Exclusive Technology definition
Examples of Exclusive Technology in a sentence
According to the said agreement, to secure Party C to perform the obligations subject to the Exclusive Technology Service Agreement entered into between Party C and Party D, Party B pledges all its equity interest in Party C to Party D.
In the event that any agreement between Party A and Party B is terminated or expires, Party A shall have the right (but shall not be obligated) to terminate all the agreements between Party A and Party B, including but not limited to the Exclusive Technology Consulting and Service Framework Agreement.
This Agreement, the Exclusive Technology Consulting and Service Agreement, the Equity Interest Pledge Agreement, the Equity Option Agreement, and the Power of Attorney from Party B to Party A in favor of Party A shall constitute the entire agreement among the parties in respect of the subject matter hereof and shall supersede any previous discussions, negotiations and agreements related thereto.
As described in this agreement, “the Equity Interest Pledge Agreement of Party B” has the meaning of the Equity Interest Pledge Agreement entered into by Party D and Party B dated as of the execution date of this agreement, according to which in order to secure Party C’s performance of the obligations under the Exclusive Technology Service Agreement and other agreements (see details in the Equity Pledge Agreement), Party B pledges all its equity interest in Party C to Party D.
If a mutual agreement is reached, the Parties shall enter into a separate Exclusive Technology License and Services Agreement in accordance with the agreed terms; otherwise the term of this Agreement shall be automatically extended for ten years and the Parties shall continue with the performance of this Agreement.
If LICENSEE fails to meet any one of the foregoing milestones within the time specified, TUFTS shall have the right to terminate the license granted hereunder, provided that such action by TUFTS is consistent with a determination of the arbitrators pursuant to Section 15 hereof that LICENSEE has failed to exercise due diligence in the commercialization of the Exclusive Technology pursuant to its obligations under this Section 4.1.
Party A and Party B have established business relations by signing the agreements such as the Exclusive Technology Development, Support and Consultancy Agreement; and Party B shall make various payments to Party A in accordance with such agreements.
For the purpose of this Article and this Agreement, “security interest” shall include securities, mortgages, third party’s rights or interests, stock options, purchase rights, right of first refusal, ownership liens or other security arrangements, excluding any security interest created by this Agreement, the Equity Pledge Agreement and the Exclusive Technology and Consulting Service Agreement.
Party A and Party B have established certain business relation by execution of the Exclusive Technology Consulting and Service Framework Agreement and other relevant agreements, and Party B’s daily business activities will materially affect its ability to make corresponding payments to Party A.
To support the commercialization of the Exclusive Technology, LICENSEE will raise $500,000 in equity financing from third parties during the first year after the Effective Date and use its best efforts to raise $2,000,000 in total financing (including but not limited to equity or debt financing, government grant funding, sponsored research and development funding, etc.) ("First Financing") during the second year after the Effective Date.