Common use of ASSIGNMENT AND Clause in Contracts

ASSIGNMENT AND. 16.1 Neither party shall have the right to assign this Agreement without the other's prior written consent, except that either party may assign its obligations hereunder to an entity under common control with, controlled by or which controls the assigning party. Notwithstanding the foregoing, DePuy agrees that it will not assign its obligations hereunder to any such entity that competes with Oratec. 16.2 In the event that Oratec should desire to ***, Oratec shall notify DePuy in writing of such desire. DePuy will have *** days after receipt of such written notice to *** *** CONFIDENTIAL TREATMENT REQUESTED During such *** day period, *** will not ***. This *** day period does not constitute ***. The foregoing provision shall not apply if, at the time of such ***, Oratec's securities are publicly traded. 16.3 If the sale of Oratec's interests in any Products and/or a majority of it stock and/or assets would result in this Agreement being assigned to a competitor of DePuy, DePuy may, at its sole option, continue under the terms of this Agreement for a period of *** after such assignment or sale. If the sale of Oratec's interests in any Products and/or a majority of its stock and/or assets would result in this Agreement being assigned to a third party other than a competitor of DePuy, DePuy may, at its sole option, continue under the terms of this Agreement for a period of *** after such assignment or sale. Following the expiration of such *** or *** month period, the Agreement shall terminate.