Common use of Licenses and Rights to Use Collateral Clause in Contracts

Licenses and Rights to Use Collateral. After the occurrence and during the continuance of an Event of Default, in connection with any transfer or sale (to Secured Party or any other Person) of the Collateral, Secured Party is hereby granted a transferable license or other right to use, without any charge, any of Debtor’s Intellectual Property in completing production, advertising or selling such Collateral except any of the foregoing property which is expressly prohibited by its terms from being assigned or licensed. After the occurrence and during the continuance of an Event of Default, Debtor’s rights under all licenses and franchise agreements shall inure to the benefit of Secured Party and any transferee of all or any part of the Collateral.

Licenses and Rights to Use Collateral. After the occurrence and during the continuance of an Event of Default, in connection with any transfer or sale (to Secured Party or any other Person) of the Collateral, Secured Party is hereby granted a transferable license or other right to use, without any charge, any of Debtor’s Debtors' Intellectual Property in completing production, advertising or selling such Collateral except any of the foregoing property which is expressly prohibited by its terms from being assigned or licensed. After the occurrence and during the continuance of an Event of Default, Debtor’s Debtors' rights under all licenses and franchise agreements shall inure to the benefit of Secured Party and any transferee of all or any part of the Collateral.

Licenses and Rights to Use Collateral. After the occurrence and during the continuance of an Event of Default, in In connection with any transfer or sale (to Secured Party or any other Person) of the Collateral, Secured Party is hereby granted a transferable license or other right to use, without any chargecharge but subject to the terms of the Subordination Agreement, any of Debtor’s Intellectual Property 's labels, patents, copyrights, trade names, trade secrets, trademarks or other similar property (excluding, however, all Disclosure-Restricted Collateral) in completing production, advertising or selling such Collateral except any of the foregoing property which is expressly prohibited by its terms from being assigned or licensedCollateral. After the occurrence and during the continuance of an Event of Default, Debtor’s 's rights under all licenses and franchise agreements shall inure to the benefit of Secured Party and any transferee of all or any part of the Collateral.