definiens: means with respect to the efforts to be expended bya Party with respect to any objective under this Agreement, reasonable, good faith efforts to accomplish suchobjective as such Party would normally use to accomplish a similar objective of such Party under similarcircumstances, it being understood and agreed that with respect to the Development or Commercialization of aLicensed Product such efforts shall be similar to those efforts and resources commonly used by a Party for a similarbiological or pharmaceutical product owned by it or to which it has rights, which product is at a similar stage in itsdevelopment or product life and is of similar market potential taking into account efficacy, safety, approved labeling, the competitiveness of alternative products in the marketplace, the exclusivity of the product in view of its patentprotection, patent life and other proprietary position of the product, and the likelihood of Regulatory Approval given theregulatory structure involved, provided such efforts are substantially and materially consistent with industry practicesand standards