Common use of Necessary for the Business Clause in Contracts

Necessary for the Business. The Intellectual Property Assets are all those necessary for the operation of each Acquired Company’s businesses as they are currently conducted. Each Acquired Company is the owner of all right, title, and interest in and to each of the Intellectual Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the right to use without payment to a third party all of the Intellectual Property Assets. All former and current employees of each Acquired Company have executed written Contracts with such Acquired Company that assign to such Acquired Company all rights to any inventions, improvements, discoveries, or information relating to the business of such Acquired Company. No employee of any Acquired Company has entered into any Contract that restricts or limits in any way the scope or type of work in which the employee may be engaged or requires the employee to transfer, assign, or disclose information concerning his work to anyone other than such Acquired Company.