Royalty where Substantial Similar Competition Exists Sample Clauses

Royalty where Substantial Similar Competition Exists. In the event Section 3.4.3 does not apply, where Substantial Similar Competition by a Similar Product exists in a country in which a Licensed Product covered by a Valid Claim of Unigene Formulation Patent Rights is being sold, the applicable royalties set forth in Section 3.4.1 on Net Sales in such country shall be reduced by *** percent (***%) for each Calendar Quarter in which Substantial Similar Competition exists. “Substantial Similar Competition” means the situation where a Similar Product achieves *** percent (***%) or more sales (by volume) of the Licensed Product in such country, as measured by IMS or an equivalent Third Party service acceptable to both Parties, on a monthly basis for each month of a Calendar Quarter.
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Related to Royalty where Substantial Similar Competition Exists

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