Common use of Appointment of Managing General Partner Clause in Contracts

Appointment of Managing General Partner. The General Partners, if there are more than one General Partner, may appoint one of the General Partners to serve as the Managing General Partner. As between the General Partners, the Managing General Partner will have the right to make all decisions, execute all documents and take all action on behalf of the Partnership, except as otherwise expressly provided by this Agreement. The Managing General Partner will be Xxxxxx X. Xxxxxx, and he hereby accepts his appointment as such. Xxxxxx X. Xxxxxx will continue to serve as the Managing General Partner so long as he is a General Partner or does not resign as the Managing General Partner. If a named Managing General Partner ceases to be a General Partner or resigns as the Managing General Partner, then the remaining General Partner(s) may appoint any of the General Partners to act as a new Managing General Partner who will succeed to all of the rights and powers of the preceding Managing General Partner.

Appointment of Managing General Partner. The General Partners, if there are more than one General Partner, may appoint one of the General Partners to serve as the Managing General Partner. As between the General Partners, the Managing General Partner will have the right to make all decisions, execute all documents and take all action on behalf of the Partnership, except as otherwise expressly provided by this Agreement. The Managing General Partner will be Xxxxxx Sxxxxx X. Xxxxxx, and he hereby accepts his appointment as such. Xxxxxx Sxxxxx X. Xxxxxx will continue to serve as the Managing General Partner so long as he is a General Partner or does not resign as the Managing General Partner. If a named Managing General Partner ceases to be a General Partner or resigns as the Managing General Partner, then the remaining General Partner(s) may appoint any of the General Partners to act as a new Managing General Partner who will succeed to all of the rights and powers of the preceding Managing General Partner.