Common use of Second Extended Term Clause in Contracts

Second Extended Term. If this Agreement has not been terminated in accordance with Section 8.2 hereof (other than termination by Lilly in accordance with Section 8.2(b) hereof) on or before the expiration of the First Extended Term, then Lilly may extend the term of this Agreement from the end of the First Extended Term until December 19, 2015, subject to earlier termination in accordance with Section 8.2 hereof (the “Second Extended Term”), by providing written notice and by paying another Extension Fee in accordance with Section 5.1 hereof at any time prior to the expiration of the First Extended Term. The Initial Term, together with the First Extended Term and the Second Extended Term, if applicable, shall be referred to herein collectively as the “Term.” The foregoing notwithstanding, the Term shall automatically expire once Lilly has taken the maximum number of Exclusive Licenses available to Lilly pursuant to Section 3.3 hereof.

Second Extended Term. If this Agreement has not been terminated in accordance with Section 8.2 hereof (other than termination by Lilly in accordance with Section 8.2(b) hereof) on or before the expiration of the First Extended Term, then Lilly may extend the term of this Agreement from the end of the First Extended Term until December 19, 2015, subject to earlier termination in accordance with Section 8.2 hereof (the “Second Extended Term”), by providing written notice and by paying another Extension Fee in accordance with Section 5.1 hereof at any time prior to the expiration of the First Extended Term. The Initial Term, together with the First Extended Term and the Second Extended Term, if applicable, shall be referred to herein collectively as the “Term.” The foregoing notwithstanding, the Term shall automatically expire once Lilly has taken the maximum number of Exclusive Licenses available to Lilly pursuant to Section 3.3 hereof.. ​