Licensed Property definition
Examples of Licensed Property in a sentence
The Company is, or will be upon consummation of the Exchange, engaged in an active trade or business and will use the Licensed Property in such trade or business.
Without limiting the foregoing, M42 retains the right to use, modify, enhance, and otherwise exploit the Licensed Property outside the Field of Use without restriction in connection with its existing solutions business whereby M42 is compensated based on a percentage of savings or gain realized by the solutions customer arising out of M42’s deployment of the M42 AI Platform in the customer environment.
There are no, and during the past five (5) years have not been any, unsatisfied or outstanding Orders against, binding upon, or adversely affecting M42 or any predecessor thereto, the Licensed Property, or M42’s business.
For avoidance of doubt, M42 shall not, and shall cause its Affiliates not to: (a) license the Licensed Property to any other Person; (b) offer the Licensed Property on a Software as a Service basis; or (c) develop a professional services business with a third party that exploits the Licensed Property.
The Licensed Property is free and clear of all Liens, encumbrances, security interests or other restrictions that would prevent or limit M42’s ability to grant the licenses and rights granted hereunder.