Common use of OBLIGATIONS OF PARTNERSHIP Clause in Contracts

OBLIGATIONS OF PARTNERSHIP. The Partnership shall have the same obligations to Indemnitee as the obligations of the Corporation hereunder, the Partnership hereby acknowledging and confirming to Indemnitee (a) that the services of Indemnitee as a director and/or an officer of the Corporation are important and valuable to the Partnership because of the Corporation's status as general partner of the Partnership, and (b) that the business and affairs of the Corporation are conducted primarily through, and the assets of the Corporation are owned primarily by, the Partnership. Without limiting the other provisions of this Agreement, Indemnitee shall be entitled to indemnification and to his other rights hereunder with respect to matters arising in the conduct of the affairs of the Corporation.