Assignment to BMI Clause Samples

Assignment to BMI. IBt hereby acknowledges Implant Sciences’ intention to assign or transfer this Security Agreement to Best Medical International, Inc. (“BMI”) (“Assignment”). IBt agrees that in the event of the Assignment, IBt shall, and hereby does, forever release and discharge Implant Sciences, as of the effective date of the Assignment (the “Assignment Effective Date”), from any and all warranties, covenants, and obligations of Grantor under this Agreement from and after the Assignment Effective Date, excluding only those obligations of Implant Sciences expressly set forth in Section 5.(b) of the License Agreement, and IBt further agrees that, from and after the Assignment Effective Date, only BMI or its assigns pursuant to the License Agreement and this Agreement shall have any obligation to perform any liability with respect to any and all warranties, covenants, and obligations of Grantor under this Agreement excluding only those obligations of Implant Sciences expressly set forth in Section 5.(b) of the License Agreement.