Common use of Consequences of Expiration and Termination Clause in Contracts

Consequences of Expiration and Termination. Upon termination of this Agreement for any reason, Licensee and its Affiliates shall immediately cease the manufacture and all procurement of Licensed Products. Further, upon such termination, any and all amounts outstanding hereunder shall become immediately due and payable. Within 30 days following the expiration or termination of this Agreement, Licensee shall submit to Philips a certified report on the number of Licensed Products in stock at the time of expiration or termination of this Agreement certified by its Chief Financial Officer. Royalties, calculated in accordance with Clause 3, shall be due and payable for all Licensed Products manufactured prior to but remaining in stock with Licensee on the date of expiration or termination of this Agreement, and all such products shall be considered Licensed Products and may be freely Sold by Licensee provided the royalties associated with them have been paid in full. The certified report on the number of Licensed Products in stock shall similarly be subject to Philips’ right of audit set out in Clause 3.6 herein.

Consequences of Expiration and Termination. Upon the termination of this Agreement for any reason, Licensee and its Affiliates shall immediately cease the manufacture and all procurement of Licensed Products. Further, upon such termination, any and all amounts outstanding hereunder under this Agreement shall become immediately due and payable. payable Within 30 days following the expiration or termination of this Agreement, Licensee shall submit to Philips a certified report on the number of Licensed Products in stock at the time of expiration or termination of this Agreement certified by its Chief Financial Officer. Royalties, calculated in accordance with Clause 3, shall be due and payable for all Licensed Products manufactured prior to but remaining in stock with Licensee on the date of expiration or termination of this Agreement, and all such products shall be considered Licensed Products and may be freely Sold by Licensee provided the royalties associated with them have been paid in full. The certified report on the number of Licensed Products in stock shall similarly be subject to Philips’ right of audit set out in Clause 3.6 herein.

Consequences of Expiration and Termination. Upon the termination of this Agreement for any reason, Licensee and its Affiliates shall immediately cease the manufacture and all procurement of Licensed Products. Further, upon such termination, any and all amounts outstanding hereunder under this Agreement shall become immediately due and payable. Within 30 days following the expiration or termination of this Agreement, Licensee shall submit to Philips a certified report on the number of Licensed Products in stock at the time of expiration or termination of this Agreement certified by its Chief Financial Officeran authorized officer. Royalties, calculated in accordance with Clause 3, shall be due and payable for all Licensed Products manufactured prior to but remaining in stock with Licensee on the date of expiration or termination of this Agreement, and all such products shall be considered Licensed Products and may be freely Sold by Licensee provided the royalties associated with them have been paid in full. The certified report on the number of Licensed Products in stock shall similarly be subject to Philips’ right of audit set out in Clause 3.6 herein.