ARTICLE 11: RULES AND PROCEDURES GOVERNING STANDARD PLAYER'S CONTRACT
11.1 Standard Player's Contract. The standard form SPC annexed hereto as Exhibit 1 will be the sole form of employment contract used for all Player signings after the execution of this Agreement. The standard form SPC may not be amended or modified in any manner whatsoever. Filed form 1995 SPCs will be considered valid and effective until their expiration, as deemed modified by this Agreement and the Compliance Rules attached as Exhibit 16 hereto, provided, however, that notwithstanding anything to the contrary contained herein, any previously, and still outstanding, rejected SPC shall not be deemed to be registered or approved pursuant to this provision or otherwise, and such rejected SPC shall be grieved in accordance with Article 17 of this Agreement.
11.2 Impartial Arbitrator/System Arbitrator. A Grievance pursuant to this Article shall be heard by, and the term Arbitrator as used in this Article shall mean, the Impartial Arbitrator or the System Arbitrator, as the case may be, as required by the terms of Article 17 and Article 48 of this Agreement.
11.3 Validity and Enforceability. Except as expressly set forth in Section 11.5 below, no SPC shall be valid or enforceable in any manner whatsoever unless and until it has been filed with Central Registry and approved by the League or the Arbitrator. Except as expressly set forth in Section 11.6 below, no Player will be permitted to play in an NHL Game or be entitled to receive his Paragraph 1 Salary or any other rights or benefits pursuant to an SPC unless and until he has executed an SPC with a Club, and such SPC has been approved and registered by the League or approved by the Arbitrator. Notwithstanding anything to the contrary contained herein, a Club may, simultaneously with filing an SPC with Central Registry, request Waivers on the Player whose SPC is being filed.
11.4 Signing Deadline for Group 2 Free Agent. An SPC for a Group 2 Free Agent will be rejected and will be null and void ab initio (i.e., the Player's Free Agency and contractual status shall revert to the status he held prior to signing his SPC), if it is not signed and filed with Central Registry by 5:00 p.m. New York time on December 1 in the then current NHL Season.
11.5 Filing and Approval Process.
(a) An SPC or an Offer Sheet will be deemed to be filed with Central Registry only when it is actually received by Central Registry. A Club shall file an executed SPC or an Offer Sheet with Central Registry by hand, facsimile or electronically, in accordance with Exhibit 3 hereto (provided that any electronic version of the executed SPC must have the optically-scanned signatures affixed thereon).
(b) Central Registry's records regarding all aspects of its receipt of an SPC or an Offer Sheet, including, without limitation, the date and time such SPC or Offer Sheet has been received by Central Registry, shall be final and conclusive for all purposes under this Agreement absent written or other recorded evidence to the contrary. In the event there exists such written or other recorded evidence contrary to Central Registry's records, the NHLPA may challenge Central Registry's records pursuant to the provisions of this Agreement.
(c) A Club must file an executed SPC or Offer Sheet with Central Registry by no later than 5:00 p.m. New York time on the day following the day the Club has received the executed SPC or Offer Sheet from the Player. The Club must also file with Central Registry, within seven (7) days thereafter, three (3) originally executed counterparts of the SPC, and shall also deliver one (1) originally executed counterpart to each of the Player and the NHLPA.
(d) From the date which is seven (7) days prior to the commencement of the Regular Season, through the end of the League Year, the League shall approve and register, or reject, an SPC by no later than 5:00 p.m. New York time on the day following Central Registry's receipt of such SPC (provided it was received by Central Registry by 5:00 p.m. New York time; SPCs received by Central Registry after 5:00 p.m. New York time will be deemed to have been received on the following day for purposes of this provision); at all other times the League shall have five (5) days from the day following Central Registry's receipt of an SPC (provided it was received by Central Registry by 5:00 p.m. New York time; SPCs received by Central Registry after 5:00 p.m. New York time will be deemed to have been received on the following day for purposes of this provision) to take such action. If no action is taken by the League, either to approve and register, or to reject, an SPC during the applicable time period set forth in the prior sentence, such SPC shall be deemed to be approved and registered.
(e) Upon rejection of an SPC or an Offer Sheet, or a subsequent challenge and de-registration by the League of a previously approved and registered SPC, the League shall send a written notice as to the specific reasons therefor to the Club (both the Prior Club and the signing Club in the case of an Offer Sheet), the Player and his Certified Agent, if any, and the NHLPA, via facsimile and e-mail. In the event that the League sends written notice of the rejection, or the challenge and/or de-registration, as the case may be, of an SPC or an Offer Sheet during the period commencing after 5:00 p.m. New York time on a Friday and ending 9:00 a.m. New York time on a Monday or on any Canadian national holiday, the League shall also so inform the NHLPA by message left on a telephonic hotline established and maintained by the NHLPA.
