Common use of University Notice Clause in Contracts

University Notice. If Provider is advised by University that Provider no longer has the right to provide Sponsor all the Benefits (“University Notice”), then Provider will have the option to terminate this Agreement at the end of the Contract Year for which the University Notice is applicable, with no further liability or obligations of either party under this Agreement thereafter, except for payment of the Sponsorship Fee still owed by Sponsor at the time of termination. If the University Notice requires Provider to terminate this Agreement prior to the end of the then-current Contract Year for which the University Notice is applicable, then this Agreement will terminate upon Provider’s written notice to Sponsor and Sponsor will (i) receive a pro rata refund of the Sponsorship Fee equal to the value of Benefits not yet received as a result of the termination or (ii) pay Provider for Benefits received but not yet paid for, but in no event will either party have any further liability or obligation to the other party under this Agreement. In the event of this Agreement’s termination as a result of a University Notice, Sponsor will have no obligation to pay the Sponsorship Fee for the period after the effective termination date. Notwithstanding the foregoing, in lieu of this Agreement terminating because of a University Notice, Provider and Sponsor may negotiate for a period of thirty (30) days following Provider’s receiving the University Notice in order to determine whether alternative benefits can be offered to Sponsor and, if offered, whether they are acceptable to Sponsor (“Alternative Benefits”). If Alternative Benefits are offered and accepted, then this Agreement will not terminate as a result of the University Notice but instead will remain in full force and effect with the Alternative Benefits. Notwithstanding any other provision herein, whether either party agrees to Alternative Benefits or an amendment to this Agreement is within the party’s sole discretion.

University Notice. If Provider is advised by University that Provider may no longer has the right to provide Sponsor with all of the material Benefits (“University Notice”), then Provider will shall have the option to terminate of terminating this Agreement at the end of the Contract Athletic Year for which the University Notice is applicable, with no further liability or obligations of either party Party under this Agreement thereafter, thereafter except for payment of the Sponsorship Fee any payments still owed by Sponsor at the time of termination. If the University Notice requires Provider to terminate this Agreement prior to the end of the then-current Contract then Athletic Year of the Term for which the University Notice is applicable, then this Agreement will shall terminate upon Provider’s written notice to Sponsor and Sponsor will (i) receive a pro rata refund of the Sponsorship Fee equal to the value of for any Benefits paid for and not yet received as a result of the termination or (ii) pay Provider for any Benefits received but not yet paid for, for but in no event will shall either party Party have any further liability or obligation to the other party under this Agreement. In Notwithstanding anything contained in this Paragraph 2 to the event of this Agreement’s termination as a result of a University Notice, Sponsor will have no obligation to pay the Sponsorship Fee for the period after the effective termination date. Notwithstanding the foregoingcontrary, in lieu of this Agreement terminating because of a University Notice, Provider and Sponsor may shall negotiate in good faith for a period of thirty (30) days following Provider’s receiving Provider being advised of the University Notice in order to determine whether alternative benefits can be offered to Sponsor and, and if offered, whether they are acceptable to Sponsor (“Alternative Benefits”). If Alternative Benefits are offered and accepted, then this Agreement will shall not terminate as a result of the University Notice but instead will shall remain in full force and effect under the same terms and conditions set forth herein except that the Benefits shall be replaced with the Alternative Benefits. Notwithstanding Upon Provider and Sponsor agreeing upon the Alternative Benefits, Exhibit A to this Agreement shall be replaced with a new Exhibit A to reflect the Alternative Benefits. If there are any other provision herein, whether either party agrees modifications to this Agreement as a result of the Alternative Benefits or being substituted for the Benefits, the Parties will execute an amendment to this Agreement is within the party’s sole discretionsetting forth each such modification.