Common use of Core IP Royalty Term Clause in Contracts

Core IP Royalty Term. Royalties payable under Section 6.1(a) shall be payable on a Licensed Product-by-Licensed Product and country-by-country basis in the Territory during the period commencing on the First Commercial Sale of such Licensed Product in such country in the Territory and continuing until the later of (i) expiration of the last-to-expire Valid Claim of the GCLC Core Patents in the country of sale claiming such Licensed Product or the manufacture or use of such Licensed Product; (ii) expiration of any Regulatory Exclusivity for such Licensed Product in such country; and (iii) the tenth (10th) anniversary of the First Commercial Sale of such Licensed Product in such country (the “Core IP Royalty Term”). Following expiration of the Core IP Royalty Term for any Licensed Product in a given country, no further Core IP Royalties shall be payable in respect of GCLC Core Technology for such Licensed Product in such country, and the Core License granted to Artiva under Section 2.1 with respect to such Licensed Product in such country shall automatically become fully paid-up, perpetual and royalty-free and shall survive any expiration or termination of this Agreement.