Common use of Inflation Reduction Act Clause in Contracts

Inflation Reduction Act. Subject to Section 8.4.8, in any Calendar Quarter during the Royalty Term for a Licensed Product for which such Licensed Product is designated as a “selected drug” by the Secretary of the U.S. Department of Health and Human Services under the Inflation Reduction Act, and ▇▇▇▇▇ is required to negotiate a maximum fair price that will apply to sales of such Licensed Product during the price applicability period as specified in the Inflation Reduction Act, then, for each Calendar Quarter thereafter and for so long as the Licensed Product remains subject to the Inflation Reduction Act and a maximum fair price, the Royalty rates provided in Section 8.4.2 above for the Licensed Product will be reduced in the United States by [***] for each such Calendar Quarter.