definiens: shall mean a Transferred Compound that is advanced from either 0 ) Discovery to the Preclinical Stage, Oi ) the Preclinical Stage to IND Approval, or ( iii ) IND Approval to Phase III Clinical Trials ; and ( iii ) if, as a result of Concurrent 's ( or any of its Affiliates or permitted sublicensees ) exploitation of the Licensed IP with respect to a Product, [COMPANY] is required to pay a royalty to an Existing Licensor that is equal to or greater than the Royalty Differential, then the applicable royalty rate shall be increased to be equal to the applicable Royalty Floor plus the royalty due or payable to such Existing Licensor . For purposes of this Section 5.1 ( d)(iii ), " Royalty Differentiat ' shall mean the difference between the applicable royalty rate and the applicable Royalty Floor . For the avoidance of doubt, Concurrent hereby acknowledges that adjustments to the applicable royalty rate made pursuant to this subsection may result in royalty rates in excess of the applicable baseline rates provided in Section 5.1 ( a ) hereof