Common use of PPD Elects Not to Develop or Commercialize Licensed Products After Exercising the PPD Option Clause in Contracts

PPD Elects Not to Develop or Commercialize Licensed Products After Exercising the PPD Option. Without limitation of any rights or remedies that may be available to Xxxxxxx for any breach by PPD of any other provision of this Agreement, if, after exercise of the PPD Option, PPD ceases all Development constituting actions actively and materially progressing Licensed Products to Regulatory Approval and material Commercialization activities concerning Licensed Products for, in either case, a period of [*] ([*]) consecutive months, then PPD shall provide notice to Xxxxxxx thereof (or, in the absence of such notice, Xxxxxxx may provide notice to PPD thereof) and, upon the provision of such notice by PPD or upon the provision of such notice by Xxxxxxx and written acceptance by PPD, then PPD’s rights to Develop and Commercialize the Licensed Product shall be deemed terminated by PPD in accordance with Section 10.3(a). In the event PPD does not accept such notice by Xxxxxxx within [*] ([*]) days of its provision or objects to such notice by Xxxxxxx in writing prior to the expiration of such [*] ([*]) day period, the matter of whether or not such termination shall occur shall be subject to resolution in accordance with Article 12.