Common use of Provision for Insolvency Clause in Contracts

Provision for Insolvency. (a) All rights and licenses granted under or pursuant to this Agreement by ICN to Schering are, for all purposes of Section 365(n) of Title 11 of the U.S. Code ("Title 11"), licenses of rights to intellectual property as defined in Title 11. ICN agrees during the Exclusive Period to maintain and preserve any current copies of all such intellectual property which are in existence and in its possession as of the commencement of a case under Title 11 by or against ICN. If a case is commenced by or against ICN under Title 11, then, unless and until this Agreement is rejected as provided in Title 11, ICN (in any capacity, including debtor-in-possession) and its successors and assigns (including, without limitation, a Title 11 Trustee) shall, as Schering may elect in a written request, immediately upon such request (A) (i) perform all of the obligations provided in this Agreement to be performed by ICN, or (ii) provide to Schering all such intellectual property (including all embodiments thereof) held by ICN and such successors and assigns as of the commencement of a case under Title 11 by or against ICN and from time to time thereafter, and (B) not interfere with the rights of Schering as provided in this Agreement, or any agreement supplementary hereto, to such intellectual property (including all such embodiments thereof, including any right of Schering to obtain such intellectual property (or such embodiment) from any other entity.

Provision for Insolvency. (a) All rights and licenses granted under or pursuant to this Agreement by ICN to Schering are, for all purposes of Section 365(n) of Title 11 of the U.S. Code ("Title 11"), licenses of rights to intellectual property as defined in Title 11. ICN agrees during the Exclusive Period to maintain and preserve any current copies of all such intellectual property which are in existence and in its possession as of the commencement of a case under Title 11 by or against ICN. If a case is commenced by or against ICN under Title 11, then, unless and until this Agreement is rejected as provided in Title 11, ICN (in any capacity, including debtor-in-possession) and its successors and assigns (including, without limitation, a Title 11 Trustee) shall, as Schering may elect in a written request, immediately upon such request (A) (i) perform all of the obligations provided in this Agreement to be performed by ICN, or (ii) provide to Schering all such intellectual property (including all embodiments thereof) held by ICN and such successors and assigns as of the commencement of a case under Title 11 by or against ICN and from time to time thereafter, and (B) not interfere with the rights of Schering as provided in this Agreement, or any agreement supplementary hereto, to such intellectual property (including all such embodiments 50 thereof, including any right of Schering to obtain such intellectual property (or such embodiment) from any other entity.

Provision for Insolvency. (a) All rights and licenses granted under or pursuant to this Agreement by ICN to Schering are, for all purposes of Section 365(n) of Title 11 of the U.S. Code ("Title 11"), licenses of rights to intellectual property as defined in Title 11. ICN agrees during the Exclusive Period to maintain and preserve any current copies of all such intellectual property which are in existence and in its possession as of the commencement of a case under Title 11 by or against ICN. If a case is commenced by or against ICN under Title 11, then, unless and until this Agreement is rejected as provided in Title 11, ICN (in any capacity, including debtor-in-possession) and its successors and assigns (including, without limitation, a Title 11 Trustee) shall, as Schering may elect in a written request, immediately upon such request (A) (i) perform all of the obligations provided in this Agreement to be performed by ICN, or (ii) provide to Schering all such intellectual property (including all embodiments thereof) held by ICN and such successors and assigns as of the commencement of a case under Title 11 by or against ICN and from time to time thereafter, and (B) not interfere with the rights of Schering as provided in this Agreement, or any agreement supplementary hereto, to such intellectual property (including all such embodiments 50 57 thereof, including any right of Schering to obtain such intellectual property (or such embodiment) from any other entity.