Common use of Indemnification of Managing General Partner Clause in Contracts

Indemnification of Managing General Partner. The Managing General Partner need not secure the performance of its duties by bond or otherwise. A Managing General Partner is not liable, responsible, or accountable in damages or otherwise to any Partner or to the Partnership for any act taken or omission made in good faith on behalf of the Partnership and in a manner that such Managing General Partner reasonably believes to be within the scope of the authority granted to it by this Agreement and in the best interest of the Partnership, except for gross negligence or willful misconduct. Any loss, expense (including attorneys' fees) or damage incurred by a Managing General Partner by reason of any act or omission by it in good faith on behalf of the Partnership and in a manner that it reasonably believes to be within the scope of the authority granted to it by this Agreement and in the best interest of the Partnership (but not, in any event, any loss, expense or damage incurred by a Managing General Partner by reason of gross negligence or willful misconduct) shall be paid to the indemnified Managing General Partner from the Partnership's assets, to the extent available.

Indemnification of Managing General Partner. The Managing General Partner need not secure the performance of its duties by bond or otherwise. A Managing General Partner is not liable, responsible, or accountable in damages or otherwise to any Partner or to the Partnership for any act taken or omission made in good faith on behalf of the Partnership and in a manner that such Managing General Partner reasonably believes to be within the scope of the authority granted to it by this Agreement and in the best interest of the Partnership, except for gross negligence or willful misconduct. Any loss, expense (including attorneys' fees) or damage incurred by a Managing General Partner by reason of any act or omission by it in good faith on behalf of the Partnership and in a manner that it reasonably believes to be within the scope of the authority granted to it by this Agreement and in the best interest of the Partnership (but not, in any event, any loss, expense or damage incurred by a Managing General Partner by reason of gross negligence or willful misconduct) shall be paid to the indemnified Managing General Partner from the Partnership's assets, to the extent available.