definiens: shall mean, for each Licensed Product, on a country - by - country basis, the period of time beginning with First Commercial Sale of a Licensed Product in a country andending on the latest of ( i ) [ … * * * … ] after First Commercial Sale in such country of such LicensedProduct, ( ii ) the last to expire Composition of Matter Claim, and ( iii ) the end of any regulatoryexclusivity for such Licensed Product . To the extent the only Valid Claim in the CollaborationCompound IP or BPM IP or any patent rights owned or in - licensed by [COMPANY] ( only pursuant toProgram 2 or Program 4 ) Covers an approved use of a Licensed Product, the Royalty Termshall expire on a country - by - country basis on the later of ( a ) [ … * * * … ] after First CommercialSale in such country of such Licensed Product or ( b ) the end of the first Calendar Quarter inwhich a Generic Product enters the market in such country