Common use of Conditional Split Clause in Contracts

Conditional Split. Without prejudice to Section 14.3.4 and without limiting the Parties’ respective rights hereunder, upon the reasonable request of AstraZeneca, the Parties shall negotiate in good faith a mechanism to ensure AstraZeneca’s continued license under the Pieris IP, Lead Product IP and Collaboration Product IP to the extent this Agreement is terminated or rejected for any reason in connection with Pieris’ insolvency, including splitting this Agreement into two separate agreements: (i) so as to grant to AstraZeneca an irrevocable license which a receiver, liquidator or similar cannot discontinue, terminate or otherwise reject; and (ii) a collaboration agreement.

Conditional Split. Without prejudice to Section 14.3.4 and without limiting the Parties’ respective rights hereunder, upon the reasonable request of AstraZeneca, the Parties shall negotiate in good faith a mechanism to ensure AstraZeneca’s continued license under the Pieris IP, Lead Product IP and Collaboration Product IP to the extent this Agreement is terminated or rejected for any reason in connection with Pieris’ ' insolvency, including splitting this Agreement into two separate agreements: (i) so as to grant to AstraZeneca an irrevocable license which a receiver, liquidator or similar cannot discontinue, terminate or otherwise reject; and (ii) a collaboration agreement.