Common use of Termination by BMS Clause in Contracts

Termination by BMS. BMS shall have the right to terminate this Agreement in the event that on or before the 18-month anniversary of the Effective Date SGI shall not have both: (i) Obtained and received unconditional cash payment of an aggregate of at least $[*] in working capital; and (ii) Completed each of the following to the reasonable satisfaction of BMS, to the extent that the scientific results obtained by SGI and prevailing market conditions do not, in the reasonable determination of BMS, indicate that same should be abandoned: (A) Evaluation of assays to evaluate clinical grade BR96 sFv-PE4O for use in the re-commencement of Phase I studies thereof; (B) Production and in vitro analysis of anti-CD4O-immunotoxins as anti-cancer agents for purposes of treating hematologic malignancy; (C) Design of studies to evaluate novel BR96-based drugs; and (D) Design of studies to evaluate the utilization of human enzymes in mAb-sFv-enzyme fusion proteins.

Termination by BMS. BMS shall have the right to terminate this Agreement in the event that on or before the 18-month anniversary of the Effective Date SGI shall not have both: (i) Obtained and received unconditional cash payment of an aggregate of at least $[*] 4,000,000 in working capital; and (ii) Completed each of the following to the reasonable satisfaction of BMS, to the extent that the scientific results obtained by SGI and prevailing market conditions do not, in the reasonable determination of BMS, indicate that same should be abandoned: (A) Evaluation of assays to evaluate clinical grade BR96 sFv-PE4O for use in the re-commencement of Phase I studies thereof; (B) Production and in vitro analysis of anti-CD4O-immunotoxins as anti-cancer agents for purposes of treating hematologic malignancy; (C) Design of studies to evaluate novel BR96-based drugs; and (D) Design of studies to evaluate the utilization of human enzymes in mAb-sFv-enzyme fusion proteins.

Termination by BMS. BMS shall have the right to terminate this Agreement in the event that on or before the 18-month anniversary of the Effective Date SGI shall not have both: (i) Obtained and received unconditional cash payment of an aggregate of at least $[*] 4,000,000 in working working’ capital; and (ii) Completed each of the following to the reasonable satisfaction of BMS, to the extent that the scientific results obtained by SGI and prevailing market conditions do not, in the reasonable determination of BMS, indicate that same should be abandoned: (A) Evaluation of assays to evaluate clinical grade BR96 sFv-PE4O for use in the re-commencement of Phase I studies thereof; (B) Production and in vitro analysis of anti-CD4O-immunotoxins as anti-cancer agents for purposes of treating hematologic malignancy; (C) Design of studies to evaluate novel BR96-based drugs; and (D) Design of studies to evaluate the utilization of human enzymes in mAb-sFv-enzyme fusion proteins.