Common use of Xxxxxxx Does Not Exercise Xxxxxxx Option Clause in Contracts

Xxxxxxx Does Not Exercise Xxxxxxx Option. If Xxxxxxx does not exercise the Xxxxxxx Option prior to the expiration of the Xxxxxxx Option Period, or Xxxxxxx provides written notice to PPD expressly declining Xxxxxxx’x right to exercise the Xxxxxxx Option, (i) the PPD Option Period commences, (ii) Xxxxxxx agrees that PPD shall, subject to the terms of Sections 5.2(a), 10.3(c), and 10.4(e)(i), be solely responsible, at its sole expense, for all Development and Commercialization of the Licensed Product according to the terms of this Agreement. For clarification, PPD shall have no obligation of any kind to Develop or Commercialize the Licensed Product until the PPD Option is exercised and, except as explicitly set forth in this Agreement or MuDelta Master Services Agreement, Xxxxxxx has no further right or obligation to Develop or Commercialize Licensed Products.

Xxxxxxx Does Not Exercise Xxxxxxx Option. If Xxxxxxx does not exercise the Xxxxxxx Option prior to the expiration of the Xxxxxxx Option Period, or Xxxxxxx provides written notice to PPD expressly declining Xxxxxxx’x right to exercise the Xxxxxxx Option, (i) the PPD Option Period commences, (ii) Xxxxxxx agrees that PPD shall, subject to the terms of Sections 5.2(a), 10.3(c), and 10.4(e)(i), be solely responsible, at its sole expense, for all Development and Commercialization of the Licensed Product according to the terms of this Agreement. For clarification, PPD shall have no obligation of any kind to Develop or Commercialize the Licensed Product until the PPD Option is exercised and, except as explicitly set forth in this Agreement or MuDelta TOPO Master Services Agreement, Xxxxxxx has no further right or obligation to Develop or Commercialize Licensed Products.