definiens: . Royalty Term means, with respect to a Royalty Bearing Product, on a Royalty Bearing Product -by - Royalty Bearing Product and a country -by - country basis, the period beginning on the First Commercial Sale of such Royalty Bearing Product in such country by [COMPANY] or any of its Affiliates or Sublicensees, and ending on latest of : ( a ) the expiration of the last Valid Claim within the Licensed IP Covering such Royalty Bearing Product in such country, ( b ) the expiration of any applicable exclusivity, inclu ding orphan drug status or data exclusivity, and any extension thereto, granted by a Regulatory Authority in such country with respect to such Royalty Bearing Product, or ( c ) the tenth ( 10 th ) anniversary of the date of the First Commercial Sale by [COMPANY] or any of its Affiliates or Sublicensees of such Royalty Bearing Product in such country