Common use of Partnership Powers Clause in Contracts

Partnership Powers. In furtherance of the business purpose specified in Section 1.3, the Partnership, and the General Partner on behalf of the Partnership subject to any limitations set forth herein as well as the investor protection provision in Section 7.5, shall be empowered to do or cause to be done any and all acts reasonably deemed by the General Partner to be necessary or appropriate in furtherance of the purposes of the Partnership or forbear from doing any act if the General Partner reasonably deems such forbearance necessary or appropriate in furtherance of the purposes of the Partnership, including, without limitation, the power and authority: Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73" the Partnership; provided, however, that any transaction between the Partnership 1. To enter into, perform and carry out contracts and agreements of every kind necessary or incidental to the accomplishment of the Partnership's purposes, including, without limitation, contracts and agreements with the General Partner and Affiliates of the General Partner, and to take or omit such other or further action in connection with the Partnership's business as may be reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of and the General Partner or its Affiliates shall be documented, shall become part of the records of the Partnership and shall have terms and conditions no less favorable to the Partnership than the terms and conditions available from an unrelated third party; 2. To borrow money from banks and other lenders on such terms and conditions as shall be reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership and to secure any such borrowings by mortgaging, pledging or assigning assets and revenues of the Partnership to the extent reasonably deemed by the General Partner to be necessary or appropriate to benefit of the Partnership and to the extent permitted by law; 3. To invest such funds as are temporarily not required for Partnership purposes, subject to the restriction that the General Partner shall not keep a cash reserve in an amount greater than the budgeted expenses for the following 12 months, in short-term debt obligations reasonably deemed by the General Partner to be necessary or appropriate to benefit of the Partnership, including government securities, certificates of deposit of commercial banks (domestic or foreign), commercial paper, bankers' acceptances and other money market instruments; Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73" 4. To loan funds to the Partnership reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership, provided that such loans may not bear interest or charges in excess of the amount which would be charged to the Partnership on a recourse basis by unrelated banks on comparable loans for the same purpose; and 5. To carry on any other activities reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership, in connection with or incidental to any of the foregoing.

Partnership Powers. In furtherance of the business purpose specified in Section 1.3, the Partnership, and the General Partner on behalf of the Partnership subject to any limitations set forth herein as well as the investor protection provision in Section 7.5, shall be empowered to do or cause to be done any and all acts reasonably deemed by the General Partner to be necessary or appropriate in furtherance of the purposes of on the Partnership or forbear from doing any act if the General Partner reasonably deems such forbearance necessary or appropriate in furtherance of the purposes of the Partnership, including, without limitation, the power and authority: Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73" the Partnership; provided, however, that any transaction between the Partnership: 1. To enter into, perform and carry out contracts and agreements of every kind necessary or incidental to the accomplishment of the Partnership's ’s purposes, including, without limitation, contracts and agreements with the General Partner and Affiliates of the General Partner, and to take or omit such other or further action in connection with the Partnership's ’s business as may be reasonably deemed by the General Partner to be necessary or desirable appropriate in the opinion of the General Partner to further the purposes of the Partnership; provided, however, that any transaction between the Partnership and the General Partner or its Affiliates shall be documented, shall become part of the records of the Partnership and shall have terms and conditions no less favorable to the Partnership than the terms and conditions available from an unrelated third party; 2. To borrow money from banks and other lenders on such terms and conditions as shall be approved reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership and to secure any such borrowings by mortgaging, pledging or assigning assets and revenues of the Partnership to the extent reasonably deemed necessary or desirable by the General Partner to be necessary or appropriate to benefit of the Partnership and to the extent permitted by law; 3. To invest such funds as are temporarily not required for Partnership purposes, subject to the restriction that the General Partner shall not keep a cash reserve in an amount greater than the budgeted expenses for the following 12 months, in short-term debt obligations selected reasonably deemed by the General Partner to be necessary or appropriate to benefit of the Partnership, including government securities, certificates of deposit of commercial banks (domestic or foreign), commercial paper, bankers' ’ acceptances and other money market instruments; Formatted: Font: Times New Roman, 8 pt Formatted: Tab stops: 3", Centered + 6", Right + Not at 0.73"; 4. To loan funds to the Partnership reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership, provided that such loans may not bear interest or charges in excess of the amount which would be charged to the Partnership on a recourse basis by unrelated banks on comparable loans for the same purpose; and 5. To carry on any other activities reasonably deemed by the General Partner to be necessary or appropriate to further the purposes of the Partnership, necessary to, in connection with with, or incidental to any of the foregoing.