Initial Royalty Term has the meaning set forth in Section 9.2.
Initial Royalty Term means, on a country-by-country and Licensed Product-by-Licensed Product basis, the period commencing on the date of the first commercial sale of a Licensed Product in such country, and ending on the later of (i) the date on which the manufacture, use, sale, offer for sale or importation of such Licensed Product in such country ceases to be covered by a Valid Claim in such country, or (ii) the date that is ten (10) years following the date of the first commercial sale of a Licensed Product in such country.
Initial Royalty Term has the meaning set forth in Section 9.3.1 (Royalty Payments During the Initial Royalty Term).
Examples of Initial Royalty Term in a sentence
On a country-by-country and Licensed Product-by-Licensed Product basis, if at any time during the Initial Royalty Term a Generic Product receives Regulatory Approval in a country in the Otsuka Territory, then, subject to Section 9.3.2(e) (Royalty Reductions Floor), the royalty rates set forth in Table 9.3.1 will be reduced by [***] for such Licensed Product in such country.
Subject to Section 9.3.2(e) (Royalty Reductions Floor), on a Licensed Product-by-Licensed Product and country-by-country basis, if during any Calendar Quarter during the Initial Royalty Term for such Licensed Product in such country, (i) [***], and (ii) [***], then, commencing [***]; provided that, if [***], then [***].
More Definitions of Initial Royalty Term
Initial Royalty Term means the period of time from the Effective Date through (i) the date upon which there is no Valid Claim in the United States covering the Product sold by Prometheus, its Affiliates or Sublicensees, as applicable, or (ii) [***] years from the First Commercial Sale of the Product in the United States, whichever is greater.
Initial Royalty Term means, on a Product-by-Product and country-by-country basis within the Ono Territory, the period beginning on the date of the First Commercial Sale of such Product in a country until the last of: (a) ten (10) years thereafter; (b) the expiration of all Valid Claims within the Array Patents that would, but for the license granted under this Agreement, be infringed by the sale or use of such Product in such country or (c) the expiration of the Applicable Regulatory Exclusivity Period for such Product in such country. Notwithstanding the foregoing, in the event that it has been more than ten (10) years since the First Commercial Sale of a Product in a country and the Initial Regulatory Exclusivity with respect to such Product has expired but either (i) a subsequent grant of Regulatory Exclusivity is still in effect, and/or (ii) one or more Valid Claims within the Array Patents that cover such Product in such country are still in effect, then if Generic Market Share with respect to such Product in such country equals or exceeds ten percent (10%) for two consecutive quarters, the Initial Royalty Term will immediately terminate with respect to such Product.
Initial Royalty Term shall have the meaning set out in Section 4.4.1.
Initial Royalty Term means, with respect to the Marathon Suspension Product, the period commencing on the FDA Approval date and ending on the seventh (7th) anniversary thereof.
Initial Royalty Term means, on a Country-by-Country basis, the period beginning on the Effective Date and ending on the later of: (a) the expiration date of the last Valid Claim Covering the composition of matter of the Compound in the Territory; or (b) ten (10) years from EMA’s grant of the Marketing Authorization for the Product.
Initial Royalty Term means, on a Product-by-Product and country-by-country basis, the period of time commencing on the First Commercial Sale of a Product in a country and ending upon the later of: (i) the earliest date upon which both of the following have occurred: (a) the expiration of the last to expire of all Amylin Patents and Joint Patents, and solely in the case of any Product containing any Takeda Licensed Compound, Takeda Patents, containing a Valid Claim regarding the composition of matter or method of manufacture or use of such Product (or any Licensed Compound therein); provided, however, such Valid Claim shall be considered for purposes of determining the Initial Royalty Term for such Product in such country only if it provides, or the Parties agree (and if the parties are unable to agree, then based upon the opinion of a mutually agreeable independent patent counsel) that it is reasonably likely to provide, sufficient market exclusivity to exclude Generic Products in such country, and (b) the ***Text Omitted and Filed Separately with the Securities and Exchange Commission. Confidential Treatment Requested Under 17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 expiration of regulatory exclusivity for such Product in such country; or (ii) the first commercial sale of a Generic Product in such country by any Third Party other than a Takeda sublicensee. For the avoidance of doubt, the Parties agree that: (a) if the First Commercial Sale of a Product in a country occurs after the date in Section 1.65(ii) has taken place, there will be no Initial Royalty Term for purposes of calculating royalties pursuant to Section 8.3, and, instead, only the Secondary Royalty Term shall be applicable; and (b) for purposes of Section 1.65(i) above, the Initial Royalty Term will end upon sale of a Generic Product in any country of the Territory, provided that if sales of such Generic Product are terminated thereafter, the Initial Royalty Term will resume and the [***] percent ([***] %) royalty rate will be applied retroactively for the period the Initial Royalty Term was suspended.
Initial Royalty Term in a given country begins upon first commercial sale in the applicable country and ends: [*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.