Extensions of Diligence Obligations. If the Company requires an extension of any milestones or due dates set forth in Section 3.1(b)(iii)-(vii), Company shall inform University of such extension in writing at least [**] prior to the required due date, fully describing Company’s efforts to achieve the milestone to date, establishing the new due date, and describing Company’s plan to meet such new due date. Later-in-time milestone due dates shall automatically be deemed to have been extended by the same amount of time. However, if University reasonably objects to such extension within [**] after receipt of Company’s extension notice, the terms of such extension (including whether to grant such extension) shall be negotiated by the parties in good faith, unless Company sends to University documentation demonstrating that Company, its Affiliates and its Sublicensees have collectively spent the below amounts in respect of the Licensed Product whose milestones Company is seeking to extend, in which case University’s objection as to whether to grant an extension shall be deemed to have been overcome, and the parties shall agree on reasonable extension dates; however, Company may only use such justification for an extension [**] per milestone. Timing of Extension Request Amount Spent by Company, its Affiliates and Sublicensees for the relevant Licensed Product in the [**] Prior to Extension Request [**] [**] [**] [**] [**] [**] If at any time University reasonably determines that Company has not fulfilled its obligations under Subsection 3.1(b), University shall furnish Company with written notice of the determination. Within [**] after receipt of the notice if Company is not entitled to an extension, Company shall either (a) fulfill the relevant obligation or (b) negotiate with University a mutually acceptable schedule of revised diligence obligations, failing which University may, immediately upon written notice to Company, terminate this Agreement or convert the exclusive license into a non-exclusive license.
