Common use of Managing General Partner Clause in Contracts

Managing General Partner. Subject to Section 5.11 and the other express limitations set forth in this Agreement, all rights and powers to manage and control the business and affairs of the Partnership shall be vested exclusively in the Managing General Partner, which shall have full authority to exercise in its discretion, on behalf of and in the name of the Partnership, all rights and powers of the sole general partner of a limited partnership formed under the Act. The Managing General Partner shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Partnership to the Management Team, as provided in Section 5.5, or to such other officers, employees, Affiliates, agents and representatives of the Managing General Partner or the Partnership as it may from time to time deem appropriate. Any authority delegated by the Managing General Partner to any other Person shall be subject to the limitations on the rights and powers of the Managing General Partner specifically set forth in this Agreement.

Managing General Partner. Subject to Section 5.11 and the other express limitations set forth in this Agreement, all rights and powers to manage and control the business and affairs of the Partnership shall be vested exclusively in the Managing General Partner, which shall have full authority to exercise in its discretion, on behalf of and in the name of the Partnership, all rights and powers of the sole general partner of a limited partnership formed under the Act. The Managing General Partner shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Partnership to the Management Team, as provided in Section 5.5, or to such other officers, employees, Affiliates, agents and representatives of the Managing General Partner or the Partnership as it may from time to time deem appropriate. Any authority delegated by the Managing General Partner to any other Person shall be subject to the limitations on the rights and powers of the Managing General Partner specifically set forth in this Agreement.