LIFFE Property Clause Samples
The LIFFE Property clause defines the ownership and handling of property, assets, or rights associated with the London International Financial Futures Exchange (LIFFE). Typically, this clause clarifies which party retains title to LIFFE-related assets, such as trading positions, margin, or collateral, during and after the term of an agreement. For example, it may specify that any margin posted to a LIFFE clearing account remains the property of the posting party, or that certain rights to LIFFE contracts are transferred under specific conditions. The core function of this clause is to ensure clear allocation of ownership and control over LIFFE-related property, thereby reducing disputes and providing certainty in the management of exchange-traded assets.
LIFFE Property. As between the CBOT and LIFFE, all rights, title and interest in and to the Licensed Technology and all portions thereof (excluding the third party software specified in Schedule G), including but not limited to, all Development Services Deliverables; all Upgrades (including Bug Fixes created by or on behalf of the CBOT pursuant to the Escrow Agreement); all Confidential Information of LIFFE; all Documentation; the Equipment; LIFFE [**] Market Data; all other materials whatsoever relating to the Licensed Technology, the Equipment and/or the Core Network, and provided by LIFFE to the CBOT, any Market Participants and/or any Hosted Exchange or any Hosted Exchange Participant, including any gateways, hubs, routers, cables, cabinets and servers; and any other materials provided by LIFFE to the CBOT and/or any Hosted Exchange, Hosted Exchange Participant or other Market Participant under this Agreement; including all copyrights, trademarks, patents, trade secrets and other intellectual property inherent in the foregoing or appurtenant thereto (collectively, “LIFFE Property”) shall be and remain vested in LIFFE (or LIFFE’s Affiliates, suppliers or licensors, as applicable). To the extent, if any, that ownership of the LIFFE Property does not automatically vest in LIFFE by virtue of this Agreement or otherwise, the CBOT hereby transfers and assigns to LIFFE, as of the date of creation, all rights, title and interest which the CBOT may have in and to such LIFFE Property. The CBOT undertakes, at the CBOT’s expense, to do or cease to do all such acts as LIFFE may reasonably direct, and to execute, or cause its employees, agents and/or subcontractors to execute, all such documents as LIFFE deems reasonably necessary or helpful to assure further the rights, title and interest of LIFFE or its nominee in and to such LIFFE Property. Notwithstanding the foregoing, the CBOT shall have access to LIFFE [**] Market Data on demand and for no charge; provided, however, that the CBOT shall have no right to copy, redistribute or derive any economic benefit from LIFFE [**] Market Data without the prior written consent of LIFFE.