Substitution definition
Examples of Substitution in a sentence
Each Substitution Fee shall become due and payable within [***] after the date on which the Substitution is deemed to have occurred for such Collaboration Program in accordance with Section 3.3.3(b) (Effects of Substitution).
For clarity, no Substitution Fee shall be payable if AbbVie delivers such Substitution Notice prior to [***].
In the event that AbbVie has exercised its right to replace a Collaboration Target with a Substitute Target and such Substitution has become effective pursuant to Section 3.3 (Target Substitution), then the Option Continuation Payments shall be payable with respect to such new Collaboration Target, regardless of whether one or both Option Continuation Payments were paid with respect to the Former Collaboration Target.
Within [***] of AbbVie’s delivery of any such Substitution Inquiry, Iambic shall provide written notice to AbbVie confirming whether the proposed Target is Encumbered.
For each Collaboration Program, at any time [***] under the applicable Research Plan for such Collaboration Program, AbbVie shall have the [***] right, in its sole discretion, to substitute the Collaboration Target for such Collaboration Program with another Target (a “Substitute Target”, and a “Substitution”) in accordance with the procedures set forth in Section 3.3.2 (Substitution Process); provided, that the proposed Substitute Target is not an Encumbered Target.