Common use of Unwinding Clause in Contracts

Unwinding. The Parties shall use reasonable efforts to complete the Unwinding as soon as reasonably possible after the date on which StadCo issues the Notice of Intent to Abandon and in any event within ninety (90) days following such date. In order to complete the Unwinding, the Parties shall proceed as follows: (i) The Parties shall execute and deliver terminations of each of the Project Documents and upon the execution and delivery thereof, each Project Document shall be deemed terminated and of no further force and effect, except for those obligations or rights thereunder that expressly survive the termination of the applicable Project Document; (ii) StadCo shall return to the Authority (for payment to the County to be applied in accordance with the Act) all funds disbursed by or on behalf of the Authority to or for the benefit of StadCo pursuant to the Construction Funds Trust Agreement; (iii) The Authority shall convey the Land (together with any improvements thereon) to StadCo or its designee pursuant to a Grant, Bargain and Sale Deed to be recorded in the Xxxxx County, Nevada Recorder’s Office (the “Recorder’s Office”), and any memorandum of lease recorded in connection with the Stadium Lease and/or the Team Use Agreement shall be terminated and such termination shall be recorded in the Recorder’s Office; (iv) Each Party shall obtain all necessary Approvals required for the Unwinding; and (v) The Parties shall execute any and all further documents, agreements, and instruments, and take all such further actions (including the filing and recording of assignments and other documents with the Recorder’s Office), which may be required under any Applicable Law, or which another party may reasonably request, to effect the agreements set forth herein.

Unwinding. The Parties shall use reasonable efforts to complete the Unwinding as soon as reasonably possible after the date on which StadCo issues the Notice of Intent to Abandon and in any event within ninety (90) days following such date. In order to complete the Unwinding, the Parties shall proceed as follows: (i) The Parties shall execute and deliver terminations of each of the Project Documents and upon the execution and delivery thereof, each Project Document shall be deemed terminated and of no further force and effect, except for those obligations or rights thereunder that expressly survive the termination of the applicable Project Document; (ii) StadCo shall return to the Authority (for payment to the County to be applied in accordance with the Act) all funds disbursed by or on behalf of the Authority to or for the benefit of StadCo pursuant to the Construction Funds Trust Agreement; (iii) The Authority shall convey the Land (together with any improvements thereon) to StadCo or its designee pursuant to a Grant, Bargain Bargain, and Sale Deed to be recorded in the Xxxxx Clark County, Nevada Recorder’s Office (the “Recorder’s Office”), and any memorandum of lease recorded in connection with the Stadium Lease and/or the Team Use Agreement shall be terminated and such termination shall be recorded in the Recorder’s Office; (iv) Each Party shall obtain all necessary Approvals required for the Unwinding; and (v) The Parties shall execute any and all further documents, agreements, and instruments, and take all such further actions (including the filing and recording of assignments and other documents with the Recorder’s Office), which may be required under any Applicable Law, or which another party may reasonably request, to effect the agreements set forth herein.

Unwinding. The Parties shall use reasonable efforts to complete the Unwinding as soon as reasonably possible after the date on which StadCo issues the Notice of Intent to Abandon and in any event within ninety (90) days following such date. In order to complete the Unwinding, the Parties shall proceed as follows: (i) The Parties shall execute and deliver terminations of each of the Project Documents and upon the execution and delivery thereof, each Project Document shall be deemed terminated and of no further force and effect, except for those obligations or rights thereunder that expressly survive the termination of the applicable Project Document; (ii) StadCo shall return to the Authority (for payment to the County to be applied in accordance with the Act) all funds remaining in StadCo’s possession that were disbursed by or on behalf of the Authority to or for the benefit of StadCo pursuant to the Construction Funds Trust Agreement; (iii) The Authority shall convey the Land (together with any improvements thereon) to StadCo or its designee pursuant to a Grant, Bargain and Sale Quitclaim Deed to be recorded in the Xxxxx Clark County, Nevada Recorder’s Office (the “Recorder’s Office”), and any memorandum of lease recorded in connection with the Stadium Lease and/or the Team Use Agreement shall be terminated and such termination shall be recorded in the Recorder’s Office; (iv) Each Party shall obtain all necessary Approvals required for the Unwinding; and (v) The Parties shall execute any and all further documents, agreements, and instruments, and take all such further actions (including the filing and recording of assignments and other documents with the Recorder’s Office), which may be required under any Applicable Law, or which another party may reasonably request, to effect the agreements set forth herein.

Unwinding. The Parties shall use reasonable efforts to complete the Unwinding as soon as reasonably possible after the date on which StadCo issues the Notice of Intent to Abandon and in any event within ninety (90) days following such date. In order to complete the Unwinding, the Parties shall proceed as follows: (i) The Parties shall execute and deliver terminations of each of the Project Documents and upon the execution and delivery thereof, each Project Document shall be deemed terminated and of no further force and effect, except for those obligations or rights thereunder that expressly survive the termination of the applicable Project Document; (ii) StadCo shall return to the Authority (for payment to the County to be applied in accordance with the Act) all funds disbursed by or on behalf of the Authority to or for the benefit of StadCo pursuant to the Construction Funds Trust Agreement; (iii) The Authority shall convey the Land (together with any improvements thereon) to StadCo or its designee pursuant to a Grant, Bargain and Sale Deed to be recorded in the Xxxxx County, Nevada Recorder’s Office (the “Recorder’s Office”), and any memorandum of lease recorded in connection with the Stadium Lease and/or the Team Use Agreement shall be terminated and such termination shall be recorded in the Recorder’s Office; (iv) Each Party shall obtain all necessary Approvals required for the Unwinding; andthe (v) The Parties shall execute any and all further documents, agreements, and instruments, and take all such further actions (including the filing and recording of assignments and other documents with the Recorder’s Office), which may be required under any Applicable Law, or which another party may reasonably request, to effect the agreements set forth herein.