First Product definition
Examples of First Product in a sentence
If royalties are paid under this Section 5.4.2 in the Calendar Year of or before the First Product receives Regulatory Approval, then the initial royalties contemplated by Section 5.4.1 shall be payable only for that portion of aggregate Net Sales during such Calendar Year that exceeds such Net Sales to the First Responder Market.
As further consideration for the rights granted to Adapt hereunder, Adapt shall pay to Lightlake a royalty of sixteen percent (16%) of Net Sales of the First Product to the First Responder Market that are made prior to the First Commercial Sale and prior to Regulatory Approval of the First Product, up to aggregate Net Sales of Three Million One Hundred Twenty-Five Thousand Dollars ($3,125,000) (i.e., the maximum royalty payable pursuant to this Section 5.4.2 shall equal $500,000).
Notwithstanding the foregoing, in the event that Customer receives a serviced Product back from X-Rite (the “First Product”) and has another Product to be serviced (the “Second Product”), Customer may retain the Loaner for use while the Second Product is being serviced by X-Rite, as long as the as Customer obtains an RMA for the Second Product in accordance with Section 1 above and ships the Second Product to X-Rite within three days from receipt of the First Product by Customer.
In the event of termination of this Agreement with respect to the Alimera First Product, CDS shall no longer be bound by Section 5.1.2(1), (2), (3) or (4) with respect to such Product.
IN WITNESS WHEREOF, the Parties have entered into this First Product Addendum as of the First Product Addendum Effective Date.