[LostViking]

What does the phrase "presented by" mean in sponsorship of cycling teams?

I gather that it's a secondary sponsorship, but what are the mutual obligations vs a full title sponsorship?

Not neccesarily, could be a major or a secondary sponsor. Obligations re sponsorship vary from sponsor to sponsor - depending on what they bring to the table and the needs of the team. You would expect something different from a sposor like Specialized than you would from 7-Eleven, no? One obligation is clear - the sponsors expect you to win races or at the very least be prominent in breakaways so thier brand gets some air-time. Everything else is agreed to in negotiations I suspect.