Histogenics Triggered Termination Clause Samples

Histogenics Triggered Termination. In the event (i) MEDINET terminates this Agreement pursuant to Section 9.04 for Histogenics’ material breach or (ii) MEDINET terminates this Agreement pursuant to Section 9.05 for Histogenics’ insolvency, the licenses and sublicenses granted to MEDINET pursuant to Section 2.01(a) shall terminate immediately, except that MEDINET shall have the right to, for up to sixty (60) days after the effective date of termination, sell any then-existing inventory of Product in its possession. All other inventory of Products that MEDINET fails to sell after the 60-day period shall be destroyed or returned to MEDINET, at MEDINET’s sole cost and expense, in accordance with Applicable Laws.