The Pxxxxxxx Xxxxxx and PECO Names. The Sub‑advisor and its Affiliates have or may have a proprietary interest in the names “Pxxxxxxx Xxxxxx” and “PECO.” The Sub‑advisor hereby grants to the Company, to the extent of any proprietary interest the Sub‑advisor may have in the names “Pxxxxxxx Xxxxxx” and “PECO,” a non‑transferable, non‑assignable, non‑exclusive royalty‑free right and license to use the names “Pxxxxxxx Xxxxxx” and “PECO” during the term of this Agreement. The Company and Advisor agree that the Sub‑advisor and its Affiliates will have the right to approve of any use by the Company of the names “Pxxxxxxx Xxxxxx” or “PECO,” such approval not to be unreasonably withheld or delayed. Accordingly, and in recognition of this right, if at any time the Advisor ceases to retain the Sub‑advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Sub‑advisor, cease to conduct business under or use the names “Pxxxxxxx Xxxxxx” and “PECO” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain any of the names “Pxxxxxxx Xxxxxx” and “PECO” or any other word or words that might, in the reasonable discretion of the Sub‑advisor, be susceptible of indication of some form of relationship between the Company and the Sub‑advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to any of the names “Pxxxxxxx Xxxxxx” or “PECO.” Consistent with the foregoing, it is specifically recognized that the Sub‑advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having the names “Pxxxxxxx Xxxxxx” or “PECO” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. Neither the Sub‑advisor nor any of its Affiliates makes any representation or warranty, express or implied, with respect to the names “Pxxxxxxx Xxxxxx” or “PECO” licensed hereunder or the use thereof (including without limitation as to whether the use of the name “Pxxxxxxx Xxxxxx” or “PECO” will be free from infringement of the intellectual property rights of third parties). Notwithstanding the preceding, the Sub‑advisor represents and w...
