Common use of No Management by Limited Partners Clause in Contracts

No Management by Limited Partners. No Limited Partner shall take part in the day-to-day management, operation or control of the business and affairs of the Partnership or have any right, power or authority to act for or on behalf of or to bind the Partnership or transact any business in the name of the Partnership. The Limited Partners shall have no rights other than those specifically provided herein or granted by law where consistent with a valid provision hereof. In the event any laws, rules or regulations applicable to the Partnership, or to its sale or issuance of interests in the Partnership, require a Limited Partner, or any group or class thereof, to have certain rights, options, privileges or consents not granted by the terms of this Agreement, then such Limited Partners shall have and enjoy such rights, options, privileges and consents as long as (but only as long as) the existence thereof does not result in a loss of the limitation on liability enjoyed by the Limited Partners under the Virginia RULPA or the applicable laws of any other jurisdiction.

No Management by Limited Partners. No Limited Partner shall take part in the day-to-day management, operation or control of the business and affairs of the Partnership or have any right, power power, or authority to act for or on behalf of or to bind the Partnership or transact any business in the name of the Partnership. The Limited Partners shall have no rights other than those specifically provided herein or granted by law where consistent with a valid provision hereof. In the event any laws, rules or regulations applicable to the Partnership, or to its sale or issuance of interests in the Partnership, require a Limited Partner, or any group or class thereof, to have certain rights, options, privileges or consents not granted by the terms of this Agreement, then such Limited Partners shall have and enjoy such rights, options, privileges and consents as so long as (but only as so long as) the existence thereof does not result in a loss of the limitation on liability enjoyed by the Limited Partners under the Virginia Delaware RULPA or the applicable laws of any other jurisdiction.