Common use of Licensed Compounds Clause in Contracts

Licensed Compounds. 5.1 CHIRON'S LICENSED COMPOUND DECLARATION AND EXERCISE OF OPTION TO LICENSED COMPOUND. (a) At any time within the OVLS Evaluation License and Option Term., Chiron may secure the License referenced in Section 5.2 with respect to any or all compounds contained within a Optioned Validated Lead Structure Series by notifying Phytera of Chiron's interest in obtaining the License referenced in Section 5.2 (the "LC DECLARATION") Chiron's provision of the LC Declaration to Phytera shall constitute Chiron's exercise of its option to the Optioned Validated Lead Structure Series in question, and upon Phytera's receipt of Chiron's LC Declaration (the "LC DECLARATION DATE"), any and all compounds which are the subject of Chiron's LC Declaration will be deemed to be a Licensed Compound(s) subject to the License referenced in Section 5.2. (b) Phytera shall execute (and shall ensure that any of its employees execute and that any third party involved in the discovery or invention over whom they have control executes) all necessary documents to perfect Chiron's rights pursuant to this Article 5.