Common use of Obligations of Licensor Clause in Contracts

Obligations of Licensor. 4.1 Licensor agrees and warrants: (a) Licensor will give Licensee an Exclusive License to manufacture, deploy, and sell the Oyster Reef Dome and the sole right to sublicense or transfer the License with prior written approval of the Licensor, which approval shall not be unreasonably withheld, conditioned or delayed. (b) Licensor shall split the Net Profits in accordance with a separately executed Revenue Sharing Agreement.

Obligations of Licensor. 4.1 Licensor agrees and warrants: (a) Licensor will give Licensee an Exclusive License to manufacture, deploy, and sell the Oyster Reef Dome and the sole right to sublicense or transfer the License with prior written approval of the Licensor, which approval shall not be unreasonably withheld, conditioned or delayed. (b) Licensor shall split the Net Profits in accordance with a separately executed Revenue Sharing Agreement. (c) Licensee will have the right to purchase the patent from Licensor for $100,000.