Examples of Qualified license in a sentence
Licensee may desire to have LICENSED PRODUCTS, that have been introduced into human beings in the course of clinical trials conducted under the sponsorship or direction of Licensee, marketed and SOLD by a commercial partner, co-promoter or developer (a "Qualified License Prospect").
Promptly after receiving each such written request, RCT shall offer to the pertinent Qualified License Prospect a license under the LICENSED PATENTS: (a) at the same earned royalty rate and the annual minimum royalty payment amounts provided in this Agreement; and (b) as to other financial terms, at the then-prevailing terms offered by RCT to others for such a license.
RCT shall negotiate each such license in good faith but shall not have any obligation to enter into such license if RCT and the pertinent Qualified License Prospect are unable to agree upon the terms of such license.
From time to time, Licensee may provide to RCT a written request that RCT grant a license under the LICENSED PATENTS to such Qualified License Prospect.
No Unrestricted Subsidiary shall be a licensee or sublicensee of any IP Rights held by a Loan Party except pursuant to (a) a Qualified License or (b) an Extraordinary IP Rights Transaction that occurs on Arm’s Length Terms for Fair Market Value and is otherwise permitted pursuant to Section 6.12.