definiens: means, with respf;ct to a Party, exerting such effort and employing such resources as would normally be exe, ted or employed by a similarly situated pharmaceutical company for the regulatory approval, manufacture, shipping and commercialization of a pharmaceutical or biologic product of similar market potential, profit potential and strategic value at a similar stage of its product life, taking into account the competitiveness of the relevant marketplace, the patent, intellectual property and development positions of Third Parties, the applicable regulatory SItuatIon, the commercJal VIabIlIty of the product and other relevant development and commercialization factors based upon then­prevailing conditions . Commercially Reasonable Efforts shall be determined on a market - by - market basis for Product . I 1.6 means, with respect to any intellectual property right or other tangible or intangible property, thnt a Pany or one of its Affiliates owns or has a license or sublicense to such item or right, and has the ability to grant access, license or sublicense in or to such right without violating the terms of any agreement or other arrangement with a 1y Third Party