Proposed Contract definition
Examples of Proposed Contract in a sentence
Promptly after the date a Proposed Contract becomes a Transferred Contract (the “Assignment Date”), Loop and JV Company shall execute and deliver an assignment and assumption agreement substantially in the form of Exhibit B attached to this Agreement (“Assignment”) pursuant to which Loop shall assign to JV Company all or part of Loop’s right, title, and interest in the Transferred Contract and JV Company shall assume all such rights and obligations.
Subject to the foregoing, along with each Proposed Contract Notice, Loop shall deliver to JV Company a complete copy of the executed Loop Sales Contract (the “Proposed Contract”).
The Proposed Contract Notice shall contain all other information necessary to allow the JV Board to review the Proposed Contract.
The JV Board shall provide Loop with a written acceptance or rejection of each Proposed Contract (“Acceptance Notice” or “Rejection Notice,” as applicable) within the Review Period, which acceptance or rejection shall be in the JV Board’s sole discretion.
Prior to the transfer of each Proposed Contract (or any portion thereof) and as a condition precedent to the assignment by the applicable Loop Party and the assumption by the JV Company of the right and obligations thereunder, each Proposed Contract shall be approved by the JV Board which shall consider same in good faith.
Upon receipt of a Proposed Contract Notice, the JV Board will have the right to review and determine whether to accept or reject the Proposed Contract within ten (10) days following JV Company’s receipt of the Proposed Contract Notice (the “Review Period”).
If the JV Board does not provide an Acceptance Notice or Rejection Notice to Loop within the Review Period, the Proposed Contract will be deemed rejected by the JV Board.