Non-Renewal by the Advisor. The Advisor may elect not to renew this Agreement prior to the expiration of the Initial Term or any Renewal Term by delivering to the Company a written notice of non-renewal no later than one hundred eighty (180) days prior to the expiration of the Initial Term or a Renewal Term, as applicable. Unless otherwise agreed to by the Parties, the Termination Date for any termination pursuant to this [Section 15(d)] shall be the last day of the Initial Term or Renewal Term, as applicable.
Non-Renewal by the Company. The Company may elect not to renew this Agreement prior to the expiration of the Initial Term or any Renewal Term by delivering to the Advisor a written notice of non-renewal no later than one hundred eighty (180) days prior to the expiration of the Initial Term or a Renewal Term, as applicable. Unless otherwise agreed to by the Parties, the Termination Date for any termination pursuant to this Section 15(a) shall be the last day of the Initial Term or Renewal Term, as applicable. Any decision by the Company to terminate for non-renewal pursuant to this Section 15(a) must be approved by at least two-thirds of the Independent Directors.
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