Common use of Reliance on Third Parties Clause in Contracts

Reliance on Third Parties. Any Related Person may (in its own name or in the name of the Partnership) consult with counsel, accountants and other professional advisors in respect of the affairs of the Partnership, any other Person in which the Partnership has a direct or indirect interest and each Related Person shall be deemed not to have acted in bad faith or with gross negligence or to have materially breached this Agreement or engaged in intentional misconduct with respect to any action or failure to act and shall be fully protected and justified in so acting or failing to act, if such action or failure to act is in conformity with the advice or opinion of such counsel, accountants or other professional advisors, except for actions or failures to act by such Related Person which constitute a knowing violation of law, provided that such advisors were selected with reasonable care.

Appears in 5 contracts

Samples: Limited Partnership Agreement (Equisource Hotel Fund I, LLP), Limited Partnership Agreement (CapSource Fund I, LP), Limited Liability Partnership Agreement (Equisource Hotel Fund I, LLP)

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Reliance on Third Parties. Any Related Person may (in its own name or in the name of the PartnershipCompany) consult with counsel, accountants accountants, appraisers and other professional advisors in respect of the affairs of the Partnership, Company and any other Person in which the Partnership Company has a direct or indirect interest and each Related Person shall be deemed not to have acted in bad faith or with gross negligence or to have materially breached this Agreement or engaged in intentional misconduct with respect to any action or failure to act and shall be fully protected and justified in so acting or failing to act, if such action or failure to act is in conformity accordance with the advice or opinion of such counsel, accountants accountants, appraisers or other professional advisors, except for actions or failures to act by such Related Person which constitute a knowing violation of law, provided that such advisors were selected with reasonable care.

Appears in 4 contracts

Samples: Operating Agreement (NewBridge Global Ventures, Inc.), Operating Agreement (NewBridge Global Ventures, Inc.), Operating Agreement (NewBridge Global Ventures, Inc.)

Reliance on Third Parties. Any Related Person may (in its own name or in the name of the PartnershipCompany) consult with counsel, accountants and other professional advisors in respect of the affairs of the PartnershipCompany, any other Person in which the Partnership Company has a direct or indirect interest and each Related Person shall be deemed not to have acted in bad faith or with gross negligence or to have materially breached this Agreement or engaged in intentional misconduct with respect to any action or failure to act and shall be fully protected and justified in so acting or failing to act, if such action or failure to act is in conformity accordance with the advice or opinion of such counsel, accountants or other professional advisors, except for actions or failures to act by such Related Person which constitute a knowing violation of law, provided that such advisors were selected with reasonable care.

Appears in 2 contracts

Samples: Operating Agreement (Iron Bridge Mortgage Fund, LLC), Operating Agreement (Iron Bridge Mortgage Fund LLC)

Reliance on Third Parties. Any Subject to the other terms of this Agreement, any Related Person may (in its own name or in the name of the PartnershipCompany) consult with counsel, accountants and other professional advisors in respect of the affairs of the Partnership, Company or any other Person in which the Partnership Company has a direct or indirect interest and each Related Person shall be deemed not to have acted in bad faith with fraud, gross negligence, willful misconduct, or with gross negligence or to have materially breached an intentional material breach of this Agreement or engaged in intentional misconduct with respect to any action or failure to act the Sourcing Agreement, and shall be fully protected and justified in so acting or failing to act, if such action or failure to act is in conformity accordance with the advice or opinion of such counsel, accountants or other professional advisors, except for actions or failures to act by such Related Person which constitute a knowing violation of law, provided that such advisors were selected with reasonable care.

Appears in 1 contract

Samples: Limited Liability Company Agreement (HPS Corporate Lending Fund)

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Reliance on Third Parties. Any Related Person may (in its own name or in the name of the Partnership) consult with counsel, accountants and other professional advisors in respect of the affairs of the Partnership, any Portfolio Investment, any other Person in which the Partnership has a direct or indirect interest and each Related Person shall be deemed not to have acted in bad faith or with gross negligence or to have materially breached this Agreement or engaged in intentional misconduct with respect to any action or failure to act and shall be fully protected and justified in so acting or failing to act, if such action or failure to act is in conformity accordance with the advice or opinion of such counsel, accountants or other professional advisors, except for actions or failures to act by such Related Person which constitute a knowing violation of law; provided, provided however, that such advisors were selected with reasonable care.

Appears in 1 contract

Samples: www.luzernassoc.com

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