IP Term definition

IP Term means that period, during the Term, commencing on the Effective Date and continuing for five (5) years following the later of (i) the end of the Technology Collaboration Term, and (ii) the end of the last Product R&D Program Term.

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IP Term means that period, during the Term, commencing on the Effective Date and continuing for [***] to such Co-Funding Target.

IP Term means (a) with respect to the Calcitonin Product *** the period commencing on the Effective Date and ending *** years after the Effective Date, and (b) with respect to Calcitonin *** Product, the period commencing on the Effective Date and ending *** years after the Effective Date.

Examples of IP Term in a sentence

• If Licensee does not present such a New IP Term Sheet to Licensor sixty (60) days after receiving a New IP Notice, Licensee's rights with respect to such New IP shall lapse.

• The JV Agreement or an Ancillary Agreement will contain the terms set forth on the JV IP Term Sheet attached as Schedule II.

• If Licensee does submit a New IP Term Sheet, Licensor and Licensee shall negotiate in good faith the details of such term sheet to arrive at a mutually acceptable agreement, and shall promptly and in good faith incorporate the terms thereof into a written license with respect to such New IP, which may be in the form of either an amendment to this Agreement or a separate agreement in substantially the form of this Agreement, as reasonably determined by Licensor.

• Licensee shall have sixty (60) days from its receipt of a New IP Notice to present to Licensor a commercially reasonable term sheet (“New IP Term Sheet”) for licensing the New IP.

• Upon natural expiration of the Licensed IP Term, Licensee’s license under the Licensed Know-How pursuant to Section 2.1 of this Agreement shall convert to a fully paid-up, nonexclusive, perpetual, irrevocable, royalty-free license in the Licensed Field in the Territory.

• Borrowers shall pay to Agent an unused commitment fee in respect of the ABL IP Term Facility calculated at 0.50% per annum until the funding of all ABL IP Term Loans under the ABL IP Term Facility.

• All per annum rates and fees will be computed on basis of actual days elapsed over a 360 day year (or 365 or 366 days, as the case may be, in the case of Revolving Loans, ABL FILO Term Loans or ABL IP Term Loans for which the Base Rate is used).

• Following the occurrence and during the continuance of an event of default, the applicable rates of interest for all Revolving Loans, ABL FILO Term Loans, ABL IP Term Loans and commitments and rate for letter of credit fees shall be increased by 2% per annum above the otherwise then applicable rates.

• In the case of Revolving Loans, ABL FILO Term Loans or ABL IP Term Loans for which the LIBOR Rate is used, interest is payable on the last day of each relevant interest period or in the case of an interest period longer than 3 months, then within 3 months, in arrears, and in the case of Revolving Loans, ABL FILO Term Loans or ABL IP Term Loans for which the Base Rate is used, interest is payable monthly in arrears.

• Upon natural expiration of the Licensor Developed IP Term, Licensee’s license under any Know-How included in the Licensor Developed Intellectual Property pursuant to Section 2.2 of this Agreement shall convert to a full paid-up, non-exclusive, perpetual, irrevocable, royalty-free license in the Licensed Field in the Territory.