Restrictions on Limited Partners. A. No Limited Partner shall participate in the management and control of the business of the Partnership, transact any business for the Partnership, or attempt to do so; and
Restrictions on Limited Partners. Xxxxxxx Exploration shall not permit either of the Limited Partners to hold any Properties other than the limited partner interests in the Borrower.
Restrictions on Limited Partners. 5.02. The Limited Partners do not have either the obligation or the right to take part, directly or indirectly, in the active management or control of the business of the Partnership, except as otherwise permitted in this Agreement and except for the following:
Restrictions on Limited Partners. (A) No Limited Partner or Assignee shall participate as such in the management and control of the business of the Partnership, transact any business for the Partnership, or attempt to do so, unless such Limited Partner or Assignee is also the General Partner or other Person employed or engaged to transact any such business by or on behalf of the General Partner or the Partnership. The transaction of any such business by a Limited Partner or Assignee employed or engaged to do so by or on behalf of the General Partner or the Partnership shall not affect, impair or eliminate the limitations on the liability of the Limited Partner or Assignee under this Agreement.
Restrictions on Limited Partners. No Limited Partner shall have the right or power to:
Restrictions on Limited Partners. The Partnership Agreement severely restricts the Limited Partners' ability to own interests in competing equipment or ventures, other than interests held by the General Partner or its Affiliates. However, the General Partner may, in its sole discretion, waive the restrictions with respect to interests held by an Investor at the time he becomes a Limited Partner. See "Summary of the Partnership Agreement - Noncompetition Agreement and Protection of Confidential Information." The enforceability of these noncompetition agreements is generally a matter of state law. No assurance can be given that one or more Limited Partners may not successfully compete with the Partnership. See "Competition."
Restrictions on Limited Partners. Except as otherwise -------------------------------- provided in Section 12.4 below, no Limited Partner shall have the right to withdraw from the Partnership prior to the dissolution and winding up of the Partnership, and, in the event of a dissolution, only in accordance with Sections 13.2 and 13.3 below. Except as expressly provided in Sections 5.2 and 12.4, a Limited Partner may not Assign all or any portion of such Limited Partner's interest in the Partnership (as a limited partner). If a Limited Partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of such dissolved Limited Partner may be exercised by its legal representative or its successor. Any Assignment of any of the voting interests of a Limited Partner that is an entity (i.e., is not an individual) shall be treated as an Assignment of the interest in the Partnership owned by such entity if, as a result thereof, the Persons who hold a majority of the voting interests in such entity as of the date of this Agreement (or if such entity was admitted as a Partner after the inception of the Partnership, as of the date such entity was admitted as a Partner in the Partnership) own less than a majority of the voting interests in such entity after such Assignment. Any Assignment of a limited partner interest other than in accordance with the provisions of this Section 12.2 (and to the extent applicable, Article XI and Sections 5.2 and 12.4) shall be null and void ab initio. In the event that --------- there shall be a permitted sale of a limited partner interest to any person in accordance with all of the terms of Section 12.4 but in connection therewith the transferee does not have the automatic right to be admitted as an additional limited partner, or if in connection with any Assignment of an interest as a limited partner in the Partnership permitted under this Article XII, the transferring Limited Partner and/or the transferee do not execute all such instruments as the General Partner may reasonably deem necessary or desirable, or the transferee does not agree to assume the obligations of the transferring Limited Partner to the Partnership, then the transferee in any such transaction shall be treated as an assignee under the Partnership Law and shall not be admitted as an additional limited partner unless consented to by the General Partner, which consent may be withheld in the sole discretion of the General Partner.
Restrictions on Limited Partners. No Limited Partner shall:
Restrictions on Limited Partners. The Limited Partner shall not have either the obligation or the right to take part, directly or indirectly, in the active management of the business of the Partnership and the Limited Partner is not authorized to do or perform any act, thing, or deed in the name of or for or on behalf of either the General Partner or the Partnership. The Limited Partner is not authorized to and shall not, directly or indirectly, have a voice in or take part in the business affairs or business operations of the Partnership, except as specifically provided for in Section 12.03 of this Article XII and otherwise in this Agreement, or receive any compensation as such Partner. The Limited Partner is not authorized to and shall not be permitted to do any act, deed, or thing which will cause such Limited Partner to be classified as a General Partner of the Partnership. The foregoing shall not apply to a General Partner who has acquired a Limited Partner's interest in accordance with the terms of this Agreement.
Restrictions on Limited Partners. The Company shall not permit either of the Limited Partners to incur any Indebtedness of more than $1.0 million or to hold any Properties other than the limited partner interests in BOG LP, with a Fair Market Value of more than $1.0 million, unless such Limited Partner first provides a full and unconditional Guarantee on a senior unsecured basis of the Company’s obligations under the Notes and this Indenture to the same extent as that set forth in this Indenture (in which event such Limited Partner shall cease to be a Non-Guarantor Restricted Subsidiary).
