Authority of the Advisor. (a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 5 and in Section 10), and subject to the continuing and exclusive authority of the Board over the supervision of the Company, the Company, acting on the authority of the Board of Directors, hereby delegates to the Advisor the authority to perform the services described in Section 3. (b) Notwithstanding anything herein to the contrary, all Investments will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board specified by the Board, as the case may be. (c) If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other information reasonably required by them to evaluate the proposed transaction. (d) The Board may, at any time upon the giving of Notice to the Advisor, modify or revoke the authority set forth in this Section 5; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification.
Appears in 12 contracts
Samples: Advisory Agreement (American Realty Capital New York City REIT II, Inc.), Advisory Agreement (American Realty Capital New York City REIT II, Inc.), Advisory Agreement (American Realty Capital New York City REIT II, Inc.)
