Common use of Replacement Agreements Clause in Contracts

Replacement Agreements. The parties hereto have executed this MOU to provide: (a) in this MOU for their respective rights and obligations in respect of the Albanian Projects relating to (a) the grant by Quadrise Canada to Petrosonic of a license to use and combust SFOTM, (b) the manufacture of SFOTM to support Petrosonic’ s business, (c) the delivery, operation and maintenance of an SMU, and (d) other general principles that will govern the relationship between the parties; and (b) Certain general terms and principles to be reflected in any agreements that may be reached between the parties in respect of the Long Term Projects. Further, the parties acknowledge that they each would like to replace this MOU with a more formal comprehensive agreement in respect of the Albanian Projects, and to that end, the parties shall use their best efforts to meet and to work diligently to prepare and execute such agreement. Quadrise Canada shall be responsible for circulating and revising various drafts of such agreement, which agreement shall include a license to use the Technology to produce bitumen emulsion and all matters incidental thereto, and any other matters deemed necessary by the parties hereto by December 31, 2012, or a date mutually agreed to by the parties. Such agreement shall reflect the terms of this MOU and shall contain the terms and conditions necessary to effect the transaction between the parties. In this regard, the parties shall cooperate to ensure such agreement is completed without any unreasonable positions being taken.

Replacement Agreements. The parties hereto have executed this MOU to provide: (a) in this MOU for their respective rights and obligations in respect of the Albanian Projects relating to (a) the intent to grant by Quadrise Canada to Petrosonic of a license to use and combust SFOTM, (b) the manufacture of SFOTM to support Petrosonic’ s business, (c) the delivery, operation and maintenance of an SMU, and (d) other general principles that will govern the relationship between the parties; and (b) Certain general terms and principles to be reflected in any agreements that may be reached between the parties in respect of the Long Term Projects. Further, the parties acknowledge that they each would like to replace this MOU with a more formal comprehensive agreement in respect of the Albanian Projects, and to that end, the parties shall use their best efforts to meet and to work diligently to prepare and execute such agreement. Quadrise Canada shall be responsible for circulating and revising various drafts of such agreement, which agreement shall include a license to use the Technology to produce bitumen emulsion and all matters incidental thereto, and any other matters deemed necessary by the parties hereto by December 31, 2012, or a date mutually agreed to by the partiesto. Such agreement shall reflect the terms of this MOU and shall contain the terms and conditions necessary to effect the transaction between the parties. In this regard, the parties shall cooperate and use best efforts to ensure such agreement is completed without any unreasonable positions being takenagreement(s) are completed, acting reasonably.