Royalty Term definition

Royalty Term means, with respect to each Licensed Product, the period of time beginning on the first sale of a Licensed Product in a country following receipt of regulatory approval for the marketing and sale of such Licensed Product in such country and continuing on a country-by-country and product-by-product basis until the later of (1) the expiration of the Patent Term, or (ii) ten (10) years from the date of such sale of such Licensed Product in such country (other than any sale or transfer between Licensee and its Affiliates or Sublicensees).

Royalty Term has the meaning set forth in Section 8.4(b).

Royalty Term shall have the meaning set forth in Section 4.9.

Examples of Royalty Term in a sentence

• Royalty obligations under Section 7.4(a) (subject to adjustment pursuant to Section 7.4(b)) shall only apply to sales of a Lilly Product or Companion Diagnostic, as applicable, sold in a country during the Lilly Royalty Term applicable to such Lilly Product or Companion Diagnostic in such country.

• For clarity, notwithstanding anything herein to the contrary, any Primary TARP8 Patent assigned under this Section 4.3 (Assignment of Primary TARP8 Patents) to Licensee will be deemed to be a Licensed TARP8 Patent for the purposes of determining the Royalty Term under Section 6.4.2 (Royalty Term).

• This Agreement shall be effective as of the Effective Date and, unless earlier terminated pursuant to Sections 12.2, 12.3, 12.4, or 12.5 continue until the expiration of the last-to-expire Telix Royalty Term or, if Lilly exercises its Option and the last-to-expire Lilly Royalty Term expires following the last-to-expire Telix Royalty Term, the last-to-expire Lilly Royalty Term (the period during which this Agreement is effective, the “Term”).

• Royalty obligations under Section 6.3(a) (subject to adjustment pursuant to Section 6.3(b)) shall only apply to, and Telix Net Sales for purposes of determining whether any sales-based Milestone has been triggered shall only include, sales of a Licensed Product sold in a country during the Telix Royalty Term applicable to such Licensed Product in such country.

• Upon the expiration of the Telix Royalty Term for a particular Licensed Product in a particular country, the rights granted under Section 3.1 shall become nonexclusive, irrevocable, perpetual, royalty-free, and fully-paid.

More Definitions of Royalty Term

Royalty Term has the meaning set forth in Section 6.4.2.

Royalty Term shall have the meaning set forth in Section 7.3.

Royalty Term means with respect to each Product in each country in the Territory, the period beginning on the date of First Commercial Sale of such Product in such country and ending on the later of (a) the expiration of the last to expire Valid Claim of the Licensed Patent Rights or ILDONG Program Patent Rights in such country that Covers the composition of matter, Manufacture, use or sale of such Product, and (b) fifteen (15) years from the date of the First Commercial Sale of such Product in such country.

Royalty Term has the meaning set forth in Section 4.3(d).

Royalty Term means, with respect to a Product in a country, the period beginning on the First Commercial Sale of such Product in such country, and expiring on the later of:

Royalty Term has the meaning set forth in Section 3.3.

Royalty Term has the meaning set forth in Section 8.1.2 (Royalty Term).