Common use of Contracts Clause in Contracts

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 5 contracts

Sources: Investment Agreement (Central Pacific Financial Corp), Investment Agreement (Central Pacific Financial Corp), Investment Agreement (Anchorage Capital Group, L.L.C.)

Contracts. The Company has Except as Previously Disclosed or provided (by hard copyDisclosed, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which neither the Company or nor any Company Subsidiary is a party (each, a “Material Contract”):to any contracts or agreements: (i1) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of businessbusiness consistent with past practice, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000100,000, except for those issued in the ordinary course of business; (ii2) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii3) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv4) any that is a lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000Person; (v5) any that is a lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi6) any contract or agreement limiting, in any material respect, limiting the ability of the Company or any of the Company Subsidiaries to engage engage, in any material respect, in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii7) any that is a settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000100,000; (viii) any contract or agreement 8) that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000100,000); (ix9) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x10) any alliance, cooperation, that concerns a partnership or joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi11) any contract or agreement involving annual payments aggregate consideration liability in excess of $500,000 that 100,000 and which, in each case, cannot be cancelled by the Company or a Company Subsidiary without penalty on not or without more than 90 days’ notice; (xii12) that concerns any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking;; and (xiii13) any contract other contract, agreement or agreement with respect understanding material to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval their respective operations. Each Contract of a counterparty as a result of type Previously Disclosed above to this Section 2.2(t) (collectively, the consummation of the transactions contemplated by this Agreement. Each Material Contract Contracts”), is (Ai) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (Bii) is in full force and effect and enforceable in accordance with its terms and (Ciii) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects on identical terms following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company’s Knowledge, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsagreement and no party thereto has repudiated any provision of such contract.

Appears in 5 contracts

Sources: Investment Agreement (Hampton Roads Bankshares Inc), Investment Agreement (Hampton Roads Bankshares Inc), Investment Agreement (Hampton Roads Bankshares Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each Section 4.14(a) of the Company Disclosure Letter lists the following contracts to which any of the Company or any Company Subsidiary the Subsidiaries is a party (each, a “Material Contract”):or by which it is bound: (i) any contract (or agreement relating group of related contracts) involving the performance of services or the purchase of goods, materials or other assets by or to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien the Company or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingSubsidiaries, but in any event excluding trade payables, securities transactions the performance of which will involve (A) annual payments to or from the Company and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess Subsidiaries of $500,000250,000 or more, except for those issued in or (B) aggregate payments (including termination penalties) to or from the ordinary course Company and the Subsidiaries of business$1,000,000 or more; (ii) any contract concerning a partnership, limited liability company or agreement that constitutes a collective bargaining or other arrangement with any labor unionjoint venture; (iii) any contract (or agreement that is a “material contract” within the meaning group of Item 601(b)(10related contracts) under which it has (x) created, incurred, assumed, or guaranteed any indebtedness for borrowed money, or any capitalized lease obligation, in excess of Regulation S-K$500,000 or (y) imposed an Encumbrance on any of its assets, tangible or intangible; (iv) any lease contract concerning confidentiality or agreement noncompetition or that limits or otherwise restricts the Company or any of the Subsidiaries or that would, after the Effective Time, limit or restrict Parent, the Surviving Corporation or any of the Subsidiaries or any successor thereto or any of their respective Affiliates, from engaging or competing in any line of business or in any geographic area, including any contract containing any "radius clause" applicable to markets in which the Company has operations; (v) any contract relating to collective bargaining or employee association; (vi) any contract for the employment of any individual on a full-time, part-time, consulting, or other basis who is an officer or director of the Company or any of the Subsidiaries or any Affiliate of any of them, or that provides for annual compensation in excess of $100,000 or any severance benefits; (vii) any contract under which the Company or any of the Subsidiaries has advanced or loaned any amount to any of its directors, officers or employees; (viii) any contract under which the consequences of a default or termination could reasonably be expected to have a Company Subsidiaries is lessee of, or holds or operates, any property owned by Material Adverse Effect; (ix) any other Person with annual rent payments contract (or group of related contracts) the performance of which involves aggregate consideration in excess of (A) $500,000250,000 or more annually, or (B) $1,000,000 or more in the aggregate; (vx) any lease contract that relates to any proposed Acquisition Proposal as to which discussions have not been terminated prior to the date of this Agreement, including all commitments containing confidentiality, standstill, non-solicitation or agreement under similar provisions; (xi) any contract to which the Company or any of the Company Subsidiaries is lessor of, has continuing indemnification obligations or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ noticepotential liability; (xii) any material hedgecontract providing for the sale or exchange of, collaror option to sell or exchange, optionany Property, forward purchasingor for the purchase or exchange of, swapor option to purchase or exchange, derivative or similar agreement, understanding or undertakingany real estate; (xiii) any contract for the acquisition or agreement with respect to the employment disposition, directly or service indirectly (by merger or otherwise), of any current assets or former directorsEquity Interests of another person for aggregate consideration in excess of $500,000, officers, employees or consultants of the Company or any of the Company Subsidiaries in each case other than, with respect to non-executive employees and consultants, than in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation pursuant to which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of manages any material assets or business; andreal property; (xv) any material advertising or other promotional contract providing for payment by the Company or agreement that would require any consent Subsidiary of $250,000 or approval of a counterparty as a result more; (xvi) any license, royalty or other contract concerning Intellectual Property (other than shrink-wrap software and databases licensed to the Company or to any of the consummation Subsidiaries under nonexclusive software licenses granted to end-user customers by third parties in the ordinary course of business of such third parties' businesses), such Company Disclosure Letter indicating, in the case of any such license, whether the Company or any of the transactions contemplated by this AgreementSubsidiaries is the licensee or licensor; and (xvii) each amendment, supplement and modification (whether written or oral) in respect of any of the foregoing. (b) The Company has made available to Parent a correct and complete copy of each written contract listed in Section 4.14(a) of the Company Disclosure Letter and a written summary setting forth the terms and conditions of each oral contract referred to in Section 4.14(a) of the Company Disclosure Letter. Each Material Contract With respect to each such contract (Aexcept as set forth in Section 4.14(a) of the Company Disclosure Letter): (i) the contract is legal, valid valid, binding, enforceable, and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and effect; (Cii) the contract will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects on identical terms following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other Effective Time; (iii) no party thereto is in material violation breach or default under any Material Contract. No benefits under any Material Contract will be increaseddefault, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse the passage of time or giving of notice would constitute a material breach or default default, or permit termination, modification, or acceleration, under the Material Contractscontract; and (iv) no party has repudiated any provision of the contract.

