Common use of License Clause in Contracts

License. Parent, which owns certain intellectual property rights to the name “Masterworks” hereby grants the Company effective upon the commencement of the Offering, a non-exclusive, royalty free license to use the name “Masterworks”. Other than with respect to this license, the Company will have no legal right to use the “Masterworks” name. In the event that the Administrator ceases to manage the Company’s operations, the Company will be required to change its name to eliminate the use of “Masterworks”.