Common use of DEFAULT PROVISION Clause in Contracts

DEFAULT PROVISION. Upon an Event of Default under the Default Provision, any sublicense granted by Quantech to a Preferred Third Party Transferee under a Preferred Transfer Agreement prior to the Event of Default shall survive termination of the license and sublicense rights in the Licensed SPR Technology granted to Spectrum and reversion of such license and sublicense rights to the Serono Companies under the Default Provision, and such Preferred Transfer Agreement shall continue in full force and effect under its own terms and conditions. For purposes of this Section 6, a "Preferred Third Party Transferee" shall be any third party which had assets of $100 million or more at the end of the third party's fiscal year immediately preceding the execution of such Transfer Agreement. For purposes of this Section 6, a "Preferred Transfer Agreement" shall be any Transfer Agreement with a Preferred Third Party Transferee which is approved by LSA, which approval will not be unreasonably withheld.