Compensation and Reimbursement of General Partner. (a) Except as provided in this Section 5.5 or elsewhere in this Agreement, the General Partner shall not be compensated for its services as General Partner to the Partnership.
Compensation and Reimbursement of General Partner. (a) The General Partner shall not be compensated for its services as General Partner to the Partnership.
Compensation and Reimbursement of General Partner. The General Partner shall diligently and faithfully devote the time to the management of the Partnership necessary to serve the Partnership Purposes and shall perform all of the duties of a General Partner which are provided for in this Agreement and the Act. A General Partner will be entitled to a reasonable annual compensation for services rendered to the Partnership, reasonable compensation to be measured by the time required in the administration of the Partnership, the value of property under the General Partner's administration, and the responsibilities assumed in the discharge of the duties of office and shall comply with Section 704(e) of the Code, if applicable. This compensation shall be a guaranteed AGREEMENT OF LIMITED PARTNERSHIP OF XXXXXX PARTNERS, LTD. -------------------------------------------------------------------------------- payment. The General Partner will be entitled to reimbursement of all reasonable and necessary business expenses incurred in the administration of the Partnership. If the cash flow of the Partnership is insufficient to pay the compensation, the unpaid portion of the compensation may be deferred and bear interest at the Default Interest Rate. Payments to the General Partner for services rendered to the Partnership will not be a return on invested capital, but will be paid as compensation for services rendered.
Compensation and Reimbursement of General Partner. Except as expressly provided in this Agreement or in any agreement that may be entered into in accordance with Section 7.02(g)., the General Partner shall not be entitled to any fees, compensation, or other remuneration for its services as General Partner, except that the Partnership shall reimburse the General Partner on a monthly basis for all ordinary and necessary out-of-pocket expenses incurred by it or its Affiliate in the performance of such services in accordance with this Agreement, including for the portion of its or its Affiliate’s administrative and overhead expenses (including the portion of any salaries of officers or employees of the General Partner or its Affiliate) reasonably utilized in the performance of such services. Any such reimbursed expenses, including for any such administrative or overhead expenses, shall be reasonable in amount in the aggregate for any Fiscal Year. Any amounts payable to the General Partner pursuant to this Section 7.04 shall be treated as expenses of the Partnership and shall not be deemed to constitute distributions to the General Partner of profit, loss, or capital of the Partnership to which it may be entitled pursuant to other provisions of this Agreement.
Compensation and Reimbursement of General Partner. (a) The Partnership may pay reasonable compensation to the General Partner for its services as general partner of the Partnership.
Compensation and Reimbursement of General Partner
Compensation and Reimbursement of General Partner
