definiens: means, with r espect to a Party, the efforts and resources which would be used by that Party consistent with prevail ing pharmaceutical industry standards for a company of similar size and scope to such Party with respect t o a product or potential product at a similar stage in its development or product life and of similar market p otential taking into account efficacy, safety, the anticipated Regulatory Authority approved labeling, the competi tiveness of alternative products in the market plac e or under development, the patent and other proprietary posit ion of the product, the likelihood of Regulatory Ap proval, the commercial value of the product and any other relev ant factors . Notwithstanding the foregoing, the Par ties to this Agreement hereby acknowledge and agree that shall in all cases inclu de all efforts required to be performed in order to fulfil l, in all respects, all obligations of RFSP under t he University License Agreement to develop and commercialize the Licensed Product under Sections 3.1, 3.4(b ), ( c ) an d ( d ), 15.2, 15.4 and 15.11 of the University License Agre ement