Common use of No Management Responsibility Clause in Contracts

No Management Responsibility. No Limited Partner, in such capacity, shall participate in the management or control of the business of, or transact any business for, the Partnership, but may exercise the voting rights and powers of a Limited Partner set forth in this Agreement. All management responsibility is vested in the Board. The Limited Partners hereby consent to the taking of any action by the Board or the Officers permitted to be taken under this Agreement, the Delaware Act, the 1940 Act or the Exemptive Order.

No Management Responsibility. No Limited Partner, in such capacity, shall participate in the management or control of the business of, or transact any business for, the Partnership, but may exercise the voting rights and powers of a Limited Partner set forth in this Agreement. All management responsibility is vested in the Board. The Limited Partners hereby consent to the taking of any action by the Board or the Officers contemplated under this Agreement or otherwise permitted to be taken under this Agreement, the Delaware Act, the 1940 Act or the Exemptive Order.