Appears in 4 contracts

Sources: Merger Agreement (Everlast Worldwide Inc), Merger Agreement (Horowitz Seth), Merger Agreement (Horowitz Seth)

Contracts. The Company has Previously Disclosed or provided (by hard copya) Schedule 5.17(a) lists the following written Contracts (collectively, electronic data room or otherwisethe “Material Contracts”) to the Investor or its representatives true, correct and complete copies of each which any member of the following to which the Company or any Company Subsidiary Group is a party (each, a “Material Contract”):and which are currently in effect: (i) all Contracts that require annual payments or expenses by, or annual payments or income to, any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any member of the foregoing, but in any event excluding trade payables, securities transactions Company Group of $500,000 or more (other than standard purchase and brokerage agreements arising sale orders entered into in the ordinary course of businessbusiness consistent with past practice); (ii) all sales, intercompany indebtedness advertising, agency, lobbying, broker, sales promotion, market research, marketing or similar contracts and immaterial leases agreements, in each case requiring the payment of any commissions by any member of the Company Group in excess of $500,000 annually; (iii) all employment Contracts, employee leasing Contracts, and consultant and sales representatives Contracts with any current or former officer, director, employee or consultant of the Company Group or other Person, under which any member of the Company Group (A) has continuing obligations for telephonespayment of annual compensation of at least $200,000 (other than oral arrangements for at-will employment), copy machines(B) has material severance or post termination obligations to such Person (other than COBRA obligations, facsimile machines or (C) has an obligation to make a payment upon consummation of the transactions contemplated hereby or as a result of a change of control of any member of the Company Group; (iv) all Contracts creating a material joint venture, material strategic alliance, material limited liability company and other office equipmentpartnership agreements; (v) all Contracts relating to any material acquisitions or dispositions of assets in excess of $500,000; (vi) all Contracts for material licensing agreements, except for those issued including Contracts licensing Intellectual Property Rights, other than (i) “shrink wrap” licenses, and (ii) non-exclusive licenses granted in the ordinary course of business; (iivii) all Contracts relating to material secrecy, confidentiality and nondisclosure agreements materially restricting the conduct of any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any member of the Company Subsidiaries is lessee of, Group or holds or operates, substantially limiting the freedom of any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any member of the Company Subsidiaries is lessor of, or permits any Person Group to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage compete in any line of business or to competebusiness, whether by restricting territories, customers or otherwise, with any Person or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000geographic area; (viii) any contract or agreement that relates all Contracts relating to material patents, trademarks, service marks, trade names, brands, copyrights, trade secrets and other material Intellectual Property Rights (other than a license granted to of the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)Group; (ix) all Contracts providing for material guarantees, indemnification arrangements and other hold harmless arrangements made or provided by any contract or agreement that concerns the sale or acquisition of any material portion member of the Company’s business;Company Group, including all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations (x) all Contracts with or pertaining to any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing member of profits or losses relating to the Company or Group to which any Company SubsidiaryAffiliate is a party; (xi) all Contracts relating to property or assets (whether real or personal, tangible or intangible) in which any contract or agreement involving annual member of the Company Group holds a leasehold interest (including the Leases) and which involve payments to the lessor thereunder in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice100,000 per month; (xii) all Contracts relating to outstanding Indebtedness, including financial instruments of indenture or security instruments (typically interest-bearing) such as notes, mortgages, loans and lines of credit, except any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingsuch Contract with an aggregate outstanding principal amount not exceeding $1,000,000; (xiii) any contract or agreement with respect Contract relating to the employment voting or service control of the equity interests of any current or former directors, officers, employees or consultants member of the Company Group or the election of directors of any member of the Company Subsidiaries (other than, with respect to non-executive employees and consultants, in than the ordinary course Organizational Documents of businessthe Company Group); (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichContract that can be terminated, or the localities in which, all or any portion provisions of which are altered so that the purpose of the business of the Company or the Company Subsidiaries is or can Contract cannot be conductedachieved, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Agreement or any of the Additional Agreements; and (xv) any Contract for which any of the benefits, compensation or payments (Aor the vesting thereof) is legalwith respect to a director, valid and binding on the officer, employee or consultant of a member of Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) Group will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following increased or accelerated by the consummation of the transactions contemplated by hereby or the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation amount or default under any Material Contract. No benefits under any Material Contract value thereof will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by this Agreement. (b) Except as set forth on Schedule 5.17(b), (i) each Material Contract is a valid and binding agreement, is in full force and effect, and neither any member of the Transaction DocumentsCompany Group nor, to the Company’s knowledge, any other party thereto, is in material breach or material default (whether with or without the passage of time or the giving of notice or both) under the terms of any such Material Contract, (ii) no member of the Company Group has assigned, delegated, or otherwise transferred any of its rights or obligations with respect to any Material Contracts, or granted any power of attorney with respect thereto, (iii) no Contract (A) requires any member of the Company Group to post a bond or deliver any other form of security or payment to secure its obligations thereunder or (B) imposes any non-competition covenants that may be binding on and materially restrict the Business or require any payments by or with respect to the SPAC, any of its Affiliates, or the transactions contemplated hereby. The Company has previously provided to the SPAC true, correct, complete and fully executed copies of each Material Contract. (c) Except as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, none of the execution, delivery or performance by any member of the Company Subsidiaries, and Group of this Agreement or any Additional Agreements to the Knowledge which such member of the Company, each Company Group is a party or the consummation by any member of the other parties theretoCompany Group of the transactions contemplated hereby or thereby constitutes a default under or gives rise to any right of termination, have performed cancellation or acceleration of any obligation of the Company or to a loss of any material benefit to which the Company Group is entitled under any provision of any Material Contract. (d) Each member of the Company Group is in compliance in all material respects with all material obligations required to be performed by them under each Material Contractcovenants and all financial covenants in all notes, indentures, bonds and other instruments or agreements evidencing any Indebtedness. (e) Each of the material transactions between any member of the Company Group and any Shareholder, officer, employee or director of any member of the Company Group or any Affiliate of any such Person (if any) entered into or occurring prior to the Knowledge Closing (i) is arms-length transaction with fair market price and does not impair the interests of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modificationShareholders, or acceleration, under (ii) is transaction duly approved by the Material Contractsboard of directors in accordance with the Organizational Documents of such member of the Company Group (if applicable).

