Brand Assets definition
Examples of Brand Assets in a sentence
Licensee shall report to UL within five (5) Business Days all information in its possession relative to any actual or threatened (in writing) suit, claim or other proceeding relating to the Licensed Brand Assets brought or threatened to be brought against Licensee, any of its Affiliates or any of Licensee’s Sublicensees.
If UL elects not to take action pursuant to Section 3.4 within thirty (30) days after UL has received notice of infringement or dilution with respect to identified Licensed Brand Assets, Licensee may request approval from UL to initiate a suit or other enforcement action, at Licensee’s sole cost and expense, and the Parties’ respective legal representatives will promptly meet to discuss the merits and legal risks of any such suit or other enforcement action.
Except as expressly stated in this Agreement, no rights, ownership interest or licenses, express or implied, are granted to Licensee with respect to the Licensed Brand Assets, either directly or by implication, estoppel or otherwise, and all such rights and ownership interests are reserved to UL.
Additionally, UL may not withdraw or abandon any application or registration of any of the Licensed Marks (including any New Brand Assets) without Licensee’s prior written consent, in Licensee’s commercially reasonable judgment.
In no event shall Licensee or any Sublicensee be required to modify or destroy or cease use of any tangible materials utilizing the Licensed Brand Assets that were created prior to such modified Brand Guidelines being provided to Licensee and six (6) months thereafter.