Primary Royalty Term Clause Samples

Primary Royalty Term. “Primary Royalty Term” means, on a country-by-country basis, that period from the First Commercial Sale of the Product following Regulatory Approval in such country (or, if later, the Opt-Out Date) until expiration of the last to expire Patent within the Opt-Out Party’s Licensed IP that has one or more Valid Claims that would, but for the licenses granted under this Agreement, be infringed by the manufacture, use, sale, offer to sell or import of such Product in the country in which such manufacture, use, sale, offer to sell or import occurs by the Continuing Party, its Affiliates or Sublicensees.