“First Commercial Sale” means, with respect to a Product in any country or region, the first sale of the Product to a third party for distribution, use, or consumption in such country or region after receipt of Regulatory Approval for such Product in such country or region.
13. Term and Termination
13.1 Term. This Agreement will come into full force and effect on the Effective Date and will remain in full force and effect on a country-by-country basis until the fifteenth (15th) anniversary of the First Commercial Sale of the Product in the SIIPL Territory, unless earlier terminated pursuant to the terms of this Agreement (the “Term”).
13.2 Termination. This Agreement may be terminated by either Party:
a. For Material Breach. Immediately upon written notice to the other Party if the other Party materially breaches this Agreement and such material breach is not discontinued or cured within [***] after the breaching Party’s receipt of an initial written notice by the non-breaching Party with reasonable detail as to the nature and scope of the applicable breach; or
b. For Bankruptcy. By giving [***] notice to the other Party if the other Party becomes insolvent or a bankruptcy action or any other insolvency proceeding is instituted against it and not dismissed within [***].