Common use of Managing General Partner Expenses Clause in Contracts

Managing General Partner Expenses. The Partnership shall not have any salaried personnel. The Managing General Partner and its Affiliates, but not the Partnership or any Limited Partner, shall bear and be charged with the following costs and expenses of the Partnership’s activities: (a) any costs and expenses of providing to the Management Team the office space, facilities, supplies, and necessary ongoing overhead support services for the Partnership’s operations and (b) the compensation of the Management Team. The expenses that the Managing General Partner is obligated or elects to pay under this Section 7.1 are collectively referred to herein as the “Managing General Partner Expenses”. Notwithstanding anything herein to the contrary, no costs or expenses payable by the Owner of any Property under the terms of the Property Services Agreement entered into with respect to such Property shall be deemed Managing General Partner Expenses.