Common use of Limited Authority Clause in Contracts

Limited Authority. The Agent shall have only such authority and duties to make, hold and administer Investments for the Account of the Principal as specifically provided for in this Agreement. Specifically, and without limitation of the foregoing sentence, the Agent shall not have (i) the discretionary authority to purchase, sell, hypothecate, transfer or otherwise acquire or dispose of any Investments for the Account of the Principal, nor (ii) the duty to advise the Principal or its representatives as to the value of any Investment or to provide analysis of any Investment to the Principal or its representatives.