Stockout Period definition
Stockout Period means a period during which Licensee, as a result of failure of Exelixis to supply Product, has no commercial inventory available to supply the market in the Licensee Territory. Inventory stockouts arising from Licensee’s failure to maintain the [ * ] safety stock in accordance with the Supply Agreement shall not give rise to a Stockout Period.
Stockout Period means a period during which Licensee, as a result of failure of Exelixis to supply Product, has no commercial inventory available to supply the market in the Licensee Territory. Inventory stockouts arising from Licensee’s failure to maintain the [ * ] safety stock in accordance with the Supply Agreement shall not give rise to a Stockout Period. 1.78 “Sublicensee” means a Third Party to whom Licensee grants a sublicense to Develop, use, import, promote, offer for sale or sell any Product in the Field in the Licensee Territory, beyond the mere right to purchase Products from Licensee and its Affiliates, and excluding wholesalers, full-service distributors that do not promote the sale of the Product, and other similar physical distributors. In no event shall Exelixis or any of its Affiliates be deemed a Sublicensee. 1.79 “Third Party” means any entity other than Exelixis or Licensee or an Affiliate of Exelixis or Licensee. 1.80 “Tier 1 Additional Indication” means [ * ]. 1.81 “Tier 2 Additional Indication” means any line of therapy for [ * ]. 1.82 “Top 5 EU” means the United Kingdom, Germany, France, Spain, and Italy. 1.83 “U.S.” means the United States of America, including its territories and possessions (including Puerto Rico). 1.84 “Valid Claim” means (a) a claim of an issued and unexpired patent that has not been revoked or held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has not been appealed within the time allowed for appeal, and that has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise, or (b) a claim of a pending patent application that has not been cancelled, withdrawn or abandoned or finally rejected by an administrative agency action from which no appeal can be taken and that has not been pending for more than [ * ].
Stockout Period means a period during which Licensee, as a result of failure of Exelixis to supply Product, has no commercial inventory available to supply the market in the Licensee Territory. Inventory stockouts arising from Licensee’s failure to maintain the [ * ] safety stock in accordance with the Supply Agreement shall not give rise to a Stockout Period. 1.34 “Term” has the meaning set forth in Section 10.1. 1.35 “Third Party” means any entity other than Exelixis or Licensee or an Affiliate of Exelixis or Licensee. 1.36 “Transfer Price” has the meaning set forth in Section 3.1. 1.37 “U.S.” means the United States of America, including its territories and possessions (including Puerto Rico).
Examples of Stockout Period in a sentence
In the event of conditions that give rise to a Stockout Period, Licensee shall be relieved of the obligation to meet minimum commercial performance obligations pursuant to Section 6.3(c) for the Calendar Year in which such Stockout Period occurs.
In the event of conditions that give rise to a Stockout Period, Licensee shall be relieved of the obligation to pay royalties pursuant to Section 9.5(a) on Net Sales occurring for a period of time, commencing with the first commercial sale following the end of the Stockout Period, equal in duration to the Stockout Period.