Common use of Financing Transaction Clause in Contracts

Financing Transaction. Del Mar will use reasonable commercial efforts to complete by December 31, 2010 a Financing Transaction to support the development of Products. If Del Mar fails to complete a Financing Transaction by December 31, 2010, or such later date as approved by Valent (the “Reacquisition Trigger Date”), then Valent shall have the option (the “Reacquisition Option”) exercisable by written notice given by Valent to Del Mar within a period of thirty (30) Days after the Reacquisition Trigger Date (the “Reacquisition Option Period”) to terminate this Agreement and to reacquire the Assigned Patents. If Valent validly exercises the Reacquisition Option within the Reacquisition Option Period, then Del Mar will assign, convey and transfer all its then existing right, title and interest in and to the Assigned Patents and Materials to Valent at no cost to Valent and upon such assignment, conveyance and transfer being complete this Agreement will terminate without further obligation or liability of either Party and each Party will be released from all remaining obligations under this Agreement, subject to Section 10.3(c). If Del Mar completes a Financing Transaction on or before the Reacquisition Trigger Date or the Reacquisition Option Period expires without Valent having validly exercised the Reacquisition Option, then the Reacquisition Option will expire and be of no further force or effect, and will no longer be exercisable by Valent.

Financing Transaction. Del Mar will use reasonable commercial efforts to complete by December 31, 2010 a Financing Transaction to support the development of Products. If Del Mar fails to complete a Financing Transaction by December 31, 2010, or such later date as approved by Valent (the “Reacquisition Trigger Date”), then Valent shall have the option (the “Reacquisition Option”) exercisable by written notice given by Valent to Del Mar within a period of thirty (30) Days after the Reacquisition Trigger Date (the “Reacquisition Option Period”) to terminate this Agreement and to reacquire the Assigned Patents. If Valent validly exercises the Reacquisition Option within the Reacquisition Option Period, then Del Mar will assign, convey and transfer all its then existing right, title and interest in and to the Assigned Patents and Materials to Valent at no cost to Valent and upon such assignment, conveyance and transfer being complete this Agreement will terminate without further obligation or liability of either Party and each Party will be released from all remaining obligations under this Agreement, subject to Section 10.3(c). If Del Mar completes a Financing Transaction on or before the Reacquisition Trigger Date or the Reacquisition Option Period expires without Valent having validly exercised the Reacquisition Option, then the Reacquisition Option will expire and be of no further force or effect, and will no longer be exercisable by Valent.. 7 ARTICLE 4