Election; Term. Licensee may exercise each Commercial Option at any time prior to the […***…] of the Effective Date (the “Election Term”); provided that Licensee may extend the Election Term for an additional […***…] at any time prior to the […***…] of the Effective Date by providing written notice to Licensor of such extension and simultaneously paying Licensor a fee of […***…], which notice and payment must be received by Licensor at least […***…] prior to the […***…] of the Effective Date. If Licensee does extend the Election Term by timely providing such notice and payment, the Election Term will automatically be extended until the […***…] of the Effective Date.
Appears in 5 contracts
Sources: Option and License Agreement, Option and License Agreement (Ultragenyx Pharmaceutical Inc.), Option and License Agreement (Dimension Therapeutics, Inc.)