Common use of Reverse Royalty Clause in Contracts

Reverse Royalty. In the event that Regulus or any of its Parent Companies or any of its or their Affiliates or Third Party licensees or Sublicensees Develops and Commercializes any Refused Candidate as a Refused Candidate Product, or any Returned Licensed Product, it shall pay the following royalty payments to GSK, following the First Commercial Sale by Regulus, its Affiliates or Sublicensees, on a country-by-country basis, for Annual Net Sales of all such products within the relevant Program (“Reverse Royalties”) as follows: (I) Upon Termination [...***...] of a Program due to [...***...] Reverse Royalty Rate (paid to GSK) US$Million (“m”) (A) For Refused Candidate Products with respect to such Program, if [...***...] occurs prior to [...***...] [...***...] (B) For Returned Licensed Products with respect to such Program, if [...***...] occurs after [...***...] [...***...] (II) Upon [...***...] Termination [...***...] of a Program [...***...] Reverse Royalty Rate (paid to GSK)