Common use of No Participation by or Authority of Limited Partners; Limited Rights Clause in Contracts

No Participation by or Authority of Limited Partners; Limited Rights. (a) No Limited Partner shall have the right to participate in the management or conduct of the Partnership. No Limited Partner shall transact business for the Partnership, nor shall any Limited Partner have power to sign, act for or bind the Partnership, all of such powers being vested solely and exclusively in the General Partners. Except as required by law or as expressly provided in this Section 3.7, no holder of Limited Partnership Interests shall be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any action taken by the Partnership or the Partners, or to receive notice of any meeting of the Partners. When entitled to vote on a matter being submitted to holders of Partnership Interests of more than one class or series, all classes of Interests in the Partnership shall vote together as one class with each interest in the Partnership having a vote equal to the Partnership Percentage Interest related to such Interest.