Common use of Resolution of Conflicts of Interest Clause in Contracts

Resolution of Conflicts of Interest. (a) Unless otherwise expressly provided herein, (i) whenever a conflict of interest exists or arises between any Partner or Affiliate thereof, on the one hand, and the Partnership, on the other hand, or (ii) whenever this Agreement or any other agreement contemplated herein provides that any Partner shall act in a manner which is or provide terms which are, fair and reasonable to the Partnership, such Partner shall resolve such conflict of interest, take such action or provide such terms considering, in each case, the relative interests of each party to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting principles. In the absence of bad faith by such Partner, the resolution, action or terms so made, taken or provided by such Partner or Affiliate shall not constitute a breach of this Agreement or any other agreement contemplated herein.

Resolution of Conflicts of Interest. (a) Unless otherwise expressly provided herein, (ia) whenever a conflict of interest exists or arises between any the General Partner or Affiliate thereofany of its Affiliates, on the one hand, and the Partnership, on the other hand, or (iib) whenever this Agreement or any other agreement contemplated herein provides that any the General Partner shall act in a manner which is is, or provide provides terms which are, fair and reasonable to the Partnership, such the General Partner shall resolve such conflict of interest, take such action or provide such terms considering, in each case, the relative interests of each party to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, practices and any applicable generally accepted accounting practices or principles. In the absence of bad faith by such the General Partner, the resolution, action or terms so made, taken or provided by such the General Partner or Affiliate shall not constitute a breach of this Agreement or any other agreement contemplated hereinherein or therein.

Resolution of Conflicts of Interest. (a) Unless otherwise expressly provided herein, whenever (ia) whenever a conflict of interest exists or arises between any the General Partner or Affiliate thereofany of its Affiliates, on the one hand, and the Partnership, on the other hand, or (iib) whenever this Agreement or any other agreement contemplated herein provides that any the General Partner shall act in a manner which is is, or provide provides terms which are, fair and reasonable to the Partnership, such the General Partner shall resolve such conflict of interest, take such action or provide such terms consideringterms, in each case, case considering the relative interests of each party to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, practices and any applicable generally accepted accounting practices or principles. In the absence of bad faith by such the General Partner, the resolution, action or terms so made, taken or provided by such the General Partner or Affiliate shall not constitute a breach of this Agreement or any other agreement contemplated hereinherein or therein.