Commercial IP License definition
Commercial IP License means a perpetual, non-transferable (other than transfers to affiliates of BTL pursuant to reorganization and similar transactions which are permitted so long as such transferee agrees to be bound by this Agreement), worldwide, exclusive, fully paid, royalty free, irrevocable right and license granted to BTL to (i) use, copy, modify, create derivative works based on, and (ii) use the trade secrets and know-how embodied in the Commercial Intellectual Property, for the purpose of manufacturing, assembling, supporting, updating, enhancing and selling Commercial Systems and for the purpose of creating new products for commercial exploitation in the Commercial Market. Notwithstanding anything herein to the contrary, this license shall survive the expiration or termination of this Agreement.
Examples of Commercial IP License in a sentence
Termination of exclusivity of the License as a result of the events described in Section 6.B. above or upon payment of the Exclusivity Buy-out Fee described in Section 6.C. above, shall in no way alter, modify or otherwise abrogate the exclusivity in favor of BTL, of the Commercial IP License.