Common use of PAYMENTS OWING TO STATE STREET Clause in Contracts

PAYMENTS OWING TO STATE STREET. Upon termination of this Agreement pursuant to Section 15.1 or 15.2 with respect to any Trust or Portfolio, the applicable Trust shall pay to State Street any compensation, fees, expenses and charges then due. In the event of: (a) any Trust’s termination of this Agreement with respect to such Trust or a Portfolio of the Trust for any reason other than as set forth in Section 15.1 or 15.2 or (b) a transaction not in the ordinary course of business pursuant to which State Street is not retained to continue providing services hereunder to a Trust or Portfolio (or its respective successor), the applicable Trust shall pay to State Street any compensation, fees, expenses and charges due through the end of the then-current term (based upon the average monthly compensation previously earned by State Street with respect to the Trust or Portfolio over the twelve months preceding the provision of notice of termination or the transaction). Upon receipt of such payment and reimbursement, State Street will deliver the Trusts or Portfolio’s cash and its securities and other financial assets as set forth in Section 15.5.