Common use of Execution Authority Clause in Contracts

Execution Authority. The signature of the General Partner, or any other Person appointed in writing by the General Partner to do so under Section 5.1.4.1, shall be required on all contracts of the Partnership. The execution and delivery by the General Partner, or any other Person so appointed in writing by the General Partner to do so, of any document shall be sufficient to bind and shall be binding upon the Partnership for all purposes, and third parties shall be entitled to rely on the authority of any General Partner, or any other Person so appointed in writing by the General Partner to do so, to take any action on behalf of the Partnership. Notwithstanding the foregoing, (i) neither Partner nor any other Person shall take any action requiring Approval of the Partners under this Agreement unless the provisions of this Agreement concerning such Approval have been fully satisfied, and (ii) no employee of the Partnership shall take any action on behalf of the Partnership unless such action either has been Approved by the Partners or is both (a) permitted to be taken by the General Partner without the Approval of the Limited Partner under this Agreement and (b) is directed to be taken by such employee by the General Partner. The General Partner shall have the authority and responsibility, at Partnership expense, of supervising the Partnership's employees, if any.

Execution Authority. The signature of the General Partner, or any other Person appointed in writing by the General Partner to do so [23] 28 under Section 5.1.4.1, shall be required on all contracts of the Partnership. The execution and delivery by the General Partner, or any other Person so appointed in writing by the General Partner to do so, of any document shall be sufficient to bind and shall be binding upon the Partnership for all purposes, and third parties shall be entitled to rely on the authority of any General Partner, or any other Person so appointed in writing by the General Partner to do so, to take any action on behalf of the Partnership. Notwithstanding the foregoing, (i) neither Partner nor any other Person shall take any action requiring Approval of the Partners under this Agreement unless the provisions of this Agreement concerning such Approval have been fully satisfied, and (ii) no employee of the Partnership shall take any action on behalf of the Partnership unless such action either has been Approved by the Partners or is both (a) permitted to be taken by the General Partner without the Approval of the Limited Partner under this Agreement and (b) is directed to be taken by such employee by the General Partner. The General Partner shall have the authority and responsibility, at Partnership expense, of supervising the Partnership's employees, if any.