Common use of Payments on Termination and Survival of Certain Rights and Obligations Clause in Contracts

Payments on Termination and Survival of Certain Rights and Obligations. (i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (a) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement and (b) any incentive fees due under Article 8 hereunder. Notwithstanding the foregoing, no incentive fee will be paid if this Agreement is terminated for Cause by the Company in accordance with Section 13.02 following an event described in clause (a) of the definition of Cause. (ii) The Advisor shall promptly upon termination: 17 CLOSED\1607203150.4 (a) pay over to the Company all monies, if any, after deducting any accrued fees and reimbursement for its expenses to which it is then entitled; (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (c) deliver to the Board all documents including, but not limited to those related to the Company’s assets then in the custody of the Advisor; and (d) cooperate with the Company to provide an orderly transition of advisory functions. ARTICLE 14

Appears in 1 contract

Samples: Advisory Agreement (Pacific Oak Strategic Opportunity REIT, Inc.)

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Payments on Termination and Survival of Certain Rights and Obligations. (i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (a) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement and (b) any incentive fees due under Article 8 hereunder. Notwithstanding the foregoing, no incentive fee will be paid if this Agreement is terminated for Cause by the Company in accordance with Section 13.02 following an event described in clause (a) of the definition of Cause. (ii) The Advisor shall promptly upon termination: 17 CLOSED\1607203150.4 (a) pay over to the Company all monies, if any, after deducting any accrued fees and reimbursement for its expenses to which it is then entitled; (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (c) deliver to the Board all documents including, but not limited to those related to the Company’s assets then in the custody of the Advisor; and (d) cooperate with the Company to provide an orderly transition of advisory functions. ARTICLE 14

Appears in 1 contract

Samples: Advisory Agreement (Pacific Oak Strategic Opportunity REIT, Inc.)

Payments on Termination and Survival of Certain Rights and Obligations. (i) After the Termination Date, the Advisor Manager shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (a) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor Manager prior to termination of this Agreement and (b) any incentive fees due under Article 8 hereunder. Notwithstanding the foregoing, no incentive fee will be paid if this Agreement is terminated for Cause by the Company in accordance with Section 13.02 following an event described in clause (a) of the definition of CauseAgreement. (ii) The Advisor Manager shall promptly upon termination: 17 CLOSED\1607203150.4 (a) pay over to the Company all moniesmoney collected and held for the account of the Company pursuant to this Agreement, if any, after deducting any accrued fees compensation and reimbursement for its expenses to which it is then entitled; (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (c) deliver to the Board all assets and documents including, but not limited to those related to of the Company’s assets Company then in the custody of the AdvisorManager; and functions. (d) cooperate with the Company to provide an orderly transition of management and advisory functions. ARTICLE 14

Appears in 1 contract

Samples: Contracts Management Agreement (Multi-Housing Income REIT, Inc.)

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Payments on Termination and Survival of Certain Rights and Obligations. (i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (a) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement and (b) any incentive fees due under Article 8 hereunder. Notwithstanding the foregoing, no incentive fee will be paid if this Agreement is terminated for Cause by the Company in accordance with Section 13.02 following an event described in clause (a) of the definition of Cause. . (ii) The Advisor shall promptly upon termination: 17 CLOSED\1607203150.4 CLOSED\1607203150.4 (a) pay over to the Company all monies, if any, after deducting any accrued fees and reimbursement for its expenses to which it is then entitled; (b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (c) deliver to the Board all documents including, but not limited to those related to the Company’s assets then in the custody of the Advisor; and (d) cooperate with the Company to provide an orderly transition of advisory functions. ARTICLE 14

Appears in 1 contract

Samples: Advisory Agreement (Pacific Oak Strategic Opportunity REIT, Inc.)

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