LIMITATIONS ON THE AUTHORITY Clause Samples
The "Limitations on the Authority" clause defines the specific boundaries and restrictions placed on a party’s ability to act on behalf of another, such as an agent for a principal. In practice, this clause may specify actions the agent is not permitted to take, such as entering into contracts above a certain value or making decisions outside a defined scope. Its core function is to prevent unauthorized commitments and reduce the risk of liability by ensuring that all parties are clear about the extent of the agent’s powers.
LIMITATIONS ON THE AUTHORITY. OF THE GENERAL MANAGER --------------------------------------------------- FAA shall advise TMS of the limitations, by category and, where applicable, by specific action, on the authority of the General Manager regarding the operation of the dealership, and shall provide the name of the individual at FAA who has such authority with respect to each listed category or specific action, in accordance with Paragraph 8 below.
LIMITATIONS ON THE AUTHORITY. OF THE GENERAL MANAGER Sonic shall advise TMS of the limitations, by category and, where applicable, by specific action, on the authority of the General Manager regarding the operation of the dealership, and shall provide the name of the individual at Sonic who has such authority with respect to each listed category or specific action, in accordance with Paragraph 8 below.
LIMITATIONS ON THE AUTHORITY of the General Partner
(a) Effect a sale of all or any portion of the Partnership Property (other than a sale in connection with the Right of First Refusal described in Section 14.02 of this Agreement), including the Units and any commercial and/or community space, or submit a request to the Authority to find a buyer for the Project pursuant to a qualified contract under Section 42(h)(6)(E)(ii)(II);
(b) Effect a refinancing, encumbrance, mortgage, conveyance, or other disposition of all or a substantial portion of the Partnership Property other than the Loans;
(c) As landlord, sublease the Partnership Property as an entirety, or sublease any portion of the Partnership Property except in the normal course of business, including residential leases;
(d) Except with respect to the Construction Loan and Sponsor Loans, become subject to any economic risk of loss within the meaning of Treasury Regulation Section 1.752-2 with respect to the Mortgage Notes, the Mortgages, or any of the Loan Documents;
(e) Following the Completion Date, construct any new capital improvements or replace any existing capital improvements costing in excess of Ten Thousand Dollars ($10,000) and not contemplated in the Budget;
(f) On behalf of the Partnership, acquire any real property in addition to the Partnership Property;
(g) During the Compliance Period, lease or otherwise operate any of the Credit Units in such a manner that such Credit Units would fail to be treated as a "low-income unit" under Section 42(i)(3) of the Code, or lease or operate the Project in such a manner that the Project would fail to be treated as a qualified low-income housing project under Section 42(g) of the Code;
(h) On behalf of the Partnership, incur debt not in the ordinary course of business or arrange for the receipt of any grant of funds, nor incur debt in the ordinary course of business in excess of Ten Thousand Dollars ($10,000) in the aggregate at any one time outstanding, except as specifically permitted in this Agreement;
LIMITATIONS ON THE AUTHORITY of the Joint Operating Committee