(f) Central Registry shall provide electronically to the Clubs and the NHLPA a daily bulletin of all SPCs that have been approved and registered, or rejected, by the League since the prior day's bulletin. Once an SPC has been approved and registered, Central Registry will provide the NHLPA with access to an electronic version of such approved and registered SPC.
(g) In the event the League rejects an SPC or Offer Sheet pursuant to Section 11.6(a) below, or challenges and/or de-registers an SPC pursuant to Section 11.6(b) below, if the NHLPA disputes such rejection, challenge and/or de-registration, the NHLPA must notify the League, in writing via facsimile and e-mail, by no later than 5:00 p.m. New York time on the day following the day such notice of rejection, challenge and/or de-registration is received by the NHLPA (provided that a notice sent by the League after 5:00 p.m. New York time shall be deemed to have been sent on the following day for purposes of this provision), except that the NHLPA may provide such notice by no later than five (5) days from the day such notice is sent by the League if the League's notice is sent between July 1 and the date which is seven (7) days prior to the commencement of the Regular Season (provided that a notice sent by the League after 5:00 p.m. New York time shall be deemed to have been sent on the following day for purposes of this provision). Such notice from the NHLPA shall set forth the specific reasons that are the basis for such NHLPA dispute. In the event that the NHLPA provides any such notice after 5:00 p.m. New York time on a Friday and before 9:00 a.m. New York time on a Monday or on any United States or Canadian national holiday, the NHLPA shall also so inform the NHL by message left on a telephonic hotline established and maintained by the League. If the NHLPA sends such a notice, then the NHLPA may also refer such dispute to the Arbitrator within twenty-four (24) hours of sending such notice.
11.6 Rejection of SPCs and/or Offer Sheets; Subsequent Challenge and/or De-Registration of SPCs and/or Offer Sheets.
(a) Rejection of SPCs and/or Offer Sheets. In the case of an SPC or an Offer Sheet, as the case may be, that is filed and rejected by the League, the following rules and procedures shall apply:
(i) If an SPC or an Offer Sheet is rejected: (A) because it results in the signing Club exceeding the Upper Limit, or (B) because it does not comply with the Maximum Player Salary or (C) because it is or involves a Circumvention of either the Club's Upper Limit or the Maximum Player Salary, and:
(x) if the NHLPA does not timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such rejection, the SPC or Offer Sheet, as the case may be, will be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC or Offer Sheet, as the case may be), and the Player shall not be entitled to any of the rights or benefits provided for under the rejected SPC or Offer Sheet, as the case may be; or
(y) if the NHLPA does timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then such dispute over that rejection shall be both heard and decided by the Arbitrator within forty-eight (48) hours of such referral, during which period the Player shall not be entitled to play under such SPC or Offer Sheet, as the case may be, and shall not be entitled to any of the rights and benefits provided for under such SPC or Offer Sheet, as the case may be, pending a resolution of such grievance by the Arbitrator.
(ii) If an SPC or Offer Sheet, as the case may be, is rejected for reasons other than those specified in (i) above, and:
(A) if the NHLPA does not timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such rejection, the SPC or Offer Sheet, as the case may be, will be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC or Offer Sheet, as the case may be), and the Player shall not be entitled to any of the rights or benefits provided for under the rejected SPC or Offer Sheet, as the case may be; or
(B) if the NHLPA does timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, then the Player shall be entitled to play under such SPC, but not under an Offer Sheet, and shall be entitled to all of the rights and benefits provided for under such SPC, but not under an Offer Sheet, pending a resolution of such grievance by the Arbitrator.
(iii) If the Arbitrator sustains the League's rejection of any such SPC or Offer Sheet, as the case may be, pursuant to subsection (i) above, then the Arbitrator shall order that the rejected SPC or Offer Sheet, as the case may be, will, immediately upon the League's receipt of the Arbitrator's decision, be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC or Offer Sheet, as the case may be), and the Player shall not be entitled to any of the rights or benefits provided for under the rejected SPC or Offer Sheet, as the case may be, other than the right to be paid such Paragraph 1 Salary and Bonuses (other than Signing, Roster or Reporting Bonuses, if any) earned during the period, if any, such Player played for the Club pursuant to such SPC.
