Nonbinding Nature of Section I. It is understood by the parties hereto that Section I of this letter merely constitutes a statement of the mutual intentions of the parties with respect to the proposed acquisition outlined herein and does not contain all matters upon which agreement must be reached in order for the proposed acquisition to be consummated. A binding commitment with respect to the proposed acquisition will result only from execution and delivery of the definitive agreement. The provisions of Section II of this letter, however, are agreed to be fully binding on the parties hereto upon the execution of this letter, unless and until such provisions are superseded by the definitive agreement.
Nonbinding Nature of Section I. It is understood by the parties hereto ------------------------------ that Section I of this letter merely constitutes a statement of the mutual intentions of the parties with respect to a proposed cooperative marketing arrangement between CPS and Xxxxxxx.xxx and does not contain all matters upon which agreement must be reached in order for the proposed arrangement to be established or any of the agreements contemplated by Section I to become effective. A binding commitment with respect to any of the matters contemplated by Section I will result only from execution and delivery of the definitive agreement. The provisions of Section II of this letter, however, are agreed to be fully binding on the parties hereto upon the execution of this letter, unless and until such provisions are superseded by a definitive agreement. Except as expressly provided in Section II of this letter, neither CPS nor Xxxxxxx.xxx shall have any liability or obligation with respect to the proposed agreement, hereunder or otherwise, unless and until the definitive agreement is executed and delivered by the parties thereto.
Nonbinding Nature of Section I. Notwithstanding any indication in ------------------------------ this letter to the contrary, the matters set forth in Section I of this letter represent only a nonbinding summary of the discussions to date between the parties hereto with respect to the proposed Transaction outlined herein and do not constitute an agreement between the parties with respect to the proposed Transaction. The matters set forth in Section I are subject to the review and approval of the Company's Board of Directors and, if necessary under the circumstances or required by law, shareholders of the Company. In addition, the proposed Transaction is expressly subject to the review of the respective legal counsel, accountants, and other advisers of the Company and the Purchasers. Except as expressly provided in Section II of this letter (the provisions of which are fully binding on the parties), neither the Company nor the Purchasers shall have any liability or obligation with respect to the proposed Transaction, hereunder or otherwise, unless and until the Definitive Agreements are executed and delivered by the parties thereto.
