Common use of Unilateral Right to Terminate After the Term Clause in Contracts

Unilateral Right to Terminate After the Term. If at any time on and after the date on which WCCI has commenced Development of a Product (a) WCCI reasonably determines that (i) it would not be commercially viable to continue to Develop and Commercialize such Product and/or obtain Commercialization Regulatory Approval with respect to such Product and (ii) WCCI is unlikely or unable to obtain Commercialization Regulatory Approval with respect to such Product (each, a “Termination Event”), (b) no Backup Compound is ready to be Developed by WCCI and (c) the Parties have not agreed to extend the Development Plan to conduct Development activities with respect to such Backup Compound pursuant to Section 3.5, WCCI shall provide the JSC with written notice which shall describe the Termination Event in reasonable detail. The JSC shall meet as soon as practicable thereafter to determine the additional actions, if any, to be undertaken by the Parties to fulfill the purposes of this Agreement. If the JSC fails to meet or the Parties are otherwise unable to agree upon any such course of action within ninety (90) days of the date of WCCI’s Termination Event notice, then either Party shall have the right to terminate this Agreement by providing written notice of termination within ten (10) days after the expiration of such 90-day period.

Unilateral Right to Terminate After the Term. If at any time on and after the date on which WCCI has commenced Development of a Product (a) WCCI reasonably determines that (i) it would not be commercially viable to continue to Develop and Commercialize such Product and/or obtain Commercialization Regulatory Approval with respect to such Product and (ii) WCCI is unlikely or unable to obtain Commercialization Regulatory Approval with respect to such Product (each, a “Termination Event”), (b) no Backup Compound is ready to be Developed by WCCI and (c) the Parties have not agreed to extend the Development Plan to conduct Development activities with respect to such Backup Compound pursuant to Section 3.5, WCCI shall provide the JSC with written notice which shall describe the Termination Event in reasonable detail. The JSC shall meet as soon as practicable thereafter to determine the additional actions, if any, to be undertaken by the Parties to fulfill the purposes of this Agreement. If the JSC fails to meet or the Parties are otherwise unable to agree upon any such course of action within ninety (90) days of the date of WCCI’s Termination Event notice, then either Party shall have the right to terminate this Agreement by providing written notice of termination within ten (10) days after the expiration of such 90-day period. 10.2.3.