Common use of Intellectual Property Escrow Clause in Contracts

Intellectual Property Escrow. Promptly following execution of this agreement, but in any event within thirty (30) days following the date of this agreement, Seller/Lessee shall deliver to Buyer/Lessor’s intellectual property counsel at the address noted below the Seller/Lessee’s intellectual property related to the Fixed Assets as it relates to the AMR sensor products manufactured for the Buyer/Lessor by use thereof as set forth in Exhibit B to this agreement. The Seller/Lessee’s intellectual property shall be delivered to: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, Esq. Weingarten, Schurgin, ▇▇▇▇▇▇▇▇ & Lebovici, LLP ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Telephone: ▇▇▇-▇▇▇-▇▇▇▇ The intellectual property will be delivered to the Buyer/Lessor upon its notification of the above legal counsel (with a copy to the Seller/Lessee) that the lease created under Section 3.1 hereof has expired or terminated.