Common use of Obligations of the General Partners Clause in Contracts

Obligations of the General Partners. The General Partners shall devote such time and effort to the Partnership business as, in their judgment, may be necessary or appropriate to manage the affairs of the Partnership. The General Partners are under a duty and obligation to conduct the affairs of the Partnership in the best interests of the Partnership, including the safekeeping and the use of all Partnership funds and assets (whether or not in the immediate possession or control of the General Partners) and the use thereof for the benefit of the Partnership. Neither the General Partners nor any of their Affiliates shall enter into any transaction with the Partnership that will significantly benefit the General Partners or such Affiliates in their independent capacities unless the transaction is expressly permitted hereunder and under the 1940 Act or any exemptive order issued by the Securities and Exchange Commission thereunder, or is entered into principally for the benefit of the Partnership in the ordinary course of Partnership business.

Obligations of the General Partners. The General Partners shall devote such time and effort to the Partnership business as, in their judgment, may be necessary or appropriate to manage the affairs of the Partnership. No General Partner shall be required to devote full time to Partnership business. The General Partners are under a duty and obligation to conduct the affairs of the Partnership in the best interests of the Partnership, including the safekeeping and the use of all Partnership funds and assets (whether or not in the immediate possession or control of the General Partners) and the use thereof for the benefit of the Partnership. Neither the General Partners nor any of their Affiliates shall enter into any transaction with the Partnership that will significantly benefit the General Partners or such Affiliates in their independent capacities unless the transaction is expressly permitted hereunder and under the 1940 Act or any exemptive order issued by the Securities and Exchange Commission thereunder, or is entered into principally for the benefit of the Partnership in the ordinary course of Partnership business.