Common use of Following Option Exercise Date Clause in Contracts

Following Option Exercise Date. Following the Option Exercise Date, Novartis will have the right [***] to take Protective Action and will notify ▇▇▇▇▇ as promptly as practicable of its determination whether or not to take such action. If Novartis engages in such Protective Action, ▇▇▇▇▇ will [***] cooperate fully with Novartis in such action. Each Party, as well as BMS, may participate and be represented by counsel of its own selection [***] in such Protective Action (except as provided above), but Novartis will have the right to control such action. Any recovery obtained by Novartis as a result of such Protective Action, whether by judgment, award, decree or settlement, will be [***]. If Novartis notifies ▇▇▇▇▇ that it will not engage in such Protective Action, ▇▇▇▇▇ shall thereafter have the right to take such Protective Action and will notify Novartis as promptly as practicable of its determination whether or not to take such action, provided that ▇▇▇▇▇ shall first consult with Novartis concerning the reasons Novartis elected not to bring such action and shall consider those reasons in good faith in deciding whether to bring such action. Novartis and BMS shall have the right to participate and be represented in any such suit by its own counsel [***].