Appears in 4 contracts

Sources: Agreement and Plan of Merger (Nukkleus Inc.), Agreement and Plan of Merger (Brilliant Acquisition Corp), Merger Agreement (Nukkleus Inc.)

Contracts. The (a) Except for this Agreement and except as filed with the SEC as an exhibit to any Company has Previously Disclosed or provided (by hard copySEC Document, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each as of the following to which date hereof, none of the Company or any Company Subsidiary of its Subsidiaries is a party to or is bound by any of the following categories of Contracts (eacheach such Contract required to be filed as an exhibit to any Company SEC Document or required to be listed in Section 3.15(a) of the Company Disclosure Letter, a “Company Material Contract”): (i) any contract or agreement relating Contract required to indebtedness be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act that has not been so filed (except for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees Company Plan listed in respect of any Section 3.11(a) of the foregoingCompany Disclosure Letter); (ii) any Contract to which the Company is a party that (a) restricts the ability of the Company, but its Subsidiaries or its Affiliates to (x) engage in or compete in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course geographic area or line of business, intercompany indebtedness and immaterial leases market or field, (y) transaction with any Person or (z) solicit any client or customer, in each case in any manner that is material to the Company or that would restrict in any material respect Parent or its Subsidiaries following the Closing, (b) requires the Company, its Subsidiaries or its Affiliates to conduct any business on a “most favored nations” basis with any third party that restricts in any material respect the business of the Company or that would restrict in any material respect Parent or its Subsidiaries following the Closing, or (c) provides for telephones“exclusivity,” rights of first refusal or offer or any similar requirement or right in favor of any third party that restricts in any material respect the business of the Company or that would restrict in any material respect Parent or its Subsidiaries following the Closing; (iii) any purchase, copy machinessale or supply Contract that contains “take or pay” provisions, facsimile machines and other office equipmentvolume requirements or commitments, exclusive or preferred purchasing arrangements, “most favored nation” provisions or promotional requirements; (iv) any Contract to which the Company is a party that provides for payments to or from the Company in excess of $500,000500,000 in the aggregate annually, except but excluding for those issued this purpose purchase orders for and invoices for transportation related to the shipment of inventory entered into on customary terms in the ordinary course of business; (iiv) any contract Contract creating, guaranteeing or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any securing indebtedness for borrowed money of the Company Subsidiaries is lessee ofCompany, or holds or operates, any property owned by any other Person with annual rent payments in each case in excess of $500,000; (vvi) any lease Contract with respect to the creation, formation, governance or agreement under control of any material partnerships, joint ventures or joint ownership arrangements with third parties; (vii) any Contract that (A) relates to the acquisition of material assets or capital stock or other securities (by merger, capital contribution or otherwise) of any Person after the date of this Agreement with a total consideration of more than $500,000 in the aggregate, (B) relates to the disposition (after the date of this Agreement), directly or indirectly, of material assets of the Company or its Subsidiaries or any capital stock or other securities (by merger, capital contribution or otherwise) of the Company or its Subsidiaries or (C) contains a put, call, right of first refusal or similar right pursuant to which the Company or its Subsidiaries could be required to purchase or sell, as applicable, any of the foregoing; (viii) any Contract that relates to the sale, transfer or other disposition of a business or assets by the Company pursuant to which the Company has any continuing indemnification, guarantee, “earnout” or other contingent, deferred or fixed payment obligations; (ix) any Contract with a term exceeding one year after the date of this Agreement which is a financial derivative interest rate hedge with a value in excess of $250,000; (x) any Contract pursuant to which the Company or any of the Company its Subsidiaries grants to or receives from a third party a license or other right to use any Intellectual Property that is lessor of, or permits any Person material to hold or operate, any property owned or controlled by the Company or any of its Subsidiaries or the Company Subsidiaries; (vi) any contract or agreement limitingoperation of their businesses, in any material respect, the ability of the Company or any of the Company Subsidiaries excluding non-exclusive licenses to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement software that relates to Intellectual Property Rights (other than a license granted is commercially available to the Company for commercially available public generally (including any such software licensed provided on standard terms a SaaS basis) in each case with a total replacement cost annual or one-time license, maintenance, support and other fees of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary250,000; (xi) each Contract that grants any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal refusal, first notice, first negotiation or right of first offer or similar right with respect to any assets, rights or that limits properties of the Company or purports its Subsidiaries; (xii) each Labor Agreement; (xiii) any Contract with a Governmental Entity; (xiv) the Company Real Property Leases; (xv) each Contract (other than any Organizational Document) between the Company or any of its Subsidiaries, on the one hand, and any director, officer or Affiliate (other than a wholly owned Subsidiary of the Company) of the Company or any of its Subsidiaries or any of their respective “associates” or “immediate family” members (as such terms are defined in Rule 12b-2 and Rule 16a-1 of the Exchange Act), on the other hand, including (but not limited to) any Contract pursuant to limit which the Company or any of its Subsidiaries has an obligation to indemnify such director, officer, Affiliate or “associate” or “immediate family” member, but excluding any Company Plan; (xvi) each Contract expressly limiting or restricting the ability of the Company or its Subsidiaries (i) to make distributions or declare or pay dividends in respect of their capital stock, partnership interests, membership interests or other equity interests, as the case may be, (ii) to pledge their capital stock or other equity interests, (iii) to issue any guaranty, (iv) to make loans to the Company or its Subsidiaries, or (v) to grant liens on the property of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessits Subsidiaries; and (xvxvii) each Contract that obligates the Company or its Subsidiaries to make any material contract loans, advances or agreement capital contributions to, or investments in, any Person, except for (i) loans or advances for indemnification, attorneys’ fees, or travel and other business expenses in the ordinary course of business, or (ii) loans, advances or capital contributions to, or investments in, any Person that would require any consent is not an Affiliate or approval Company Employee not in excess of $100,000 individually; (xviii) each Contract that is a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) bid bonds, payment bonds, performance bonds, Tax bonds, licensing bonds, reclamation bonds, surety bonds or any similar undertaking or financial security arrangements or (B) indemnity or underwriting agreements or other contracts with a surety, in each case in excess of $500,000. (b) Each Company Material Contract has not been terminated prior to the date of this Agreement, is legal, valid and binding on the Company and the Company each of its Subsidiaries which are a party to such contractthereto and, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge knowledge of the Company, any other party thereto is thereto, except (i) for such failures to be valid and binding or to be in material violation full force and effect that, individually or default in the aggregate, has not been, and would not reasonably be expected to be, materially adverse to the Company and its Subsidiaries, taken as a whole, or (ii) to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting the enforcement of creditors’ rights generally or by general principles of equity. Except as, individually or in the aggregate, has not been, and would not reasonably be expected to be, materially adverse to the Company and its Subsidiaries, taken as a whole, there are no existing breaches or defaults under any Material Contract. No benefits under any Company Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, or Company Real Property Lease by the occurrence of Company or any of the transactions contemplated by the Transaction Documentsits Subsidiaries party thereto or, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge knowledge of the Company, each of the any other parties party thereto, have performed in all material respects all material obligations required and no event or action has occurred or failed to be performed occur that with the lapse of time or the giving of notice or both would constitute a default thereunder by them under each Material Contractthe Company or any of its Subsidiaries party thereto or, and to the Knowledge knowledge of the Company, any other party thereto. Prior to the date of this Agreement, the Company has made available to Parent accurate and complete copies of each Company Material Contract in effect as of the date of this Agreement, together with all material amendments and supplements thereto in effect as of the date of this Agreement. Prior to the date of this Agreement, no event counterparty to a Company Material Contract or Company Real Property Lease has occurred that cancelled, terminated or substantially curtailed its relationship with the Company or its Subsidiaries, given notice to the Company or lapse its Subsidiaries of time would constitute a material breach any intention to cancel, terminate or default substantially curtail its relationship with the Company or permit terminationits Subsidiaries, modificationor, to the knowledge of the Company, threatened to do any of the foregoing or, to the knowledge of the Company, been threatened with bankruptcy or acceleration, under the Material Contractsinsolvency.

