Common use of Compensation of the General Partner Clause in Contracts

Compensation of the General Partner. The General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees, commissions, profits, distributions, or other compensation, except as provided or permitted by this Agreement.

Appears in 1 contract

Sources: Limited Partnership Agreement (Rc Cobb Inc)

Compensation of the General Partner. The Partnership shall not pay any salary or fee to the General Partner or any part of the General Partner's overhead and administrative costs. However, the General Partner shall notbe entitled to payment pursuant to the terms and conditions of that certain Operating Agreement of even date herewith by and between the General Partner, either in its capacity as General Partner or in its individual capacityOperator, receive any salaryand the Partnership, fees, commissions, profits, distributions, or other compensation, except as provided or permitted by this AgreementNon-Operator.

Appears in 1 contract

Sources: Limited Partnership Agreement (BMC, Ltd.)

Compensation of the General Partner. The General Partner as general partner of the Partnership shall not, either not in its such capacity as General Partner or in its individual capacity, receive any salary, fees, commissionsprofits or distributions except for such allocations or distributions to which it may be entitled under Article Four, profitsArticle Five or Article Eight. Notwithstanding the foregoing, distributionshowever, the Partnership shall reimburse the General Partner for the cost of providing any administrative or other compensation, except as provided services required or permitted contemplated by this Agreement.

Appears in 1 contract

Sources: Limited Partnership Agreement (Desert Springs Marriott Limited Partnership)

Compensation of the General Partner. The General Partner shall not, either in receive no compensation for performing its capacity administrative duties as General Partner or in its individual capacityof the Partnership; provided, however, that (i) the General Partner shall be entitled to receive any salary, fees, commissions, profits, distributions, or other compensation, except distributions as provided or permitted by in this Agreement, and (ii) the General Partner and its Affiliates shall be entitled to reimbursement for all reasonable expenses incurred by them in connection with the administration of the Partnership, including without limitation, all legal and accounting expenses and allocated staff costs incurred in connection with the administration of the Partnership.

Appears in 1 contract

Sources: Limited Partnership Agreement