Licensor definition
Examples of Licensor in a sentence
Any provision of this Agreement may be amended, supplemented, modified or waived if, and only if, such amendment, supplement, modification or waiver is in writing and signed, in the case of an amendment, supplement or modification, by Licensee and Licensor or, in the case of a waiver, by the party against whom the waiver is to be effective.
Each of Licensor and Licensee shall have the right to hire co-counsel at its sole expense in connection with, and to participate in the prosecution of, any claim or suit that it is not controlling and prosecuting and that is subject to Sections 12.5(a), (b) or (c).
Unless otherwise permitted under Clause 9, the Licensee shall not, without the prior written consent of the Licensor, assign, transfer, mortgage, charge or deal with in any other manner any of its rights or obligations under this Agreement.
Licensor shall not be under any obligation to accept any offer so received from Licensee and may reject any such offer in its sole discretion.
In the event that an initial franchise fee or development fee (“Development Fee”) is paid to the Licensee Group in connection with the grant of a master franchise or sub franchise agreement for the country of New Zealand as permitted under Subsection 7.2(a) of the License Agreement, the Licensee Group shall pay to Licensor an amount equal to 35% of such Development Fees on the 15th Business Day after the end of the calendar month in which such Development Fees are received by the Licensee Group.