Common use of Manager Authority Clause in Contracts

Manager Authority. The Manager shall have all authority, rights and powers conferred by law (subject to Section 7.3 and Section 8.2, if required) and those required or appropriate to the management of the Fund’s business, which, by way of illustration but not by way of limitation, shall include the right, authority and power to cause the Fund to: 7.2.1 Take all actions as the purchaser of the Investments either directly or through special purpose entities; 7.2.2 Enter into any limited liability company agreement, partnership agreement or other operating agreement with a joint venture partner; 7.2.3 Acquire, hold, develop, lease, rent, operate, sell, exchange, subdivide and otherwise dispose of Property including the Investments; 7.2.4 Borrow money, and, if security is required therefor, to pledge or mortgage or subject assets of the Fund to any security device, to obtain replacements of any mortgage or other security device and to prepay, in whole or in part, refinance, increase, modify, consolidate, or extend any mortgage or other security device. All of the foregoing shall be on such terms and in such amounts as the Manager, in its sole discretion, deems to be in the best interest of the Fund;