Covenants by Others. At the time of execution of this Agreement, Licensee shall provide SONIC with covenants similar in substance to those set forth in this Section 16 (including covenants applicable upon the termination of a Person’s relationship with Licensee) from the following persons: (1) all persons employed by Licensee; and (2) all officers, directors, and holders of a direct or indirect beneficial ownership interest Licensee. With respect to each Person who becomes associated with Licensee in one of the capacities enumerated above subsequent to execution of this Agreement, Licensee shall require and obtain such covenants and promptly provide SONIC with executed copies of such covenants. In no event shall any Person enumerated be granted access to any confidential aspect of the Sonic System or the Sonic Restaurant prior to execution of such a covenant. All covenants required by this Section 16 shall be furnished by SONIC to Licensee and shall include, without limitation, specific identification of SONIC as a third party beneficiary of such covenants with the independent right to enforce them. Failure by Licensee to obtain execution of a covenant required by this Section 16 shall constitute a breach of this Agreement.
Covenants by Others. At the time of execution of this Agreement, Licensee shall obtain covenants similar in substance to those set forth in this Section 16 (including covenants applicable upon the termination of a Person’s relationship with Licensee) from all officers, directors, and holders of a direct or indirect beneficial ownership interest in Licensee. With respect to each Person who becomes associated with Licensee in one of the capacities enumerated above subsequent to execution of this Agreement, Licensee shall require and obtain such covenants. In no event shall any Person enumerated be granted access to any confidential aspect of the Sonic System or the Sonic Restaurant prior to execution of such a covenant. All covenants required by this Section 16.02 shall include, without limitation, specific identification of Sonic as a third-party beneficiary of such covenants with the independent right to enforce them. Failure by Licensee to obtain execution of a covenant required by this Section 16.02 shall constitute a breach of this Agreement. Licensee shall furnish to Sonic executed copies of such covenants within 10 days of such request by Sonic.
Covenants by Others. At the time of execution of this agreement, the Licensee shall provide the Licensor with covenants similar in substance to those set forth in this Section 16 (including covenants applicable upon the termination of a Person’s relationship with the Licensee) from the following persons: (1) all persons employed by the Licensee; and (2) all officers, directors, and holders of a direct or indirect beneficial ownership interest in the Licensee. With respect to each Person who becomes associated with the Licensee in one of the capacities enumerated above subsequent to execution of this agreement, the Licensee shall require and obtain such covenants and promptly provide the Licensor with executed copies of such covenants. In no event shall any Person enumerated be granted access to any confidential aspect of the Sonic System or the Non-Traditional Sonic prior to execution of such a covenant. All covenants required by this Section 16 shall be furnished by the Licensee to the Licensor and shall include, without limitation, specific identification of the Licensor as a third party beneficiary of such covenants with the independent right to enforce them. The failure by the Licensee to obtain execution of a covenant required by this Section 16 shall constitute a breach of this Agreement.