(iv) If the Arbitrator sustains the League's rejection of any such SPC pursuant to subsection (ii) above, then the Arbitrator shall reform the SPC such that it conforms to the requirements of this Agreement, in a manner such that the term of the SPC shall not be modified and the aggregate compensation to be paid to the Player pursuant to the SPC shall, to the extent possible, be preserved. In such event, immediately upon the issuance of the Arbitrator's decision, the SPC shall for all purposes be deemed to be amended in accordance therewith and the Player shall be eligible to play. The Player and Club shall be free to agree on a different conforming SPC within three (3) days.
(v) If the Arbitrator rules that the League's rejection of an SPC or Offer Sheet, as the case may be, pursuant to either subsection (i) or (ii) above was not proper, then the sole remedy the Arbitrator shall be authorized to provide shall be to direct the League promptly to approve and register such SPC and to direct the Club to pay to the Player such Paragraph 1 NHL Salary or Paragraph 1 Minor League Salary, as the case may be, and Bonuses, including such Signing, Roster or Reporting Bonuses, if any, that the Player would have earned had the SPC been registered and approved as of the deadline set forth in Section 11.4(d) above through the date that such SPC is in fact registered and approved (i.e., the period of time missed solely as a result of the League's improper rejection). Further, if the Player missed a games-played bonus by one (1) game, then the Arbitrator shall have the discretion to award the Player such bonus. The Arbitrator shall not be authorized to award any other bonuses, payments, damages or other equitable or legal relief to the Player.
(vi) In the event a Club files a bona fide SPC or Offer Sheet within twenty-four (24) hours prior to an applicable signing deadline (e.g., a second June 1 for Unsigned Draft Choices or December 1 for Restricted Free Agents), and such SPC or Offer Sheet is rejected by the League pursuant to subsection (i) above, and, either: the NHLPA does not timely dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above or, if challenged, the Arbitrator sustains such rejection, then effective upon: (x) the expiration of the NHLPA's time to dispute and refer to the Arbitrator such rejection in the manner set forth in Section 11.5(g) above, or (y) the Arbitrator sustaining such rejection as set forth in subsection (iii) above, as the case may be, such SPC or Offer Sheet, as the case may be, will be deemed null and void ab initio (i.e., the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC or Offer Sheet), for a 48-hour period only thereafter, the Player and Club (or another Club, to the extent the Player is a Free Agent) may attempt to negotiate a new or reformed SPC or Offer Sheet, which must be filed with Central Registry within such 48-hour period.
(b) Subsequent Challenge and/or De-Registration of SPCs. Notwithstanding anything to the contrary in this Section 11.6, an approved and registered SPC may be subject to subsequent challenge and/or de-registration by the League: (i) in the case of a Circumvention relating to either the Club Upper Limit or the Maximum Player Salary, within sixty (60) days from the date upon which the facts of the Circumvention became known or reasonably should have been known to the NHL, or (ii) in the case of a challenge pursuant to (i) or (ii) below, within fourteen (14) days from the date upon which the SPC was approved by the NHL, in each case as follows:
(i) If an SPC is challenged solely because it resulted in the Club's Average Club Salary exceeding the Upper Limit, then the Player shall be entitled to continue to play under such SPC, and shall be entitled to all of the rights and benefits provided for under such SPC, and:
(A) If the NHLPA does not timely dispute and refer to the Arbitrator the League's challenge to such SPC in the manner set forth in Section 11.5(g), above, then immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such challenge, the Club shall be obligated to take whatever action(s) may be necessary to come into compliance with Article 50 of this Agreement; or
(B) If the NHLPA does timely dispute and refer to the Arbitrator the League's challenge to such SPC in the manner set forth in Section 11.5(g), above, such dispute shall be both heard and decided within forty-eight (48) hours of such referral; and:
(x) If the Arbitrator sustains the League's challenge, then the Arbitrator shall order that immediately upon the League's and the Club's receipt of the Arbitrator's decision, the Club shall be obligated to take whatever action(s) may be necessary to come into compliance with Article 50 of this Agreement.
(y) If the Arbitrator rules that the League's challenge of a disputed SPC was not proper, then the sole remedy the Arbitrator shall be authorized to provide shall be to direct the League promptly to drop its challenge to such disputed SPC.
