Parties Authorized Clause Samples
The "Parties Authorized" clause defines which individuals or entities are permitted to act on behalf of the parties involved in the agreement. Typically, this clause specifies the names, titles, or roles of those who have the authority to make decisions, sign documents, or otherwise bind the party contractually. For example, it may state that only officers of a company or designated representatives can execute amendments or provide official notices. The core function of this clause is to ensure clarity and prevent unauthorized actions by limiting contractual authority to specific, identified persons, thereby reducing the risk of disputes over who can legally represent each party.
Parties Authorized. To the extent required under applicable law as of the Purchase Date, each party to the Purchased Loan Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when it held the Purchased Loan to the extent necessary to ensure the validity and enforceability of such Purchased Loan.
Parties Authorized. To the extent required under applicable law as of the Purchase Date, each party to the Mezzanine Loan Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when it held the Mezzanine Loan to the extent necessary to ensure the validity and enforceability of such Mezzanine Loan.
Parties Authorized. To the extent required under applicable law as of the date of Buyer’s purchase of the Purchased Securities from Seller, each party to the Purchased Security Documents was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when it held the Purchased Securities to the extent necessary to ensure the validity and enforceability of such Purchased Securities.
Parties Authorized. To the extent required under applicable law as of the date of the related Advance, each party to the documents comprising the related Legal File was authorized to do business in the jurisdiction in which the related underlying real property is located at all times when the Borrower held the B Note to the extent necessary to ensure the validity and enforceability of such B Note.