Common use of Initial Extension Right Clause in Contracts

Initial Extension Right. Celgene may, at its election, extend the Research Term for up to two (2) one (1) year extension periods (each to run consecutively after the end of the then-current Research Term) by giving notice to Agios of each such election at least [**] prior to the expiration of the then-current Research Term and paying the Research Term Extension Fee as set forth in Section 6.3.

Initial Extension Right. Celgene may, at its election, extend the Research Term for up to two (2) one (1) year extension periods (each to run consecutively after the end of the then-current Research Term) by giving notice to Agios of each such its election (i) in the case of the first one (1) year extension period, by no later than [**] and (ii) in the case of the second one (1) year extension period, at least [**] prior to the expiration of the then-current Research Term Term, and (in each case (i) and (ii)) by paying the Research Term Extension Fee as set forth in Section 6.3.”