Failure to Use. In the event that Vendor fails to use Algernon Trademarks in association with advertising services for a period of two consecutive years or more, or if Vendor's ALGERNON Trademark registrations expire or are cancelled or expunged for any reason and the Vendor does not exercise commercially reasonable efforts to reinstate or re-register Algernon Trademark registrations with commercially reasonable expediency, then Vendor shall transfer and assign to Purchaser all right, title and interest in and to the Algernon Trademark, without any further consideration.
Appears in 2 contracts
Sources: Asset Transfer and Trademark License Agreement (Algernon Neuroscience Inc.), Asset Transfer and Trademark License Agreement (Algernon Neuroscience Inc.)