Xxxxx of and Authorization to License Naming Rights Sample Clauses

Xxxxx of and Authorization to License Naming Rights. Subject to Section 11.1(b) and Section 11.5, during the Term, the Authority hereby grants to the Team on a royalty-free basis and the Team hereby accepts, the exclusive and nontransferable (subject to the terms of Section 23.1) right and license (i) to negotiate, sell, license and sublicense, grant, and enter into agreements with respect to and for any Naming Rights (and any such agreements or any part thereof may also grant Advertising Rights and benefits) between a Naming Rights Sponsor (other than the Team) and the Team (any such agreements between the Team and another Person relating to Naming Rights shall be referred to herein as a “Naming Rights Agreement”) or (ii) in its discretion, to reserve some or all of the Naming Rights for its own use and use by its Affiliates. The Stadium shall have one (1) Stadium Name and the Plaza shall have one (1) Plaza Name; provided, however, as market conditions change, the Authority will work with the Team in good faith to agree upon modification of the foregoing restriction. Neither the Stadium Name nor the Plaza Name shall be changed hereunder unless (A) such change is a consequence of a change in the Naming Rights Sponsor and termination of the associated existing Naming Rights Agreement, in each case of either the Stadium Name or the Plaza Name or (B) such change is to be made at the direction of the applicable Naming Rights Sponsor in accordance with the applicable Naming Rights Agreement. At no time shall the Team have more than one (1) Naming Rights Agreement in effect for each of (1) the Stadium, and (2) the Plaza.
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