Common use of Continuing Authority Clause in Contracts

Continuing Authority. On termination of this Agreement under Section 12.1 or the deemed withdrawal of a Participant pursuant to Section 6.4 or 6.5, the Manager shall have the power and authority, subject to control of the Management Committee, if any, to do all things on behalf of the Participants 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 or withdrawal, if the transaction or obligation arises out of Operations prior to such termination or withdrawal. The Manager shall have the power and 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 Participants and the Venture, mortgage Assets, and take any other reasonable action in any matter with respect to which the former Participants continue to have, or appear or are alleged to have, a common interest or a common liability.

Continuing Authority. On termination of this Agreement the Business under Section 12.1 Sections 8.1 or 8.2, the Participant which was the Manager prior to such termination or withdrawal (or the deemed withdrawal other Participant in the event of a Participant pursuant to Section 6.4 or 6.5, withdrawal by the Manager Manager) shall have the power and authority, subject to control of the Management Committee, if any, authority to do all things on behalf of the both Participants 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 or withdrawal, if the transaction or obligation arises out of Operations prior to such termination or withdrawal. The Manager shall have the power and 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 both Participants and the VentureBusiness, mortgage encumber Assets, and take any other reasonable action in any matter with respect to which the former Participants continue to have, or appear or are alleged to have, a common interest or a common liability.

Continuing Authority. On termination of this Agreement under Section 12.1 or the deemed withdrawal of a Participant pursuant to Section 6.4 or 6.5Sections 5.2 and 6.4, the Manager shall have the power and authority, subject to control of the Management Committee, if any, to do all things on behalf of the Participants 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 or withdrawal, if the transaction or obligation arises out of Operations prior to such termination or withdrawal. The Manager shall have the power and 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 Participants and the Venture, mortgage Assets, and take any other reasonable action in any matter with respect to which the former Participants continue to have, or appear or are alleged to have, a common interest or a common liability.

Continuing Authority. On termination of this Agreement under Section 12.1 the Venture or the deemed withdrawal of a Participant from the Venture or the withdrawal of a Participant pursuant to Section 6.4 or 6.5, section 13.2 the Manager shall have the power and authority, subject to control of the Management Committee, if any, to do all things on behalf of the 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, unsatisfied at the time of such termination or withdrawal, withdrawal if the transaction or obligation arises out of Operations prior to such termination or withdrawal. The Manager shall have the power and 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 Participants and the Venture, mortgage Assets, Assets and take any other reasonable action in any matter with respect to which the former Participants continue to have, have or appear or are alleged to have, a common interest or a common liability.

Continuing Authority. On termination of this Agreement under Section 12.1 the Venture or the deemed withdrawal of a Participant from the Venture or the withdrawal of a Participant pursuant to Section 6.4 or 6.5, section 13.2 the Manager shall have the power and authority, subject to control of the Management Committee, if any, to do all things on behalf of the 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, unsatisfied at the time of such termination or withdrawal, withdrawal if the transaction or obligation arises out of Operations prior to such termination or withdrawal. The Manager shall have the power and 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 Participants and the Venture, mortgage Assets, Assets and take any other reasonable action in any matter with respect to which the former Participants continue to have, have or appear or are alleged to have, a common interest or a common liability.