Lien Termination. BMS’ security interest in the Ambrx Collateral shall automatically terminate upon the first to occur of the following: (i) termination of this Agreement or (ii) the end of the second consecutive fiscal year during which Ambrx and its Affiliates have recorded positive combined commercial operating profits based upon recurring sources of revenue. BMS appoints Ambrx as its attorney in fact solely to record the release and termination of such security interest in accordance with this Agreement, and authorizes Ambrx to make such recordation. BMS’ foregoing appointment as attorney in fact, coupled with an interest, is irrevocable. BMS shall promptly sign all documents reasonably necessary or useful to document that BMS no longer has any security interest in the Ambrx Collateral, shall cooperate with Ambrx to record the release and termination of such security interests, and shall reimburse Ambrx for all expenses incurred by Ambrx in connection with this Section 7.9(g).
Appears in 10 contracts
Samples: Collaboration and License Agreement (Ambrx Biopharma Inc.), Collaboration and License Agreement (Ambrx Biopharma Inc.), Collaboration and License Agreement (Ambrx Biopharma Inc.)
