Common use of Continuing Authority Clause in Contracts

Continuing Authority. On termination of this Agreement, the Manager shall have the power and authority, subject to the control of the Management Committee, if any, to do all things on behalf of the Parties which are reasonably necessary or convenient to: (a) wind up Operations; and (b) complete any transaction and satisfy any obligation, unfinished or unsatisfied, at the time of such termination, if the transaction or obligation arises out of Operations prior to such termination. The Manager shall have the power and authority, subject to the control of the Management Committee, to grant or receive extensions of time or change the method of payment of an already existing liability or obligation, prosecute and defend actions on behalf of the Parties and the Venture, mortgage Assets or the Project, and take any other reasonable action in any matter with respect to which the former Parties continue to have, or appear or are alleged to have, a common interest or a common liability.

Continuing Authority. On termination of this AgreementAgreement or the deemed or voluntary withdrawal of a Participant, the Manager shall have the power and authority, subject to the control of the Management Committee, if any, authority to do all things on behalf of the Parties Participants which are reasonably necessary or convenient to: (a) wind up Operations; Operations and (b) complete any transaction and satisfy any obligation, unfinished or unsatisfied, at the time of such terminationtermination or withdrawal, if the transaction or obligation arises out of Operations prior to such terminationtermination or withdrawal. The Manager shall have the power and authority, subject to the control of the Management Committee, authority to grant or receive extensions of time or change the method of payment of an already existing liability or obligation, prosecute and defend actions on behalf of the Parties Participants and the Venture, mortgage Assets or the ProjectAssets, and take any other reasonable action in any matter with respect to which the former Parties Participants continue to have, or appear or are alleged to have, a common interest or a common liability.. SECTION