Sale of CFL Team Sample Clauses

Sale of CFL Team. Notwithstanding anything herein to the contrary, there shall be no Disposition of the CFL Team prior to the eighth (8th) anniversary of the Lease Commencement Date (as defined in the Stadium Lease). Notwithstanding the foregoing, at any time after the eighth (8th) anniversary of the Lease Commencement Date (as defined in the Stadium Lease), the Corporation shall have the right, on behalf of the Limited Partnership, to require a Disposition of the CFL Team, provided that the following shall be conditions precedent to the completion of any such Disposition: (a) the transfer by the Limited Partnership to the purchaser of the CFL Team’s membership in the CFL shall have been approved by the CFL; (b) the Corporation shall have complied with the right of first offer agreement with the City in respect of the CFL Team dated the date hereof and the purchaser shall have entered into an agreement with the City as required by such right of first offer agreement; (c) the CFL shall have entered into an agreement on substantially similar terms as the CFL Agreement (as defined in the Project Agreement), on terms acceptable to both the City and the CFL, acting reasonably: (i) consenting to the purchase by the City of the CFL Team pursuant to the right of first offer granted by the purchaser to the City pursuant to the right of first offer agreement dated the date hereof between the City and the Limited Partnership, granted by the purchaser to the City in the event the Limited Partnership wishes to offer to sell the CFL Team to a third party purchaser; and (ii) granting the City a right of first offer to be assigned the purchaser’s membership agreement with the CFL in the event that the purchaser’s membership in the CFL is terminated or repudiated, including upon bankruptcy of the purchaser, for no consideration except assumption of debt and obligations of the purchaser to the CFL, provided that in the case of each of subparagraphs (i) and (ii) above: (A) any such sale or assignment must be completed in compliance and in accordance with the applicable provisions of the CFL constitution and the Limited Partnership’s Membership Agreement with the CFL; (B) the City will be assigned the benefit of and will be responsible for all the obligations under (or will enter into new agreements containing the same benefits and obligations in) all of the documentation between the purchaser and the CFL; (C) the City will cure any breaches by the purchaser of the documentation between the pu...
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Related to Sale of CFL Team

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