Common use of Optimization Program Funding Clause in Contracts

Optimization Program Funding. In partial consideration of the performance by ArQule of the lead optimization projects described in Section 4.2 hereof, SB shall pay ArQule for the FTEs assigned to such projects at the "Applicable FTE Rate" (as defined below) payable in advance in equal quarterly installments, with the first such payment to be made within forty-five (45) days of notification to the JSC of project initiation, and with each installment thereafter payable within five (5) business days of the first day of each fiscal quarter thereafter, upon invoice from ArQule. The "Applicable FTE Rate" will be determined as follows: