Common use of Material Property Clause in Contracts

Material Property. Notwithstanding anything to the contrary in this Indenture, (a) neither Holdings nor the Issuer will, and the Issuer will not permit any of its Subsidiaries to, sell, transfer or otherwise dispose of any Material Property (whether pursuant to a sale, lease, license, transfer, investment, restricted payment, dividend or otherwise or relating to the exclusive rights thereto) to any Person that is either (x) a Subsidiary that is not a Guarantor or (y) an Affiliate of the Issuer that is not a Subsidiary, other than the grant of a non-exclusive license of intellectual property to any Subsidiary, on arm’s length terms, in the ordinary course of business and for a bona fide business purpose; and (b) no Person that is either (x) a Subsidiary that is not a Guarantor or (y) an Affiliate of the Issuer that is not a Subsidiary shall own or hold an exclusive license to any Material Property.

Material Property. Notwithstanding anything to the contrary in this Indentureany Loan Document, (a) neither Holdings nor the Issuer Borrower will, and the Issuer Borrower will not permit any of its Subsidiaries to, sell, transfer or otherwise dispose of any Material Property (whether pursuant to a sale, lease, license, transfer, investment, restricted payment, dividend or otherwise or relating to the exclusive rights thereto) to any Person that is either (x) a Subsidiary that is not a Guarantor Loan Party or (y) an Affiliate of the Issuer Borrower that is not a Subsidiary, other than the grant of a non-exclusive license of intellectual property to any Subsidiary, on arm’s length terms, in the ordinary course of business and for a bona fide business purpose; and (b) no Person that is either (x) a Subsidiary that is not a Guarantor Loan Party or (y) an Affiliate of the Issuer Borrower that is not a Subsidiary shall own or hold an exclusive license to any Material Property.. PRIVATE & CONFIDENTIAL SUBJECT TO FRE 408 & ITS EQUIVALENTS