Common use of Funded Clause in Contracts

Funded. For purposes of this Agreement, “Funded” shall mean (i) payment of the direct operating costs of the laboratory in which the Improvement or New Invention is conceived or reduced to practice, including, without limitation, payments by LLUMC under the Services Agreement, but excluding compensation to laboratory personnel, or (ii) payment of the compensation to any of the personnel who conceived or reduced to practice the Improvement or New Invention, in whole or in part. During the term of the Services Agreement, all Improvements and New Inventions conceived and/or reduced to practice at LLUMC or LLUMC Affiliates’ facilities shall be considered Funded solely by LLUMC. During the entire term of this Agreement, the presumption shall be that Improvements and New Inventions conceived and reduced to practice at a facility other than any of LLUMC’s or LLUMC Affiliates’ facilities have been Funded solely by Encore, except as otherwise provided herein. Nothing in this Agreement shall in any way affect any lawful rights which any other person, including the LLUMC Affiliates, may have in any of the New Inventions or Improvements.

Appears in 1 contract

Samples: License Agreement (Myriad Genetics Inc)

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