Common use of Partnership Obligations Clause in Contracts

Partnership Obligations. (a) Except as provided in this Section 5.05 and elsewhere in this Agreement (including the provisions of Article IV regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. (b) All administrative expenses shall be obligations of the Partnership, and the General Partner shall be entitled to reimbursement by the Partnership for any third-party expenditure incurred by it on behalf of the Partnership that shall be made other than out of the funds of the Partnership. The General Partner shall also be entitled to recover its reasonable expenses and shall be entitled to receive a management fee of up to one percent (1%) per Year of the total revenue of the Partnership as determined in the reasonable discretion of the General Partner.

Partnership Obligations. (a) Except as provided in this Section 5.05 and elsewhere in this Agreement (including the provisions of Article IV regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. (b) All administrative expenses shall be obligations of the Partnership, Partnership and the General Partner shall be entitled to reimbursement by the Partnership for any third-party expenditure incurred by it it, on behalf of the Partnership Partnership, that shall be made other than out of the funds of the Partnership. The General Partner shall also be entitled to recover its reasonable expenses and shall be entitled to receive a management fee of up to one percent (1%) per Year of the total revenue of the Partnership as determined in the reasonable discretion of the General Partner.