Common use of DUTIES AND RESPONSIBILITIES OF THE GENERAL PARTNER Clause in Contracts

DUTIES AND RESPONSIBILITIES OF THE GENERAL PARTNER. The General Partner shall devote only such time to the Partnership as the General Partner, in its discretion, determines to be reasonably required for the efficient conduct of the affairs of the Partnership, but nothing specified in this Agreement shall preclude the General Partner from engaging in or possessing an interest in other business ventures of every nature and description, and neither the Partnership nor the Limited Partners shall have any interest, by virtue of this Agreement, in any such other business ventures or the income or profits derived therefrom. In addition, nothing specified in this Agreement, except the provisions of Subparagraph 8.3.2.14 of this Agreement, shall preclude the employment of any agent, third party or Affiliate of the General Partner to manage or provide other services in respect of the Partnership's properties or business subject to the control of the General Partner. The General Partner, in all instances, shall retain general control over and continue to supervise generally the day to day operations of the Partnership's properties and business and, in this connection, the General Partner shall provide, furnish and perform, in a good faith, diligent and efficient manner, all normal and customary business and administrative duties and services necessary to conduct the Partnership's business in an expeditious and economical manner. 8.3.3.1

Appears in 2 contracts

Samples: Performance Asset Management Co, Performance Asset Management Co

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DUTIES AND RESPONSIBILITIES OF THE GENERAL PARTNER. The General Partner shall devote only such time to the Partnership as the General Partner, in its discretion, determines to be reasonably required for the efficient conduct of the affairs of the Partnershipthereof, but nothing specified in this Agreement shall preclude the General Partner from engaging in or possessing an interest in other business ventures of every nature and description, and neither the Partnership nor the Limited Partners shall have any interest, by virtue of this Agreement, in any such other business ventures or the income or profits derived therefrom. In addition, nothing specified in this Agreement, except the provisions of Subparagraph 8.3.2.14 of this Agreement, shall preclude the employment of any agent, third party or Affiliate of the General Partner to manage or provide other services in respect of the Partnership's properties or business subject to the control of the General Partner. The General Partner, in all instances, shall retain general control over and continue to supervise generally the day to day operations of the Partnership's properties and business and, in this connection, the General Partner shall provide, furnish and perform, in a good faith, diligent and efficient manner, all normal and customary business and administrative duties and services necessary to conduct the Partnership's business in an expeditious and economical manner. 8.3.3.1

Appears in 1 contract

Samples: Performance Asset Management Co

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DUTIES AND RESPONSIBILITIES OF THE GENERAL PARTNER. The General Partner shall devote only such time to the Partnership as the General Partner, in its discretion, determines to be reasonably required for the efficient conduct of the affairs of the Partnership, but nothing specified in this Agreement shall preclude the General Partner from engaging in or possessing an interest in other business ventures of every nature and description, and neither the Partnership nor the Limited Partners shall have any interest, by virtue of this Agreement, in any such other business ventures or the income or profits derived therefrom. In addition, nothing specified in this Agreement, except the provisions of Subparagraph 8.3.2.14 of this Agreement, shall preclude the employment of any agent, third party or Affiliate of the General Partner to manage or provide other services in respect of the Partnership's properties or business subject to the control of the General Partner. The General Partner, in In all instancesInstances, shall retain general control over and continue to supervise generally the day to day operations of the Partnership's properties and business and, in In this connection, the General Partner shall provide, furnish and perform, in a good faith, diligent and efficient manner, all normal and customary business and administrative duties and services necessary to conduct the Partnership's business in an expeditious and economical manner. 8.3.3.1

Appears in 1 contract

Samples: Performance Asset Management Co

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