Individual General Partner Sample Clauses

Individual General Partner. As compensation for services rendered to the Partnership, the Partnership will pay each Individual General Partner: (a) The sum of $10,000 annually in quarterly installments beginning on the Commencement Date; (b) the sum of $1,000 for each meeting of the Management Committee attended by such Individual General Partner to an annual limit of $7,000; (c) if a committee is appointed by the Management Committee, the sum of $1,000 for each such committee meeting attended; provided, however, that, if such committee meeting is held on the same day as a meeting of the Management Committee, the sum paid for attendance at such committee meeting shall be $500 and provided further that the total amount paid in any one year for attendance at committee meetings does not exceed $3,000; and (d) all out-of-pocket expenses relating to attendance at the meetings, committee or otherwise, of the Management Committee. Neither the Managing General Partners nor any of their Affiliates shall receive any compensation from the Partnership under this Section 4.02. The amount of compensation payable to the Individual General Partners shall be reviewed annually by the Management Committee and, with the approval of a Majority in Interest of the Limited Partners, may be increased or decreased by the Management Committee to provide for such compensation as the Management Committee may deem reasonable under the circumstances. Payment of compensation to an Individual General Partner hereunder shall not be deemed a distribution for purposes of Article 9 nor shall such payment affect such Person's right to receive any distribution to which he or she may otherwise be entitled as a Limited Partner. Compensation paid to Individual General Partners for consulting services must be approved by the Management Committee, including a majority of the Independent General Partners.