Common use of Agreements of the Licensor Clause in Contracts

Agreements of the Licensor. The Licensor agrees with the Agent and the Lenders that: (a) The Licensor shall provide the Agent with a copy of any notice of default, notice of cure of default, termination or similar kind of notice given to the Borrower under the License Agreement, contemporaneously with the giving of such notice to the Borrower. No default or event of default or termination of the License Agreement predicated on the giving of any notice to the Borrower shall be complete unless like notice in writing shall have been given to the Agent and the Agent has been given the same cure period as is given to the Borrower under the License Agreement, or a period of thirty (30) days, whichever period is longer; (b) In the event the Borrower defaults in the performance of any of its obligations under the License Agreement, regardless of whether such default consists of a failure to make a payment when due or a failure to do any other thing which the Borrower is required to do under the License Agreement, the Agent, without prejudice to any of its rights against the Borrower, shall have the right (but not the obligation) to make good such default within the period set forth in Section 3(a) above, and the Licensor shall accept such performance on the part of the Agent as though the same had been performed by the Borrower; and (c) If the Borrower is in default under the Obligations secured by the Assignment and the Agent elects to exercise its rights and remedies with the License Agreement as granted under the Assignment, the License Agreement may be assigned by the Agent to a third party assignee or to any purchaser pursuant to a private or public foreclosure sale, in each case to a third party assignee or other purchaser approved by the Licensor, which approval shall not be unreasonably withheld, but otherwise subject to all of the other covenants, conditions and restrictions set forth in the License Agreement, and the requirement that all amounts then due and owing to the Licensor under the License Agreement be paid concurrently with the granting of any such approval by the Licensor. Nothing herein, however, shall give the Agent, any third party assignee or any purchaser any greater rights than those granted under the License Agreement.