Commercialization Year definition
Examples of Commercialization Year in a sentence
The Parties shall, after the 5th Commercialization Year, negotiate in good faith to adjust the Base Minimum Purchase Levels as set out in this Section 6, with effect from the 6th Commercialization Year until 2014, provided that such adjustment is reasonable taking into account major developments in the macro-economic environment since the signing of this Agreement.
Notwithstanding Section 9.3 above, after the completion of Commercialization Year 1 and at any time Evolus may determine thereafter, Evolus, at its sole discretion, may allow DISTRIBUTOR to enter into multi-year “bundling” agreements (“Bundle Agreements”) with customers of the Agreement Products in the Territory whereby customers would purchase a bundle of products that include the Agreement Products.
Provided that PRONOVA is not in breach of its supply obligations under Section 5, this Agreement will be subject to RELIANT making at least the following purchases of API for Trade Product (the “Base Minimum Purchase Levels”) during the first twelve month period following the First Commercial Sale and every 12-month period thereafter (each a “Commercialization Year”): • 1st Commercialization Year: USD 6,000,000.
Notwithstanding the foregoing, after the first Commercialization Year which includes a full calendar year, ▇▇▇▇▇▇▇'▇ minimum royalty obligation shall be calculated on Forecast Net Sales in an amount not less than * of ▇▇▇▇▇▇▇ actual Net Sales in the previous Commercialization Year.
The Minimum Purchase Level may be reached by RELIANT by purchasing API for Sample Product at the price for Trade Product, or by paying the difference between actual Trade Product bought during the respective Commercialization Year and the Minimum Purchase Level in that year.
DISTRIBUTOR shall not sell any Agreement Products beyond their stated expiration date; provided, however, EVOLUS shall only deliver Agreement Products to DISTRIBUTOR that have: (a) during Commercialization Year 1 at least [***] months of their useful life remaining and (b) after Commercialization Year 1 at least [***] years of their useful life remaining.
The amount due under this Section 8.5 for any Commercialization Year is the amount, if any, by which the MARs specified for the applicable Minimum Annual Royalty Category for that Commercialization Year period exceeds the royalties actually paid on Beverages and Beverage Bases incorporating Selected Compounds with respect to the applicable Minimum Annual Royalty Category during such Commercialization Year (“Royalty Shortfall(s)”).
Within [***] days of the Effective Date, DISTRIBUTOR shall provide to EVOLUS a non-binding forecast for the Initial Agreement Products for Commercialization Year 1.
During Commercialization Year 1, DISTRIBUTOR may expressly enter into Bundle Agreements with a maximum term of three years and EVOLUS shall have the obligations to deliver the Agreement Products at the Transfer Price set forth on Exhibit C regardless of whether the Term of this Agreement has ended.
Provided that PRONOVA is not in breach of its supply obligations under Section 5, this Agreement will be subject to RELIANT making at least the following purchases of API for Trade Product during the first twelve month period following the First Commercial Sale and every 12-month period thereafter (each a “Commercialization Year”) prior to Full Regulatory Approval (the “Reduced Base Minimum Purchase Levels”): • 1st Commercialization Year: USD 3,000,000.