Owner’s Team definition
Examples of Owner’s Team in a sentence
In furtherance thereof, the Owner agrees that, to the extent permissible under state law, all contracts between the Owner and each Owner’s Team player will be in such form as may be prescribed by WPHLI from time to time (the “Players’ Contract”).
WPHLI shall make one of its representatives at its head office available to the Owner during WPHLI’s normal business hours, for consultation and guidance with respect to operation or management of the Owner’s Team.
It is a condition of WPHLI executing this agreement that the person or persons specified in Schedule B shall participate on a full-time basis in management and operation of the Owner’s Team and that the first person named therein shall be the full-time chief executive officer of the Owner’s Team.
This Article 18 shall survive the expiration or sooner termination of this agreement and any assignment, transfer or sale hereunder, and shall also continue to apply to the Owner in the case of any assignment of this agreement or any sale of the Owner’s Team.
In each year of the Term and any exercised Renewal Term, the Owner will prepare and submit to WPHLI at least 90 days prior to the League’s next opening day (being the date on which the first regular season League game is held), a draft financial and business plan for the Owner’s Team and its operations for the following year.
WPHLI will use commercially reasonable efforts to ensure that a minimum of 70% of Advertising Fees paid to it by the Owner in each fiscal year of WPHLI are applied in promotions within the Home City (or surrounding areas) or otherwise to promote the Owner’s Team.
The Owner shall not assign or transfer, in whole or in part, the Owner’s interest in this agreement or the Owner’s Team except upon the terms and conditions provided in this Article 17.
In the event of the termination of this agreement, WPHLI shall have the option, exercisable by written notice to the Owner, to purchase from the Owner free and clear of any lien, charge, encumbrance or security interest not previously approved by WPHLI, all or any portion of the Owner’s inventory and supplies used in connection with the Owner’s Team or in connection with the Home Arena at a price equal to 50% of the Owner’s originally invoiced cost thereof.
The Owner agrees to operate the Owner’s Team only under the team name set out in Schedule B (the “Team Name”) or such other name as may be approved in advance in writing by WPHLI, which may withhold its approval arbitrarily.
The parties intend that the Owner’s Team will commence League play on or about the Season Opening Day specified in Schedule B.