Grant of Licences. (a) The Buyer, effective on Closing, hereby grants to the Seller a fully-paid, royalty free, worldwide, perpetual, and non-exclusive licence to use the Transferred IP, and to make, have made and use Modifications to the Transferred IP. Any Modifications made by the Seller after the Time of Closing to the Transferred IP shall be the exclusive property of the Seller. (b) The Seller, effective on Closing, hereby grants to the Buyer a fully-paid, royalty free, worldwide, perpetual, and non-exclusive licence to use the Licensed IP, and to make, have made and use Modifications to the Licensed IP. Any Modifications made by the Buyer to the Licensed IP after the Time of Closing shall be the exclusive property of the Buyer.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Brascan Corp/), Asset Purchase Agreement (Weyerhaeuser Co)