Common use of Authority of General Partner Clause in Contracts

Authority of General Partner. The management and operation of the Partnership and the formulation of investment policy is vested exclusively in the General Partner. The act of the General Partner in carrying on the business of the Partnership will bind the Partnership. In the case of any General Partner other than a natural person, at any time that the Partnership is licensed as an SBIC, the General Partner will not allow any person to serve as a general partner, director, officer or manager of the General Partner, unless such person has been approved by SBA.9 So long as the General Partner remains the general partner of the Partnership: it will comply with the requirements of the SBIC Act, including, without limitation, 13 C.F.R. § 107.160(a) and (b),10 as in effect from time to time; and in the case of any General Partner other than a natural person, except as set forth in Section 3.01(d)(iii), it will devote all of its activities to the conduct of the business of the Partnership and will not engage actively in any other business, unless its engagement is related to and in furtherance of the affairs of the Partnership.11 The General Partner may, however: act as the general partner or Investment Adviser/Manager for one or more other SBICs, and receive, hold, manage and sell Assets received by it from the Partnership (or other SBIC for which it acts as general partner or Investment Adviser/Manager), or through the exercise or exchange of Assets received by it from the Partnership (or other SBIC for which it acts as general partner or Investment Adviser/Manager).

Authority of General Partner. The management and operation of the Partnership and the formulation of investment policy is vested exclusively in the General Partner. The act of the General Partner in carrying on the business of the Partnership will bind the Partnership. In the case of any General Partner other than a natural person, at any time that the Partnership is licensed as an SBIC, the General Partner will not allow any person to serve as a general partner, director, officer or manager of the General Partner, unless such person has been approved by SBA.9 So long as the General Partner remains the general partner of the Partnership: it will comply with the requirements of the SBIC Act, including, without limitation, 13 C.F.R. § 107.160(a) and (b),10 as in effect from time to time; and in the case of any General Partner other than a natural person, except as set forth in Section 3.01(d)(iii3.1(d)(iii), it will devote all of its activities to the conduct of the business of the Partnership and will not engage actively in any other business, unless its engagement is related to and in furtherance of the affairs of the Partnership.11 The General Partner may, however: act as the general partner or Investment Adviser/Manager for one or more other SBICs, and receive, hold, manage and sell Assets received by it from the Partnership (or other SBIC for which it acts as general partner or Investment Adviser/Manager), or through the exercise or exchange of Assets received by it from the Partnership (or other SBIC for which it acts as general partner or Investment Adviser/Manager).