Common use of Option Not Exercised Clause in Contracts

Option Not Exercised. If Interline declines to exercise its option to repurchase the Unit, then Purchaser must discontinue all use and operation of the Unit. Purchaser may, however, dismantle and disassemble the Unit and sell its components provided that no Disclosed Information or Proprietary Information is transferred or disclosed. Purchaser shall first consult with Interline and shall take such steps as are requested by Interline to protect Disclosed Information and Proprietary Information. Interline may identify certain key components of Unit equipment and instrumentation that must not be sold or transferred by Purchaser.

Appears in 2 contracts

Sources: Unit Purchase Agreement (Interline Resources Corp), Unit Purchase Agreement (Interline Resources Corp)