Common use of Transfer In Violation of Laws Clause in Contracts

Transfer In Violation of Laws. If and to the extent that the valid, complete and perfected transfer assignment or novation to the Luminent Group of any Luminent Assets and Luminent Liabilities (or from the Luminent Group of any Non-Luminent Assets) would be a violation of applicable laws or require any Consent or Governmental Approval in connection with the Separation, the IPO or the Distribution, then, unless MRV shall otherwise determine, the transfer, assignment or novation to or from the Luminent Group, as the case may be, of such Luminent Assets or Non-Luminent Assets, respectively, shall be automatically deemed deferred and any such purported transfer, assignment or novation shall be null and void until such time as all legal impediments are removed and/or such Consents or Governmental Approvals have been obtained. Notwithstanding the foregoing, such Asset shall still be considered a Luminent Asset for purposes of determining whether any Liability is a Luminent Liability; provided, however, that if such covenants or Governmental Approvals have not been obtained within six months of the Distribution Date, the parties will use their reasonable commercial efforts to achieve an alternative solution in accordance with the parties' intentions.