Obligations of the Managing Partner. Subject to the other provisions of this Agreement, the Managing Partner shall manage, or cause to be managed, the affairs of the Partnership in a prudent and businesslike manner. The Managing Partner shall act as a fiduciary hereunder and in good faith in the performance of its obligations hereunder, but shall have no liability or obligation to the Partners or the Partnership for any decision made or action taken in connection with the discharge of its duties hereunder if such decision or action is made or taken in good faith and in the best interests of the Partnership, irrespective of whether the same may be reasonably prudent or whether bad judgment or negligence (excluding gross negligence) was exercised or involved in connection therewith. It is hereby expressly agreed and acknowledged that the Managing Partner currently owns and operates other outdoor entertainment facilities other than the Amphitheater and that the Managing Partner intends to acquire ownership of additional outdoor entertainment facilities from time to time hereafter. Subject to the provisions of Section 13.02 hereof, it is hereby expressly agreed and acknowledged that (i) the activities of the Managing Partner in respect of other outdoor entertainment facilities shall not be or otherwise constitute a breach of the Managing Partner's fiduciary duties to the Partnership and (ii) CDP shall have no rights, titles or interests in or to the ownership interests of the Managing Partner in other outdoor entertainment facilities as a result of the relationship created hereby.
Obligations of the Managing Partner. The Managing Partner shall: (a) Fund all reasonable and necessary development expenses in accordance with Section 5.1 hereof; (b) Provide all personnel required for Partnership activities, which shall include at least one engineer and one business development person, at cost with no element of profit; (c) Provide office space and support services to the Partnership, at cost with no element of profit; (d) Prepare and submit to the Management Committee for approval an annual Business Plan, which shall include a budget for development expenses and financial projections for the Partnership; and (e) Prepare and provide to Incineco (i) semiannual unaudited financial statements for the Partnership and progress reports on the status of each Project, (ii) annual independent audited financial statements, and (iii) any tax returns or other filings required to be made by or on behalf of the Partnership.
Obligations of the Managing Partner. (a) Subject to the other provisions of this Agreement, the Managing Partner shall manage, or cause to be managed, the affairs of the Partnership in a prudent and businesslike manner. The Managing Partner shall act as a fiduciary hereunder and in good faith in the performance of its obligations hereunder, but shall have no liability or obligation to the Partners or the Partnership for any decision made or action taken in connection with the discharge of its duties hereunder if such decision or action is (i) not a direct violation of, or in excess of the authority granted by, the provisions of this Agreement and (ii) made or taken in good faith and in the best interests of the Partnership, irrespective of whether the same may be reasonably prudent or whether bad judgment or negligence (excluding gross negligence) was exercised or involved in connection therewith.
Obligations of the Managing Partner. 3.1 The Managing Partner will manage the Site on the terms set out in this Agreement and in particular in accordance with its roles and responsibilities as specified in Schedule 3 and will perform its obligations with reasonable care and skill and to the best of its ability and it will at all times act with the utmost good faith towards the Trust and ensure that it, its employees and agents act in a way that will not damage the Trust’s reputation.
