Limitations on General Partner's Power and Authority Sample Clauses

Limitations on General Partner's Power and Authority. Notwithstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) admit a Person as a Limited Partner except as provided in this Agreement; (g) violate any provision of the Mortgage; (h) cause the Project apartment units to be rented to anyone other than Qualified Tenants; (i) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Project; (j) cause any recapture of the Tax Credits; (k) permit any creditor who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (l) commingle funds of the Partnership with the funds of another Person; or (m) take any action which requires the Consent of the Special Limited Partner or the consent of the Limited Partner unless the General Partner has received said Consent.
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Limitations on General Partner's Power and Authority. Notwithstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) directly or indirectly transfer control of the General Partner; (g) admit a Person as a Limited Partner or Special Limited Partner except as provided in this Agreement; (h) violate any provision of the Mortgage; (i) cause the Apartment Housing apartment units to be rented to anyone other than Qualified Tenants; (j) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Apartment Housing; (k) allow the Insurance to expire; (l) permit the Apartment Housing to be without utility service; (m) cause any recapture of the Tax Credits; (n) permit any creditor who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (o) commingle funds of the Partnership with the funds of another Person; (p) fail to cause the Partnership to make the Mortgage payment if the Partnership fails to pay the same when due, subject to available funds, including funds provided under Section 6.3 or Section 6.4; (q) fail to cause the Accountant to issue the reports specified in Section 14.2(a) and (b) of this Agreement; (r) take any action which requires the Consent of the Special Limited Partner or the consent of the Limited Partner unless the General Partner has received said Consent; (s) allow the Real Estate Taxes to be unpaid if the Partnership fails to pay the same when due; (t) pay any real estate commission for the sale or refinancing of the Apartment Housing; (u) take any action that would cause termination of the Partnership; (v) encumber the Apartment Housing, except as provided herein; (w) execute an assignment for the benefit of creditors; or (x) permit the Partnership to make any loan to any Person.
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Limitations on General Partner's Power and Authority. Notwithstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership in the aggregate of $15,000 per calendar year without the prior consent of the Special Limited Partner; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) admit a Person as a Limited Partner except as provided in this Agreement; (g) violate any provision of the Mortgage; (h) cause the Apartment Housing apartment units to be rented to anyone other than Qualified Tenants; (i) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Apartment Housing; (j) cause any recapture of the Tax Credits; (k) permit any creditor who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (l) commingle funds of the Partnership with the funds of another Person; or (m) take any action which requires the Consent of the Special Limited Partner or the consent of the Limited Partner unless the General Partner has received said Consent.
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Limitations on General Partner's Power and Authority. Not- withstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) admit a Person as a Limited Partner or Special Limited Partner except as provided in this Agreement; (g) violate any provision of the Mortgage; (h) cause the Apartment Housing apartment units to be rented to anyone other than Qualified Tenants; (i) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Apartment Housing; (j) cause any recapture of the Tax Credits; (k) permit any creditor who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (l) commingle funds of the Partnership with the funds of another Per- son; or (m) take any action which requires the Consent of the Special Limited Partner or the consent of the Limited Partner unless the General Partner has received said Consent.
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Limitations on General Partner's Power and Authority. Not- withstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) admit a Person as a Limited Partner, Missouri Limited Partner or Special Limited Partner except as provided in this Agreement; (g) violate any provision of the Mortgage; (h) cause the Apartment Housing apartment units to be rented to anyone other than Qualified Tenants; (i) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Apartment Housing; (j) cause any recapture of the Tax Credits; (k) permit any creditor who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (l) commingle funds of the Partnership with the funds of another Per- son; or (m) take any action which requires the Consent of the Special Limited Partner or the Consent of the Limited Partner or the Missouri Limited Partner unless the General Partner has received said Consent.
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Limitations on General Partner's Power and Authority. Notwithstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) admit a Person as a Limited Partner except as provided in this Agreement; (g) violate any provision of the Mortgage;
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Limitations on General Partner's Power and Authority. Notwithstanding the provisions of this Article IX, the General Partner shall not: (a) except as required by Section 9.4, act in contravention of this Agreement; (b) act in any manner which would make it impossible to carry on the ordinary business of the Partnership; (c) confess a judgment against the Partnership; (d) possess Partnership property, or assign the Partner's right in specific Partnership property, for other than the exclusive benefit of the Partnership; (e) admit a Person as a General Partner except as provided in this Agreement; (f) directly or indirectly transfer control of the General Partner unless, following such change of control, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ or ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ and ▇▇▇▇▇▇▇ ▇▇▇▇▇ is/are the sole managing member(s) of Star-Holdings of Illinois, L.L.C. ("Star Holdings") with full control over the management of Star Holdings, and Star Holdings is the sole member of the sole member of the General Partner; (g) admit a Person as a Limited Partner or Special Limited Partner except as provided in this Agreement; (h) violate any provision of any Mortgage; (i) cause the Apartment Housing units to be rented to anyone other than Qualified Tenants; (j) violate the Minimum Set-Aside Test or the Rent Restriction Test for the Apartment Housing; (k) cause any recapture of the Tax Credits; (l) permit any creditor (with the exception of MHC) who makes a nonrecourse loan to the Partnership to have, or to acquire at any time as a result of making such loan, any direct or indirect interest in the profits, income, capital or other property of the Partnership, other than as a secured creditor; (m) commingle funds of the Partnership with the funds of another Person; or (n) take any action which requires the Consent of the Special Limited Partner or the consent of the Limited Partner unless the General Partner has received said Consent; or (o) pay any real estate commission for the sale or refinancing of the Apartment Housing, except as otherwise provided for in this Agreement.
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Related to Limitations on General Partner's Power and Authority

  • Power and Authority The Servicer has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary corporate action.

  • Organization; Power and Authority The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.