Notification and Exercise Sample Clauses

Notification and Exercise. During the Term, if Selecta intends to grant rights to a Third Party for the Development or Commercialization of any Xork Product in any ROFN Field (as evidenced by the receipt of a term sheet from, offer or any written expression of interest or the intent to send a term sheet or other offer (whether written or oral) to, such Third Party for such grant), then, Selecta shall first provide Astellas with written notice (a “ROFN Notice”). Astellas shall have [***] days after receipt of such written notice to inform Selecta in writing whether Astellas wishes to exercise its Right of First Negotiation in such ROFN Field(s) (each such written notice, a “Statement of Interest”). Selecta shall be under no obligation to negotiate pursuant to the Right of First Negotiation unless and until it receives a Statement of Interest from Astellas within such [***] day period; provided, that Selecta may not negotiate with any Third Party during such [***] day period.