Continued Project Sample Clauses

Continued Project. In circumstances where both Parties wish to continue supporting a Project ("Continued Project"), the following principles shall apply. The Parties will fund and staff the Continued Project consistent with the approved Annual Operating Plan and Work Plan. Upon entering the Commercial Phase, the Parties intend to share equally in the value created by commercialization of the product or process arising from such Continued Project through a joint venture corporation or partnership (the "Commercial Entity"). The Parties [ *** ] that the Commercial Entity will be owned in percentages that will reflect [ *** ] by GCOR and [ *** ] by DCC under the assumption that the Parties' relative Investment in the Continued Project; will be [ *** ]; provided, however, if such Investments are not [ *** ], the Party who has made [ *** ] than the other Party [ *** ] shall be able to [ *** ] to the Commercial Entity in order to [ *** ] made by [ *** ] and [ *** ] for purposes of [ *** ] of the Commercial Entity that each of the Parties will own. For the avoidance of doubt, [ *** ] for purposes of this Section 8.2 shall [ *** ]. Appropriate [ *** ] will be determined upon formation of the Commercial Entity based on the following formula: [ *** ]. The [ *** ] has the right to [ *** ] so that [ *** ] can [ *** ] of the Commercial Entity, provided, however, that [ *** ] shall expire after [ *** ] from the [ *** ]. Thereafter, [ *** ] may only [ *** ] upon agreement of [ *** ]. During the [ *** ] the Commercial Entity shall be [ *** ]. The [ *** ] will be determined by the Board based on a recommendation by the Steering Committee. This date is generally intended to be the date a Project moves from [ *** ] into [ *** ] and/or [ *** ] respectively and thereby aligned with the funding principles in Section 2.4(a). Items to be considered in this decision can include [ *** ]. *** TEXT OMITTED AND FILED SEPARATELY CONFIDENTIAL TREATMENT REQUESTED