Common use of VALID CLAIMS Clause in Contracts

VALID CLAIMS. Except as otherwise provided in Section 5.6 below, Licensee shall pay Caltech a royalty of one percent (1%) of Net Revenues in countries in which the Licensed Product is covered by at least one Valid Claim. Royalties due under this Section 5.2 shall be payable on a country-by-country and Licensed Product-by-Licensed Product basis until the expiration of the last-to-expire issued Valid Claim covering such Licensed Product in such country.