Common use of Management of Partnership Clause in Contracts

Management of Partnership. The right to manage, control, and conduct the business and affairs of the Partnership shall be vested solely in the General Partner. The Limited Partners shall not take part in the management of the affairs of the Partnership and under no circumstances may any Limited Partner control the Partnership business or sign for or bind the Partnership. The General Partner may, from time to time, appoint and delegate to one or more "Officers" of the Partnership (as hereinafter defined) or other persons such authority and duties of the General Partner as the General Partner deems advisable. Any delegation of authority pursuant to this Section 2.01 may be revoked at any time and with or without cause by the General Partner. Without limiting the generality of the foregoing, and notwithstanding anything to the contrary contained in this Agreement, the General Partner shall have the exclusive authority to act for and on behalf of the Partnership, and no third party shall ever be required to inquire into the authority of the General Partner to take such action on behalf of the Partnership.

Management of Partnership. The right to manage, control, and conduct the business and affairs of the Partnership shall be vested solely in the General Partner. The Limited Partners shall not take part in the management of the affairs of the Partnership and under no circumstances may any Limited Partner control the Partnership business or sign for or bind the Partnership. The General Partner may, from time to time, appoint and delegate to one or more "Officers" of the Partnership (as hereinafter defined) or other persons such authority and duties of the General Partner as the General Partner deems advisable. Any delegation of authority pursuant to this Section 2.01 may be revoked at any time and with or without cause by the General Partner. Without limiting the generality of the foregoing, and notwithstanding anything to the contrary contained in this Agreement, the General Partner shall have the exclusive authority to act for and on behalf of the Partnership, and no third party shall ever be required to inquire into the authority of the General Partner to take such action on behalf of the Partnership."