Common use of Exclusive Option Clause in Contracts

Exclusive Option. If GenVec has acquired any intellectual property rights necessary to commercialize Licensed Products in *, and GenVec retains the legal right to grant to Asahi an option to develop and commercialize Licensed Products in *, then until the second anniversary of the Effective Date, Asahi shall have an exclusive option to negotiate and enter into a written agreement with GenVec with regard to a collaborative license arrangement for the development and commercialization of Licensed Products in *. The terms and conditions of such agreement shall be negotiated in good faith by the parties commencing at such time as Asahi provides GenVec notice that Asahi wishes to exercise its option.

Exclusive Option. If GenVec has acquired any intellectual property ---------------- rights necessary to commercialize Licensed Products in *, and GenVec retains the legal right to grant to Asahi an option to develop and commercialize Licensed Products in *, then until the second anniversary of the Effective Date, Asahi shall have an exclusive option to negotiate and enter into a written agreement with GenVec with regard to a collaborative license arrangement for the development and commercialization of Licensed Products in *. The terms and conditions of such agreement shall be negotiated in good faith by the parties commencing at such time as Asahi provides GenVec notice that Asahi wishes to exercise its option.

Exclusive Option. If GenVec has acquired any intellectual property ---------------- rights necessary to commercialize Licensed Products in [*], and GenVec retains the legal right to grant to Asahi an option to develop and commercialize Licensed Products in [*], then until the second anniversary of the Effective Date, Asahi shall have an exclusive option to negotiate and enter into a written agreement with GenVec with regard to a collaborative license arrangement for the development and commercialization of Licensed Products in [*]. The terms and conditions of such agreement shall be negotiated in good faith by the parties commencing at such time as Asahi provides GenVec notice that Asahi wishes to exercise its option.