Common use of MATERIAL TERMS OF LICENSE AGREEMENT Clause in Contracts

MATERIAL TERMS OF LICENSE AGREEMENT. 6.1 The LICENSE AGREEMENT resulting from OPTIONEE’s exercise of the option set forthin in this OPTION AGREEMENT will include standard and customary terms that are normally contained in similar PATENT RIGHTS agreements granted by REGENTS, including the following provisions: a) Xxxxx: REGENTS will grant to LICENSEE the exclusive right (subject to REGENTS’ reservation of rights and any applicable third party rights) to do the following: make, have made, use, sell, offer for sale, and import LICENSED PRODUCTS and use and practice LICENSED METHOD limited to the LICENSED FIELD-OF-USE and the LICENSED TERRITORY for the life of the last-to-expire patent or last-to-be-abandoned patent application under PATENT RIGHTS, whichever is later; and Sublicense PATENT RIGHTS;