Common use of Opt-Out Option Clause in Contracts

Opt-Out Option. Each Party may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to the other Party during one of the following periods: (a) the period beginning with the [ * ] for such Collaboration Product and ending [ * ] later; (b) the period beginning with the [ * ] for such Collaboration Product and ending [ * ] later. In addition, Trubion may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to Facet at any time after [ * ] after the [ * ] and prior to the [ * ] for such Collaboration Product. Each such Opt-Out Notice shall identify the Collaboration Product for which the Opt-Out Party is exercising the Opt-Out Option (the “Opt-Out Product”). If a Party is deemed to have exercised its Opt-Out Option pursuant to Section 14.2(b), all Collaboration Products shall be deemed Opt-Out Products and Royalty Products.

Opt-Out Option. Each Party may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to the other Party during one of the following periods: (a) the period beginning with the [ * [*] for such Collaboration Product and ending [ * ] later[*]; (b) the period beginning with the [ * [*] for such Collaboration Product and ending [ * ] later[*]. In addition, Trubion may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to Facet at any time after [ * ] after the [ * [*] and prior to the [ * ] for such Collaboration Product[*]. Each such Opt-Out Notice shall identify the Collaboration Product for which the Opt-Out Party is exercising the Opt-Out Option (the “Opt-Out Product”). If a Party is deemed to have exercised its Opt-Out Option pursuant to Section 14.2(b), all Collaboration Products shall be deemed Opt-Out Products and Royalty Products.

Opt-Out Option. Each Party may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to the other Party during one of the following periods: (a) the period beginning with the [ * ] for such Collaboration Product and ending [ * ] later]; (b) the period beginning with the [ * ] for such Collaboration Product and ending [ * ] later]. In addition, Trubion may, on a Product-by-Product basis, exercise its Opt-Out Option with respect to any Collaboration Product by providing an Opt-Out Notice to Facet at any time after [ * ] after the [ * ] and prior to the [ * ] for such Collaboration Product]. Each such Opt-Out Notice shall identify the Collaboration Product for which the Opt-Out Party is exercising the Opt-Out Option (the “Opt-Out Product”). If a Party is deemed to have exercised its Opt-Out Option pursuant to Section 14.2(b), all Collaboration Products shall be deemed Opt-Out Products and Royalty Products.