Common use of Assignment by Either Party Clause in Contracts

Assignment by Either Party. Neither party shall assign this Agreement or any part thereof without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. Each party may, however, without such consent, assign or sell its rights under this Agreement (a) in connection with the sale or transfer of all or substantially all of its pharmaceutical business to a third party; (b) in the event of a merger or consolidation with a third party; or (c) to an Affiliate. No assignment shall relieve any party of responsibility for the performance of any accrued obligation which such party has under this Agreement. Any assignment shall be contingent upon the assignee assuming in writing all of the obligations of its assignor under this Agreement. (a) [BUKWANG REDACTED] Subsequent to any assignment by Triangle pursuant Subsection 16.1(a) or (b) above, [BUKWANG REDACTED], Bukwang shall so inform Triangle in writing specifying with reasonable particularity the basis for such determination. If Triangle disagrees with Bukwang regarding Bukwang’s determination, Triangle shall so inform Bukwang in writing within thirty (30) days after receipt of such written notice and this issue shall be determined pursuant to the provisions set forth in Section 19.2. If the arbitrator(s) determine that [BUKWANG REDACTED], Triangle shall have [BUKWANG REDACTED] from the date it receives written notice of the arbitration result [BUKWANG REDACTED] that is not reasonably curable within such [BUKWANG REDACTED] period, Triangle shall have an additional reasonable period of time to effect such cure (which additional period shall in no event exceed [BUCKWANG REDACTED]). If Triangle does not send written notice of Bukwang within such thirty (30) day period disagreeing with Bukwang’s position on the matter, Triangle shall have [BUKWANG REDACTED] from the date of its receipt of Bukwang’s written notice [BUKWANG REDACTED] that is not reasonably curable within such period, Triangle shall have an additional reasonable period of time to effect such cure (which additional period shall in no event exceed [BUKWANG REDACTED]).