Common use of First Extension Term Clause in Contracts

First Extension Term. During the Initial Term of this Agreement, Buyer shall use commercially reasonable efforts to transfer the Manufacturing of the Rythmol®SR Product(s) to a Third Party effective upon the expiration of the Initial Term of this Agreement and shall provide Seller with reasonable written evidence of such efforts. If, as of the end of the fourth Contract Year during the Initial Term, after exercise of its commercially reasonable efforts and/or prohibition of such transfer by applicable Law, rule or regulation, Buyer notifies Seller that it reasonably believes it may be unable to transfer the Manufacturing of the Rythmol®SR Product(s) hereunder prior to the end of the Initial Term (which notice shall describe the basis for such reasonable belief), Buyer shall have the option to extend the Term hereunder for the Manufacture of the Rythmol®SR Product(s) for an additional two (2) year period, upon not less than twelve (12) months written notice to the Seller prior to the end of the Initial Term (such additional two (2) year period, the “First Extension Term”).