Appears in 4 contracts

Sources: Merger Agreement (Brand House Collective, Inc.), Merger Agreement (Brand House Collective, Inc.), Merger Agreement (Bed Bath & Beyond, Inc.)

Contracts. The (a) Except as filed as an exhibit to a Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) SEC Document prior to the Investor or its representatives truedate of this Agreement, correct and complete copies of except for the Company Benefit Plans, each of the following contracts, agreements or arrangements are set forth in Section 3.18(a) of the Company Disclosure Letter: (i) any agreement relating to indebtedness (other than agreements among direct or indirect wholly owned Company Subsidiaries) in excess of $10 million; (ii) any joint venture, partnership, limited liability company or other similar agreements or arrangements relating to the formation, creation, operation, management or control of any partnership, strategic alliance or joint venture; (iii) any agreement or series of related agreements, including any option agreement, relating to the acquisition or disposition of any material business or material real property (whether by merger, sale of stock, sale of assets or otherwise) exceeding $15 million individually or $30 million in the aggregate for a series of related agreements; (iv) any agreement (including any exclusivity agreement) that purports to limit or restrict in any material respect either the type of business in which the Company or any Company Subsidiary is a party (eachor, a “Material Contract”): (iafter the Effective Time, the Surviving Corporation or its Subsidiaries) any contract may engage or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien the manner or interest rate or currency hedging agreements (including guarantees locations in respect of which any of the foregoing, but them may so engage in any event excluding trade payables, securities transactions and brokerage agreements arising business in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or is currently engaged including any of the Company Subsidiaries is lessee ofcovenant not to compete, or holds or operates, any property owned by any other Person with annual rent payments in excess that could require the disposition of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company assets or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xiv) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled providing for the production by the Company or a any Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current product on an exclusive or former directors, officers, employees requirements basis or consultants of the purchase by the Company or any Company Subsidiary of the Company Subsidiaries other thanany product on an exclusive or output basis, with respect to non-executive employees and consultants, in each case not entered into in the ordinary course of businessbusiness consistent with past practice; (xivvi) any contract “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC); (vii) any agreement that involves expenditures or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability receipts of the Company or any Company Subsidiary in excess of $10 million per year not entered into in the ordinary course of business consistent with past practice; (viii) any agreement by which the Company or any Company Subsidiary licenses or otherwise obtains the right to solicit customers use material Intellectual Property rights of any other Person (other than licenses for readily available commercial software) or by which the manner Company or any Company Subsidiary is restricted in whichits right to use or register, or licenses or otherwise permits any other Person to use, enforce, or register any material Company Owned Intellectual Property; or (ix) any agreement the localities termination or breach of which would reasonably be expected to result in whicha Material Adverse Effect on the Company. (b) The agreements, all or any portion arrangements and plans that are required to be set forth in Section 3.18(a) of the Company Disclosure Letter, or that would be required to be set forth but for the filing thereof as exhibits to the Company SEC Documents, are referred to herein as the “Company Contracts.” Except with respect to matters that, individually or in the aggregate, have not resulted in and would not reasonably be expected to result in a material adverse effect on the business or operations of the Company and its Subsidiaries, each Company Contract is a valid and binding agreement of the Company or a Company Subsidiary, as the Company Subsidiaries is or can be conductedcase may be, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceableeffect, and in full force and effect in all material respects following the consummation none of the transactions contemplated by the Transaction Documents. Neither the Company, any Company nor any of the Company SubsidiariesSubsidiary or, nor to the Knowledge knowledge of the Company, any other party thereto is in default or breach in any material violation respect under the terms of any such Company Contract; and since January 1, 2009, neither the Company nor any Company Subsidiary, as the case may be, has waived any material right or default relinquished any material benefit under any Material such Company Contract. No benefits under any Material Contract will be increased, ; and no vesting event has occurred, which, after the giving of any benefits under any Material Contract will be acceleratednotice, with lapse of time, or otherwise, would constitute a material default by the occurrence of Company or any of the transactions contemplated by the Transaction DocumentsCompany Subsidiary or, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge knowledge of the Company, any other party under such Company Contract. True, correct and complete copies of each of the other parties thereto, such Company Contract (including all modifications and amendments thereto and waivers thereunder) have performed in all material respects all material obligations required been made available to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsParent.

Appears in 4 contracts

