Common use of Process for Termination Clause in Contracts

Process for Termination. In the event of termination by either CTI or Spectrum pursuant to Section 10.1, written notice thereof shall be given to the other party and the transactions contemplated by this Agreement shall be terminated, without further action by any party hereto. If the transactions contemplated by this Agreement are terminated as provided herein: (i) Spectrum shall return to CTI all documents and other material received from CTI relating to the Product and the Conveyed Assets and to the transactions contemplated hereby, whether obtained before or after the Agreement Date; and (ii) all confidential information received by Spectrum with respect to CTI, the Product or the Conveyed Assets shall remain subject to all contractual confidentiality and non-disclosure obligations in effect between Spectrum and CTI on the date hereof, which contractual obligations shall remain in full force and effect notwithstanding the termination of this Agreement.