Common use of Management of the Venture Clause in Contracts

Management of the Venture. 5.1. Rights and Procedures in Management. Each Partner shall have one vote in the management of the affairs of the Partnership, irrespective of the amounts which each Partner has contributed, or may contribute, to the Partnership. The affirmative votes of two Partners shall be sufficient to authorize any action to be taken by the Partnership or on behalf of the Partners. Each Partner may designate any of its officers or employees or any of the officers or employees of any partner to act as its agent and attorney in connection with the affairs of the Partnership by naming such officer or employee in a written designation of agent and power of attorney delivered to the other Partners. Such agent and attorney may thereafter, without the necessity of further authorization, cast the vote of such Partner in connection with the management of the Partnership, otherwise bind such Partner in all matters pertaining to the Partnership, and execute all documents pertaining to the affairs of the Partnership on behalf of such Partner. A Partner may revoke or amend any such designation and power of attorney in a writing delivered to the other Partners.

Management of the Venture. 5.1. 5.1 Rights and Procedures in Management. Each Partner shall have one vote in the management of the affairs of the Partnership, irrespective of the amounts which each Partner has contributed, or may contribute, to the Partnership. The affirmative votes of two Partners shall be sufficient to authorize any action to be taken by the Partnership or on behalf of the Partners. Each Partner may designate any of its officers or employees or any of the officers or employees of any partner to act as its agent and attorney in connection with the affairs of the Partnership by naming such officer or employee in a written designation of agent and power of attorney delivered to the other Partners. Such agent and attorney may thereafter, without the necessity of further authorization, cast the vote of such Partner in connection with the management of the Partnership, otherwise bind such Partner in all matters pertaining to the Partnership, and execute all documents pertaining to the affairs of the Partnership on behalf of such Partner. A Partner may revoke or amend any such designation and power of attorney in a writing delivered to the other Partners.