Sources: Merger Agreement (Terra Industries Inc), Merger Agreement (CF Industries Holdings, Inc.), Agreement and Plan of Merger (CF Industries Holdings, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) Except for Contracts filed as exhibits to the Investor or its representatives trueFiled SEC Documents, correct as of the date hereof there are no Contracts that are required to be filed as an exhibit to any Filed SEC Document under the Exchange Act and the rules and regulations promulgated thereunder. Except for Contracts filed in unredacted form as exhibits to the Filed SEC Documents, Section 3.01(h) of the Company Disclosure Schedule sets forth a true and complete copies of each of the following list of: (i) all Contracts to which the Company or any Company Subsidiary of its subsidiaries is a party (eachparty, a “Material Contract”): (i) any contract or agreement relating that purports to indebtedness for borrowed moneybe binding upon the Company, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company its subsidiaries or any of the Company Subsidiaries is lessee ofits affiliates, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; that contain a covenant (va "Restrictive Covenant") any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, materially restricting the ability of the Company or any of its subsidiaries (or which, following the consummation of the Merger, could materially restrict the ability of Parent or any of its subsidiaries, including the Company Subsidiaries and its subsidiaries) to engage compete in any line of business that is material to the Company and its subsidiaries, taken as a whole, or to competeParent and its subsidiaries, whether by restricting territoriestaken as a whole, customers or otherwise, with any person or in any other material respectgeographic area, with except for any Person; such Contract (viix) any settlement, conciliation that would not be expected to result in the Company incurring costs or similar agreement, the performance of which will involve payment after the Closing Date of consideration receiving revenues in excess of $500,0005,000,000 per year, (y) that may be canceled without penalty by the Company or any of its subsidiaries upon notice of 60 days or less or (z) the terms and scope (including with respect to any Restrictive Covenants) are customary in the airline industry for Contracts of that type; (viiiii) any contract or agreement that relates all material joint venture, partnership, business alliance (excluding information technology contracts), code sharing and frequent flyer agreements (including all material amendments to Intellectual Property Rights (other than a license granted to each of the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000foregoing agreements); (ixiii) any contract or agreement all maintenance agreements for repair and overhaul that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating would be expected to result in the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments incurring costs in excess of $500,000 that cannot be cancelled by 10,000,000 per year (including all material amendments to each of the Company or a Company Subsidiary without penalty on not more than 90 days’ notice;foregoing agreements); and (xiiiv) as of the date hereof, all loan agreements, credit agreements, notes, debentures, bonds, mortgages, indentures and other Contracts pursuant to which any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; indebtedness (xiiiwhich term shall include capital leases and operating leases) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees its subsidiaries is outstanding or may be incurred and consultants, in the ordinary course all guarantees of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of by the Company or any Company Subsidiary to solicit customers of its subsidiaries of any indebtedness of any other person (except for such indebtedness or guarantees of indebtedness the manner in whichaggregate principal amount of which does not exceed $10,000,000), or including the localities in which, all or any portion respective aggregate principal amounts outstanding as of the business date of this Agreement. The Company has previously disclosed to Parent in writing, based upon the assumptions in such writing, the aggregate amount of indebtedness (which shall be deemed solely for purposes of this sentence to consist of capital leases, aircraft operating leases and indebtedness for borrowed money) of the Company or and its subsidiaries (including all guarantees of indebtedness to third parties) as of the Company Subsidiaries is or can be conducted, or (y) right date of first refusal or right of first offer or similar right or that limits or purports to limit the ability this Agreement. None of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) its subsidiaries is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation violation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that (with or without notice or lapse of time or both) under, or has waived or failed to enforce any rights or benefits under, any Contract to which it is a party or by which it or any of its properties or assets is bound, and, to the knowledge of the Company or such subsidiary, no other party to any of its Contracts is in violation or default (with or without notice or lapse of time or both) under, or has waived or failed to enforce any rights or benefits under, and there has occurred no event giving to others any right of termination, amendment or cancelation of, with or without notice or lapse of time or both, any such Contract except, in each case, for violations, defaults, waivers or failures to enforce benefits that individually or in the aggregate would constitute not be expected to result in (taking into account the likelihood of such result occurring and the expected magnitude of such event if it were to occur) a material breach adverse effect. Except as identified in writing by the Company to Parent prior to the date of this Agreement, the Company has delivered or default made available to Parent or permit termination, modification, or acceleration, under its representatives true and complete copies of all Contracts listed on Section 3.01(h) of the Material ContractsCompany Disclosure Schedule.

