Common use of DILIGENCE EXCEPTIONS Clause in Contracts

DILIGENCE EXCEPTIONS. All of SPL's diligence obligations hereunder with respect to each Licensed Product being developed or commercialized hereunder are expressly conditioned upon the continuing absence of any adverse condition or event which warrants a delay in commercialization of the Licensed Product due to an adverse condition or event relating to the safety or efficacy of such Licensed Product or unfavorable pricing, pricing reimbursement, labeling or lack of regulatory approval, and SPL shall have no obligation to develop or market any such Licensed Product so long as in SPL's reasonable opinion any such condition or event exists.