that enables the Partnership to maintain a distribution rate per Class A Unit that is equal to the distribution rate per REIT Share payable to holders of common stock of the General Partner (after taking into account any appropriate adjustments in Class A Units and REIT Shares to reflect stock splits, stock dividends and other similar adjustments). The General Partner agrees that it will act in good faith in attempting to accomplish the foregoing objective, but there is no assurance that such objective will be accomplished and neither the General Partner nor the Partnership shall have any liability for the failure to achieve such objective so long as the General Partner acts in good faith.
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Partnership Operations. Upon Dissolution of the Partnership as provided in Section 13.1, the continuing operation of the Partnership's business shall be confined to those activities reasonably necessary to wind up the Partnership's affairs, discharge its obligations and preserve and distribute its assets in accordance with this Section 13.4, except as otherwise provided in this Agreement. Allocations of Net Income and Net Loss and allocations of items of income and deduction shall be made among the Partners as provided in Article 5.
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Partnership Operations. The Partnership's principal operations include the transportation and gathering of natural gas and oil in the Gulf. It conducts these activities through its ownership of, or interests in, eleven pipeline systems. These systems have a combined capacity of over 7.2 billion cubic feet per day, or Bcf/d, of natural gas and over 480 thousand barrels per day, or MBbls/d, of oil and include over 1,600 miles of pipeline. These systems are strategically placed to serve production activities in some of the most active drilling and development regions in the Gulf, including the offshore regions of Texas, Louisiana, and Mississippi, and provide relatively low cost access to long line transmission pipelines that access multiple markets in the eastern half of the United States. During the years ended December 31, 1999, 1998, and 1997, these systems handled an average of approximately 3.4 million dekatherms per day, or MMdth/d, 3.4 MMdth/d, and 2.9 MMdth/d, respectively, of natural gas and approximately 181 MBbls/d, 97 MBbls/d, and 52 MBbls/d, respectively, of oil. The Partnership also owns or has interests in six platforms which also include certain production, processing, and dehydration facilities. These facilities have a combined product handling capacity of over 630 thousand cubic feet per day, or Mcf/d, of natural gas and over 77 MBbls/d of oil and condensate. Through these facilities, the Partnership is able to provide a variety of producer and midstream services to enhance deliverability and volumes into its pipeline systems. The Partnership conducts its oil and natural gas production activities through its interests in four producing properties having total proved reserves of over 17.5 Bcf of natural gas and over 1.5 million barrels, or MMBbls, of oil. The Partnership also has overriding royalty interests in non-producing properties in the Xxxxx Bank and Garden Banks region of the Gulf to capitalize on future development efforts in those regions.
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Partnership Operations. Accounting for a partnership form of business is basically similar to that of a sole proprietorship. For example, Purchase of supplies is debited either to Supplies or Supplies Expense account and when merchandise are sold on account, the entry is to debit Accounts receivable and credit the Sales account which is the same as that of a sole proprietorship In fact the Accounting Cycle of a Partnership is similar to that of sole proprietorship:
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Partnership Operations. Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73" Management Company, L.P., a California limited partnership. On behalf of the Partnership, the
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Partnership Operations 
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Related to Partnership Operations

  • Partnership Name The name of the Partnership is “OZ Management LP.” The name of the Partnership may be changed from time to time by the General Partner.

  • Ownership of the Operating Company The Partnership owns, and at each Date of Delivery will own, all of the issued and outstanding membership interests of the Operating Company; such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Operating Company (the “Operating Company LLC Agreement”) and are fully paid (to the extent required by the Operating Company LLC Agreement) and nonassessable (except as such nonassessability may be affected by matters described in Section 51 of the Xxxxxxxx Islands LLC Act); and the Partnership owns such membership interests free and clear of all Liens other than those Liens arising under the Partnership’s revolving credit facility, as amended, with a capacity of up to $295.0 million (the “Credit Facility”). As of the date of this Agreement, the only subsidiaries of the Partnership are, and at each Date of Delivery, the only subsidiaries of the Partnership will be, the Operating Company and the Operating Subsidiaries.

  • BUSINESS OF THE PARTNERSHIP The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture, co-ownership or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and upon such qualification the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Charter. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code.

  • Ownership of the Operating Subsidiaries The Partnership and the Operating Company own, directly or indirectly, the equity interests of the Operating Subsidiaries as described on Schedule II; such equity interests have been duly authorized and validly issued in accordance with the organizational documents of each Operating Subsidiary, amended on or prior to the date hereof (the “Operating Subsidiaries’ Organizational Documents”), and are fully paid (to the extent required under the Operating Subsidiaries’ Organizational Agreements) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of formation of the applicable Operating Subsidiary and the relevant organizational documents); and the Partnership and the Operating Company, as applicable, own such equity interests free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed or referred to in the Disclosure Package and the Prospectus.

  • Partnership The Partnership shall be given days’ notice to purchase the ownership interest under the same terms agreed upon by the potential buyer.

  • Business Operations Company will provide all necessary equipment, personnel and other appurtenances necessary to conduct its operations. Company will conduct its business operations hereunder in a lawful, orderly and proper manner, considering the nature of such operations, so as not to unreasonably annoy, disturb, endanger or be offensive to others on the Airport. Company will provide all services under this Agreement on a fair and reasonable basis to all users of the Airport. Service will be prompt, courteous and efficient.

  • Partnerships and Joint Ventures No Loan Party shall become a general partner in any general or limited partnership or a joint venturer in any joint venture.

  • Formation of the Partnership The Partnership was formed as a limited partnership pursuant to the provisions of the Act and the Original Agreement and continued upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

  • Partnership Funds Pending application or distribution, the funds of the Partnership shall be deposited in such bank account or accounts, or invested in such interest-bearing or non-interest bearing investment, including, without limitation, checking and savings accounts, certificates of deposit and time or demand deposits in commercial banks, U.S. government securities and securities guaranteed by U.S. government agencies as shall be designed by the General Partner. Such funds shall not be commingled with funds of any other Person. Withdrawals therefrom shall be made upon such signatures as the General Partner may designate.

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