Common use of Ireland Sales Clause in Contracts

Ireland Sales. In furtherance of the rights granted to Schering to distribute Product throughout the Territory as and to the extent provided in this Agreement, ICN grants to Schering the right to, and Schering shall, at its option, assume, perform or discontinue, and ICN shall cease, until receipt by Schering of Regulatory Approval of the Product in the EU, the distribution, marketing and sale of the Product currently being conducted by ICN or any Affiliate of ICN in Ireland (including without limitation, any obligations of ICN under distribution and other marketing agreements and arrangements relating to Ireland). Schering shall pay to ICN, during each year during the Exclusive Period (other than any year during the Exclusive Period during which ICN actually sells the Product in Ireland, with the permission of Schering) until receipt by Schering of Regulatory Approval of the Product in the EU, an amount determined by [REDACTED] for sale of Product in Ireland in 1994, [REDACTED], times [REDACTED], payable annually on January 10 of each year. Schering shall have the right to audit the books and records of ICN once, within [REDACTED] after the Effective Date, solely to verify such [REDACTED], and otherwise in accordance with the provisions of Section 6.10(b).