Early Clinical Development Term means, on a Development Candidate-by-Development Candidate basis, the period commencing on the Development Candidate Selection Date and ending upon the earlier of # the exercise of the Opt-Out Right under Section 3.1 or the expiration, without exercise, of the period therefor and # termination of Development of such Development Candidate.
Late Clinical Development Term means, on a Development Candidate-by-Development Candidate basis, the period commencing on the expiration, without exercise, of the Opt-Out Right under Section 3.1 for such Development Candidate and ending upon the launch of the associated Product.
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