Common use of SALE OF ROYALTY Clause in Contracts

SALE OF ROYALTY. 5.01 If Zhou receives a bona fide offer which he intends to accept from an independent third party (the "Proposed Purchaser") dealing at arm's length with Zhou to purchase all or substantially all of the Royalty, or if Zhou intends to sell all or substantially all of his interest in the Royalty, Zhou will first offer (the "Offer") such interest in writing to the Company upon terms no less favorable than those offered by the Proposed Purchaser or intended to be offered by Zhou.