Exercise of Rights and Powers. The business of the Partnership shall be operated and managed by the General Partner to the best of its ability, in a careful and prudent manner and in accordance with good management practice. The authority of the General Partner to take any action required or permitted under the provisions of this Agreement shall in all respects be exercised in its sole and absolute discretion, and the General Partner shall be required to devote only the time to the performance of its duties and obligations under this instrument as the General Partner shall, in its sole and absolute discretion, determine to be necessary or advisable.
Appears in 3 contracts
Sources: Limited Partnership Agreement, Limited Partnership Agreement (Belo Corp), Limited Partnership Agreement (Belo Corp)