TREATMENT IN BANKRUPTCY. All rights and licenses granted pursuant to any section of this Agreement are, and will otherwise be, for purposes of Section 365(n) of the U.S. Bankruptcy Code and/or any similar or comparable section of the U.S. Bankruptcy Code (as such sections may be modified, amended, replaced, or renumbered from time to time), executory licenses of rights to “intellectual property,” as defined under Section 101 (35A) of the U.S. Bankruptcy Code (as such sections may be modified, amended, replaced, or renumbered from time to time). The parties will retain and may fully exercise all of their respective rights and elections under the U.S. Bankruptcy Code. Accordingly, the licensee of such rights (which, for the avoidance of doubt, is Company) shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. Upon the commencement of bankruptcy proceedings by or against either party under the U.S. Bankruptcy Code, the other party shall be entitled to retain all of its license rights and use rights granted under this Agreement.
TREATMENT IN BANKRUPTCY. (a) If you are an employee of Holdings, Holdings agrees to deliver, and (b) if you are an employee of a Subsidiary, Holdings agrees to deliver to (or at the direction of) such Subsidiary, shares of Common Stock on the date when such shares are due to be delivered under this Agreement in satisfaction of each Unit granted to you hereunder. If you are an employee of a Subsidiary, Holdings’ obligation in clause (b) of the preceding sentence is created expressly for the benefit of you, and you shall have the full right to enforce Holdings’ obligation to deliver Common Stock as if such obligation were made directly in favor of you. All of your claims arising from, in connection with, or in any way relating to, any failure of Holdings to deliver to you, or to a Subsidiary for delivery by such Subsidiary to you, shares of Common Stock on the date when such shares are due to be delivered under this Agreement in satisfaction of each Unit granted to you shall be deemed, in the event of a bankruptcy of Holdings, to be claims for damages arising from the purchase or sale of Common Stock of Holdings, within the meaning of section 510(b) of the Bankruptcy Code and shall have in such bankruptcy the same priority as, and no greater priority than, common stock interests in Holdings.
TREATMENT IN BANKRUPTCY. All of your claims arising from, in connection with or in any way relating to any failure of the Company to deliver to you shares of Common Stock on the date when such shares are due to be delivered under this Agreement in satisfaction of each Unit granted to you shall be deemed, in the event of a bankruptcy of the Company, to be claims for damages arising from the purchase or sale of Common Stock, within the meaning of section 510(b) of the U.S. Bankruptcy Code and shall have in such bankruptcy the same priority as, and no greater priority than, common stock interests in the Company.
TREATMENT IN BANKRUPTCY. The parties intend that the Rights granted by MRI to MVL hereunder be governed by 11 USC Section 365(n) in the event of the bankruptcy or insolvency of MRI, to the greatest extent permitted by law. MRI recognizes that, notwithstanding any rejection of this Agreement in any bankruptcy proceeding, MVL may, to the greatest extent permitted by law, elect to continue to enjoy all rights and licenses granted herein for the entire license term provided in this Agreement. The parties intend that the MVL Granted Rights granted by MVL to MRI hereunder be governed by 11 USC Section 365(n) in the event of the bankruptcy or insolvency of MVL, to the greatest extent permitted by law. MVL recognizes that, notwithstanding any rejection of this Agreement in any bankruptcy proceeding, MRI may, to the greatest extent permitted by law, elect to continue to enjoy all rights and licenses granted herein for the entire license term provided in this Agreement.
TREATMENT IN BANKRUPTCY. The parties intend this Agreement to constitute an absolute assignment. If for any reason this Agreement is deemed to be a license, then the parties intend that the rights granted by MEI and MEG to MCI hereunder be governed by 11 USC Section 365(n) in the event of the bankruptcy or insolvency of MEI and/or MEG, to the greatest extent permitted by law. MEI and MEG each recognize that, notwithstanding any rejection of this Agreement in any bankruptcy proceeding, MCI may, to the greatest extent permitted by law, elect to continue to enjoy all rights granted herein for the entire term provided in this Agreement.
TREATMENT IN BANKRUPTCY. The source code escrow provisions in this Agreement, including the Escrow Agreement, shall each be deemed to be a “supplementary agreement” as contemplated in Section 365(n)(1)(B) of the Bankruptcy Code, 11 U.S.C. (the “Code”). In any bankruptcy action by SSN, failure by Customer to assert its rights to “retain its benefits” to the Intellectual Property Rights encompassed by the Licensed Software or Developed Software, pursuant to Section 365(n)(1)(B) of the Code, under an executory contract rejected by the trustee in bankruptcy, shall not be construed by the courts as a termination of the contract by Customer under Section 365(n)(1)(A) of the Code.
TREATMENT IN BANKRUPTCY. All rights and licenses granted under or pursuant to this Agreement are, for all purposes of Section 365(n) of Title 11, U.S. Code (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined in the Bankruptcy Code. The parties agree that JV, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code.
TREATMENT IN BANKRUPTCY. In the event the Settlement Amount is ever challenged by any Person, including, without limitation, any Released Party, any Affiliate thereof, or any Person acting under or on behalf of any Released Party or such Affiliate (including, without limitation, a creditors’ committee, receiver or any trustee in bankruptcy), as a fraudulent transfer, a preferential payment, or on any other basis seeking to invalidate, avoid, rescind, set aside or otherwise return all or a portion of the Settlement Amount or other value received by the Releasing Parties under this Agreement, the Parties agree that (a) the funds accepted by the Releasing Parties as the Settlement Amount shall be considered to have been subject to a perfected first lien security interest, and Seller/Servicer hereby grants a first lien security interest to Xxxxxxx Mac in such funds, as collateral for (i) the obligations of Seller/Servicer under this Agreement, (ii) the Released Obligations and Claims, and (iii) the Non-Released Obligations and Claims, and shall be returned to such status to the extent any return of funds is required, without the need of any further action by any Party and (b) any Releasing Party to whom such Settlement Amount or other value received was owed shall have all rights to assert and collect all Released Obligations and Claims and/or Non-Released Obligations and Claims (including with respect to the Settlement Mortgages) to the extent of funds so returned, as if this Agreement had not been made.
TREATMENT IN BANKRUPTCY. The parties to this Site Agreement hereby expressly agree and acknowledge that it is the intention of both parties that, in the event that during the term of this Site Agreement, Tenant shall become a debtor in any voluntary or involuntary bankruptcy proceeding under the United States Bankruptcy Code, 11 U.S.C. § 101, et seq. ("the Code"), which proceedings are not dismissed within one hundred twenty days, this Site Agreement is and shall be treated as an “unexpired lease of nonresidential real property” for purposes of Section 365 of the Code, 11 U.S.C. § 365, and, accordingly, shall be subject to the provision of subsections (d)(3) and (d)(4) of said Section 365.
TREATMENT IN BANKRUPTCY. The Parties to this Lease hereby expressly agree and acknowledge that it is the intention of both Parties that in the event that during the Term of this Lease Tenant becomes a debtor in any voluntary or involuntary bankruptcy proceeding (a "Proceeding") under the United States Bankruptcy Code, 11 U.S.C. § 101, et seq. (the "Code"), this Lease is and is treated as an "unexpired lease of nonresidential real property" for purposes of Section 365 of the Code, 11 U.S.C. § 365, and, accordingly, is subject to the provisions of subsections (d)(3) and (d)(4) of said Section 365.
