Administration of the Partnership Accounts Sample Clauses

Administration of the Partnership Accounts. The Lyondell Partner shall administer the Partnership Accounts on behalf of the Partnership. The Partnership Accounts will be maintained in the name of the Partnership. The Lyondell Partner may maintain Partnership Accounts in Dutch guilders, Euros and US dollars. All contributions and payments by the Partners will be deposited in the Partnership Accounts and the Lyondell Partner shall make payments from the Partnership Accounts to third parties and to the Operator for Service Charges in respect of Operating Services and the management, operation, maintenance and ownership of the PO-11 Plant Facilities. The Lyondell Partner shall be the sole signatory to withdraw funds from the Partnership Accounts. The Bayer Partner shall have direct, constant and real-time on-line access to the balances of the Partnership Accounts. The Lyondell Partner has submitted to the Bayer Partner for review a description of the internal authorisation and control system that has been put in place by the Lyondell Partner to protect the interests of the Partnership and the names of the persons currently authorised to withdraw funds from the Partnership Accounts on behalf of the Lyondell Partner. Such internal authorisation and control system will require, inter alia, that withdrawals require the authorisation of at least two persons. Any modification to the authorisation and controls system intended to be implemented by the Lyondell Partner shall be subject to the prior review (but not approval) of the Bayer Partner. In addition, the Bayer Partner may request that such authorisation and control system as used for the Partnership be modified to add the requirement of a Bayer Partner representative approval, in addition to the Lyondell Partner representatives approval, for withdrawals of more than EUR 1,000,000 (one million Euros) (Inflation Adjusted), provided that any such modification to the authorisation and controls system proposed by the Bayer Partner preserves the control integrity of the existing system.
Sample 1
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Related to Administration of the Partnership Accounts

  • Administration of the Trust Fund Section 4.01

  • Administration of Trust The Trustee shall administer the trust of the Indenture and shall perform a substantial part of its obligations relating to each series of Debt Securities and this Indenture at its corporate trust office in the City of New York.

  • 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.

  • Administration of the Trust Section 3.01

  • Administration of the Plan The Plan shall be administered by the Option Committee. The Option Committee shall have the authority granted to it under this section and under each other section of the Plan. The Option Committee shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted pursuant to the Plan. Such Awards may be granted either alone, in addition to, or in tandem with, any other type of Award. In accordance with and subject to the provisions of the Plan and Rule 16b-3, the Option Committee shall select the Eligible Persons to receive Awards, shall determine (i) the number of shares of Common Stock, Restricted Stock or Restricted Stock Units to be subject to each Award, (ii) the time at which each Award is to be granted, (iii) the extent to which the transferability of shares of Common Stock issued or transferred pursuant to any Award is restricted, (iv) the Fair Market Value of the Common Stock, (v) whether to accelerate the time of exercisability of any Award that has been granted, (vi) the period or periods and extent of exercisability of the Options, and (vii) the manner in which an Option becomes exercisable. In addition, the Option Committee shall fix such other terms of each Option, Restricted Stock Award and Restricted Stock Units as the Option Committee may deem necessary or desirable. The Option Committee shall determine the form, terms and provisions of each Agreement to evidence each Award (which need not be identical). The Option Committee from time to time may adopt such rules and regulations for carrying out the purposes of the Plan as it may deem proper and in the best interests of the Company. The Option Committee shall keep minutes of its meetings and those minutes shall be available to every member of the Board. All actions taken and all interpretations and determinations made by the Option Committee in good faith (including determinations of Fair Market Value) shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Option Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, and all members of the Option Committee shall, in addition to rights they may have if Directors of the Company, be fully protected by the Company with respect to any such action, determination or interpretation.

  • Custody of Partnership Funds; Bank Accounts (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

  • Termination of the Partnership The Partnership shall terminate when all assets of the Partnership, after payment or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in this Article VIII, and the Certificate shall have been canceled in the manner required by the Act.

  • Dissolution of the Partnership The Partnership shall be dissolved upon the happening of any of the following:

  • Management of the Partnership (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Partnership:

  • Capitalization of the Partnership Subject to Section 8.2, the Partnership is authorized to issue two classes of Partnership Interests. The Partnership Interests shall be designated as General Partner Interests and Limited Partner Interests, each having such rights, powers, preferences and designations as set forth in this Agreement.

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