Rejected Projects Sample Clauses
The 'Rejected Projects' clause defines the procedures and consequences when a proposed project is not accepted by one of the parties involved. Typically, this clause outlines the criteria or process for rejecting a project, such as providing written notice or specifying reasons for rejection, and may address what happens to any work or costs incurred up to that point. Its core function is to establish clear expectations and minimize disputes by detailing how rejections are handled, thereby protecting both parties from misunderstandings or unnecessary obligations.
Rejected Projects. If Odyssey determines not to pursue a Business Opportunity presented by Consultant, Consultant may personally invest or otherwise participate in such Business Opportunity, but may not undertake any material management involvement in the Business Opportunity which would prevent the Consultant from reasonably providing Exclusive Services to Odyssey nor hold a full-time executive position in an operating company relating to such Business Opportunity during the Exclusive Services Period (as defined below) without Odyssey’s express permission, not to be unreasonably withheld. Consultant may have managerial involvement in any such project so long as it does not materially interfere with his duties hereunder.
Rejected Projects. If a Preliminary Project Proposal does not receive Preliminary Approval then VCHA may proceed with the procurement or development of the Project in any manner as VCHA may decide including with third parties. In such event, and subject to the provisions of Section 7 of this Agreement, any concepts, approaches, design solutions or other information contained in a Preliminary Project Proposal may be used by VCHA without compensation to Partner Co.
Rejected Projects. With respect to each Rejected Project, SMG will have the option to arrange for the Interactive Entertainment Rights to such Rejected Project to be acquired by third parties; provided, however, that if during the Output Term and prior to the time that SMG concludes any agreement to set up such rights with a third party, if there is any change in any of the elements set forth in the Submission Materials (e.g., additional writing, a change in the budget amount, a change in the principal cast), then SMG shall resubmit the Rejected Project to BAM in accordance with the terms of Paragraph 3.a. above (except that the Response Period shall be twelve (12) business days) and the Rejected Project shall not be submitted to any third party unless and until BAM has again declined to exploit said rights. BAM's failure to respond within such twelve (12) business days shall be deemed to constitute BAM's rejection to acquire the Granted Rights to such Rejected Project. BAM shall have no right to acquire any Rejected Project that is not required to be resubmitted to BAM pursuant to the terms of this Paragraph 3.c.. BAM shall quitclaim all rights it may have in and to such Rejected Project to SMG. Upon Smog's written request, BAM shall execute and deliver or cause to be executed and delivered to SMG a customary quitclaim or such other instruments, documents or agreements as SMG may reasonably deem necessary to effectuate such quitclaim.
Rejected Projects. (a) If APFC does not grant Preliminary Approval of a Submitted Preliminary Project, Aimco, at its sole cost and expense, may pursue and acquire for its own account, through an 11 101766\14903945v9 Affiliate or with a third party, such Submitted Preliminary Project, provided that if such Submitted Preliminary Project is a Qualifying Project then such Submitted Preliminary Project shall remain subject to Section 2.3.
(b) If APFC grants Preliminary Approval of a Submitted Preliminary Project (i.e., such Project becomes a Selected Preliminary Project), and APFC later declines or is deemed to decline to grant Final Approval of such Selected Preliminary Project, then within ten (10) Business Days after APFC notifies Aimco that it does not grant Final Approval (or after expiration of the fifteen (15) day period in Section 2.3(c) if APFC fails to notify Aimco that it does not grant Final Approval), Aimco shall elect, by written notice to APFC, to either (i) continue such Selected Preliminary Project or (ii) discontinue such Selected Preliminary Project.
(1) If Aimco elects to discontinue such Selected Preliminary Project, Aimco shall use commercially reasonable efforts to sell such Selected Preliminary Project or otherwise maximize the value of such Selected Preliminary Project through the liquidation of all assets related to such Selected Preliminary Project. All amounts received by Aimco as a result of such sale or liquidation (net of any third party out-of-pocket expenses incurred in connection with such sale or liquidation) (“Net Proceeds”), shall be shall be paid to Aimco and APFC in the following order of priority:
(A) first, to Aimco and APFC, pro rata in accordance with the aggregate amounts owed to them under this clause (A) (the “Sharing Percentages”), until Aimco and APFC have each received (i) first, all Pursuit Costs advanced by them for such Selected Preliminary Project and (ii) second, a cumulative return on such Pursuit Costs, from the date advanced, at the rate of 9.00% per annum, compounding quarterly;
(B) thereafter, 50% to Aimco and 50% to APFC; Provided, that if the Net Proceeds are insufficient to pay to Aimco and APFC all amounts required pursuant to the foregoing clause (A) (such insufficiency, the “Shortfall”), then Aimco shall pay to APFC an amount equal to (i) the Shortfall multiplied by (ii) a percentage equal to the excess of 50% over the Aimco Percentage Interest.
(2) If Aimco elects to continue such Selected Preliminary Project, then...
Rejected Projects. SunEdison will (A) reject the projects set forth on Schedule B hereto (together, the “Rejected Projects”) in accordance with the terms of the Agreement and