Common use of Elected Candidate Notice Clause in Contracts

Elected Candidate Notice. Prior to the expiration of the Collaboration Term, Merck may designate a Product Candidate as an “Elected Candidate” hereunder by providing Moderna with written notice of the same (an “Elected Candidate Notice”); provided that Merck may make no more than five (5) such designations, in the aggregate, hereunder (the “Elected Candidate Cap”). Upon Moderna’s receipt of the Elected Candidate Notice, such designated Product Candidate will be an Elected Candidate. For the avoidance of doubt, a separate Elected Candidate Notice is required for each of the five (5) possible designations of Elected Candidates, and following the designation of the fifth (5th) Elected Candidate, Merck shall no longer have the right to designate any additional Elected Candidates hereunder.

Elected Candidate Notice. Prior to the expiration of the Collaboration Term, Merck may designate a Product Candidate as an “Elected Candidate” hereunder by providing Moderna with written notice of the same (an “Elected E lected Candidate Notice”); provided that Merck may make no more than five (5) such designations, in the aggregate, hereunder (the ““ Elected Candidate Cap”). Upon Moderna’s receipt of the Elected Candidate Notice, such designated Product Candidate will be an Elected Candidate. For the avoidance of doubt, a separate Elected Candidate Notice is required for each of the five (5) possible designations of Elected Candidates, and following the designation of the fifth (5th) Elected Candidate, Merck shall no longer have the right to designate any additional Elected Candidates hereunder.