Common use of Loral Usufructo Clause in Contracts

Loral Usufructo. (a) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of the First Priority Holders, hereby acknowledges that (i) consistent with Mexican law, the Loral Usufructo shall constitute an in rem property right whereby the Grant Holders are entitled to the quiet use and enjoyment of the Loral Transponders for (x) the life of Satmex 6 as to the Loral Transponders on Satmex 6 and (y) the life of Satmex 5 as to the Loral Transponders on Satmex 5; and (ii) as a consequence of the Loral Usufructo and consistent with Mexican law, the Loral Transponders cannot, under any circumstances, including, without limitation, in an insolvency, bankruptcy or similar proceeding under Mexican or U.S. law, be modified, diminished, sold, transferred, pledged or otherwise disposed of free and clear of the usufructo embodied in the Lxxxx Xxxxx and any purchaser or transferee thereof takes subject to the Loral Usufructo; provided, however, that the Grant Holders may, in their sole discretion, determine to accept the Loral Transponder Sale Proceeds in exchange for the termination and extinguishment of the Loral Usufructo as provided in Section 4.9 below.

Loral Usufructo. (a) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of the First Second Priority Holders, hereby acknowledges that (i) consistent with Mexican law, the Loral Usufructo shall constitute an in rem property right whereby the Grant Holders are entitled to the quiet use and enjoyment of the Loral Transponders for (x) the life of Satmex 6 as to the Loral Transponders on Satmex 6 and (y) the life of Satmex 5 as to the Loral Transponders on Satmex 5; and (ii) as a consequence of the Loral Usufructo and consistent with Mexican law, the Loral Transponders cannot, under any circumstances, including, without limitation, in an insolvency, bankruptcy or similar proceeding under Mexican or U.S. law, be modified, diminished, sold, transferred, pledged or otherwise disposed of free and clear of the usufructo embodied in the Lxxxx Xxxxx and any purchaser or transferee thereof takes subject to the Loral Usufructo; provided, however, that the Grant Holders may, in their sole discretion, determine to accept the Loral Transponder Sale Proceeds in exchange for the termination and extinguishment of the Loral Usufructo as provided in Section 4.9 below.