Shared Use Assets Clause Samples
The Shared Use Assets clause defines the terms under which certain assets, such as equipment, facilities, or resources, are made available for use by multiple parties involved in an agreement. It typically outlines which assets are considered shared, the conditions and limitations of their use, and the responsibilities for maintenance, scheduling, and costs associated with shared usage. By clearly delineating access rights and obligations, this clause helps prevent disputes over asset use and ensures efficient and fair utilization among all parties.
Shared Use Assets. Upon a reasonable request of Federated, and mutual agreement by Alliance (which agreement shall not be unreasonably withheld or delayed), Alliance and Federated shall use commercially reasonable efforts to grant rights to Federated or permit Federated to enjoy the benefits of (whether by transitional services agreement, license agreement, or otherwise), any Shared Use Assets necessary for Federated to own or operate the Business, or any portion thereof, after the Business, or portion thereof, is transferred pursuant to the Transactions contemplated by this Agreement. Unless the Parties mutually agree in writing otherwise, any such transfer, grant or permission shall be made or given without payment (a) by Federated of any additional compensation to Alliance, any Alliance Fund, any Investment Company or Insured Account, or any Affiliated Person of any of them or (b) by Alliance, any Alliance Fund, any Investment Company or Insured Account of any Affiliated Person of any of them to any other Person. The intention of the Parties in this Section 5.16 is to make available, to the extent possible, any such Shared Use Asset to Federated to same extent as if such Shared Use Asset had been included in the Acquired Assets.
Shared Use Assets. Prior to migrating or relocating any of the Services to a shared hardware or software environment (including any software for which Provider maintains a master license agreement that allows it to use that particular software for all of its clients), or to any shared network or platform (“Shared Use Assets”), Provider shall provide to Investors for review and approval a proposal for such migration or relocation and a breakdown of the price benefits to Investors during the Term and the estimated cost savings and risks following the expiration or termination of this Agreement (including, but not limited to, a good faith estimate of what that Shared Use Assets would cost if purchased individually by Investors at the expiration or termination of this Agreement, and a representation regarding whether the Shared Use Assets will be used to store any Investors Data). Subject to Section 9 (Proprietary Rights) and Section 12 (Disentanglement), upon the expiration or termination of this Agreement, Provider shall identify and assist Investors in procuring (at Investors’ expense, except as otherwise provided in Section 9) suitable functionally equivalent replacements for any Shared Use Assets, such as hardware, software, networks or platforms then used by Provider, to facilitate a smooth transition of the Services back to Investors. Schedule L lists all Shared Use Assets that Provider will be using to provide the Services at the completion of the Transition period.
Shared Use Assets. VIRUSES AND DISABLING DEVICES
Shared Use Assets. Seller and Buyer shall each have used reasonable efforts to split or segregate the Shared Use Assets pursuant to Section 6.7(d), and to split or segregate any other Purchased Assets to the extent necessary to the Excluded Business, if agreed by the Parties.