Common use of Royalties on Net Sales of Licensed Products Clause in Contracts

Royalties on Net Sales of Licensed Products. 3.7.1 Pfizer shall pay Rigel a royalty based on the Net Sales of each Licensed Product. Such royalty shall be paid with respect to each country of the world from the date of the first commercial sale (the date of the invoice of Pfizer or any sublicensee of Pfizer with respect to such sale) of such Licensed Product in each such country until the expiration of the last Product Patent Right to expire with respect to each such country and each such Licensed Product. If the manufacture and sale of a Licensed Product takes place in countries where there are no Product Patent Rights, Pfizer will pay to Rigel a royalty based on the Net Sales of each Licensed Product in each such country for ten (10) years after the first commercial sale of such Licensed Product in such country.