Common use of Developmental Products Clause in Contracts

Developmental Products. Following the Closing Date, Purchaser shall use commercially reasonable efforts to obtain reimbursement from the RMA for developmental costs incurred by Sellers related to the insurance products known as GRIP, TimberPlus, and Sugar Beets Plus as of the date of this Agreement. Purchaser will transfer to Sellers promptly after the receipt by Purchaser of any funds received from the RMA on account of such products (or any of them), and whether on account of developmental cost reimbursement, royalties, or otherwise, an amount equal to the sum of (i) any such reimbursement it receives from the RMA minus (ii) the amount determined by multiplying the amount of time actually spent by Purchaser to seek and obtain such reimbursement times $75 per hour or any fraction thereof, until such time as the gross aggregate amount transferred by Purchaser to Sellers equals $190,000. After payment to Sellers of an aggregate gross amount of $190,000 pursuant to this Section 5,18, and except as specifically set forth in this Section 5.18, all of Sellers' and Shareholders' right, title and interest in and to insurance products developed completely or partially for submission to RMA or any other purpose in conjunction with the Business shall be the exclusive property of Purchaser, including without limitations the right to future payments for maintaining royalties or otherwise.