Opt-Out Date definition
Examples of Opt-Out Date in a sentence
The Opt-Out Party will no longer be required to pay a portion of Collaboration Losses incurred after the Opt-Out Date or have a right to receive a portion of Collaboration Profits received after the Opt-Out Date under Section 12.1 (Collaboration Profit and Loss Sharing), and the Opt-Out Party will instead have a right to receive the payments set forth in Section 12.2 (Payments Following Opt-Out).
Pending transfer of such Regulatory Submissions, Regulatory Approvals, and Pricing Approvals, upon the Opt-Out Date, the Opt-Out Party hereby grants to the Continuing Party a right of reference to all such Regulatory Submissions, Regulatory Approvals, and Pricing Approvals, upon the Opt-Out Date for purposes of obtaining Regulatory Approval for the Licensed Compounds and Licensed Products.
Upon the Opt-Out Date, the Opt-Out Party will grant the licenses set forth in Section 4.3 (Opt-Out License to Continuing Party) to the Continuing Party.
If, as of the Opt-Out Date, the Opt-Out Party or its Affiliates or its Sublicensees are conducting any Clinical Trials involving any Licensed Products, then, unless prohibited by any Regulatory Authority or Applicable Law, at the Continuing Party’s request, on a Clinical Trial-by-Clinical Trial basis, the Opt-Out Party will transfer control of all such requested Clinical Trials to the Continuing Party or its designees.
The Parties acknowledge and agree that the process set forth in Section 12.2.1 (Out-Licensing Net Proceeds Sharing) and Section 12.2.2 (Opt-Out Out-Licensing Share Report) assumes that the Opt-Out Party will not be a party to the applicable Out-Licensing Agreement and will not directly receive any payments or incur any costs in connection with any Out-Licensing Transaction entered into by the Continuing Party following the Opt-Out Date.