Examples of Other Parties in a sentence
If the Managing Party is in breach of its obligations under the Agreement and does not cure its breach in the time period set forth in Section 10.3, or if the Managing Party has not been successful in signing a License Agreement within two years of serving as Managing Party, then at the option of the Other Parties with a majority of the Allocable Percentage of Net Consideration held by all such Other Parties they may elect by written notice to the Parties to terminate a Party’s service as Managing Party.
In the absence of a third party paying for such costs, the Managing Party may file for patent protection in foreign countries, but shall be solely responsible for all of the Patent Expenses related thereto (except the initial PCT filing, but no nationalizations thereof) unless the Other Parties expressly agree in writing to share the costs of foreign filings.
In the event of a resignation or termination of a Party’s service as Managing Party pursuant to Section 10.6(a) or (b), the Other Parties with a majority of the Allocable Percentage of Net Consideration held by all such Other Parties may elect a new Party to become the Managing Party and to so replace the initial Managing Party, subject to obtaining the written consent of such Party to act as the new Managing Party.
The Managing Party shall keep the Other Parties promptly and reasonably informed as to the plans and activities of the Managing Party with respect to the licensing matters, and the Managing Party shall give due consideration to the recommendations made by the Other Parties with respect to the licensing matters.
The Party serving as Managing Party may resign from that position upon 60 days prior written notice to the Other Parties (or may be deemed to have resigned in the circumstances set forth in Section 3.7(d)).