Common use of The Intellectual Property License Clause in Contracts

The Intellectual Property License. (a) Subject to the terms of Section 5 hereof, Company hereby grants VeriChip, for the Term, an irrevocable exclusive license to use and market the Developed Products and the related Intellectual Property with respect to the Exclusive Market. All rights in the Developed Products and any of the Company’s related designs, technology or Intellectual Property, other than those granted by this Agreement, are hereby reserved by Company. Upon execution of this Amended and Restated Agreement, Company shall enter into a third party escrow arrangement providing for the escrow of a complete copy of the Documentation, in substantially the form attached hereto as Exhibit B. VeriChip agrees that it will not (i) manufacture the Developed Products, (ii) sublicense the Intellectual Property, or (iii) otherwise transfer its interest in the Intellectual Property to any person or entity other than an Affiliate without prior consent, so long as there has been no Event of Default (as defined below).