This paper describes the results of a study to compare contemporary e-journal licenses from two research universities in the United States and Spain in terms of e-reserves, interlibrary loan, text and data mining, authors' rights and treatment of copyright exceptions, usage statistics, governing law, data privacy, and obligations entailing security. The data include a higher proportion of scholarly society and academic press publishers than earlier license analyses. This analysis compares license terms over time, across publisher types and between the two libraries, and it compares findings with recommendations from model licenses. The results show progress toward model license goals in some areas, but deficiencies in others including self-archiving, usage statistics clauses, and clauses related to e-resource data privacy and library security and disciplinary obligations. Our findings also raise questions about international ILL and governing venue clauses in library licenses outside the North American context.