Authority for Specific Actions Sample Clauses
The "Authority for Specific Actions" clause defines which individuals or parties have the legal power to make certain decisions or take particular actions on behalf of an organization or under a contract. Typically, this clause will specify roles, such as officers, managers, or designated representatives, and outline the scope of their authority, such as signing agreements, approving expenditures, or entering into binding commitments. By clearly delineating who is empowered to act and in what capacity, this clause helps prevent unauthorized actions and ensures that all parties know who can make binding decisions, thereby reducing confusion and mitigating the risk of disputes over authority.
Authority for Specific Actions. Subject to Section 3.3 and such other limitations expressly provided by this Agreement, the General Partner is authorized to take the actions listed below in this Section 3.2 on behalf of the Partnership. This Section 3.2 is intended as an amplification of and not a limitation of the authority granted to the General Partner under Section 3.1.
(a) To borrow money from sellers of property or from banks or other lending institutions or the commercial paper market or otherwise to procure extensions of credit for the Partnership, including at the discretion of the General Partner, to issue instruments evidencing indebtedness or other debt obligations (including, without limitation, mortgages) and, if security is required therefore, to pledge, hypothecate, mortgage, assign, transfer and grant a security interest in the Strategic Investments, Capital Commitments and other assets of the Partnership, including, without limitation, the Partners’ Subscription Agreements (provided, however, that in no event shall any such pledge obligate any Partner to make any payments in excess of the sum of such Partner’s uncontributed Capital Commitment); and in connection with any of the foregoing to execute, seal, acknowledge and deliver promissory notes, guarantees, mortgages, security and other agreements, assignments and any other written documents, to request any AVB Affiliate to guaranty or otherwise provide security for any Partnership Indebtedness, and to prepay in whole or in part, refinance, recast, increase, modify or extend any such debt affecting any of the assets of the Partnership and in connection therewith to execute any extensions or renewals of any such debt and/or any other loans;
(b) To borrow funds to make Strategic Investments or to obtain working capital or to otherwise leverage the Partnership’s assets through the issuance of mortgage-backed securities or preferred equity interests;
(c) To hold assets of the Partnership in the name of one or more trustees, nominees, other agents or directly or indirectly through one or more entities owned in whole or in part directly or indirectly by the Partnership;
(d) To maintain such insurance as the General Partner may deem appropriate to protect the assets and interests of the Partnership and Indemnified Parties and to satisfy any contractual undertakings of the Partnership; provided, that, in the event that an Indemnified Party receives an insurance payment (the “Subject Insurance Payment”) under any insurance poli...
Authority for Specific Actions. Subject to Section 3.3 of the Purchaser LLC Agreement and Section 3.12, Section 9.4 and Section 9.5 hereof and without limiting the authority granted pursuant to the foregoing Section 9.1, the General Partner shall have full power and authority, without the consent of any Limited Partner, to directly or indirectly through any direct or indirect subsidiary of the Investment Partnership:
(a) acquire, hold, make and dispose of Interim Investments in accordance with the terms of this Agreement;
(b) acquire, develop, construct, improve, maintain, own, hold, lend, operate, manage, lease, finance, mortgage, pledge, divide, combine, sell, transfer, convey, assign, grant options with respect to, dispose of or otherwise deal in and transact business with respect to Designated Investments;
(c) negotiate restructurings or work-outs of Designated Investments, including the foreclosure or transfer in lieu of foreclosure of collateral securing a Designated Investment;
(d) borrow money, issue (or guarantee) evidences of indebtedness and obtain lines of credit, loan commitments and letters of credit for the account of the Investment Partnership, any Subsidiary or any Person in which the Investment Partnership has a direct or indirect ownership interest and secure the same by mortgage, pledge, direct or indirect collateral assignment, or other lien on any Investment Partnership assets (including the obligations of the Partners to make Capital Contributions and other required payments to the Investment Partnership pursuant to and in 1051492.09-NYCSR02A - MSW accordance with this Agreement, the right to deliver Capital Calls, the Investment Partnership’s right, title and interest in and to the security interest of the Investment Partnership related thereto);
(e) borrow funds to make Designated Investments or to obtain working capital or to otherwise leverage the Investment Partnership’s assets through securitizations or the issuance of mortgage- or other asset-backed securities or preferred equity interests (so long as such securitizations, mortgage- or other asset-backed securities or preferred equity investments are issued by a Subsidiary created pursuant to Section 9.3(l);
(f) guarantee liabilities of third parties or to provide interim financing as the General Partner deems necessary in connection with Designated Investments;
(g) hold assets of the Investment Partnership in the name of one or more trustees, nominees, other agents or directly or indirectly through one or m...
Authority for Specific Actions. The General Partner is authorized to take the actions listed below in this Section 3.2 on behalf of the Partnership. This