(ii) If an SPC is challenged because it does not comply with the Maximum Player Salary and said challenge does not involve, and it is not, a Circumvention, then the Player shall be entitled to continue to play under such SPC, and shall be entitled to all of the rights and benefits provided for under such SPC and:
(A) If the NHLPA does not timely dispute and refer to the Arbitrator such challenge in the manner set forth in Section 11.5(g), above, then immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such challenge, the Club and the Player will have forty-eight (48) hours to file a conforming SPC and, failing that, the dispute shall be referred to the Arbitrator who shall reform the SPC so as to conform it to the requirements of this Agreement, in a manner such that the term of the SPC shall not be modified and the aggregate compensation to be paid to the Player pursuant to the SPC shall, to the extent possible, be preserved. In such event, immediately upon the issuance of such decision, the SPC shall for all purposes be deemed to be amended in accordance with the Arbitrator's decision; or
(B) if the NHLPA does timely dispute and refer to the Arbitrator such challenge in the manner set forth in Section 11.5(g), above, then such dispute shall be both heard and decided by the Arbitrator within forty-eight (48) hours of such referral, during which period the Player shall continue to be entitled to play under such SPC, and shall be entitled to all of the rights and benefits provided for under such SPC, pending a decision by the Arbitrator; and:
(x) If the Arbitrator sustains the League's challenge, then the Arbitrator shall reform the SPC so as to conform it to the requirements of Article 50, in a manner such that the term of the SPC shall not be modified and the aggregate compensation to be paid to the Player pursuant to the SPC shall, to the extent possible, be preserved. In such event, immediately upon the issuance of such decision, the SPC shall be deemed to be amended in accordance with the Arbitrator's decision and the Player shall be eligible to play. The Player and Club shall be free to agree on a different conforming SPC within three (3) days.
(y) If the Arbitrator rules that the League's challenge to a disputed SPC was improper, then the sole remedy the Arbitrator shall be authorized to provide shall be to direct the League promptly to drop its challenge to such disputed SPC.
(iii) If an SPC is de-registered because it is or involves a Circumvention relating to either the Club's Upper Limit or Maximum Player Salary, then the Player shall be entitled to continue to play under such SPC, and shall be entitled to all of the rights and benefits provided for under such SPC to the extent provided for below; and:
(A) If the NHLPA does not timely dispute and refer to the Arbitrator such de-registration in the manner set forth in Section 11.5(g), above, then effective immediately upon the expiration of the time period within which the NHLPA may dispute and refer to the Arbitrator such de-registration, the SPC will be deemed null and void, and the Player shall thereafter not be entitled to any of the rights or benefits provided for under the rejected SPC and the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC, provided that the Player shall be entitled to be paid his Paragraph 1 Salary and Bonuses (other than Signing, Roster and Reporting Bonuses, if any) earned during the period, if any, such Player played for the Club pursuant to such SPC; or
(B) If the NHLPA does timely dispute and refer to the Arbitrator such de-registration in the manner set forth in Section 11.5(g) above, then the Arbitrator shall be directed to both hear and decide the matter within forty-eight (48) hours of such referral, absent a showing of good cause by the NHLPA as to why it requires additional time in order to adequately investigate and try such case. In such event of a showing of good cause, it is nonetheless the intention of the parties that the case be heard and decided as expeditiously as possible. The Player shall continue to be entitled to play under such SPC, and shall continue to be entitled to any of the rights and benefits provided for under such SPC, pending a decision by the Arbitrator which shall under any circumstances be expedited; and:
(x) If the Arbitrator sustains the League's de-registration, then the Arbitrator shall order that immediately upon the League's and Club's receipt of the Arbitrator's decision, the de-registered SPC will be deemed null and void, and the Player shall not thereafter be entitled to any of the rights or benefits provided for under the de-registered SPC, and the Player's Free Agency and/or contractual status shall revert to the status he held prior to signing his SPC, provided that the Player shall be entitled to be paid his Paragraph 1 Salary and Bonuses (other than Signing, Roster and Reporting Bonuses, if any) earned during the period, if any, such Player played for the Club pursuant to such SPC. If the Arbitrator determines that the Club was responsible for the Circumvention and the Player was not, the Player shall be free to sign with another Club without regard to any signing deadlines and shall be made whole by the Circumventing Club for any damages suffered by the Player as a result of the Circumvention.
(y) If the Arbitrator rules that the League's de-registration of a disputed SPC was not proper, then the sole remedy the Arbitrator shall be authorized to provide shall be to direct the League promptly to approve and re-register such disputed SPC.
