definiens: shall mean that period commencing on the effective date of termination and ending on the later of ( i ) expiration of the last - to - expire Valid Claim that i s a composition of matter claim ( for clarity, inclu ding a formulation claim ) in the Licensee Patent Rights or Joint Patent Rights that Covers such Licensed Product in the Field in such Jurisdiction in the Te rminated Territory, ( ii ) expiration of marketing or regulatory exclusivity with respect to such License d Product in such Jurisdiction in the Terminated Territory, ( iii ) ten ( 10 ) years from the date of Fi rst Commercial Sale of the applicable Licensed 16 Product in the Field in the applicable Jurisdiction in the Terminated Territory or ( iv ) five ( 5 ) years from the effective date of termination and ( B ) Tetraphas e may, upon written notice to Licensee, terminate i ts license under this Section 2.01(c)(ii ) and, thereby, terminate such royalty obligation