Common use of Xxxxxxx Elects Not to Develop or Commercialize Licensed Products After Clause in Contracts

Xxxxxxx Elects Not to Develop or Commercialize Licensed Products After. Exercising the Xxxxxxx Option. Without limitation of any rights or remedies that may be available to PPD for any breach by Xxxxxxx of any other provision of this Agreement, if, after exercise of the Xxxxxxx Option, Xxxxxxx 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 Xxxxxxx shall provide notice to PPD thereof (or, in the absence of such notice, PPD may provide notice to Xxxxxxx thereof) and, upon the provision of such notice by Xxxxxxx or upon the provision of such notice by PPD and written acceptance by Xxxxxxx, then Xxxxxxx’x rights to Develop and Commercialize the Licensed Product shall be deemed terminated by Xxxxxxx in accordance with Section 10.3(b) and the PPD Option Period as set forth in Section [*] Confidential treatment requested; certain information omitted and filed separately with the SEC.

Xxxxxxx Elects Not to Develop or Commercialize Licensed Products After. Exercising the Xxxxxxx Option. Without limitation of any rights or remedies that may be available to PPD for any breach by Xxxxxxx of any other provision of this Agreement, if, after exercise of the Xxxxxxx Option, Xxxxxxx 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 Xxxxxxx shall provide notice to PPD thereof (or, in the absence of such notice, PPD may provide notice to Xxxxxxx thereof) and, upon the provision of such notice by Xxxxxxx or upon the provision of such notice by PPD and written acceptance by Xxxxxxx, then Xxxxxxx’x rights to Develop and Commercialize the Licensed Product shall be deemed terminated by Xxxxxxx in accordance with Section 10.3(b) and the PPD Option Period as set forth in Section 5.2(a) shall commence. In the event Xxxxxxx does not accept such notice by PPD within [*] Confidential treatment requested; certain information omitted and filed separately ([*]) days of its provision or objects to such notice by PPD 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 the SECArticle 12.