Common use of Efficacy for Purposes of Securities and Other Laws Clause in Contracts

Efficacy for Purposes of Securities and Other Laws. To the maximum extent permitted by applicable law, any vote, consent, approval, waiver, determination or similar action by a subset of the Limited Partners or by the LP Advisory Committee that, pursuant to the terms of this Agreement, serves to authorize, approve or ratify any action or omission of the General Partner or the Partnership shall be deemed for purposes of the Investment Advisers Act and other applicable laws to have been authorized, approved or ratified by, and to constitute the vote, consent, approval, waiver, determination or similar action of, all the Limited Partners and the Partnership.