Common use of First Commercial Sale Clause in Contracts

First Commercial Sale. The term “First Commercial Sale” shall mean the first sale of a Licensed Product by Sorrento or a Sublicensee to a non-Affiliated third party, for value and not for demonstration or other promotional purposes or testing or development purposes.

First Commercial Sale. The term “First Commercial Sale” shall mean with respect to each Licensed Product, the first sale of a such Licensed Product by Sorrento Licensee, its Affiliate or a its Sublicensee to a non-Affiliated third party, for value and not for demonstration or other promotional purposes or testing or development purposesparty following all necessary regulatory approvals in the applicable country.