Common use of Approval by Parent Clause in Contracts

Approval by Parent. This agreement is conditional on the written approval of the Pharma Management Board of Merck KGaA, the parent company of Lipha, of both this agreement and the Obesity Agreement. If such approval is not obtained by Lipha within 60 days of execution of this agreement by Autogen, then this agreement will lapse and be of no further force and effect. Lipha must use all reasonable endeavours to procure satisfaction with this condition. If as a result of the non-satisfaction of this condition, this agreement lapses, then the following will apply: (a) Autogen will not be liable to repay any up-front payment made to it; (b) Lipha will have no entitlement to any Stage 1 Results; (c) Lipha will have no rights to any Stage 1 Results; (d) Lipha must immediately return to Autogen any and all Autogen Know-How and Stage 1 Know-How; and (e) the provisions of clauses 9, 18, 20 and 21 will continue to apply.

Approval by Parent. This agreement is conditional on the written approval of the Pharma Management Board of Merck KGaA, the parent company of Lipha, of both this agreement and the Obesity Diabetes Agreement. If such approval is not obtained by Lipha within 60 days of execution of this agreement by Autogen, then this agreement will lapse and be of no further force and effect. Lipha must use all reasonable endeavours to procure satisfaction with this condition. If as a result of the non-satisfaction of this condition, this agreement lapses, then the following will apply: (a) Autogen will not be liable to repay any up-front payment made to it; (b) Lipha will have no entitlement to any Stage 1 Results; (c) Lipha will have no rights to any Stage 1 Results; (d) Lipha must immediately return to Autogen any and all Autogen Know-How and Stage 1 Know-How; and (e) the provisions of clauses 9, 18, 20 and 21 will continue to apply.