On a Development Candidate-by-Development Candidate basis, if SGI does not provide an End of Phase 1 Opt-Out Notice within the time required therefor, for each such Development Candidate as set forth in Section .
On a Development Candidate-by-Development Candidate basis, no later than following Unums delivery to SGI of , SGI may opt-out of further Development and Commercialization of such Development Candidate and associated Product, by written notice to the other Party (End of Phase 1 Opt-Out Notice). The End of Phase 1 Opt-Out Notice will clearly identify the applicable Development Candidate and associated Product to be treated as a Reversion Product in accordance with Section 3.3, subject to the Parties resolution of the payment obligations associated therewith in accordance with Section 3.1(d). For clarity, once delivered an End of Phase 1 Opt-Out Notice will be irreversible.
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