Restrictions on Powers of the General Partner. The General Partner --------------------------------------------- shall not do any act in contravention of this Agreement or, subject to the provisions of Section 5.4, any act which is detrimental to the business of the Partnership. The General Partner shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership. The General Partner shall not use, or permit another to use, such funds or assets in any manner except for the exclusive benefit of the Partnership.
Appears in 2 contracts
Samples: Partnership Agreement (Hollywood Park Fall Operating Co), Agreement (Hollywood Park Inc/New/)
Restrictions on Powers of the General Partner. The General Partner --------------------------------------------- shall not do any act in contravention of this Agreement or, subject to the provisions of Section 5.4, any act which is detrimental to the business of the Partnership. The General Partner shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership. The General Partner shall not use, . or permit another to use, such funds or assets in any manner except for the exclusive benefit of the Partnership.
Appears in 1 contract
Restrictions on Powers of the General Partner. The General Partner --------------------------------------------- shall not do any act in contravention of this Agreement or, subject to the provisions of Section 5.45 4, any act which is detrimental to the business of the Partnership. The General Partner shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership. The General Partner shall not use, or permit another to use, such funds or assets in any manner except for the exclusive benefit of the Partnership.
Appears in 1 contract
Samples: Partnership Agreement (Switzerland County Development Corp)
