As stipulated in Paragraph #9.....'Failing execution by the parties of the A&F Agreement prior to 5:00 p.m. (Toronto time) on July 31, 2010, this Agreement, notwithstanding anything to the contrary contained herein, shall terminate and be of no further force or effect'.

The way this reads, it appears that paragraph #5 (which is 'contained herein' in the context of Paragraph #9) is rendered null and void with respect to the ability for both parties to agree to extend the termination date beyond 5:00 pm on July 31, 2010 (i.e. 'or such later date as mutually agreed').

In other words...the JV Binding Agreement was effectively terminated last July 31st.

If anyone reads this differently, please feel free to correct this interpretation.