Common use of As of the Closing Date Clause in Contracts

As of the Closing Date. (a) The Intellectual Property is held exclusively by P▇▇▇▇▇▇▇ free and clear of all options, liens, security interests, agreements, restrictions and other encumbrances, except for that certain Trademark Consent Agreement by and between P▇▇▇▇▇▇▇ and D▇▇▇▇ ▇▇▇▇▇▇▇▇, Inc., a Washington corporation (“D▇▇▇▇ ▇▇▇▇▇▇▇▇”), Which grants D▇▇▇▇ ▇▇▇▇▇▇▇▇ a right to use the Intellectual Property in connection with cannabis retail sales within the State of Washington. (b) There are no challenges, proceedings or infringement suits pending or, to the knowledge of P▇▇▇▇▇▇▇, threatened with respect to the Intellectual Property. (c) Plandai will be granted a license to use the Intellectual Property in connection with the manufacture, distribution or sale of products using the name “D▇▇▇▇ ▇▇▇▇▇▇▇▇” which have been manufactured using the Process, on an exclusive basis, in any countries where such trademarks and/or trade names are filed.

As of the Closing Date. (a) The Intellectual Property is held exclusively by P▇▇▇▇▇▇▇▇ free and clear of all options, liens, security interests, agreements, restrictions and other encumbrances, except for that certain Trademark Consent Agreement by and between P▇▇▇▇▇▇▇▇ and D▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Inc., a Washington corporation (“D▇▇▇▇▇ ▇▇▇▇▇▇▇▇”), Which grants D▇▇▇▇▇ ▇▇▇▇▇▇▇▇ a right to use the Intellectual Property in connection with cannabis retail sales within the State of Washington. (b) There are no challenges, proceedings or infringement suits pending or, to the knowledge of P▇▇▇▇▇▇▇▇, threatened with respect to the Intellectual Property. (c) Plandai will be granted a license to use the Intellectual Property in connection with the manufacture, distribution or sale of products using the name “D▇▇▇▇▇ ▇▇▇▇▇▇▇▇” which have been manufactured using the Process, on an exclusive basis, in any countries where such trademarks and/or trade names are filed.