Common use of Patent Expiry Clause in Contracts

Patent Expiry. On a country-by-country basis, in the event that the Exploitation of a Product is not Covered by a Valid Claim of a [***] of the CK1d Directed Compound in such country, then the royalty rates set forth in Section 3.2.1 (Royalty Rate; Royalty Term) with respect to Net Sales for such Product in such country shall be reduced by [***] (e.g., the royalty rates would be reduced to [***], depending on royalty tier), effective as of the date such Product is no longer Covered by a Valid Claim of a [***] of the CK1d Directed Compound, in such country.

Patent Expiry. On a country-by-country basis, in the event that the Exploitation of a Product is not Covered by a Valid Claim of a [***] of the CK1d GCase Directed Compound in such country, then the royalty rates rate set forth in Section 3.2.1 (Royalty Rate; Royalty Term) with respect to Net Sales for such Product in such country shall be reduced by [***] (e.g., the royalty rates rate would be reduced to [***], depending on royalty tier), effective as of the date such Product is no longer Covered by a Valid Claim of a [***] of the CK1d GCase Directed Compound, in such country.