Common use of Modification or Revocation of Authority of Advisor Clause in Contracts

Modification or Revocation of Authority of Advisor. The Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in Section 2.02, provided however, that such modification or revocation shall be effective upon receipt by the Advisor or such later date as is specified by the Board of Directors and included in the notice provided to the Company and such modification or revocation shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification, or, if later, the effective date of such modification or revocation specified by the Board of Directors.