First Commercialization definition

First Commercialization means date of the first commercial sale by ACSENTIENT or ACSENTIENT Agent of the Preparation in commercial quantities to a Third Party under this License Agreement.

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First Commercialization means the date of the first commercial offer for sale by SIRION of the Product in commercial quantities to a Third Party in the Territory according to the terms of this Agreement.

First Commercialization means the date of the first commercial sale by ISTA, or its sub-licensees of the Product in commercial quantities to a Third Party (other than an ISTA licensee of the Product) in the Territory according to the terms of this Agreement. By way of clarification and for the avoidance of doubt, First Commercialization shall occur only once with respect to the Product and shall not pertain to improvements of such Product or any other Product that may be subsequently approved by United States Food and Drug Administration (U.S. FDA) or any other governmental authority and/or commercialized by ISTA in the Territory.

Examples of First Commercialization in a sentence

Such [ * ] shall be conducted within [ * ] following the First Commercialization.
If SENJU disagrees with ISTA’s sales forecast within the aforementioned [ * ] period, SENJU and ISTA shall have an independent market research agent, which is acceptable to both SENJU and ISTA, calculate the sales forecast for such [ * ] Financial Years after the Financial Year of the First Commercialization.
Licensee hereby agrees that if the total revenue generated by sales of Licensed Products that are Consumables and/or Consumable Kits in the Field of Use equals less than […***…] of the total revenue generated by Licensee in the Field of Use on the […***…] anniversary of the First Commercialization Date or at any time thereafter during the Term, the parties shall in good faith negotiate an equitable adjustment to the financial terms of this Agreement commensurate with such revenue shortfall.
For purposes hereof, the “Commercialization Payment Date” shall mean the date that is the earlier of (i) the First Commercialization Date and (ii) the first anniversary of the Closing Date.
Licensee hereby acknowledges that the financial terms set forth in this Agreement are based on the understanding that no later than the […***…] anniversary of the First Commercialization Date, the total revenue generated by sales of Licensed Products that are Consumables and/or Consumable Kits in the Field of Use will equal at least […***…] of the total revenue generated by Licensee in the Field of Use at such date.
In no event, will minimum annual royalties be imposed on ACSENTIENT for the [ * ] year and [ * ] year following First Commercialization except for the case of paragraph 4.03.
If SENJU disagrees with ISTA’s sales forecast within the aforementioned [ * ] period, SENJU and ISTA shall have an independent market research agent, which is acceptable to SENJU and ISTA, calculate the sales forecast for such [ * ] Financial Years after the Financial Year in which the U.S. First Commercialization occurs.
From the First Commercialization Date, ▇▇▇▇▇▇-▇▇▇▇▇ will pay to Eon an Earned Royalty equal to the applicable Royalty Percentage on Net Sales.
For NV-01 Product, the Minimum Annual Net Sales Obligations for the Territory calculated from the fourth full calendar year following the First Commercialization of NV-01 Product in any one of the Major Countries, are as follows: In year 4: [***] In year 5: [***] In year 6: [***] In year 7: [***] In year 8: [***] In year 9: [***] In year 10: [***] The functional currency in the VIRBAC’s group’s foreign subsidiaries is the current local currency.
This Specific Distribution Agreement is deemed to come into force on November 24th, 2014 and shall remain in force for 10 (ten) years from the date of First Commercialization of NV-01 Product (“Initial Term”).

More Definitions of First Commercialization

First Commercialization means the date, on a country-by-country basis, of the first commercial sale by ISTA or ISTA Marketing Agent in commercial quantities to a Third Party (other than ISTA Marketing Agent) in that country of the Territory according to the terms of this Agreement. For the purpose of clarification, each individual country of the Territory can have its own First Commercialization but, for the avoidance of doubt, First Commercialization may occur only once in each country.

First Commercialization means the date of the first commercial sale in the Territory by ISTA or ISTA Agent of the first FDA-approved Preparation in commercial quantities to Third Party under this License Agreement. By way of clarification and for the avoidance of doubt, First Commercialization shall occur only once with respect to the first FDA-approved Preparation and shall not pertain to improvements of such Preparation or any other Preparations that may be that may be subsequently approved by the FDA and/or commercialized by ISTA in the Territory. 5. The meaning of the last sentence of Paragraph 4.01 shall be clarified to mean that the reduction of the royalty rate shall apply only as to the specific Preparation for which an equivalent generic product has been commercialized. By way of example, if the Net Sales of a particular Preparation(s) in any year decrease more than 20% compared to the preceding year due to the commercialization of a generic product equivalent to such particular Preparation(s), then the royalty rate of such particular Preparation(s) shall be reduced as provided in Paragraph 4.01. 6. Paragraph 15.02 of the License Agreement shall be amended to read in its entirety:

First Commercialization means the date of the first commercial sale by ISTA or ISTA Marketing Agent of the Preparation in commercial quantities to a Third Party in ISTA Territory under this License Agreement.

First Commercialization is defined as being achieved upon Hexion receiving payment from Hexion customers for ten (10) jobs run by AirGate engineers and deemed by Hexion, in its reasonable judgment, to have been successful and to have met the defined performance criteria of *** . The date of First Commercialization shall be designated by Hexion in writing to AGTI. For a six (6) month period following such date, AGTI shall, at no additional cost to Hexion, train up to three (3) Hexion employees to operate the equipment and analyze the data and results.