Common use of Assignment by Licensor Clause in Contracts

Assignment by Licensor. Except as expressly provided in this paragraph 16(a), neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred by Licensor. Licensor may assign this Agreement and its rights and obligations hereunder without consent (i) in connection with the transfer or sale of all or substantially all of the business of Licensor to which this Agreement relates, whether by merger, sale of stock, sale of assets or otherwise, or (ii) to any Affiliate Collaborator or licensee of Licensor. The rights and obligations of the parties under this Agreement will be binding upon and inure to the benefit of the successors and permitted assigns of the parties. Notwithstanding the foregoing, Licensor and Licensee understand that in the event that Licensor ceases operations, Licensee or another buyer may purchase some or all of Licensor’s assets at market value, which may include some or all of Licensed Patents, Improvements, Joint Improvements, Licensor’s Know How and Licensee’s obligations under this Agreement. Any other assignment by Licensor not in accordance with these terms will be void.