Common use of First Anniversary Clause in Contracts

First Anniversary. As of the First Anniversary: (a) if BMO exercises the 1999 Technology Right on or before the First Anniversary in accordance with the terms and conditions of the Subscription Agreement, and in consideration of the 1999 Licence Fee, "LICENSED TECHNOLOGY" shall be extended to include the 1999 Technology; and (b) if BMO does not exercise the 1999 Technology Right and 724 fails to meet the First Year Spending Commitment by the First Anniversary in accordance with the terms and conditions of the Subscription Agreement, "LICENSED TECHNOLOGY" shall be extended to include any additional 724 Technology developed after the First Anniversary but before the earlier of: (i) six (6) months thereafter; and (ii) the date upon which 724 meets its First Year Spending Commitment.