Where a trade mark licence is granted to a joint venture identified by its constituent entities and trading name, the reference to the joint venture is to the entities collectively and not merely the trading name. If one entity acquires all interests so that only one participant remains, the joint venture ends and a termination clause triggered by the licensee ceasing to conduct the business operation is engaged. The word 'permitted' in 'permitted assigns' limits assignments to those approved by the licensor where the licensor has a commercial interest in the identity of the licensee.
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