Unauthorized Transactions Null and Void Sample Clauses
The 'Unauthorized Transactions Null and Void' clause establishes that any transactions conducted without proper authorization are considered invalid and unenforceable. In practice, this means that if a party acts outside the scope of their authority—such as an employee making purchases without approval or a third party accessing an account without consent—those transactions will not be recognized as binding by the parties involved. This clause serves to protect parties from liability for actions they did not approve, ensuring that only legitimate, authorized transactions are upheld and reducing the risk of fraud or misuse.
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Unauthorized Transactions Null and Void. Any sublease, sale, assignment, transfer, mortgage, pledge, hypothecation, encumbrance or disposition of the Premises or of the rents, revenues or any other income from the Premises, or this Agreement or any part hereof, or any license or other interest of the Lessee herein not made in accordance with the provisions of this Agreement shall (i) constitute a material default under this Agreement, giving rise to a right of termination by the Port Authority under Section 46 (Termination by the Port Authority), and (ii) be null and void ab initio and of no force or effect. For the avoidance of doubt, the Lessee further covenants and agrees not to enter into any management agreement, operating agreement, service agreement or any other similar type of agreement for the Premises without the prior written consent of the Port Authority, and any such agreement entered into without such consent shall constitute an unauthorized transaction pursuant to this Section.