Product Development. Licensee shall use its reasonable efforts to test, develop the PRODUCT for commercial purposes throughout the world. On or before January 1 of each year during the term of this Agreement, commencing January 1, 1998, Licensee shall submit to USC a report detailing its research, regulatory approval, marketing and product development objectives the coming year as well as the research, regulatory approval, marketing and development activities which Licensee undertook during the preceding year. The reports shall identify specific future milestones (regulatory approval and product development) and information demonstrating that the Licensee is providing sufficient financial and manpower resources to evidence its use of reasonable efforts. Within six (6) months after the signing of this Agreement and each two (2) years thereafter, a representative of the Office of Patent and Copyright Administration of USC, at Licensee's expense (including transportation, and, if appropriate, lodging and meals), shall visit the manufacturing and marketing facilities of Licensee and be presented with an in-depth updating of the manufacturing capability and marketing network of Licensee.
Product Development. (a) Part 2.23 of the Company Disclosure Schedule sets forth for each product or service being developed by or on behalf of the Acquired Corporations (excluding products or services being developed under Government Contracts) a true and correct development status, including the dates on which the development of each such product or service will be completed. No fact, condition or circumstance exists that would materially impair or delay the development of any of the products or services of the Acquired Corporations. None of the Acquired Corporations has entered into any agreement which restricts its right to make, have made, use or sell to an unlimited number of third parties any products currently contemplated by, designed by or designed on behalf of any of the Acquired Corporations.
Product Development. SDC and Clarendon shall Assist Sun Life (U.S.) in the design and development of life insurance and annuity products for distribution pursuant to the Distribution Agreements. This assistance shall include: market research studies and such other related activity as may be reasonably requested by Sun Life (U.S.); consulting services with respect to product design; assisting in the development of sales training, sales promotional and advertising material relating to new insurance and annuity products. SDC and Clarendon acknowledge that they have no proprietary rights in such studies and materials and, as among the parties, all such studies and materials are the exclusive property of Sun Life (U.S.) and shall constitute proprietary and confidential matter, whether or not identified as such.
Product Development. There were no product development costs for the year ended December 31, 2001, as compared to $1.5 million of such costs in the prior year. This decrease is due to the termination of the Company's Internet operations in December 2000. Selling, general and administrative. Selling, general, and administrative expenses decreased $3.2 million or 20.0%, from $15.8 million in 2000 to $12.6 million in 2001. This decrease was primarily due to termination of the Company's Internet operations in December of 2000 and a reduction in staffing and related employee costs at Omega, partially offset by Omega's recognition of $1.4 million in receivables due from an insurance company as uncollectible due to the insurance company's bankruptcy filing. Impairment of long-lived assets. For the year ended December 31, 2001, the Company recorded $232,000 in impairment of long-lived assets, consisting primarily of the write-down of Charged Productions, Inc.'s investment in Charged Productions LLC to zero. As a result of the termination of the Company's Internet operations in 2000, $1.3 million of assets were deemed to be impaired as of December 31, 2000. Contract termination (settlement) expense. Based on the decision to terminate Internet operations in December of 2000, Charged Productions and Zap.Com recorded expenses and associated accrued liabilities for cost associated with exiting the business totaling $779,000. These expenses related primarily to Zap.Com's costs associated with certain contracts entered into by Zap.Com during its development stage that were deemed to have no future value. During 2001, Zap.Com favorably settled its disputes over two of its contracts. Accordingly, Zap.Com reversed previous accruals of $403,000 into income resulting from the settlement amounts being less than the associated accrued liabilities. Interest income, net. Net interest income decreased $3.9 million or 52.5% from net interest income of $7.4 million in 2000 to $3.5 million in 2001. This decrease was a result of significantly lower interest rates on short-term U.S. Government Agency securities as compared to rates in 2000, as well as Omega Protein incurring more interest expense during the current year. Omega incurred net interest expense of $485,000 in 2001 as compared to $293,000 in the prior year. The increase in net interest expense at Omega was primarily due to a reduction of interest income as a result of lower returns on investments. Also, in 2001, the Company received approximatel...
