Licensing and Services Agreements Sample Clauses

Licensing and Services Agreements. Each of the Parties acknowledges and agrees that, as provided therein, the Reorganized PrivateCo Services Agreement, effective as of December 6, 2023, by and between the Company and the Preferred Unit Holder (the “Services Agreement”) and, in accordance with Section 5.2 of the Trademark License Agreement, dated as of December 7, 2023, by and between the Preferred Unit Holder and Parent (the “Trademark License Agreement”), the Trademark License Agreement shall terminate upon the Closing, without any further action of any Party. On such date, all obligations and liabilities between the Preferred Unit Holder and the Company owed under the Services Agreement and all obligations and liabilities between the Preferred Unit Holder and Parent owed under the the Trademark License Agreement shall cease and, notwithstanding anything to the contrary therein, any payment obligations thereunder shall be deemed satisfied; provided, however, at the Closing, the Company shall pay the Preferred Unit Holder an amount in cash equal to $200,000, representing the accrued licensing fees owed by Parent to the Preferred Unit Holder with respect to a limited license to the Capstone Trademarks (as defined in the Trademark License Agreement) pursuant to the Trademark License Agreement and the Services Agreement (the “Accrued Licensing Fees”).