Examples of Recro Territory in a sentence
Orion shall keep Licensee reasonably informed, at quarterly update meetings of the parties and to the extent reasonably relevant to the Recro Products in the Recro Territory, of the progress regarding the prosecution of each patent application in the Recro Territory included within the Other Orion Patent Rights.
In the event Licensee timely elects to so prosecute and maintain such patent or patent application, Orion shall execute an assignment transferring ownership, at Licensee’s cost and expense, of the patent or patent application to Licensee in each such country of the Recro Territory.
This Agreement shall become binding upon the Effective Date and shall continue thereafter in full force and effect, unless terminated sooner pursuant to this Section 14, for fifteen (15) years from the First Commercial Sale of a Recro Product in any country of the Recro Territory (the “Initial Term”, it being expressly understood that the Initial Term shall end simultaneously in all countries of the Recro Territory).
Subject to the provisions of this Section 8.1, Licensee shall have the sole responsibility, authority and discretion to decide upon the manner in which it will Develop, seek Regulatory Approvals for and Commercialize the Recro Products in the Recro Territory and to make all decisions relating to such matters, including discontinuation of a project or product, all at Licensee’s sole expense.
In addition, Orion shall provide Licensee with a power to inspect, and file such power to inspect with the respective patent offices in the Recro Territory.
Licensee may terminate this Agreement, at its option, either in its entirety or, if the breach affected only one or more countries of the Recro Territory, with respect to affected countries, at any time if: Orion materially breaches the Agreement and such material breach is not cured by Orion within ninety (90) days after Licensee provides Orion with written notice of such breach.
Licensee shall have a right of first refusal to Commercialize each Additional Product in the Recro Territory in accordance with and subject to the terms of this Section 8.4. Licensee shall have ninety (90) days to consider any proposal of commercial terms by Orion.
If Licensee provides such notice and Orion does not initiate a suit or take such other appropriate action within thirty (30) days after receipt of such notice from Licensee, then Licensee shall have the right to initiate a suit or take other appropriate action that it believes is reasonably required to protect the Orion Patent Rights and Orion Know-How in the Recro Territory.
In the event Licensee timely elects to prosecute and maintain such patent or patent application, Orion shall execute an assignment transferring ownership, at Licensee’s cost and expense, of the patent or patent application to Licensee in each such country of the Recro Territory.
Orion shall not Commercialize Recro Products in the Orion Territory under the trademark(s) used by Licensee in any part of the Recro Territory (a “Recro Trademark”) without Licensee’s prior written consent, which Licensee may withhold in its sole discretion.