Common use of First Option Period Clause in Contracts

First Option Period. If GSK’s Development Election for the applicable Licensed Product was made during the First Option Period pursuant to Sections 4.3.1(a) or 4.3.2(a) (or GSK is deemed to have done so pursuant to Section 6.2.1(a)(iii)): (A) the royalty rate for all Licensed Products shall [ * ]; and (B) the royalty rate for the individual Licensed Product so accepted during the First Option Period shall be as follows: [ * ]

First Option Period. If GSK’s 's Development Election for the applicable Licensed Product was made during the First Option Period pursuant to Sections 4.3.1(a) or 4.3.2(a) (or GSK is deemed to have done so pursuant to Section 6.2.1(a)(iii)): (A) the royalty rate for all Licensed Products shall [ * ]; and (B) the royalty rate for the individual Licensed Product so accepted during the First Option Period shall be as follows: [ * ]