Product Development. All Royalty Bearing Products shall be developed, manufactured, marketed, and sold as "premium" products consistent with MFB's then existing image. Nonni's accepts full responsibility for and agrees to pay all costs it incurs associated with the development of all Royalty Bearing Products and all advertising and promotion, packaging design, graphics, and packaging materials for Royalty Bearing Products. MFB shall cooperate with Nonni's in development of Royalty Bearing Products, primarily through the suggestion of ideas, concepts, and recipes for products and packaging (MFB shall make its artwork, designs and logos available for Nonni's use); provided, however, that MFB shall have no obligation to develop Royalty Bearing Products or any other products.
Product Development. Manufacturer reserves the right, in its sole and absolute discretion, to make modifications, improvements or changes to Products or related goods or to discontinue the sale or distribution of any Products or related goods at any time without incurring any liability whatsoever to Dealer or others. Should Dealer require, Manufacturer will fulfill outstanding accepted orders for such discontinued Products. Should Dealer have inventory of any such Product purchased within sixty (60) days from Manufacturer's announced discontinuance of such Product, Manufacturer will repurchase at Dealer's cost such Product subject to receiving Dealer's order for other Products of equal value. The cost of shipping and handling any returned Product shall be borne by Dealer.
Product Development. Firmenich will be responsible for Product formulation work and […***…]. Within […***…] of the selection of a Selected Compound, Firmenich will prepare a plan for product development (“Product Development Plan”) for Products incorporating such Selected Compound for review by the Steering Committee (the “Product Development Plan”), which will be incorporated into the minutes of the Steering Committee; however, Firmenich shall have sole discretion to determine the Product Development Plan. The Product Development Plan(s) will set forth the following: (i) specific types of products for potential inclusion of the Selected Compound(s); (ii) specific countries of potential interest for commercialization of Products; (iii) prioritization of Products and countries for development and commercialization; and (iv) a development plan timeline including plans for Product formulation, manufacturing and consumer acceptance testing. Firmenich will use its commercially reasonable and diligent efforts to perform the activities set forth in the Product Development Plan(s). For the avoidance of doubt, Firmenich will be responsible for formulating the product prototype(s) to be used in consumer panels and consumer acceptance testing of Product prototypes, including the […***…] with such activities, in accordance with the activities outlined in the Product Development Plan(s).
Product Development. During the Term of this Agreement, ArthroCare, at its expense and initiative, will continue to pursue clinical studies and product development efforts in collaboration with Collagen. ArthroCare shall supply Collagen with any improvements and upgrades to the Licensed Products developed by ArthroCare for use in the Field. ArthroCare agrees that any substantial change to the Licensed Products during the Term shall be subject to Collagen's prior written approval, which shall not be unreasonably withheld. If Collagen requests additional product development beyond ArthroCare's planned efforts, ArthroCare will provide a budget, for Collagen's approval, for the direct cost of such product development on a time and materials basis.* * *ArthroCare agrees to supply Collagen documentation or information as requested for such changes to the Licensed Products in meeting regulatory compliances. -------- * * * This portion has been omitted pursuant to a confidential treatment request and filed separately with the Commission.
Product Development. Except as otherwise expressly provided in Articles 2 and 3 hereof and in this Article 4, Wyeth shall have the sole authority, at its expense, for the Development of Licensed Products, including the initiation and conduct of clinical trials. Wyeth shall be responsible for the Development of and shall use its Commercially Reasonable Efforts to Develop Licensed Products throughout the Territory where it is Commercially Reasonable to do so (it being understood that Wyeth shall have the sole discretion to select those countries in which it will conduct clinical studies of Licensed Products and, when Commercially Reasonable to do so, to delay or discontinue the Development of any Licensed Product directed against a particular Licensed Target in favor of pursuing Development of another Licensed Product directed against such Licensed Target). When appropriate based on the data obtained during Development, Wyeth shall use its Commercially Reasonable Efforts to secure Regulatory Approval for Licensed Products in the Territory.