Examples of Initiation Period in a sentence
An Eligible Individual’s election to receive payment under this Section must be (i) initiated by the Eligible Individual no later than the last day of the Window Initiation Period and (ii) completed by returning an election form postmarked on or before the Window Election Deadline, unless a later date is required by law due to a delay in the delivery of the election notice to the Eligible Individual.
The term of this Agreement (the “Term”) shall commence on the Effective Date and, unless terminated earlier pursuant to this Article 11, shall continue in effect on an R&D Program-by-R&D Program basis until the expiration of the Stage 3 Initiation Period or, if GSK elects to initiate Stage 3 activities, upon the completion of the Pharmacological Validation Phase, unless earlier terminated in accordance with this Article 11.
This Agreement shall come into force on the Effective Date and shall continue until the expiration or termination of any and all Projects that have been executed within the Initiation Period, or until this Agreement terminated in accordance with this Article 10 (“Term”).
If this was not the Initiation Period, then the minimum Marketing generated per quarter would be $130,000 with a Minimum Term Commission of $13,000 per quarter (subject to Note (1) above) and, therefore, the Company would have had the right to adjust the Weekly Draw for the next Quarter downward by an aggregate of $1,000 (10% of $10,000 shortfall) or $76.92 per week, for a pro-rata quarterly reduced Weekly Draw of $923.08.
If at any time during the Patent Royalty Initiation Period, that Product is not covered by a Valid Patent Claim in the country, then, during that time period, Merck shall pay the Know-How Royalty Rate for sale of Product in that country until the tenth (10th) anniversary of the First Commercial Sale of the Product in such country (the “Know-How Royalty Term”) (the Patent Royalty Term and Know-How Royalty Term constitute the “Royalty Term”).
Because the Product was covered by a Valid Patent Claim after the Patent Royalty Initiation Period (that is, beyond 10 years from the date of First Commercial Sale), then Xxxxx would not receive any further Royalties for sales of the Product in that country.
In the event of such termination during the Initiation Period, the Company may immediately recapture any business reinsured under this Agreement.
An Eligible Participant’s election to receive payment under this Section must be (i) initiated by the Eligible Participant no later than the last day of the Window Initiation Period and (ii) completed by returning an election form postmarked on or before the Window Election Deadline, unless a later date is required by law due to a delay in the delivery of the election notice to the Eligible Participant.