Common use of Completion of a Transfer Clause in Contracts

Completion of a Transfer. No Transfer of a PSL, including any Permitted Transfer, will be complete or recognized by the Authority (or the PSL Agent) if the Licensee is in default of the terms of this License Agreement or until: (1) August 1, 2020; (2) the Licensee and the Licensee’s prospective transferee have applied to the PSL Agent for the Transfer of the PSL(s) on the form required by the PSL Agent; (3) the Licensee or the Licensee’s prospective transferee has paid to the PSL Agent the applicable transfer fee established by the PSL Agent, provided that, for the first five (5) years during which Team Games are played at the Stadium, the transfer fee shall not exceed $150.00 per transferred PSL; (4) the Licensee has performed all obligations (including, but not limited to, payment obligations) under the PSL(s) that have previously accrued, unless the PSL Agent has permitted the assignment of all such Licensee obligations to the transferee; and