Common use of Limitation on Authority of Limited Partners Clause in Contracts

Limitation on Authority of Limited Partners. A Limited Partner may from time to time inquire as to the state and progress of the business of the Partnership and may provide comment as to its management. However, no Limited Partner shall, except in his, her or its capacity as an officer, director, agent, or employee of the Partnership GP or an Affiliate thereof: (a) take part in the administration, control, management or operation of the business of the Partnership or exercise any power in connection therewith or transact business on behalf of the Partnership; (b) execute any document which binds or purports to bind any other Partner or the Partnership; (c) hold himself, herself or itself out as having the power or authority to bind any other Partner or the Partnership; (d) have any authority or power to act for or undertake any obligation or responsibility on behalf of any other Partner or the Partnership; (e) bring any action for partition or sale or otherwise in connection with the Partnership or any interest in any property of the Partnership, whether real or personal, tangible or intangible, or file or register or permit to be filed, registered or remain undischarged any lien or charge in respect of any property of the Partnership; or (f) compel or seek a partition, judicial or otherwise, of any of the assets of the Partnership distributed or to be distributed to the Partners in kind in accordance with this Agreement.

Limitation on Authority of Limited Partners. ‌ A Limited Partner may from time to time inquire as to the state and progress of the business of the Partnership and may provide comment as to its management. However, no Limited Partner shall, except in his, her or its capacity as an officer, director, agent, or employee of the Partnership GP or an Affiliate thereof: (a) take part in the administration, control, management or operation of the business of the Partnership or exercise any power in connection therewith or transact business on behalf of the Partnership; (b) execute any document which binds or purports to bind any other Partner or the Partnership; (c) hold himself, herself or itself out as having the power or authority to bind any other Partner or the Partnership; (d) have any authority or power to act for or undertake any obligation or responsibility on behalf of any other Partner or the Partnership;Partnership;‌ (e) bring any action for partition or sale or otherwise in connection with the Partnership or any interest in any property of the Partnership, whether real or personal, tangible or intangible, or file or register or permit to be filed, registered or remain undischarged any lien or charge in respect of any property of the Partnership; or (f) compel or seek a partition, judicial or otherwise, of any of the assets of the Partnership distributed or to be distributed to the Partners in kind in accordance with this Agreement.

Limitation on Authority of Limited Partners. ‌ A Limited Partner may from time to time inquire as to the state and progress of the business of the Partnership and may provide comment as to its management. However, no Limited Partner shall, except in his, her or its capacity as an officer, director, agent, or employee of the Partnership GP or an Affiliate thereof: (a) take part in the administration, control, management or operation of the business of the Partnership or exercise any power in connection therewith or transact business on behalf of the Partnership;Partnership;‌ (b) execute any document which binds or purports to bind any other Partner or the Partnership; (c) hold himself, herself or itself out as having the power or authority to bind any other Partner or the Partnership; (d) have any authority or power to act for or undertake any obligation or responsibility on behalf of any other Partner or the Partnership;Partnership;‌ (e) bring any action for partition or sale or otherwise in connection with the Partnership or any interest in any property of the Partnership, whether real or personal, tangible or intangible, or file or register or permit to be filed, registered or remain undischarged any lien or charge in respect of any property of the Partnership; or (f) compel or seek a partition, judicial or otherwise, of any of the assets of the Partnership distributed or to be distributed to the Partners in kind in accordance with this Agreement.