Common use of CERTAIN PAYMENTS TO THE GENERAL PARTNER AND AFFILIATES Clause in Contracts

CERTAIN PAYMENTS TO THE GENERAL PARTNER AND AFFILIATES. Section 9.1 Reimbursement of Certain Costs and Expenses of the General Partner and its Affiliates A. Subject to the provisions of Article V hereof, the Partnership shall be permitted to reimburse the General Partner for the actual cost to the General Partner or any of its Affiliates of the Partner- ship's operating expenses. In determining the actual cost to the General Partner or an Affiliate of the General Partner of goods and materials and administrative services, actual cost means the actual cost to the General Partner or an Affiliate of the General Partner of goods and materials used for or by the Partnership and obtained from entities not affiliated with the General Partner, and actual cost of administrative services means the pro rata cost of personnel as if such persons were employees of the Partnership. The cost for administrative services to be reimbursed to the General Partner or an Affiliate shall be at the lower of the General Partner's or Affiliate's actual cost or ninety percent (90%) of the amount the Partnership would be required to pay to independent parties for comparable administrative services in the same geographic location. The General Partner shall use its best efforts to cause all of the Partnership's expenses to be billed directly to and paid by the Partnership to the extent practicable.

Appears in 4 contracts

Samples: Limited Partnership Agreement (Realty Parking Properties Ii Lp), Limited Partnership Agreement (Realty Parking Properties Ii Lp), Limited Partnership Agreement (Realty Parking Properties Lp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!