DISPOSAL OF STOCK. Vendor shall have the right to dispose of Licensed Articles which remain on hand for a period of THIRTY (30) days following the expiration, but not termination, of this Agreement. All such sales shall be the normal course of business and at marketable selling prices. Vendor shall submit all statements and/or royalty payments due under this Agreement with regard to sales pursuant to this Section 12.
DISPOSAL OF STOCK. After termination of this Agreement, Licensee shall have no further right to manufacture, authorize any third party to manufacture, advertise, distribute, sell, promote or otherwise deal in any Licensed Products or use the Licensed Marks except as provided below. For a period of one hundred and eighty (180) days following the effective date of termination of this Agreement, Licensee may sell-off and deliver completed Licensed Products which are on hand at the effective date of termination (the SELL-OFF PERIOD); Licensor shall have the option to conduct physical inventories before the termination of this Agreement until the end of the Sell-Off Period in order to verify disposal of stock. If Licensee refuses to permit such physical inventory, Licensee shall forfeit its right to dispose of its inventory. Upon termination of the Agreement or after the Sell-Off Period, as the case may be, all inventory on hand or in process (including all promotional and packaging materials) will either be returned to Licensor or destroyed and Licensee shall deliver to Licensor a certified statement signed by Licensee's President or Chief Financial Officer that such materials have been returned to Licensor or destroyed.
DISPOSAL OF STOCK. No Borrower shall, nor shall any Borrower permit any of its Subsidiaries to, directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any shares of Capital Stock or other equity Securities of any Borrower or any of its Subsidiaries.
DISPOSAL OF STOCK. After expiration or termination of this Agreement, Licensee shall have no further right to manufacture, advertise, distribute, sell or otherwise deal in any Licensed Products which use the Licensed Marks, except as hereinafter provided. Upon expiration of this Agreement (but not upon termination under Paragraph 9 or 13 hereof), Licensee may dispose of Licensed Products which are on hand or in process at the time of such expiration, but only in the normal course of business and at regular selling prices, for a period of ninety (90) days thereafter, provided all payments then due are first made to NBAP and statements and payments with respect to said ninety (90) day period are thereafter made in accordance with Paragraph 3 hereof. NBAP shall have the option to conduct physical inventories before expiration or termination and continuing until the end of the 90-day sell-off period in order to ascertain or verify such inventory and/or statement. In the event Licensee refuses to permit such physical inventory, Licensee shall forfeit its right hereunder to dispose of its inventory.
DISPOSAL OF STOCK. Except as otherwise provided in this Section 15, after the termination or expiration of this Agreement, Licensee shall have no further right to manufacture, distribute, sell, exploit or otherwise deal in any articles which utilize the Logos. Within thirty (30) days after the expiration or termination of this Agreement, Licensee shall deliver to the LPGA a statement indicating the number and description of the Licensed Products on hand or in process as of the date of such statement. During the period of three hundred sixty (360) days immediately following the expiration or termination of this Agreement, Licensee may dispose of products or materials which are on hand or in process at the time of such expiration or termination, but only in the normal course of business and at regular or reasonably discounted selling prices. All such sales shall be subject to the terms and conditions of this Agreement. Licensee may remove the Logos from any such products or materials and shall be free to sell or dispose of such products or materials in any manner it sees fit as long as identification of the LPGA is not possible.
DISPOSAL OF STOCK. (a) After the expiration or termination of this AGREEMENT, LICENSEE shall have no further right to manufacture, advertise, distribute, sell, or otherwise deal in any LICENSED ARTICLES except as hereinafter provided. Upon such expiration or termination, LICENSEE may dispose of finished LICENSED ARTICLES on hand or in process at the time of such expiration or termination, for a period of ninety (90) days thereafter, provided all further payments due with respect to that ninety (90) day period are made in accordance with paragraph 3 hereof.
DISPOSAL OF STOCK. (a) After the expiration or termination of this Agreement in accordance with sections 7.1 or 7.2 (a), Licensee shall have no further right to manufacture, advertise, distribute, sell, or otherwise deal in any Brand Merchandise except as hereinafter provided. Upon such expiration or termination, Licensor shall have the right (but not the obligation) to purchase all existing inventories of Brand Merchandise, which right shall be exercised, if at all, upon written notice to Licensee delivered within 30 days following such termination or expiration (the "Option Period"). This option (the "Inventory Purchase Option") may be exercised only once, for all or any portion of the available inventory of Brand Merchandise. If Licensor exercises such option, Licensor shall pay to Licensee within 30 days following expiration of the Option Period a sum equal to Licensee's cost, in cash, against delivery to Licensor of the inventory so purchased. In the event such Inventory Purchase Option is not exercised, Licensee shall dispose of finished Brand Merchandise on hand or in process at the time of such expiration or termination, in an orderly fashion, for a period not to exceed 180 days from the date of such termination or expiration days, provided all further payments due with respect to such 180 day period are made in accordance with paragraph 4 hereof.
DISPOSAL OF STOCK. (a) Subject to the receipt of a favorable ruling from the Internal Revenue Service that such a limitation is not inconsistent with any ruling issued to Willxxxx xxxarding the tax-free treatment of the Spin-off, Willxxxx xxxees not to Transfer any Registrable Securities for a period of three years from the date of this Agreement. Willxxxx xxxl use its reasonable efforts to request, and to diligently pursue the issuance of, such ruling as soon as is practicable.
DISPOSAL OF STOCK. (a) Upon providing to the Licensor the Statement and where this Agreement has not been terminated by the Licensor, the Licensee must contemporaneously advise the Licensor in writing of the Licensee's proposal for disposal of the said Licensed Commodities prior to the expiration of the Term.
DISPOSAL OF STOCK. (a) With respect to trading card product, within seven (7) months following the initial release of each series of Licensed Product, except as otherwise approved by NBAP in writing, LICENSEE shall destroy printing plates and any such Licensed Product on hand. In the alternative, LICENSEE may sell or resell such Licensed Product with NBAP's permission, not to be unreasonably withheld. LICENSEE shall be entitled to retain for its purposes up to one hundred (100) cases of each Licensed Product each Contract Year. Any Licensed Product returned after seven (7) months of its initial ship date shall be destroyed within ninety (90) days of receipt by LICENSEE. In the alternative, LICENSEE may sell or resell such Licensed Product with NBAP's permission, not to be unreasonably withheld. Upon request, LICENSEE shall provide NBAP with evidence of the destruction of such product or components. Upon expiration (but not termination except with the prior approval of NBAP which shall not be unreasonably withheld if such termination is unrelated to LICENSEE's breach of Paragraphs 3,7,9 or 11 (c) above), any Licensed Product on hand at the end of the sell-off period or subsequently returned to LICENSEE (or unfinished components of Licensed Products) shall be destroyed by LICENSEE at its cost, no later than thirty (30) days thereafter.
