Common use of Minimum Diligence Clause in Contracts

Minimum Diligence. (a) In the event that a Phase I clinical trial of a Licensed Product has not been initiated anywhere in the world as of the sixth (6th) anniversary of the Effective Date, the annual License and Development Support Fee described in Section 2.4 above shall increase to [ *** ], which shall remain the annual amount due until First Commercial Sale of a Licensed Product in the United States or any other country where royalty payments will equal at least [***]. (b) In the event that a Phase I clinical trial of a Licensed Product has not been initiated anywhere in the world as of the eighth (8th) anniversary of the Effective Date, and only if WLV has by that time initiated a Phase I clinical trial of a vaccine product other than a Licensed Product which has essentially the same medical indication and could compete in essentially the same market as a Licensed Product, then INX shall have the right to terminate this Agreement including the licenses granted herein on thirty (30) days written notice. (c) In the event that a Phase I clinical trial of a Licensed Product has not been initiated anywhere in the world as of the tenth (10th) anniversary of the Effective Date, then INX shall have the right to terminate this Agreement including the licenses granted herein on thirty (30) days written notice.