Common use of General Effects Clause in Contracts

General Effects. (a) Upon the expiration or any termination of this Agreement, the parties shall have any rights or remedies available to such party under this Agreement or in law or at equity. Upon such expiration or termination, all obligations of the parties under this Agreement shall cease, except that the provisions specified in Section 15.16 shall survive. (b) All solicitations, marketing and advertising of the Program, other than acceptance of applications through Retailer Channels in the ordinary course of business consistent with past practice, shall cease either upon notice to Bank from Retailer of Retailer’s intent not to purchase the Accounts following termination of this Agreement by either party or the failure of Retailer to exercise its Purchase Option prior to the expiration of the time period in which Retailer may provide an Exercise Notice to Bank as set forth in Schedule 11.2, except as the parties may otherwise mutually agree. The parties shall continue to operate the Program and service the Accounts in good faith and in the ordinary course of their respective businesses, subject to the terms of this Agreement, including Schedules 11.2, 11.3, and 11.4, and Bank shall continue to market and advertise the Program following termination of this Agreement by either party until the later of the (i) Closing Date if Retailer provides an Exercise Notice to Bank or (ii) date upon which Retailer notifies Bank of Retailer’s intent not to purchase the Accounts or the last date upon which Retailer may exercise its Purchase Option as set forth in Schedule 11.2 if Retailer has failed to provide an Exercise Notice to Bank subject in all cases to Bank’s rights under this Agreement with respect to Bank Matters. The parties shall cooperate to ensure the orderly wind-down or transition of the Program. (c) Except as set forth in Schedule 7.18, the expiration or any termination of this Agreement shall apply to both the PLCC Program and the Co-Brand Program and neither Bank nor Retailer shall have the right to terminate the PLCC Program or the Co-Brand Program separately.