Common use of Termination by BMS Clause in Contracts

Termination by BMS. BMS shall have the right to terminate this Agreement at any time prior to the Acceptance Date with respect to the Initial System, upon notice to IRORI, without further obligation to IRORI except as provided in this Section 12.2 and in Section 12.4(b). In conjunction with BMS's giving of any such notice, BMS shall pay the next payment of the Initial System Purchase Price that would have accrued under Section 4.2 if BMS had not terminated this Agreement. In addition, following any such termination, IRORI shall be entitled to retain all payments of the Initial System Purchase Price that BMS shall have made prior to the date of any such notice, and BMS shall remain liable to IRORI for all payments of the Initial System Purchase Price that shall have accrued but shall not have been paid prior to the date of any such notice.