Common use of Owned IP Clause in Contracts

Owned IP. Except as disclosed in Section 16 of the Disclosure Letter: 1. The Owned IP is valid and subsisting and is not subject to any amendment, challenge, removal or surrender. 2. The Owned IP is not subject to any third party right. 3. All registry fees and relevant registration formalities in respect of the Owned IP have been paid and carried out by the due date and no registry fees are due at the date of this Agreement. 4. Of the Owned IP which is a registered trade mark, each such trade mark has been used continuously and in good faith by the registered proprietor in relation to each of the goods and services for which it is registered at all times since it was applied for. 5. The Group Companies are the sole legal and beneficial owners of all of the rights and interests in, or has validly licensed to it, all of the Owned IP. 6. The Owned IP is not subject to any security interest, option, mortgage, charge or lien. The Owned IP will not be lost, or rendered liable to termination, by virtue of the performance of this Agreement.