By PHB Clause Samples

By PHB. PHB represents, warrants, and covenants the following to Dyadic: (a) This Agreement has been duly and validly executed and delivered by PHB and constitutes its valid and legally binding obligation enforceable in accordance with its terms. (b) As further defined in Schedule 2, following delivery of a Production Strain to PHB, PHB will use commercially reasonable and diligent efforts to actively pursue development of and regulatory approvals for Products in the Field throughout the Territory and, following the receipt of all necessary approvals, will use commercially reasonable efforts to launch, market, promote, and sell such Products within the Field throughout the Territory, within a commercially reasonable time period. For clarity, PHB shall be under no obligation to launch, market, promote, or sell Products unless and until the productivity threshold of section 5.1.iii is obtained. (c) PHB will use commercially reasonable and diligent efforts with respect to those activities for which it is responsible under this Agreement consistent with the efforts that it would and does expend for its own high priority projects. This shall include, but not be limited to, efforts necessary to actively pursue development and regulatory approvals for and to market the Products for use in the Fields throughout the Territory, in a prompt and expeditious manner.