Appears in 4 contracts

Sources: Merger Agreement (Us Airways Inc), Merger Agreement (Ual Corp /De/), Merger Agreement (Ual Corp /De/)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Section 2.16(a) of the Disclosure Schedule (with paragraph references corresponding to the Investor or its representatives true, correct those set forth below) contains a true and complete copies list of each of the following Contracts or other arrangements (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Parent prior to the execution of this Agreement) to which the Company Company, Galaxy Mall or any Company Subsidiary IMI is a party (each, a “Material Contract”):or by which any of their Assets and Properties are bound: (i) any contract (A) all Contracts (excluding Plans and Benefit Programs or agreement Agreements) providing for a commitment of employment or consultation services for a specified or unspecified term to, or otherwise relating to indebtedness for borrowed moneyemployment or the termination of employment of, letters any Employee, the name, position and rate of creditcompensation of each Employee party to such a Contract and the expiration date of each such Contract exceeding $50,000; and (B) any written or unwritten representations, capital lease obligationscommitments, obligations secured by a Lien promises, communications or interest rate courses of conduct (excluding Plans and Benefit Programs or currency hedging agreements Agreements and any such Contracts referred to in clause (including guarantees in respect of any A)) involving an obligation of the foregoingCompany, but Galaxy Mall or IMI to make payments in any event excluding trade payablesyear, securities transactions and brokerage agreements arising other than with respect to salary or incentive compensation payments in the ordinary course of business, intercompany indebtedness to any Employee exceeding $100,000 or any group of Employees exceeding $100,000 in the aggregate; (ii) all Contracts with any Person containing any provision or covenant prohibiting or limiting the ability of the Company, Galaxy Mall or IMI to engage in any business activity or compete with any Person in connection with the Business or prohibiting or limiting the ability of any Person to compete with the Company, Galaxy Mall or IMI in connection with the Business; (iii) all partnership, joint venture, shareholders' or other similar Contracts with any Person in connection with the Business; (iv) all Contracts with distributors, dealers, manufacturer's representatives, sales agencies or franchises with whom the Company, Galaxy Mall or IMI deals in connection with the Business; (v) all Contracts relating to the future disposition or acquisition of any Assets and immaterial leases for telephonesProperties, copy machines, facsimile machines and other office equipment) in excess than dispositions or acquisitions of $500,000, except for those issued inventory in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement business consistent with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariespast practice; (vi) all collective bargaining or similar labor Contracts covering any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any PersonEmployee; (vii) any settlement, conciliation all other Contracts (other than Plans and Benefit Programs or similar agreementAgreements, the performance Real Property Leases and insurance policies listed in Section 2.18 of which will the Disclosure Schedule and those Contracts listed on Section 2.15 or 2.17 of the Disclosure Schedule) with respect to the Business that (A) involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Galaxy Mall or IMI of more than $25,000 annually and (B) cannot be terminated within thirty (30) days after giving notice of termination without resulting in any material cost or penalty to the Closing Date of consideration in excess of $500,000;Company, Galaxy Mall or IMI; and (viii) without limiting any contract of the foregoing, all Contracts relating to any strategic alliance with another Person, including, without limitation, Earthlink, Professional Marketing International, United Marketing Solutions, and International Television Products. Notwithstanding the foregoing, the Company represents and warrants that it or agreement that relates its Subsidiaries have entered into approximately 40,000 Contracts with online merchants and, with the consent of Parent, will not be required to Intellectual Property Rights (other than a license granted list each such Contract on the Disclosure Schedule unless any such Contract, individually, is material to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract Business or agreement that concerns the sale or acquisition of any material portion Condition of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing . The Company has hereto furnished to Parent representative examples of profits or losses relating to all of the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess types of $500,000 that cannot be cancelled online merchant Contracts presently used by the Company or a its Subsidiaries. The Company Subsidiary without penalty further represents and warrants that IMI has entered into approximately 100 customer Contracts and, with the consent of Parent, will not be required to list each such Contract on not more than 90 days’ notice;the Disclosure Schedule unless any such Contract, individually, exceeds $10,000. (xiib) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiiiEach Contract required to be disclosed in Section 2.16(a) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms terms, of each party thereto, except as enforcement thereof may be limited by (i) Laws of general application relating to bankruptcy, insolvency moratorium, reorganization or other similar Laws, both state and federal, affecting the enforcement of creditors' rights or remedies in general, and (Cii) will continue to be legalrules of Law governing specific performance, valid, binding, enforceable, injunctive relief and other equitable remedies; and except as disclosed in full force and effect in all material respects following the consummation Section 2.16(b) of the transactions contemplated by Disclosure Schedule, neither the Transaction Documents. Neither the Company Company, Galaxy Mall nor any of the Company SubsidiariesIMI nor, nor to the Knowledge of the Company, Galaxy Mall or IMI, any other party thereto is to such Contract is, or has received notice that it is, in material violation or breach of or default under any Material Contract. No benefits under any Material such Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that (or with notice or lapse of time or both, would constitute a material be in violation or breach of or default under any such Contract) in any material respect. (c) Except as disclosed in Section 2.16(c) of the Disclosure Schedule, (i) the execution, delivery and performance by the Company of this Agreement, and the consummation of the transactions contemplated hereby, will not (A) result in or permit give to any Person any right of termination, modificationcancellation, acceleration or modification in or with respect to, (B) result in or give to any Person any additional rights or entitlement to increased, additional, accelerated or guaranteed payments under, or acceleration(C) result in the creation or imposition of any Lien upon the Company, under Galaxy Mall or IMI or any of their Assets and Properties under, any Contract, and (ii) Company, Galaxy Mall, and IMI are not parties to or bound by any Contract that has been or could reasonably be expected to be, individually or in the Material aggregate with any other Contracts, materially adverse to the Business or Condition of the Company, Galaxy Mall, or IMI.

