{'index': 7, 'text': 'The Borrowers will not, and will not permit any of their respective\nSubsidiaries to, purchase, hold or acquire (including pursuant to any\nmerger or Division) any Investment, except . . .'}
The JCrew Blocker is a provision that typically includes (1) a prohibition on the borrower from transferring IP to an unrestricted subsidiary, and (2) a requirement that the borrower obtains the consent of its agent/lenders before transferring IP to any subsidiary. Do the following provisions contain JCrew Blockers?

Provision: (c) (i) The Parent Borrower may not designate a Restricted Subsidiary as an Unrestricted Subsidiary unless such Restricted Subsidiary does not own or hold an exclusive license to, any IP Rights constituting Collateral, in each case, that is material to the business of the Borrowers and its Restricted Subsidiaries, taken as a whole and (ii) the Borrowers and their respective Restricted Subsidiaries shall not be permitted to transfer to any Unrestricted Subsidiary legal or beneficial ownership of, or an exclusive license to, any IP Rights constituting Collateral, in each case, that is material to the business of the Borrowers and their respective Restricted Subsidiaries, taken as a whole;
Label: Yes

Provision: Investments in licenses, concessions, authorizations, franchises, permits or similar arrangements in the ordinary course of business that are related to the Companys or any Restricted Subsidiarys business, provided, however, that any Investment consisting of the transfer of any material intellectual property by the Company or any of the Restricted Subsidiaries to an Unrestricted Subsidiary shall not constitute a Permitted Investment under this Agreement.
Label: Yes

Provision: provided that, (1) immediately before and after such designation, (i) no Default or Event of Default shall have occurred and be continuing, (ii) no Unrestricted Subsidiary shall own or hold any intellectual property that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole, (iii) no Unrestricted Subsidiary shall own any Equity Interests in Holdings, the Borrower or its Restricted Subsidiaries, and (iii) no Unrestricted Subsidiary shall hold any Indebtedness of, or any Lien on any property of Holdings, the Borrower or its Restricted Subsidiaries and (2) no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a "Restricted Subsidiary" for the purpose of any Junior Financing, Permitted First Priority Refinancing Debt, Permitted Junior Priority Refinancing Debt, Permitted Unsecured Refinancing Debt, or Permitted Refinancing of any of the foregoing in excess of the Threshold Amount.  Notwithstanding the foregoing, (i) neither Holdings nor any of its Restricted Subsidiaries shall transfer any intellectual property that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole (by way of sale, Investment, designation of an Unrestricted Subsidiary or otherwise) to any Unrestricted Subsidiary and (ii) neither the Borrower nor any Guarantor shall transfer any intellectual property that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole (by way of sale, Investment, designation of an Unrestricted Subsidiary or otherwise) to Holdings or any Subsidiary which is not a Guarantor.  Notwithstanding the foregoing, (i) neither Holdings nor any of its Restricted Subsidiaries shall transfer any intellectual property that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole (by way of sale, Investment, designation of an Unrestricted Subsidiary or otherwise) to any Unrestricted Subsidiary and (ii) neither the Borrower nor any Guarantor shall transfer any intellectual property that is material to the business of the Borrower and its Restricted Subsidiaries, taken as a whole (by way of sale, Investment, designation of an Unrestricted Subsidiary or otherwise) to Holdings or any Subsidiary which is not a Guarantor.
Label: Yes

Provision: Except as would not, individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group Members own, or are licensed to use, all intellectual property necessary for the conduct in all material respects of the business of the Borrower and the Restricted Subsidiaries, taken as a whole, as currently conducted. As of the Closing Date, except as would not, individually or in an aggregate, reasonably be expected to have a Material Adverse Effect, the Group Members own, or are licensed to use, all intellectual property necessary for the conduct in all material respect of the business of the Borrower and the Restricted Subsidiaries, taken as a whole, as was conducted by them immediately prior to the Closing Date.
Label: No

Provision: provided that the following shall not constitute an Asset Sale: (v) any conveyance, sale, lease, transfer or other disposition of inventory, in any case in the ordinary course of business, (w) Real Property leases and other leases, licenses, subleases or sublicenses, in each case, granted to others in the ordinary course of business and which do not materially interfere with the business of Borrower and the Restricted Subsidiaries taken as a whole, (x) any conveyance, sale, lease, transfer or other disposition of obsolete or worn out assets or assets no longer used or useful in the business of the Credit Parties, (y) licenses of Intellectual Property entered into in the ordinary course of business and (z) any conveyance, sale, transfer or other disposition of cash and/or Cash Equivalents.
Label: No

Provision:  If, in compliance with the terms and provisions of the Credit Documents, (i) the Equity Interests of any Guarantor that is a Domestic Credit Party are directly or indirectly sold or otherwise transferred such that such Guarantor no longer constitutes a Restricted Subsidiary (a Transferred Guarantor) to a Person or Persons, none of which is Borrower or a Restricted Subsidiary, (ii) any Restricted Subsidiary is designated as or becomes an Excluded Subsidiary (provided that, notwithstanding the foregoing, a Guarantor that is a Domestic Credit Party shall not be released from its Guarantee hereunder solely due to becoming an Excluded Subsidiary of the type described in clause (d) of the definition thereof due to a disposition of less than all of the Equity Interests of such Guarantor to an Affiliate of any Credit Party) or (iii) any Restricted Subsidiary that is a Domestic Credit Party and is merged, consolidated, liquidated or dissolved in accordance with Section 10.05 and is not the surviving entity of such transaction (a Liquidated Subsidiary), such Transferred Guarantor, Excluded Subsidiary or Liquidated Subsidiary, as applicable, upon the consummation of such sale, transfer, designation or such Person becoming an Excluded Subsidiary or merger, consolidation, dissolution or liquidation, as applicable, shall (without limiting the obligations of any surviving or successor entity to any Liquidated Subsidiary to become or remain a Guarantor) be automatically released from its obligations under this Agreement (including under Section 13.03 hereof) and the other Credit Documents, and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document, and the pledge of Equity Interests in any Transferred Guarantor or any Unrestricted Subsidiary to Collateral Agent pursuant to the Security Documents shall be automatically released, and, so long as Borrower shall have provided the Agents such certifications or documents as any Agent shall reasonably request, Collateral Agent shall take such actions as are necessary to effect and evidence each release described in this Section 6.08 in accordance with the relevant provisions of the Security Documents and this Agreement.
Label: No

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The JCrew Blocker is a provision that typically includes (1) a prohibition on the borrower from transferring IP to an unrestricted subsidiary, and (2) a requirement that the borrower obtains the consent of its agent/lenders before transferring IP to any subsidiary. Do the following provisions contain JCrew Blockers?
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