Royalty Year

Royalty Year. Shall mean the period of four calendar quarters (beginning January 1, April 1, July 1 and October 1) commencing with the first calendar quarter following first commercial sale of a Covered Product by Phenomix, its Affiliates or their respective sublicensees and each period of four calendar quarters thereafter; provided, however, upon hitting each of the payment caps of five million dollars, ten million dollars and twenty million dollars in Section 3.3(a), Section 3.3(b) and Section 3.3(c),... respectively, the next ensuing Royalty Year shall reset so as to commence with the commencement of the next ensuing calendar quarter. View More

Royalty Year. Shall mean the one-year period beginning on August 1 and ending on July 31. The first Royalty Year shall begin on August 1, 2000.

Royalty Year. Means the 12-month fiscal period observed by Payor commencing on January 1.

Royalty Year. Each 12 month period starting with the beginning of the first full calendar quarter that products are offered for sale