Seems to me that the exclusivity period is a binding agreement in which KRY and CRRC must negotiate "in good faith" and which protects CRRC from another possible suitor. After July 31 KRY could pursue another JV if they wished. I can see no reason to believe that KRY would entertain other offers if negotiations are going well. It simply means that everyone is placing far too much importance on July 31, it has no relevance to no going negotiations unless CRRC is not "negotiating in good faith"; seems like pretty good incentive to make this work on the part of CRRC to me! My guess is that everyone involved is working their butts off to make this a done deal.