Procedural Default definition

Procedural Default shall have the meaning ascribed to it in Section 10.2(e).
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Procedural Default means a lawsuit, reexamination or protest proceeding (or the equivalent) filed by Licensee against RCT seeking a declaratory judgment or determination, as the case may be, that any of the PATENT CLAIMS are invalid or unenforceable or otherwise not patentable or reduced in scope. A Financial Default or a Procedural Default shall constitute an immediate default under, and breach of, this Agreement and, upon the occurrence of a Financial Default or Procedural Default, this Agreement shall immediately terminate. On or before the date 30 days before the occurrence of a Financial Default or a Procedural Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable breach of this Agreement. The laws of the country of the patent in question shall govern the interpretation and enforcement of this Subsection 6.3.3.
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Procedural Default means a lawsuit filed by Licensee or its AFFILIATE against RCT seeking a declaratory judgment or determination, as the case may be, that any of the PATENT CLAIMS is invalid or unenforceable or otherwise not patentable or reduced in scope. Financial Defaults and Procedural Defaults shall constitute immediate and material breaches of this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate. Anytime before the occurrence of a Financial Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable, and material breach of this Agreement. The laws of the country of the patent in question shall govern the interpretation and enforcement of this Subsection 6.2.
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Examples of Procedural Default in a sentence

  • A Financial Default or a Procedural Default shall constitute an immediate default under, and breach of, this Agreement and, upon the occurrence of a Financial Default or Procedural Default, this Agreement shall immediately terminate.

  • On or before the date 30 days before the occurrence of a Financial Default or a Procedural Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default.

  • Financial Defaults and Procedural Defaults shall constitute immediate defaults under this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate.

  • Financial Defaults and Procedural Defaults shall constitute immediate and material breaches of this Agreement and, upon the occurrence of either a Financial Default or Procedural Default, this Agreement shall immediately terminate.

  • Upon the occurrence of a Financial Default or Procedural Default, Amgen shall have the right to terminate this Agreement at any time upon written notice to Amylin.

  • Upon the occurrence of a Financial Event or Procedural Default, Amylin shall have the right to terminate this Agreement at any time upon written notice to Shionogi.

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