Common use of Limitations on Grant of Security Interests Clause in Contracts

Limitations on Grant of Security Interests. If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the Borrower for the benefit of the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Borrower as directed by the Administrative Agent; provided that: (i) the Security Interests shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (ii) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Borrower in trust for the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Borrower as directed by the Administrative Agent. For greater certainty, no Intellectual Property Right in any trade-xxxx, get-up or trade dress is presently assigned to the Administrative Agent by sole virtue of the grant of the Security Interests contained in Section 2.

Limitations on Grant of Security Interests. If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the Borrower for the benefit of the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Borrower as directed by the Administrative Agent; provided that: (i) the Security Interests shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (ii) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Borrower in trust for the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Borrower as directed by the Administrative Agent. For greater certainty, no Intellectual Property Right in any trade-xxxxtrade‐mark, get-up get‐up or trade dress is presently assigned to the Administrative Agent by sole virtue of the grant of the Security Interests contained in Section 2.

Limitations on Grant of Security Interests. If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the Borrower applicable Debtor for the benefit of the Administrative Agent Creditor and, on the exercise by the Administrative Agent Creditor of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Borrower such Debtor as directed by the Administrative AgentCreditor; provided that: (ia) the Security Interests of such Debtor shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (iib) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account any Receivable or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent Creditor under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account Receivable or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Borrower applicable Debtor in trust for the Administrative Agent Creditor and, on the exercise by the Administrative Agent Creditor of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Borrower such Debtor as directed by the Administrative AgentCreditor. For greater certainty, no Intellectual Property Right in any trade-xxxx, get-up or trade dress is presently assigned to the Administrative Agent Creditor by sole virtue of the grant of the Security Interests contained in Section 2.

Limitations on Grant of Security Interests. If the grant of the Security Interests with in respect to of any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall will not be subject to the Security Interests but shall will be held in trust by the Borrower Debtor for the benefit of the Administrative Agent and(for its own benefit and for the benefit of the other Lenders)and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default shall will be assigned by the Borrower Debtor as directed by the Administrative Agent; provided that: (ia) the Security Interests shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (iib) if a term in a Contract that prohibits or General Security Agreement restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall will be held by the Borrower Debtor in trust for the Administrative Agent (for its own benefit and for the benefit of the other Lenders) and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default, shall will be assigned by the Borrower Debtor as directed by the Administrative Agent. For greater certainty, no Intellectual Property Right in any trade-xxxx, get-up or trade dress is presently assigned to the Administrative Agent by sole virtue of the grant of the Security Interests contained in Section 2.

Limitations on Grant of Security Interests. If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the Borrower for the benefit of the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Borrower as directed by the Administrative Agent; provided that: (i) the Security Interests shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (ii) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Borrower in trust for the Administrative Agent and, on the exercise by the Administrative Agent of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Borrower as directed by the Administrative Agent. For greater certainty, no Intellectual Property Right in any trade-xxxxtrade‐xxxx, get-up get‐up or trade dress is presently assigned to the Administrative Agent by sole virtue of the grant of the Security Interests contained in Section 2.

Limitations on Grant of Security Interests. If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or Permit Permit, or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the Borrower applicable Debtor for the benefit of the Administrative Agent Creditor and, on the exercise by the Administrative Agent Creditor of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by the Borrower such Debtor as directed by the Administrative AgentCreditor; provided that: (ia) the Security Interests of such Debtor shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and (iib) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Administrative Agent Creditor under applicable Law, then the exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the Borrower applicable Debtor in trust for the Administrative Agent Creditor and, on the exercise by the Administrative Agent Creditor of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by the Borrower such Debtor as directed by the Administrative AgentCreditor. For greater certainty, no Intellectual Property Right in any trade-xxxx, get-up or trade dress is presently assigned to the Administrative Agent Creditor by sole virtue of the grant of the Security Interests contained in Section 2.