JCC Holding; JCC Development Sample Clauses

JCC Holding; JCC Development. Except as otherwise provided in Section 6.2(a) of the Plan, (a) JCC Holding's only assets shall be and shall continue to be its membership interests in Tenant and JCC Development, and JCC Holding shall be the sole legal and beneficial owner of Tenant and JCC Development; provided, however, HET may elect to form JCC Intermediary pursuant to Section 12.12 of the Plan, in which case JCC Holding's only assets shall be and shall continue to be, unless and until JCC Intermediary is liquidated, its membership interests in JCC Intermediary and JCC Development, and (b) JCC Holding shall function as a holding company with no business operations other than the ownership of its membership interests in Tenant (or JCC Intermediary, unless and until JCC Intermediary is liquidated, if HET elects to form JCC Intermediary) and JCC Development. If HET elects to form JCC Intermediary in accordance with this Section 5.6, the sole asset of JCC Intermediary shall be its membership interest in Tenant and JCC Intermediary shall function as a holding company with no business operations other than the ownership of its membership interest in Tenant. As set forth in that certain letter agreement dated as of the Execution Date, a copy of which is attached as Exhibit "P" to this Lease and made a part hereof, JCC Holding agrees that it will comply, and will cause JCC Intermediary, if formed in accordance with this Section 5.6, to comply, with the foregoing provisions of this Section 5.6. JCC Holding shall remain the sole member of JCC Development; it being understood that the purpose of this covenant is to protect Landlord from transfers of funds to JCC Development or to any of these entities that will or may have an adverse affect on Landlord's rights to the Contingent Payments.
Sample 1
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Related to JCC Holding; JCC Development

  • Joint Development All inventions, know-how, trade secrets, data or information which result from joint development by the Parties hereto shall be jointly owned by the Parties. The Parties hereby agree to cooperate in good faith in the filing of any and all patent applications in all jurisdictions.

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  • Independent Development The Disclosing Party acknowledges that the Receiving Party may currently or in the future be developing information internally, or receiving information from other parties, that is similar to the Confidential Information. Accordingly, nothing in this Agreement will be construed as a representation or agreement that the Receiving Party will not develop or have developed for it products, concepts, systems or techniques that are similar to or compete with the products, concepts, systems or techniques contemplated by or embodied in the Confidential Information, provided that the Receiving Party does not violate any of its obligations under this Agreement in connection with such development.

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