11.7 Team and Performance Bonuses. Clubs may not establish team bonus plans. An SPC entered into after the Effective Date, may only contain Bonuses as and to the extent expressly set forth in Section 50.2(b).
11.8 Individually Negotiated Limitations on Player Movement.
(a) The SPC of any Player who is a Group 3 Unrestricted Free Agent under Article 10.1(a) may contain a no-Trade or a no-move clause. SPCs containing a no-Trade or a no-move clause may be entered into prior to the time that the Player is a Group 3 Unrestricted Free Agent so long as the SPC containing the no-Trade or no-move clause extends through and does not become effective until the time that the Player qualifies for Group 3 Unrestricted Free Agency. If the Player is Traded or claimed on Waivers prior to the no-Trade or no-move clause taking effect, the clause does not bind the acquiring Club. An acquiring Club may agree to continue to be bound by the no-Trade or no-move clause, which agreement shall be evidenced in writing to the Player, Central Registry and the NHLPA, in accordance with Exhibit 3 hereof.
(b) A no-move clause may prevent the involuntary relocation of a Player, whether by Trade, Loan or Waiver claim. A no-move clause, however, may not restrict the Club's buy-out and termination rights as set forth in this Agreement. Prior to exercising its Ordinary Course Buy-Out rights pursuant to Paragraph 13 of the SPC hereof, the Club shall, in writing in accordance with the notice provisions in Exhibit 3 hereof, provide the Player with the option of electing to be placed on Waivers. The Player will have twenty-four (24) hours from the time he receives such notice to accept or reject that option at his sole discretion, and shall so inform the Club in writing, in accordance with the notice provisions in Exhibit 3 hereof, within such twenty-four (24) hour period. If the Player does not timely accept or reject that option, it will be deemed rejected.
11.9 General.
(a) No SPC entered into after the Effective Date may provide for any payments not permitted by Article 50.
(b) Nothing contained in this Agreement shall require or permit any Club to pay or be obligated to pay any Player (not including retired players) other than pursuant to the terms of an approved SPC. Nothing contained in the immediately preceding sentence shall affect a Club's obligation to pay a Player Deferred Compensation earned under a prior SPC.
(c) Nothing in this Agreement shall prevent individual negotiations between a Player and his Club with respect to compensation. To the extent of any inconsistency between any provision of an SPC and any provision of this Agreement (other than the duration thereof), this Agreement shall govern. There shall be no duplication or compounding of benefits to Players where both this Agreement and the Player's SPC provide for similar benefits. A Player and a Club shall at all times be free to negotiate and enter into a two-way SPC, including those Players who are eligible to receive, or have received, a One-Way Qualifying Offer.
(d) Bonuses earned by a Player pursuant to an SPC shall be paid within the period set forth in the SPC, provided, if no period is set forth, then within ten (10) days of the Club's last NHL Game in the League Year in which such Bonuses are earned and payable. Players shall receive awards earned as soon as practicable after entitlement. In cases where the Club is to receive monies from the League to pay for such awards, the Club shall disburse such monies to the entitled Players as soon as practicable after receiving such monies from the League.
(e) No Club shall act in bad faith to deprive a Player of rights or benefits under this Agreement or any current SPC or with respect to Deferred Compensation earned under a prior SPC.
11.10 No Renegotiation. In no event shall a Club and a Player negotiate a change in any terms of a Player SPC for the then-current season or for any remaining season of an SPC. This provision shall not prohibit a Player and Club from negotiating an extension to an existing SPC in accordance with the terms of Section 50.5(f) hereof or from negotiating a new or reformed SPC or Offer Sheet in the limited context and time-frame expressly set forth in Section 11.6(a)(vi) above.
11.11 Conformity. All SPCs signed prior to the Effective Date and in effect during the term hereof shall be deemed amended in such a manner to require the parties to comply with the terms of this Agreement, the Compliance Rules attached as Exhibit 16 and the SPC.
11.12 Minimum Paragraph 1 Salary. Except with respect to Amateur Try-Out Agreements pursuant to Exhibit 17, no SPC entered into after the date of execution of this Agreement shall provide:
(a) for Paragraph 1 NHL Salary of less than the following:
2005-06 - U.S. $450,000
2006-07 - U.S. $450,000
2007-08 - U.S. $475,000
2008-09 - U.S. $475,000
2009-10 - U.S. $500,000
2010-11 - U.S. $500,000
2011-12 - U.S. $525,000
(b) Paragraph 1 Minor League Salary, for each year during the term of this Agreement, in an amount less than the greater of: (i) $35,000 (Native Currency) or (ii) the minimum Minor League salary.
