Common use of Review of Obligations Clause in Contracts

Review of Obligations. The obligations set forth in this Section 3 shall expire on the tenth (10th) anniversary of the Closing Date; provided, however, that the license under Licensed IP existing as of the tenth (10th) anniversary of the Closing Date shall continue, under reasonable terms and conditions to be agreed between the parties, until the expiration of all of such Licensed IP. Notwithstanding the foregoing, if one (1) of the conditions set forth in Section 3(b)(ii) is met, Hitachi may elect to be completely relieved of its obligations set forth in this Section 3. If Hitachi elects to be relieved of its obligations under this Section 3, the parties shall renegotiate in good faith and on commercially reasonable terms a new license governing the Licensed 1P.

Review of Obligations. The obligations set forth in this Section 3 shall expire on the tenth (10th) anniversary of the Second Closing Date; provided, however, that the license under Licensed IP existing as of the tenth (10th) anniversary of the Second Closing Date shall continue, under reasonable terms and conditions to be agreed between the parties, until the expiration of all of such Licensed IP. Notwithstanding the foregoing, if one (1) of the conditions set forth in Section 3(b)(ii) is met, Hitachi may elect to be completely relieved of its obligations set forth in this Section 3. If Hitachi elects to be relieved of its obligations under this Section 3, the parties shall renegotiate in good faith and on commercially reasonable terms a new license governing the Licensed 1P.IP.