Time Devoted to Partnership Business Sample Clauses

The "Time Devoted to Partnership Business" clause defines the amount of time and attention each partner is expected to dedicate to the partnership's operations. Typically, it outlines whether partners must work full-time for the partnership or if they are permitted to engage in other business activities, and may specify minimum hours or exclusive commitment requirements. This clause ensures that all partners contribute fairly to the business, preventing disputes over unequal effort and helping to align expectations regarding each partner's involvement.
POPULAR SAMPLE Copied 4 times
Time Devoted to Partnership Business. The Partners shall not be required to devote full time to the affairs of the Partnership, but shall diligently and faithfully devote whatever time, effort, and skill may be necessary for the conduct of the Partnership's business, and shall perform all of the duties of a Partner which are provided for in this Agreement and the Code.
View SourceView Similar (4)
Time Devoted to Partnership Business. Neither the General Partner nor any Limited Partner will be required to devote its full time and effort to the affairs of this Partnership, but the General Partner will devote whatever time, effort and skill that may be reasonably necessary for the management of the Partnership's business.
View Source
Time Devoted to Partnership Business. During the period commencing as of the date hereof and ending on the first to occur of (a) the end of the Commitment Period and (b) the point in time at which a Subsequent Fund organized in accordance with the terms hereof makes its first investment, the Manager and the Designated Principals (while active as employees of the Manager), on a collective basis, shall devote a substantial majority of their business time to the business and operations of the Partnership, ECIC and the Parallel Investment Entities; provided, however, that it is specifically understood and agreed that neither the Manager nor the Designated Principals, either individually or on a collective basis, shall be required to devote full time to Partnership business. After such period, the Manager and the Designated Principals (while active as employees of the Manager) shall devote such amount of their business time as is reasonably necessary to manage properly the affairs and activities of the Partnership.
View SourceView Similar (2)
Time Devoted to Partnership Business. During the period commencing as of the date hereof and ending on the first to occur of (a) the end of the Commitment Period and (b) the point in time at which a Subsequent Fund organized in accordance with the terms hereof makes its first investment, the Manager and the Designated Principals (while active as employees of the Manager), on a collective basis, shall devote a substantial majority of their business time to the business and operations of the Partnership, ECIC and the Parallel Investment Entities; provided, however, that it is specifically understood and agreed that neither the Manager nor the
View Source

Related to Time Devoted to Partnership Business

  • BUSINESS OF THE PARTNERSHIP The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture, co-ownership or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and upon such qualification the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Charter. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code.

  • Business Partners Red Hat has entered into agreements with other organizations (“Business Partners”) to promote, market and support certain Software and Services. When Client purchases Software and Services through a Business Partner, Red Hat confirms that it is responsible for providing the Software and Services to Client under the terms of this Agreement. Red Hat is not responsible for (a) the actions of Business Partners, (b) any additional obligations Business Partners have to Client, or (c) any products or services that Business Partners supply to Client under any separate agreements between a Business Partner and Client.

  • Partnership Name The name of the Partnership is “OZ Advisors II LP.” The name of the Partnership may be changed from time to time by the General Partner.

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

  • Time Off for Union Business ‌ (a) Leave of absence without pay shall be granted upon request for the reasons set out below unless it would unduly interrupt the Employer's operations: (1) to an elected or appointed representative of the Union to attend conventions of the Union and bodies to which the Union is affiliated, to a maximum of 21 days per occurrence; (2) for elected or appointed representatives of the Union to attend to union business which requires them to leave their general work area; (3) for employees who are representatives of the Union on a bargaining committee. (b) Long-term leave of absence without pay shall be granted to employees designated by the Union to transact union business for specific periods of not less than 21 days unless this would unduly interrupt the operation of the department. Such requests shall be made in writing sufficiently in advance to minimize disruption of the department. Employees granted such leave of absence shall retain all rights and privileges accumulated prior to obtaining such leave. Seniority shall continue to accumulate during such leave and shall apply to such provisions as annual vacations, increments and promotions. (c) When leave of absence without pay is granted pursuant to Part (a) or (b), the leave shall be given with pay and the Union shall reimburse the Employer for salary and benefit costs, including travel time incurred, within 60 days of receipt of the invoice. It is understood that employees granted leave of absence pursuant to this clause shall receive their current rates of pay while on leave of absence. Leave of absence granted under this clause shall include sufficient travel time. The pay and benefits received by the employee and reimbursed by the Union under this article shall be based on the number of hours to which the Union indicates, in writing, the employee is entitled. This provision does not apply to employees on extended leaves of absence who are employed by the Union on a full-time basis. (d) Leave of absence with pay and without loss of seniority will be granted to an employee called to appear as a witness before an arbitration board, provided the dispute involved the Employer. On application, the Arbitration Board may determine summarily the amount of time required for the attendance of any witness. (e) The Union shall provide the Employer with reasonable notice to minimize disruption of the operation and shall make every reasonable effort to give a minimum of 14 days’ notice prior to the commencement of leave under (a) or (b) above. The Employer agrees that any of the above leaves of absence shall not be unreasonably withheld.