11.13 Option Clauses/Voidable Years. SPCs shall not contain any option clause or voidable year, whether automatic, optional or otherwise.
11.14 No Liability for Compensation. In no event shall either the League or any Club, solely by reason of membership in the League, be liable with respect to any Player's compensation, whether under a Deferred Compensation arrangement or otherwise.
11.15 Default. If a Club defaults in the payment of any compensation to the Player provided for in his SPC or fails to perform any other obligation under his SPC, the Player may, by notice in writing to the Club and to the League and the NHLPA, specify the nature of any and all defaults and thereafter:
(a) If the Club fails to remedy the default within fourteen (14) days from receipt of such notice, except as hereinafter provided in subsections (b), (c) and (d) of this Section 11.15, the SPC shall be terminated, and, upon the date of such termination, all obligations of both parties shall cease, except the obligation of the Club to pay the Player's compensation to that date, provided, however, that;
(b) the Player hereby irrevocably offers the League an option to cure said default within the seven (7) days next succeeding the fourteen (14) days within which the Club may cure the default upon the condition that, in the event the League may accept this offer, the League would then guarantee payment of that portion of the Player's compensation, as set forth in the Player's SPC, as may become due for a period of twenty-one (21) days from receipt by the League of any notice of default. The League may accept this offer by notification to the Player and the NHLPA in writing of such acceptance and of its guarantee of said twenty-one (21) day compensation period as soon as possible following receipt of notice of default from Player but in no event later than fourteen (14) days following receipt of such notice. This offer will be deemed rejected if not accepted as set forth above;
(c) said option may be assigned by the League to any other Club and, upon such assignment, the assignee Club shall inure to all of the rights of and assume all obligations of the League under this Section 11.15;
(d) the Player further agrees that, if the League has given due notice as set forth in subsection (b), he will continue to perform all of his obligations under his SPC for the full twenty-one (21) day period and, in the event the Club does not cure the default within the fourteen (14) day period, as set forth in subsection (a), the League, or any Club to which its option has been assigned, may cure the default within the seven (7) days following the first fourteen (14) days next succeeding receipt of notice of default; and
(e) the Club agrees if it does not cure the default within the fourteen (14) day period, as set forth in subsection (a) above, and the League, or an assignee Club, cures said default in accordance with subsections (b), (c) and (d) of this Section 11.15 then, in such event, all rights and obligations of the Club under this SPC shall be transferred to the League, or such assignee Club, provided, however, that no obligation with respect to a default or defaults claimed to exist at the time of notice of default, as provided above, but not specifically included and set forth in said notice shall be assumed by the League or such assignee Club and the League or such assignee Club shall have no liability with respect thereto.
(f) The Club and/or the League may dispute the Player's assertion of a default through an expedited arbitration proceeding in which case the Arbitrator shall be directed both to hear and decide such case within fourteen (14) days of receipt of notice from the Player pursuant to this Section 11.15, absent a showing of good cause by the League and/or the Club as to why it requires additional time in order to adequately investigate and try such case. In such event, it is nonetheless the intention of the parties that the case be heard and decided as expeditiously as possible. During the pendency of the Grievance concerning the existence of a default, the Player's SPC shall remain in full force and effect.
11.16 Sale of SPCs. There shall be no cash transactions in connection with the Assignment of Players. Nor shall any Club be permitted to retain an obligation to pay or to reimburse another Club for a portion of any Player's Player Salary or Bonuses in connection with the Assignment of such Player, other than as set forth in Section 50.8(b)(ii) of this Agreement.
11.17 Currency. All SPCs must provide for compensation in U.S. Currency for Paragraph 1 NHL Salary and Bonuses. Minor League compensation may be in the Native Currency of the NHL Club.
11.18 Ordinary Course Buy-Outs Outside the Regular Period. Clubs shall have the right to exercise Ordinary Course Buy-Outs outside the regular period for Ordinary Course Buy-Outs in accordance with Paragraph 13(c)(ii) of the SPC. Each Club shall be limited to no more than three (3) such buyouts over the term of this Agreement pursuant to Paragraph 13(c)(ii) of the SPC. However, in the event that a Club has only one salary arbitration hearing pursuant to Section 12.3(a) in a given League Year, such Club shall not be entitled to exercise such a buyout outside the regular period for Ordinary Course Buy-Outs. No Club shall exercise an Ordinary Course Buy-out outside the regular period for any Player earning less than $1 million.
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