Reduction for Substantial Generic Competition Sample Clauses

Reduction for Substantial Generic Competition. (a) In the event that, and for so long as, there exists Substantial Generic Competition in a Major GSK Country: (a) the royalty rates payable under Section 7.2.1 for Net Sales in such country shall be reduced from the rates of 17.5%, 22.5% and 27.5% specified in Section 7.2.1 above to 12.5%, 15% and 17.5%, respectively, and (b) in the event that Santarus’ royalty obligation under the Missouri Agreement for sales of Licensed Products hereunder by GSK is reduced on account of such Substantial Generic Competition in such country, then the royalty owed by GSK to Santarus for such Net Sales shall be further reduced by the same percentage reduction under the Missouri Agreement. As used herein, “Substantial Generic Competition” means that, during the immediately preceding two (2) Calendar Quarters, combined sales of Generic Competitive Products in a particular country in the GSK Territory by Third Parties equate to at least twenty-five percent (25%) of total sales of Licensed Products in the applicable country on a standard unit basis, as measured by IMS standard unit data. For clarity, the royalty reduction set forth in this Section 7.2.2 shall only apply for so long as there is Substantial Generic Competition, and the royalty rates set forth in Section 7.2.1 shall again apply if Substantial Generic Competition ceases at any time during the Term following a royalty reduction pursuant to this Section 7.2.2. GSK shall notify Santarus in writing within ten (10) days after GSK becomes aware of any Substantial Generic Competition.
Sample 1
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Reduction for Substantial Generic Competition. (a) In the event that, and for so long as, there exists Substantial Generic Competition in a Major GSK Country: (a) the royalty rates payable under Section 7.2.1 for Net Sales in such country shall be reduced from the rates of [***] specified in Section 7.2.1 above to [***], respectively, and (b) [***]. As used herein, “Substantial Generic Competition” means that, during the immediately preceding [***] Calendar Quarters, combined sales of Generic Competitive Products in a particular country in the GSK Territory by Third Parties equate to at least [***], as measured by IMS [***] data. For clarity, the royalty reduction set forth in this Section 7.2.2 shall only apply for so long as there is Substantial Generic Competition, and the royalty rates set forth in Section 7.2.1 shall again apply if Substantial Generic Competition ceases at any time during the Term following a royalty reduction pursuant to this Section 7.2.2. GSK shall notify Santarus in writing within [***] days after GSK becomes aware of any Substantial Generic Competition.
Sample 1
Reduction for Substantial Generic Competition 
Sample 1

Related to Reduction for Substantial Generic Competition

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