Development Delay definition
Examples of Development Delay in a sentence
Notwithstanding the foregoing, in the event of a Development Delay and the subsequent conversion of GSK’s Inhaled License to non-exclusive as set forth in Section 6.2, the royalty rates for Inhaled Products sold after such conversion shall be reduced to [***] percent ([***]%) of the rate set forth in the table above.
If such waiver is not obtained reasonably promptly after GSK’s request, and such delay was not the result of GSK’s failure to perform in accordance with this Section 9.4, then any such delay in commencing clinical trials shall not be deemed to be a Development Delay in accordance with Section 6.2.
Notwithstanding the foregoing, the operation of Sections 10.5(c)(i), (ii) and (iii), individually or in combination, shall not reduce any royalty rate due under Section 10.5(a) (as reduced by conversion to a non-exclusive license pursuant to a Development Delay, if applicable) to less than [***] percent ([***]%) (or [***] percent ([***]%) in the event of conversion to a non-exclusive license pursuant to a Development Delay).
By way of illustration only, if a Development Delay occurs and GSK subsequently achieves First Commercial Sale for the first Inhaled Product, then the royalty rates payable on Net Sales of such Inhaled Product would be [***] percent ([***]%) for Net Sales less than or equal to $[***] and [***] percent ([***]%) for Net Sales in excess of $[***], in either case, subject to the reductions set forth below in Section 10.5(c).
In addition, in the event of a Development Delay and the subsequent conversion of GSK’s Inhaled License to non-exclusive license in accordance with Section 6.2, the milestone payment for milestone events achieved by any Research Product or Inhaled Product, as applicable, after such conversion shall be reduced to [***] percent ([***]%) of the amount otherwise due.
If Rivian receives a Development Extension Notice prior to the expiration of the Development Inspection Period, then all timelines, milestones and deadlines set forth in the Project Plan and Schedule (including the Start of Production Date) will be extended on a day-for-day basis for the additional time set forth in the Development Extension Notice (and any additional time beyond such period as is required by Amazon to complete its inspection and acceptance process) (“Amazon Development Delay Period”).
Obtained on 10/4/11 At Risk of Development Delay: Data obtained by analyzing data from UCLA Health Policy Research Center’s 2009 California Health Interview Survey on October 4, 2011.
The Outside Closing Date for a Block of Phase 1 Property may be extended or delayed due to the occurrence of any Private Development Delay Event that directly and adversely impacts the Developer’s ability to timely achieve Closing thereon.
In addition, the Outside Closing Date may also be extended or delayed due to the occurrence of any Private Development Delay Event that directly and adversely impacts the Developer’s ability to timely to achieve Closing.
If MAYO transmits a notice of Termination for Development Delay, then NILE shall transfer to MAYO (a) whatever rights NILE has in pre-clinical and clinical studies related to the Products; and (b) any rights NILE may have in any active INDs related to the Products.