Give me 'Section 4. OBLIGATIONS OF VENDOR' for this agreement: DISTRIBUTOR AGREEMENT
This Agreement is entered into as of January 21, 2005 (the "Effective Date") by and among VendingData Corporation, a Nevada corporation ("Vendor"), and Technical Casino Supplies Ltd, an English company ("Distributor").
RECITALS
WHEREAS, Vendor is the owner of patents, patents pending, trademarks, and other related intellectual property involving a full range of shuffling machine products for the casino industry (collectively, the "Products" and, individually, the "Product");
WHEREAS, Distributor is in the business of distributing products to the casino industry throughout the world and is a subsidiary of Victoria Holdings Ltd; and
WHEREAS, Vendor desires to grant to Distributor an exclusive right to market, sell, rent, lease, service and maintain the Products subject to the terms and conditions as set forth herein.
NOW, THEREFORE, in consideration of the several and mutual promises, agreements, covenants, understandings, undertakings, representations and warranties hereinafter set forth the receipt and sufficiency of which is hereby acknowledged, the parties to this Agreement agree that the aforementioned recitals are true and correct and by this reference incorporated herein as if fully set forth and the parties further covenant and agree as follows:
1. TERM
As provided for in this Section 1, the term of this Agreement shall be for a period of five (5) years, beginning on the Effective Date (the "Initial Term"); provided, however, the Initial Term shall be subject to automatic successive renewal terms of three (3) years each (the "Renewal Terms" and together with the Initial Term, the "Term").
1.1. Termination. This Agreement may be terminated subject to the following clauses: