Common use of OBLIGATION TO NEGOTIATE Clause in Contracts

OBLIGATION TO NEGOTIATE. At any time after the earlier to occur of (a) Talent’s death, (b) any Insolvency Event and (c) the Series either ceases to be listed on an exchange or “alternative trading system” or is converted into another security of Fantex or any of its Affiliates, Participant or his heirs or estate (or any of their representatives) may deliver a written notice to Fantex (a “Discussion Notice”) requesting that Fantex engage in negotiations with Participant in good faith to terminate this Agreement (“Good Faith Negotiations”). The Parties shall be obligated to commence Good Faith Negotiations within thirty (30) days after Participant’s delivery of a Discussion Notice. Any termination of this Agreement shall only be on terms mutually agreed to in writing by the Parties. For purposes of this Section 11, “Insolvency Event” means (i) the institution by or against either Fantex or its parent company of insolvency, receivership or bankruptcy proceedings, (ii) Fantex or its parent company making an assignment for the benefit of creditors, or (iii) upon Fantex or its parent company’s dissolution or ceasing to do business.

OBLIGATION TO NEGOTIATE. At any time after the earlier to occur of (a) Talent’s death, (b) any Insolvency Event and (c) the Series either ceases to be listed on an exchange or “alternative trading system” or is converted into another security of Fantex or any of its Affiliates, Participant or his heirs or estate (or any of their representatives) may deliver a written notice to Fantex (a “Discussion Notice”) requesting that Fantex engage in negotiations with Participant in good faith to terminate this Agreement (“Good Faith Negotiations”). The Parties shall be obligated to commence Good Faith Negotiations within thirty (30) days after Participant’s Fantex Brand Agreement Standard Terms & Conditions delivery of a Discussion Notice. Any termination of this Agreement shall only be on terms mutually agreed to in writing by the Parties. For purposes of this Section 11, “Insolvency Event” means (i) the institution by or against either Fantex or its parent company of insolvency, receivership or bankruptcy proceedings, (ii) Fantex or its parent company making an assignment for the benefit of creditors, or (iii) upon Fantex or its parent company’s dissolution or ceasing to do business.