definiens: means, with respect to the efforts to be expended by a Party with respect to an activity, such reasonable, diligent, good faith efforts to accomplish such activity as such Party would nonnally use to accomplish a similar activity . With respect to the Development of at least one Licensed Product in the United States and Major Market Countries, Commercially Reasonable Efforts means the reasonable, diligent good - faith effort ( and funding thereof ) that [COMPANY] would use for a product at a similar stage of development as to which the Licensed Product is being Developed, taking into account the safety and efficacy profile of the Licensed Product and the regulatory requirements for Approval thereof in the applicable country . With respect to Commercialization of at least one Licensed Product in the United States and Major Market Countries, Conullercially Reasonable Efforts means the reasonable, diligent good - faith efforts ( and 11 CONFIDENTIAL funding thereof ) that would be used by [COMPANY] for a product of similar commercial potential that [COMPANY] would continue to Commercialize in the United States and/or the applicable Major Market Countries Such efforts also require that the applicable Party shall ( i ) on a timely basis assign responsibility for such activities to specifically identified and sufficiently qualified and experienced employees who are held accountable for progress and monitor such progress on an ongoing basis, ( ii ) set and consistently seek to achieve specific and meaningful objectives for carrying out such activities, and ( iii ) consistently implement decisions and allocate human, financial, and organizational resources designed to advance progress toward each of these objectives . ll1e Parties shall regularly, clearly, and in reasonable detail record evidence of compliance with each of items ( i ) through ( iii ) above in research and development plans, laboratory and other logbooks, reports, and other nonnally used documentation in the pharmaceutical business all in accordance with standard scientific procedures