No Action Unless Specifically Authorized Clause Samples
The "No Action Unless Specifically Authorized" clause restricts parties from taking certain actions unless they have received explicit permission to do so. In practice, this means that a party cannot make decisions, incur obligations, or perform tasks on behalf of another party unless such authority is clearly granted in the agreement. For example, an agent may not enter into contracts or spend funds unless the principal has specifically authorized those actions. This clause serves to prevent unauthorized activities, ensuring that all significant actions are controlled and agreed upon, thereby reducing the risk of misunderstandings or liability arising from unapproved conduct.
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No Action Unless Specifically Authorized. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuer or the Owner Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey the 20[__]-[__] SUBI Certificate except as specifically required or permitted by the Basic Documents.
No Action Unless Specifically Authorized. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuing Entity or the Owner Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey the 20[•]-[•] Series Certificate, except as specifically required or permitted by the Basic Documents.
No Action Unless Specifically Authorized. 20 SECTION 6.06 Restrictions................................................................ 20
No Action Unless Specifically Authorized. The Lease Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Lease Trust Estate except (a) in accordance with the powers granted to and the authority conferred upon the Lease Trustee pursuant to this Agreement, (b) in accordance with the other Basic Documents to which the Lease Trust or the Lease Trustee is a party and (c) in accordance with any document or instruction delivered to the Lease Trustee pursuant to Section 6.3. In particular, the Lease Trustee shall not transfer, sell, pledge, assign or convey the Series 1996-1
No Action Unless Specifically Authorized. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except in accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) the other Basic Documents to which the Issuing Entity or the Owner Trustee is a party and (iii) any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey the 20[•]-[•] SUBI Certificate except in the event of the bankruptcy or dissolution of the Depositor, or upon an Indenture Default, including the bankruptcy or dissolution of the Issuing Entity, or except as otherwise required or permitted by the Basic Documents.