Common use of Offer Process Clause in Contracts

Offer Process. Following delivery of a ROFO Offer under Section 3.2, Section 3.3 or Section 3.6, ▇▇▇▇ and the REIT shall enter into non-binding discussions and negotiate in good faith the definitive terms of the acquisition by a REIT Entity of the ROFO Project that is the subject of the ROFO Offer (or direct or indirect Equity Interests therein) for a period of 75 days from the date on which the REIT receives the ROFO Offer (the “Negotiation Period”). If ▇▇▇▇ and the REIT have not agreed in writing to definitive terms for the Transfer of the ROFO Project to a REIT Entity by the end of the Negotiation Period, then, during the 18-month period (the “Unrestricted Period”) from the end of the Negotiation Period, this Agreement will not impose any restrictions on the Transfer of such ROFO Project (or direct or indirect Equity Interests therein) to a Third Party, as long as such Transfer is on terms that are not more favorable to the Third Party than those offered to the REIT during the Negotiation Period. If such Transfer does not occur within the Unrestricted Period, ▇▇▇▇ will thereafter remain subject to the restrictions contained in this Article III with respect to such ROFO Project (and direct and indirect Equity Interests therein).