Project Termination definition
Examples of Project Termination in a sentence
Project Termination refers to the non-completion of a GRANT SCOPE.
In the event that Anacor disputes the allegation of an Anacor Diligence Failure Event in good faith, Anacor shall have the right to submit such dispute to the Executive Officers in accordance with Section 14.1 within thirty (30) calendar days after receipt of notice of a Project Termination from GSK as provided in Section 2.4.2 above.
Upon a Project Termination, the Leading Compound with respect to such Project, all Back-Up Compounds and, solely with respect to Project 1, Follow-On Compounds related thereto, and all other Collaboration Compounds as provided in Sections 4.1.1(a)(iii), (b)(iii), (c)(iii) and (d)(iii) (as applicable to the terminated Project) shall be deemed to be GSK Development Compounds.
Upon conclusion of [***] cure period, if Anacor has not cured such Anacor Diligence Failure Event to GSK's reasonable satisfaction, GSK shall have the right to immediately terminate, upon written notice to Anacor, the Project to which the Anacor Diligence Failure Event relates (a "Project Termination").
In this regard but subject to Section 2.4.3, Anacor shall grant and does hereby grant, as of the effective date of the Project Termination, an exclusive (even as to Anacor and its Affiliates), worldwide license (with the right to grant sublicenses) under the Anacor IP to make, have made, use, sell, offer for sale and import Products incorporating such GSK Development Compounds from the terminated Project in the Field throughout the Territory.
Following the occurrence of an Early Project Termination Event and the full and complete return and distribution by the Company to each member of the Investor Group of its share of (i) the Total Project Funding Amount and (ii) all Mudharabah Profit (if any).
Except with respect to royalties as provided in this Section 2.4.2, no milestone payments or other fees, costs or payments of any kind shall be owed to Anacor on account of Collaboration Compounds that become GSK Development Compounds as a result of a Project Termination.
The Parties agree that there shall be an Implementation Budget established annually for each QIA Fiscal Year or portion of a QIA Fiscal Year until Project Termination in the general form of budget document agreed to by the Joint Executive Committee from time to time.
The interpretation of this Agreement may adapt to changes in circumstances over time in the Project until Project Termination.
No advance at a time when an Event of Default or Event of Project Termination exists shall constitute a waiver of any right or remedy of Owner existing by reason of such Event of Default or Event of Project Termination, including, without limitation, the right to refuse to make further advances.