General Partner and Limited Partners Clause Samples
The "General Partner and Limited Partners" clause defines the roles, rights, and responsibilities of the general partner and the limited partners within a partnership agreement. Typically, it outlines that the general partner manages the day-to-day operations and decision-making of the partnership, while limited partners contribute capital but have limited involvement in management. This clause clarifies the distinction between management authority and liability exposure, ensuring all parties understand their respective positions and obligations, thereby reducing the risk of disputes and misunderstandings.
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General Partner and Limited Partners. (a) The name, address, and Class A Units and/or Class B Units of or held by each Limited Partner shall be set forth on Exhibit A to this Agreement. Notwithstanding the foregoing, certain initial Limited Partners shall be issued Class A Units and shall be Class A Limited Partners, and certain initial Limited Partners shall be issued Class B Units and shall be Class B Limited Partners, all as set forth on the Exhibit A to this Agreement.
(b) The name and address of the General Partner and the Class A Units of or held by the General Partner shall be set forth on Exhibit A to this Agreement.
(c) Exhibit A may be amended by the General Partner from time to time in its sole and absolute discretion and in accordance with the terms of this Agreement to reflect any changes in the information stated on Exhibit A.
General Partner and Limited Partners. The Partners may be General Partners or Limited Partners. The General Partners as of the date hereof are the Cayman GP and the Delaware GP, subject to the provisions of Section 3.4. The Limited Partners shall be as shown on the books and records of the Partnership which shall be maintained in accordance with the Partnership Act. The books and records of the Partnership contain the GP-Related Profit Sharing Percentage and GP-Related Commitment of each Partner (including, without limitation, the Delaware GP) with respect to the GP-Related Investments of the Partnership as of the date hereof. The books and records of the Partnership contain the Capital Commitment Profit Sharing Percentage and Capital Commitment-Related Commitment of each Partner (including, without limitation, the Delaware GP) with respect to the Capital Commitment Investments of the Partnership as of the date hereof. The books and records of the Partnership shall be amended by the General Partner from time to time, in accordance with the Partnership Act, to reflect additional GP-Related Investments, additional Capital Commitment Investments, dispositions by the Partnership of GP-Related Investments, dispositions by the Partnership of Capital Commitment Investments, the GP-Related Profit Sharing Percentages of the Partners (including, without limitation, the Delaware GP) as modified from time to time, the Capital Commitment Profit Sharing Percentages of the Partners (including, without limitation, the Delaware GP) as modified from time to time, the admission of additional Partners, the Withdrawal of Partners, the transfer or assignment of interests in the Partnership pursuant to the terms of this Agreement and any other matters required by the Partnership Act. At the time of admission of each additional Partner, the General Partner shall determine in its sole discretion the GP-Related Investments and Capital Commitment Investments in which such Partner shall participate and such Partner’s GP-Related Commitment, Capital Commitment-Related Commitment, GP-Related Profit Sharing Percentage with respect to each such GP-Related Investment and Capital Commitment Profit Sharing Percentage with respect to each such Capital Commitment Investment. Each Partner may have a GP-Related Partner Interest and/or a Capital Commitment Partner Interest.
General Partner and Limited Partners. The Partners may be General Partners or Limited Partners. The General Partner is BREA (Cayman). The Limited Partners shall be as shown on the books and records of the Partnership.
General Partner and Limited Partners. As the General Partner, DREMC shall have full management responsibility and control the day-to-day operations and management of the Partnership. As Limited Partners, the Members cannot incur obligations on behalf of the Partnership and do not participate in the day-to-day operations and management of the Partnership.
General Partner and Limited Partners