Appears in 3 contracts

Sources: Merger Agreement (Netgateway Inc), Merger Agreement (Galaxy Enterprises Inc /Nv/), Merger Agreement (Netgateway Inc)

Contracts. The Company has Previously Disclosed SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or provided operations of Orion, taken as a whole, to either Orion Party; and (by hard copy, electronic data room or otherwisey) to which any of the Investor Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts: (a) any collective bargaining agreement; (b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub; (c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person; (d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000; (e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its representatives truecredit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice); (f) any indenture, correct credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing; (g) any Contract involving a partnership, joint venture or other cooperative undertaking; (h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub; (i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person; (j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and (k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of the following to which the Company or any Company Subsidiary each oral arrangement so listed is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect contained on SCHEDULE 5.10. The cancellation of any of the foregoing, but in Contracts listed on SCHEDULE 5.10 at any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled time by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party or parties thereto is in material violation or default under any would not have an Orion Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsAdverse Effect.

Appears in 3 contracts

Sources: Merger Agreement (Selena Pharmeceuticals Inc), Merger Agreement (Orion Acquisition Corp Ii), Merger Agreement (Orion Acquisition Corp Ii)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each Section 3.19 of the Seller Disclosure Schedule lists the following contracts and other agreements to which the Company or any Company Subsidiary Seller is a party or is bound in connection with the Business on the date hereof and identifies each such contract (eachif any) in which (i) an officer, director, member, manager or employee of Seller or (ii) an Affiliate of Seller has or holds (directly or indirectly) a “Material Contract”material interest (and Seller will update the Schedule as necessary at least five (5) days prior to Closing): (i) any contract agreement (or agreement relating group of related agreements), for the lease of personal property to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of from any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessPerson; (ii) any contract agreement (or agreement that constitutes a collective bargaining group of related agreements) requiring capital expenditures or for the purchase or sale of raw materials, commodities, supplies, products or other arrangement with any labor unionpersonal property, or for the furnishing or receipt of services (including advertising and marketing services), the performance of which will extend over a period of more than 30 days, result in a loss to Seller, or involve consideration in excess of $100,000; (iii) any contract agreement concerning a partnership or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kjoint venture; (iv) any lease agreement (or agreement group of related agreements) under which the Company Seller has created, incurred, assumed or guaranteed any indebtedness for borrowed money, or any of the Company Subsidiaries is lessee ofcapitalized lease obligation, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000500,000 or under which it has granted a Lien with respect to any of the Acquired Assets; (v) any lease agreement concerning confidentiality or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesnoncompetition; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personcollective bargaining agreement; (vii) any settlement, conciliation or similar agreement, agreement for the performance employment of which will involve payment after the Closing Date of consideration any Key Business Employee providing annual salary (excluding bonus) in excess of $500,00050,000 or providing severance benefits; (viii) any contract agreement under which Seller has advanced or agreement that relates loaned any amount to Intellectual Property Rights (other than a license granted to any of the Company for commercially available software licensed on standard terms with a total replacement cost Business Employees or Key Business Employees outside the Ordinary Course of less than $500,000)Business; (ix) any contract agreement under which the consequences of a default or agreement that concerns termination could have a materially adverse effect on the sale financial condition, operations, results of operations or acquisition of any material portion future prospects of the Company’s businessBusiness; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing letters of profits or losses relating intent with respect to the Company or any Company Subsidiary;construction and/or establishment of contemplated Restaurants; and (xi) any contract other agreement (or agreement involving group of related agreements) the performance of which involves annual payments consideration in excess of $500,000 that cannot be cancelled by 250,000. Seller has delivered to Purchaser a correct and complete copy of each written agreement listed in Section 3.19 of the Company or Seller Disclosure Schedule and a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or written summary setting forth the terms and conditions of each oral agreement with referred to in Section 3.19 of the Seller Disclosure Schedule. With respect to the employment or service of any current or former directors, officers, employees or consultants each such agreement that is listed in Section 3.19 of the Company or any Seller Disclosure Schedule, except as described in Section 3.19 of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract Seller Disclosure Schedule: (A) the agreement is legal, valid valid, binding, enforceable and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and was entered into on an arms length basis; (CB) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the CompanySeller, any other no party thereto is in material violation breach or default under any Material Contract. No benefits under any Material Contract will be increaseddefault, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that which with notice or lapse of time would constitute a material breach or default default, or permit termination, modification, modification or acceleration, under the Material Contractsagreement; and (C) to the Knowledge of Seller, no party has repudiated any provision of the agreement.

