Commercial Development Obligation; Reports Sample Clauses

Commercial Development Obligation; Reports. 7.2.1 CORAUTUS shall use Commercially Reasonable Efforts to develop and commercialize at least one Licensed Product. It is the intent of the parties that the first Licensed Product developed and commercialized will be the Initial Product. In the event that CORAUTUS determines that it will not pursue commercialization of the Initial Product, CORAUTUS shall promptly inform CSEMC of its decision in writing. In the event that CSEMC believes that CORAUTUS is not engaged in Commercially Reasonable Efforts, CSEMC shall promptly notify CORAUTUS in writing and provide the basis for such belief. The parties will then enter good faith negotiations to discuss what additional steps CORAUTUS should take to meet the requirement of Commercially Reasonable Efforts. 7.2.2 CORAUTUS shall keep CSEMC reasonably informed as to CORAUTUS’ progress in undertaking Commercially Reasonable Efforts including its efforts, if any, to sublicense the CSEMC Patents, and shall provide periodic reports, not less than once a year, to CSEMC. Such reports may be made by verbal presentations to CSEMC. Upon CSEMC’s reasonable request therefor any such periodic presentation shall be memorialized in written form by CORAUTUS.