Master License definition
Examples of Master License in a sentence
For the avoidance of doubt, the Master Licensee shall have no right to sell the Master License Business including the Business in such Outlet to any third-party and at less favourable terms than those offered to the Licensor, unless otherwise agreed in prior by the Licensor.
If the Licensor accepts such offer, the Master Licensee shall be bound to forthwith sell to the Licensor the Master License Business including the Business in the Outlets and the Master Licensee shall further do all things as may be deemed necessary by the Licensor to effect such sale, including novating the tenancy or lease agreement of the Outlet to the Licensor.
If the Licensor accepts such offer, the Master Licensee shall be bound to forthwith sell to the Licensor the Master License Business and/or the Business in the Outlet based on such price as may be negotiated between the parties subject to the condition of the premise, assets, and Products, and the Master Licensee shall further do all things as may be deemed necessary by the Licensor to effect such sale, including novating the tenancy or lease agreement of the Outlet to the Licensor.
In the event the Master Licensee wishes to sell the Master License Business or the Business carried out in the Outlet upon receiving the prior approval of the Licensor, the Master Licensee shall offer a first right of refusal to purchase to the Licensor.
For the avoidance of doubt, the Master Licensee shall not be entitled to any revenue or profit generated by the Master License Business, including the Business in the Outlets owned and operated by the Master Licensee, from the date of the afore-stated written notice.