Common use of Exercise of Rights and Powers Clause in Contracts

Exercise of Rights and Powers. The business of the Partnership shall be operated and managed by the Managing Partner to the best of its ability, in a careful and prudent manner and in accordance with good industry practice. The authority of the Managing Partner to take any action required or permitted under this Agreement shall in all respects be exercised in its sole and absolute discretion, and the Managing Partner shall be required to devote only such time to the performance of its duties and obligations hereunder as it, in its sole and absolute discretion, determines to be necessary or advisable. Except as otherwise provided in Section 11.1, the Managing Partner shall be entitled to deal with its Affiliates in the performance of its duties and obligations under this Agreement, as long as all terms and conditions of such dealings are not materially more onerous than, or substantially different from, the prevailing market terms, conditions and prices available from non-affiliated third parties.

Exercise of Rights and Powers. The business of the Partnership shall be operated and managed by the Managing Partner to the best of its ability, in a careful and prudent manner and in accordance with good industry practice. The authority of the Managing Partner to take any action required or permitted under this Agreement shall in all respects be exercised in its sole and absolute discretion, and the Managing Partner shall be required to devote only such time to the performance of its duties and obligations hereunder as it, in its sole and absolute discretion, determines to be necessary or advisable. Except as otherwise provided in Section 11.111.01, the Managing Partner shall be entitled to deal with its Affiliates in the performance of its duties and obligations under this Agreement, as long as all terms and conditions of such dealings are not materially more onerous than, or substantially different from, the prevailing market terms, conditions and prices available from non-affiliated third parties.