Product Earned Royalties Sample Clauses

Product Earned Royalties. Lilly shall pay to Transition royalties on the annual, worldwide Net Sales of Licensed Products in the amounts set forth below (all amounts are in U.S. dollars). Lilly’s royalty obligations in respect to each Licensed Product under this Section 8.3 shall commence on the date of the First Commercial Sale of the Licensed Product and expire, on a country by country basis, on the latest of the following dates: (i) the tenth (10th) anniversary of the date of First Commercial Sale of the Licensed Product in such country; (ii) the expiration in such country of the last-to-expire Transition Patent having a Valid Claim covering the manufacture, use or sale of the Licensed Product as Commercialized in such country; (iii) the expiration of any Data Exclusivity Period for the Licensed Product in such country. Only one term as calculated under (i), above, shall apply on the Net Sales of the same Licensed Product even though such Licensed Product may be later relaunched, for example, without limitation, (deleted text: examples of relaunched products); however, such new Licensed Product shall be subject to a term as calculated under parts (ii) or (iii) if applicable. If, on a country by country basis, during any Calendar Year, generic versions of the Licensed Product have a market share within that country (based upon unit volume of all dosages and other presentations combined) of at least (deleted text: percentage), the Net Sales for that country for purposes of calculating the Royalty due hereunder shall be reduced by (deleted text: percentage). The annual Net Sales tiers established for annual Net Sales are in 2009 U.S. dollars and shall be adjusted annually with the first adjustment to be effective January 1, 2010, based upon change in the index from December 31, 2008, to December 31, 2009, based upon the increase in the United States Consumer Price Index U.S. city average (CUUR000SA0). Subsequent adjustments shall be made annually based upon the December 31 to December 31 change.