Term of Royalty Obligation. Royalties on the Licensed Product shall commence upon the First Commercial Sale of a Licensed Product in a particular country in the Territory and will continue on a product-by-product, country-by-country basis until the later of # the expiration of the last to expire Valid Claim of the Compound Patent Rights covering a Licensed Product in such country or # the tenth (10th) anniversary of the date of the First Commercial Sale of the Licensed Product in such country.
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