Ownership Covenant Clause Samples
An Ownership Covenant is a contractual provision that establishes and confirms the rightful ownership of certain property, assets, or intellectual property between the parties. Typically, this clause requires one party to warrant that they have clear title to the asset being transferred or used, and that no other parties have conflicting claims or interests. For example, in a software license agreement, the licensor may covenant that they own the software and have the authority to grant the license. The core practical function of this clause is to protect the receiving party from disputes or losses arising from third-party claims, ensuring that the asset or right being conveyed is free from encumbrances.
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Ownership Covenant. During the Term (as defined below), the Executive agrees to maintain an ownership position in the common stock of ANC in an amount equal to no less than one (1.0) times the Base Salary (as defined below) of the Executive. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Bank shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment. The Executive shall have three (3) years from the Effective Date and from the date of any subsequent increase in Base Salary to acquire the shares of common stock of ANC needed to attain the required level of stock ownership.
Ownership Covenant. Grantor covenants that it is the owner of the above described lands and is legally capable of granting and is authorized to grant, the Easement.
Ownership Covenant. Grantor covenants to City that Grantor is lawfully seized in fee simple of the above-granted premises, subject only to those encumbrances of public record, and that Grantor and their heirs and personal representatives shall warrant and forever defend the said premises and every part thereof to City against the lawful claims and demands of all persons claiming by, though, or under Grantor.
Ownership Covenant. For so long as this Agreement remains in effect, the Executive agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than the lesser of two and one-half (2.5) times the initial Base Salary of the Executive ($742,000) as set forth below or fifty thousand (50,000) shares. As of the Effective Date the applicable ownership requirement shall 50,000 shares. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.
Ownership Covenant. Subject to the licenses granted to Term▇▇ ▇▇▇ein, the Simplex Licensed Technology and all intellectual property rights associated therewith are and shall remain the exclusive property of Simplex. As between the parties hereto and subject to the licenses granted to Simplex herein, the Term▇▇ ▇▇▇ensed Technology and all intellectual property rights associated therewith are and shall remain the exclusive property of Term▇▇ ▇▇▇ Simplex shall own all rights, title and interest in all improvements of, modifications to or derivative works based on the Term▇▇ ▇▇▇ensed Technology made by or for Simplex.
Ownership Covenant. We are and will be the sole owner of all right, title and interest, including all the Intellectual Property Rights, in and to the Licensed Technology, and all modifications, enhancements, updates, upgrades and derivative works thereof made by or for us. Subject to Atheros’ ownership in the Licensed Technology, you will be the sole owner of all right, title and interest, including all the Intellectual Property Rights, in and to Your Software and Your Documentation, and all derivative works thereof made by or for you. You irrevocably covenant and agree that you, and any permitted transferee of your right, title and interest in and to any of Your Software (each a “Transferee”), will not assert, commence, assist, advise or prosecute any claim, action or proceeding of any kind, against us, or any of our licensees or transferees or any sublicensee of any of the foregoing, alleging that the reproduction, modification, display, performance, use, sale, offer to sell, importation, distribution or other exploitation of any of our products or software, or of any derivative work or modified version thereof, infringes or violates any of your or your Transferee’s Intellectual Property Rights in Your Software; and you hereby irrevocably and unconditionally waive your right to assert, commence or prosecute any such claim, action or proceeding.
Ownership Covenant. We are and will be the sole owner of all right, title and interest, including all the Intellectual Property Rights, in and to the Licensed Technology, and all modifications, enhancements, updates, upgrades and derivative works thereof made by or for us. Subject to Atheros’ ownership in the Licensed Technology, you will be the sole owner of all right, title and interest, including all the Intellectual Property Rights, in and to Your Software and Your Documentation, and all derivative works thereof made by or for you. You irrevocably covenant and agree that you will, and that you will take all commercially reasonable steps to, require that any permitted transferee of your right, title and interest in and to any of Your Software (each a “Transferee”) does, not assert, commence, assist, advise or prosecute any claim, action or proceeding of any kind, against us, or any of our licensees or transferees or any sublicensee of any of the foregoing, alleging that the reproduction, modification, display, performance, use, sale, offer to sell, importation, distribution or other exploitation of any of our products or software, or of any derivative work or modified version thereof, infringes or violates any of your or your Transferee’s Intellectual Property Rights in Your Software; and you hereby irrevocably and unconditionally waive your right to assert, commence or prosecute any such claim, action or proceeding.
Ownership Covenant. For so long as this agreement remains in effect, the Executive Agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than five (5) times the initial Base Salary of the Executive as set forth below. As of the Effective date, said minimum level of ownership shall be $1,250,000 (One million two hundred fifty thousand dollars). The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.
Ownership Covenant. The Wolffs covenant and agree that they will not knowingly, individually, collectively, or through an affiliate, own shares or other ownership interests in any entity in which Inter-Mountain Capital Corp. or an affiliate thereof has a five percent (5%) ownership interest.
Ownership Covenant. All files, records, compilations, reports, studies, manuals, memoranda, notebooks, documents, databases, correspondence, and other confidential information or records and similar items relating to the Business of Bay Finance, whether prepared by Kahn or otherwise coming into his possession, are, and shall remain, the exclusive property of Bay Finance, and shall be promptly delivered up to Bay Finance upon the request of Bay Finance.