Common use of Protection of Intellectual Property Rights Clause in Contracts

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise Collateral Agent in writing of any known infringement by a third party of its Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s business; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 4 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (ConforMIS Inc), Loan and Security Agreement (ConforMIS Inc)

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Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly promptly, after Borrower or any of its Subsidiaries obtains knowledge thereof, advise Collateral Agent in writing of any known infringement by a third party of its material Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (c) not allow any of its Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 4 contracts

Samples: Loan and Security Agreement (Locust Walk Acquisition Corp.), Loan and Security Agreement (Foghorn Therapeutics Inc.), Loan and Security Agreement (Sigilon Therapeutics, Inc.)

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its owned Intellectual Property that is material to Borrower’s businessbusiness as conducted; (b) promptly upon becoming aware, advise Collateral Agent in writing of any known material infringement by a third party of its owned Intellectual Property that could reasonably be expected is material to materially and adversely affect Borrower’s businessbusiness as conducted; and (c) not allow any owned Intellectual Property material to Borrower’s business as conducted to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 3 contracts

Samples: Loan and Security Agreement (Kezar Life Sciences, Inc.), Loan and Security Agreement (Vera Therapeutics, Inc.), Loan and Security Agreement (Vera Therapeutics, Inc.)

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: shall (ai) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its the Intellectual Property that is material to Borrower’s business; (bii) promptly advise Collateral Agent and each Lender in writing of any known infringement by a third party material infringements of its the Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (ciii) not allow any Intellectual Property that is material to Borrower’s business to be abandonedabandoned without refiling, forfeited (excluding terminal disclaimers in Patents that are filed in the ordinary course of business) or dedicated to the public without Collateral Agent’s and each Lender’s prior written consent.

Appears in 3 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (Omeros Corp), Loan and Security Agreement (Omeros Corp)

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its owned Intellectual Property that is material to Borrower’s business; (b) promptly promptly, after obtains knowledge thereof, advise Collateral Agent in writing of any known material infringement by a third party of its owned Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businesswhich has any material value; and (c) not allow any owned Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 2 contracts

Samples: Loan and Security Agreement (Centrexion Therapeutics Corp), Loan and Security Agreement (Centrexion Therapeutics Corp)

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its the Intellectual Property owned by Borrower that is material to Borrower’s business; (b) promptly promptly, after Borrower or any of its Subsidiaries obtains knowledge thereof, advise Collateral Agent in writing of any known material infringement by a third party of its Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (c) not allow any Intellectual Property owned by Borrower that is material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 1 contract

Samples: Loan and Security Agreement (Selecta Biosciences Inc)

Protection of Intellectual Property Rights. Borrower and Guarantor each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise Collateral Agent in writing of any known material infringement by a third party of its Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited (excluding terminal disclaimers in Patents that are filed in the ordinary course of Borrower’s business) or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 1 contract

Samples: Loan and Security Agreement (Zalicus Inc.)

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Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise notify Collateral Agent in writing of any known infringement by a third party of its Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s business; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 1 contract

Samples: Loan and Security Agreement (Entellus Medical Inc)

Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly promptly, after Borrower or any of its Subsidiaries obtains knowledge thereof, advise Collateral Agent in writing of any known material infringement by a third party of its Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.

Appears in 1 contract

Samples: Loan and Security Agreement (Pliant Therapeutics, Inc.)

Protection of Intellectual Property Rights. Borrower shall and shall cause each of its Subsidiaries shallto: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its their respective Intellectual Property Property, except to the extent that is material the failure to Borrower’s businessdo so does not and could not reasonably be expected to result in a Material Adverse Effect; (b) promptly advise Collateral Administrative Agent in writing of any known infringement by a third party material infringements of its their respective Intellectual Property that could reasonably be expected to materially and adversely affect Borrower’s businessProperty; and (c) not allow any Intellectual Property material to Borrower’s the business of Borrower or any of its Subsidiaries to be abandoned, forfeited or dedicated to the public without Collateral Administrative Agent’s prior written consent.

Appears in 1 contract

Samples: Loan and Security Agreement (Intercloud Systems, Inc.)

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