Common use of Exercise of an Option Clause in Contracts

Exercise of an Option. NIBRI may exercise an Option by delivery to Myogen of written notice of exercise (an "Exercise Notice") no later than [/\#/\] after the filing of an IND for the Development Candidate, specifying the Development Candidate as to which such Option is being exercised. The parties shall then promptly execute a License, Development and [/\#/\]CONFIDENTIAL TREATMENT REQUESTED Commercialization Agreement identical in substance to Exhibit A hereto (the "License Agreement"), the terms of which are incorporated by reference into, and are a part of, this Agreement, pursuant to which NIBRI will use commercially reasonable efforts (as defined in the License Agreement), to further develop and commercialize the Development Candidate. Development of each Development Candidate shall proceed as soon as practicable after the Option is exercised, in accordance with the terms of the License Agreement. NIBRI agrees that, during the term of this Agreement and after termination of this Agreement, it will not develop and/or commercialize (either by itself or through a Third Party) an Active Compound that has been selected for research or development in the course of the Research Program because it has a potential therapeutic effect against any of the Myogen Targets or Collaboration Targets except under the terms of the License Agreement.