OCS Approval definition

OCS Approval shall have the meaning set out in the preamble hereto;

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OCS Approval means the written approval of the OCS for the transfer of the Company’s OCS supported technology outside of Israel, free of any restrictions and conditions provided in the Israeli Encouragement of Industrial Research and Development Law, 1984 and the regulations and rules promulgated thereunder.

OCS Approval means a letter, in form and substance reasonably satisfactory to Buyer, from the OCS (a) describing the amount that is payable to the OCS upon the transfer of the OCS Supported Assets outside of Israel plus applicable interest to date of receipt by the OCS (the “OCS IP Transfer Approval Amount”), and (b) providing that, subject to the payment of the OCS IP Transfer Approval Amount the OCS Supported Assets may be transferred in accordance with section 19B(b)(1) of the Encouragement of Industrial Research and Development Law, 1984, and to the effect that the OCS Supported Assets shall be free of any and all contingencies, restrictions and conditions relating to the OCS, and any obligation for the payment of any royalties, the making of any filings or reports, the making of milestone payments or any other restriction pursuant to the R&D Law or any other consideration other than the OCS IP Transfer Amount, all in the form customarily issued by the OCS in connection with a transfer outside of Israel of intellectual property which has been funded, in part or in whole, by the OCS.

Examples of OCS Approval in a sentence

In this connection, Parent shall provide to the Investment Center and to the OCS any information and shall execute any undertakings customarily requested by such authorities as a condition to the Investment Center Approval and the OCS Approval.
In addition, the provisions of this Agreement relating to performance of the OCS Approval and the other Rules and Regulations shall be considered as “a contract for the benefit of a third party” as defined in the Contracts (General Part) Law 5733-1973 and the “third party” shall be considered the State of Israel.
The parties shall negotiate the terms for the provision, from the parties or from third parties, of the supplementary financing required according to the OCS Approval and the Budget (the “Supplementary Financing”).
The Entrepreneurs, YTF and the Company will perform the Approved Project in the framework of the Incubator Program in accordance with OCS Approval, and the provisions of this Agreement.
Except for the OCS Approval and the Investment Center Approval, there are no consents or approvals of any Governmental Authority required prior to the consummation of the Merger in order to preserve the entitlement of the Surviving Company or its Subsidiaries to any Israeli Tax incentive, subsidy or benefit under Israeli Law.
The preamble and the following appendices to this Agreement form an integral part hereof: APPENDIX A OCS Approval APPENDIX B Articles of Association APPENDIX C Budget for the Approved Project APPENDIX D Intellectual Property Assignment Agreement APPENDIX E Meytav Undertaking with respect to the Project APPENDIX F Technical Specifications for the Product APPENDIX G Work Plan for the Project APPENDIX H.
The Incubator Period will be the period beginning and ending on the dates specified in the OCS Approval, as extended or shortened in accordance with this Section 13.
All Israeli Governmental Entity approvals required pursuant to Israeli legal requirements for the consummation of the merger and the other transactions contemplated by this Agreement shall have been obtained, including, without limitation, the (i) the OCS Approval, and (ii) the Investment Center Approval.
The OCS Approval shall have been obtained, except if the failure to obtain such approval results from a requirement to pay the OCS money as a condition for such approval and Parent does not assume such payment.
MediVision and OIS shall use all reasonable efforts to obtain, as promptly as practicable after the date of this Agreement, the Investment Center Approval, the OCS Approval and any other consents and Approvals that may be required pursuant to Israeli legal requirements in connection with the Merger and the other transactions contemplated by this Agreement and to provide the OCS Notification.

More Definitions of OCS Approval

OCS Approval means the OCS’s written approval of the conveyance of production rights to Scigen in India and in the PRC pursuant to this Agreement as well as approval of the transfer of Technology under the Three-Way Agreement (if required).

OCS Approval means approval by the OCS required under applicable law to assign applicable Patents to Networks3 or its Subsidiaries.

OCS Approval means the written approval of the Israeli Office of the Chief Scientist with respect to the transfer to Acquiror Sub of all rights in and to File Number 32569 (the iPACS Ortho product) and all other Intellectual Property or other rights developed or derived under any OCS approved program under any file number, which is or will be subject to the restrictions under the Israeli Encouragement of Research and Development in Industry Law 5744 – 1984 and any regulations thereof (the “OCS Law”).

OCS Approval shall have the meaning ascribed thereto in Section 2.2 below.