MODOFICATION OR REVOATION OF AUTHORITY OF ADVISOR Clause Samples
The "Modification or Revocation of Authority of Advisor" clause defines the process by which the powers or permissions granted to an advisor can be changed or withdrawn. Typically, this clause outlines who has the right to alter or revoke the advisor's authority, the procedures that must be followed (such as providing written notice), and any limitations or conditions on such changes. For example, it may specify that only the principal or a governing body can make these modifications, and that changes become effective upon receipt of notice by the advisor. The core function of this clause is to provide a clear mechanism for adjusting or ending the advisor's role, thereby ensuring flexibility and control over advisory relationships as circumstances evolve.
MODOFICATION OR REVOATION OF AUTHORITY OF ADVISOR. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4 ; 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.