definiens: Tran ~ ition Period- . Transition Period means the time period conunencing on the Effective Dale and ending upon [COMPANY] 's mceipt of all requiru ! Regulatory Approvals fOl'C(N1lrnen;:iali~!lt;on of the Ucensed Product in a given oountry of the Territory, Section 1.78, " UK GAM '' ' . UK GAAP mcans international Financial Reponing Standards 01 ' United Kingdom geller.llly acecpted accounting principles applied on a COU$iStenl basis, Seclion 1.79, or, United Stales or U, S, nICUnS Ihe Uniled Stales of America and its Icrritoriel ! and IlQSscssions, S ~ lion 1.80 ., US GAAP u!Cans Unil<:<1 Stales gencrulJy : lCcepted accouming prim : iplel ! appl ied on a consistent oosis, Section 1.81 ., Valid Claim means a claim ( a ) of any issued, unexpired palenl Ihal has 00 . hoen revoked or held uDCnfon : cable or invalid by a decision of ~ COOr1 or govcrnmenlal ~gcncy of competent jurisdiction from which no appeal can be taken . or with respecl to which an appeal is 00 . lakcn within the lime allowed for appeal . and lhal bas not hoen disclaimed or adOlil1ed 10 be invalid 01 ' unenforceable through reissue . disclaimer or otherwise or ( b ) of any patenl applicatiQn Ihal bas not been pending for more than five ( 5 ) ) ' ClLI'lI