Licensed IP definition
Examples of Licensed IP in a sentence
As of the Effective Date, and subject to all of the terms of this Agreement, Otsuka hereby grants to Biodexa, and Biodexa hereby accepts, a license under the Licensed IP to Exploit Licensed Products, including by Exploiting the Licensed Compound as part of, or as an intended part of, Licensed Products, for use in the Field in the Territory.
Otsuka specifically reserves the right to Exploit Otsuka Products and otherwise practice the Licensed IP outside the Field or outside the Territory and to authorize Third Parties to do the same.
In partial consideration for Biodexa’s rights in and to the Licensed IP licensed hereunder and its other rights and benefits hereunder, within [***] days after the Effective Date, Biodexa shall pay to Otsuka a one-time upfront fee of [***] U.S. dollars (USD $[***]).
Similarly, in the event Licensor wishes to assign its rights and interest under the Licensed IP and Collaboration IP that is licensed to Licensee hereunder to an Affiliate or Third Party, it shall use Commercially Reasonable Efforts to also assign all its rights under this Agreement to such Affiliate or Third Party except where such Licensed IP or Collaboration IP could also be utilized for the exploitation of other compounds or products.
All rights in and to Licensed IP and or any other Know-How, Patents or other Intellectual Property Rights owned or otherwise Controlled by Licensor or its Affiliates not expressly licensed or otherwise granted to Licensee under this Agreement are hereby retained by Licensor (or its Affiliates, as applicable).