Common use of Rights and Obligations on Expiration or Termination Clause in Contracts

Rights and Obligations on Expiration or Termination. Except to the --------------------------------------------------- extent expressly provided to the contrary, the following provisions shall survive the termination of this Agreement: Sections 3.6.3-3.6.7, Section 3.9, Section 5, Section 6, Section 7.7, Section 8, Section 9 and Section 11. Any rights of ATS to payments accrued through termination as well as obligations of the parties under firm purchase orders for purchase and delivery of ATS Solutions at the time of such termination shall remain in effect, except that in the case of termination under Section 7.5, ATS may elect whether obligations under firm purchase orders will remain in effect. ATS shall have the option, in its sole discretion, to repurchase from Buyer all or any portion of Buyer's remaining inventory of ATS Solutions at the Purchase Price paid by Buyer (the "Repurchase Right"). If ATS does not exercise its Repurchase Right or does not repurchase all of Buyer's inventory of ATS Solutions within thirty (30) days of termination of this Agreement, then Buyer shall, at ATS' written request, destroy all remaining inventory of ATS Solutions. Upon termination or expiration of this Agreement, each party shall cease all use of the Confidential Information of the other party and, at the direction of the other party, either return to the other party or destroy any and all such Confidential Information.

Appears in 1 contract

Samples: License and Supply Agreement (Advanced Tissue Sciences Inc)

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Rights and Obligations on Expiration or Termination. Except to the --------------------------------------------------- extent expressly provided to the contrary, the following provisions shall survive the termination of this Agreement: Sections 3.6.3-3.6.73.6.6, Section 3.9, Section 5, Section 6, Section 7.7, Section 8, Section 9 Sections 9.3-9.8 and Section 1110. Any rights of ATS to payments accrued through termination as well as obligations of the parties under firm purchase orders for purchase and delivery of ATS Solutions Nutrient Solution at the time of such termination shall remain in effect, except that in the case of termination under Section 7.5, ATS the terminating party may elect whether obligations under firm purchase orders will remain in effect. ATS shall have the option, in its sole discretion, to repurchase from Buyer all or any portion of Buyer's remaining inventory of ATS Solutions Nutrient Solution at the Purchase Price paid by Buyer (the "Repurchase Right"). If ATS does not exercise its Repurchase Right or does not repurchase all of Buyer's inventory of ATS Solutions Nutrient Solution within thirty (30) days of termination of this Agreement, then Buyer shall, at ATS' written request, destroy all shall have the option to sell its remaining inventory of ATS Solutions. Upon Nutrient Solution to any third party at a price no less than fifty percent (50%) of the average price of the Licensed Product for the two (2) calendar quarters immediately preceding termination or expiration of this Agreement, each party shall cease all use of the Confidential Information of the other party and, at the direction of the other party, either return to the other party or destroy any and all such Confidential Information.

Appears in 1 contract

Samples: License and Supply Agreement (Biozhem Cosmeceuticals Inc)

Rights and Obligations on Expiration or Termination. Except to the --------------------------------------------------- extent expressly provided to the contrary, the following provisions shall survive the termination of this Agreement: Sections 3.6.3-3.6.73.6.6, Section 3.9, Section 5, Section 6, Section 7.7, Section 8, Section 9 Sections 9.3-9.8 and Section 1110. Any rights of ATS to payments accrued through termination as well as obligations of the parties under firm purchase orders for purchase and delivery of ATS Solutions Nutrient Solution at the time of such termination shall remain in effect, except that in the case of termination under Section 7.5, ATS the terminating party may elect whether obligations under firm purchase orders will remain in effect. ATS shall have the option, in its sole discretion, to repurchase from Buyer all or any portion of Buyer's remaining inventory of ATS Solutions Nutrient Solution at the Purchase Price paid by Buyer (the "Repurchase Right"). If ATS does not exercise its Repurchase Right or does not repurchase all of Buyer's inventory of ATS Solutions Nutrient Solution within thirty (30) days of termination of this Agreement, then Buyer shall, at ATS' written request, destroy all shall have the option to sell its remaining inventory of ATS Solutions. Upon Nutrient Solution to any third party at a price [** ] of the average price of the Licensed Product for the [** ] immediately preceding termination or expiration of this Agreement, each party shall cease all use of the Confidential Information of the other party and, at the direction of the other party, either return to the other party or destroy any and all such Confidential Information.

Appears in 1 contract

Samples: License and Supply Agreement (Advanced Tissue Sciences Inc)

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Rights and Obligations on Expiration or Termination. Except to the --------------------------------------------------- extent expressly provided to the contrary, the following provisions shall survive the termination of this Agreement: Sections 3.6.3-3.6.7, Section 3.9, Section 5, Section 6, Section 7.7, Section 8, Section 9 and Section 11. Any rights of ATS to payments accrued through termination as well as obligations of the parties under firm purchase orders for purchase and delivery of ATS Solutions Nutrient Solution at the time of such termination shall remain in effect, except that in the case of termination under Section 7.5, ATS may elect whether obligations under firm purchase orders will remain in effect. ATS shall have the option, in its sole discretion, to repurchase from Buyer all or any portion of Buyer's remaining inventory of ATS Solutions Nutrient Solution at the Purchase Price paid by Buyer (the "Repurchase Right"). If ATS does not exercise its Repurchase Right or does not repurchase all of Buyer's inventory of ATS Solutions Nutrient Solution within thirty (30) days of termination of this Agreement, then Buyer shall, at ATS' written request, destroy all remaining inventory of ATS SolutionsNutrient Solution. Upon termination or expiration of this Agreement, each party shall cease all use of the Confidential Information of the other party and, at the direction of the other party, either return to the other party or destroy any and all such Confidential Information.

Appears in 1 contract

Samples: License Agreement (Advanced Tissue Sciences Inc)

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