Common use of Nomination of New Buyers Clause in Contracts

Nomination of New Buyers. As contemplated by clause 6.2(c) of the Joint Venture Agreement, the Buyer may at any time, and from time to time, provide written notice to the Sellers and the Manager nominating one or more of its Related Corporations to assume all or any part of its rights, obligations and interest in and under this Agreement. Any such notice must specify in reasonable detail the rights and obligations to be assumed by such Related Corporation(s) and, where applicable, the amount of the Buyer’s entitlement to Iron Ore Product to be assumed (which may be specified by Product Type, as a percentage of the Buyer’s entitlement or in any other way).