Common use of Formation of the Partnership Clause in Contracts

Formation of the Partnership. The Partners (as defined in Article II) desire to form a limited partnership (“Partnership”) pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act, 6 Delaware Code, Chapter 17, as amended from time to time (the “Partnership Act”). This Agreement constitutes the partnership agreement of such Partnership, effective upon the date of execution of this Agreement (the “Effective Date”). Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Partnership Act.