Common use of Right to Seek Assurance Clause in Contracts

Right to Seek Assurance. In the event all or substantially all of the assets of either P&U AB or Miravant are acquired by a third party, the non-acquired party shall have the right pursuant to Section 15.1 to receive a written assurance from such third party that the third party intends to faithfully perform all of the duties and obligations of the acquired party set forth in this Agreement. The acquired party shall take all action necessary to enable the non-acquired party to obtain such written assurance.

Right to Seek Assurance. In the event all or substantially all of the assets of either P&U AB or Miravant are acquired by a third party, the non-acquired party shall have the right pursuant to Section 15.1 13.1 to receive a written assurance from such third party that the third party intends to faithfully perform all of the duties and obligations of the acquired party set forth in this Agreement. The acquired party shall take all action necessary to enable the non-acquired party to obtain such written assurance.