Limitations on Proinvest’s Authority Clause Samples

Limitations on Proinvest’s Authority. Proinvest shall not have the authority, without obtaining the prior written approval of the Executive Committee of the Owner, to: (i) sell or hypothecate any Asset, except as may be provided in the respective Asset Business Plan; (ii) incur any costs on behalf of Owner if the amount thereof would result in an increase in any line item of the respective approved Asset Budget by more than ten percent (10%); (iii) effectuate any transaction that is not in accordance with (or more favorable to Owner than) the respective Asset Business Plan; (iv) act on behalf of, or hold itself out as having the authority to act on behalf of, the Owner in any manner which is beyond the scope of the terms of this Agreement; or (v) take any other action with respect to any Asset if specifically prohibited in advance by Owner in writing (unless such action was required by any law, rule, regulation or order of any governmental authority, or was required, based on Proinvest’s good faith belief, to prevent imminent harm to persons or property). Subject to the foregoing limitations on the authority of Proinvest, Proinvest shall have the authority, in Owner’s name, to take all action that it determines to be in the best interests of the Owner with respect to the duties and responsibilities of Proinvest under this Agreement.