Common use of Nature of Power Clause in Contracts

Nature of Power. The power of attorney granted pursuant to Section 21(a) of this Agreement: (i) is a special power of attorney coupled with an interest and is irrevocable; (ii) may be exercised by such attorney-in-fact by listing the names of all of the Limited Partners who are to be parties to any agreement, certificate, instrument or document, with the signatures of such attorney-in-fact together with the recital that it acts as attorney-in-fact for all of them; and (iii) shall survive the death, bankruptcy or mental incapacitation of the Limited Partner, to the extent it may legally contract for such survival, or the transfer or assignment by it of its interest herein, except that where such transfer or assignment is of all of the interest held by the Limited Partner and the transferee or assignee thereof, with the consent of the General Partner, is admitted as a substituted limited partner, the power of attorney given by the transferor shall survive such transfer or assignment for the sole purpose of enabling such attorney-in-fact to execute, acknowledge, swear to, and file any agreement, certificate, instrument or document necessary to effect such substitution.

Nature of Power. The power of attorney granted pursuant to Section 21(a) of this Agreement: (i) is a special power of attorney coupled with an interest and is irrevocable; (ii) may be exercised by such attorney-in-fact by listing the names of all of the Limited Partners who are to be parties to any agreement, certificate, instrument or document, with the signatures of such attorney-in-fact together with the recital that it acts as attorney-in-fact for all of them; and (iii) shall survive the death, bankruptcy or mental incapacitation of the Limited Partner, to the extent it may legally contract for such survival, or the transfer or assignment by it of its interest herein, except that where such transfer or assignment is of all of the interest held by the Limited Partner and the transferee or assignee thereof, with the consent of the General Partner, is admitted as a substituted limited partner, the power of attorney given by the transferor shall survive such transfer or assignment for the sole purpose of enabling enabling. such attorney-in-fact to execute, acknowledge, swear to, and file any agreement, certificate, instrument or document necessary to effect such substitution.