Common use of Procurement and Maintenance of Domain Names, Social Media Handles and Trade Names Clause in Contracts

Procurement and Maintenance of Domain Names, Social Media Handles and Trade Names. As between Licensee and UL, Licensee shall be responsible for procuring, and shall use Reasonable Efforts to maintain, all Licensed Domain Names, Licensed Social Media Handles and Licensed Trade Names, all of which shall be for the benefit of UL. All third party costs and expenses directly related to such procurement and maintenance shall be borne by Licensee to the extent bearing such costs and expenses will neither result in excise tax penalties under Chapter 42 of the Code nor otherwise be reasonably likely to negatively impact the tax exempt status of Licensee. If Licensee intends not to renew any Licensed Domain Name, Licensed Social Media Handle or Licensed Trade Name that it has registered for the benefit of UL (including any registered prior to the date hereof), it shall notify UL in writing no later than ninety (90) days prior to expiration of the registration for such Licensed Domain Name, Licensed Social Media Handle or Licensed Trade Name. UL may elect to renew such Licensed Domain Name, Licensed Social Media Handle or Licensed Trade Name in its sole discretion and thereafter shall maintain any such Licensed Domain Name, Licensed Social Media Handle or Licensed Trade Name at its sole discretion, cost and expense.