Appears in 3 contracts

Sources: Asset Purchase Agreement, Asset Purchase Agreement (Ruths Chris Steak House, Inc.), Asset Purchase Agreement (Ruths Hospitality Group, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000250,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000250,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000250,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000250,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 250,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not or without more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documentsthis Agreement, except in the cases of (B) and (C) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights in general. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsthis Agreement, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documentsthis Agreement. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 3 contracts

Sources: Subscription Agreement, Subscription Agreement (FNB United Corp.), Subscription Agreement (FNB United Corp.)

Contracts. (a) The Company has Previously Disclosed or document titled “Material Contracts” that was provided (by hard copyto the WPZ Parties as of October 23, electronic 2014, in the virtual data room or otherwisemaintained by ACMP (the “ACMP Material Contracts List”) contains a true and complete listing and, with respect to any ACMP Partially Owned Entity, a true and complete listing to the Investor or its representatives trueKnowledge of the ACMP Parties, correct and complete copies of each of the following contracts and other agreements with respect to their assets or businesses, to which any of the Company or any Company Subsidiary ACMP Group Entities is a party as of the Execution Date (each, each such contract or agreement being referred to herein as a “ACMP Material Contract”):); provided, however, that, for the avoidance of doubt, any ACMP Material Contract filed as an exhibit in the ACMP SEC Reports shall be deemed to be disclosed in the ACMP Material Contracts List for purposes of this Section 4.13: (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a each “material contract” within the meaning of (as such term is defined in Item 601(b)(10) of Regulation S-KK of the SEC); (ii) any natural gas gathering, processing, treating, transportation, storage, compression, purchase, operating, balancing, interconnection or other agreement or NGL marketing purchase or other agreement (or group of related agreements with the same Person) that involves annual revenues or payments in excess of $100,000,000; (iii) any agreement (or group of related agreements with the same Person) for the lease of personal property to or from any Person providing for lease payments in excess of $100,000,000 per annum; (iv) any lease agreement (or agreement under which group of related agreements with the Company same Person) for the purchase or any sale of the Company Subsidiaries is lessee ofraw materials, commodities, supplies, products, or holds other personal property, or operatesfor the furnishing or receipt of services, any property owned by any other Person with the performance of which is reasonably expected to involve annual rent payments consideration in excess of $500,000100,000,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than concerning a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperationpartnership, joint venture, shareholders, partnership investment or similar agreement other arrangement (A) involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of any of the Company or the Company Subsidiaries is or can be conductedACMP Group Entities, or (yB) right requiring any of first refusal the ACMP Group Entities to invest funds in or right make loans to, or purchase any securities of, another Person, venture or other business enterprise, in each of first offer clauses (A) and (B), that could reasonably be expected to involve amounts in excess of $100,000,000; (vi) any agreement (or similar right group of related agreements with the same Person) with respect to the creation, incurrence, assumption, or guaranteeing of any indebtedness for borrowed money, the deferred purchase price for real property, or any capitalized lease obligation; (vii) any agreement that prohibits or otherwise materially limits or purports to limit the ability of the Company or any of the Company Subsidiaries ACMP Group Entities to own, operate, sell, transfer, pledge or otherwise dispose of compete in any material assets respect in any line of business or business; andwith any Person or in any material geographic area during any period of time after the Closing; (xvviii) any material contract agreement with any of the ACMP Group Entities that individually involves annual revenues or payments in excess of $100,000,000; (ix) any collective bargaining agreement or other similar agreement with any labor union or organization to which any ACMP Group Entity is subject; (x) any lease under which an ACMP Group Entity is the lessor or lessee of real property that provides for an annual base rental to or from any of the ACMP Group Entities of more than $100,000,000; (xi) any easement agreement, right-of-way agreement, license or permit involving an annual payment of more than $100,000,000; (xii) any agreement that would require governs the use or development of Intellectual Property (other than off-the-shelf software license agreements); (xiii) any consent or approval agreement under which the consequences of a counterparty default or termination would have an ACMP Material Adverse Effect; or (xiv) any other agreement (or group of related agreements with the same Person) not enumerated in this Section 4.13, the performance of which by any party thereto involves consideration in excess of $100,000,000. (b) Except as would not, individually or in the aggregate, have an ACMP Material Adverse Effect, with respect to each of the ACMP Group Entities (but, with respect to any ACMP Partially Owned Entity, to the Knowledge of the ACMP Parties): (i) each ACMP Material Contract to which such entity is a result of party is legal, valid and binding on and enforceable against such entity, and in full force and effect; (ii) each ACMP Material Contract to which such entity is a party will continue to be legal, valid and binding on and enforceable against such entity, and in full force and effect on identical terms following the consummation of the transactions contemplated by this Agreement. Each Material Contract ; (Aiii) such entity that is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) each ACMP Material Contract is not in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceablebreach or default, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that which with notice or lapse of time would constitute a material breach or default by any such party, or permit termination, modification, or acceleration, under the ACMP Material ContractsContract; and (iv) to the Knowledge of the ACMP Parties, no other party to any ACMP Material Contract is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default by such other party, or permit termination, modification or acceleration under any ACMP Material Contract other than in accordance with its terms nor has any other party repudiated any provision of the ACMP Material Contract.

Appears in 3 contracts

Sources: Merger Agreement, Merger Agreement (Access Midstream Partners Lp), Merger Agreement (Williams Partners L.P.)

Contracts. The (a) Except for the contracts and agreements described in Schedule 4.11 of the Company has Previously Disclosed Disclosure Schedule (collectively, the "COMPANY MATERIAL CONTRACTS"), neither Company nor the Company Subsidiaries is a party to or provided bound by the following contracts (by hard copywhich for purposes of this Agreement shall be deemed Company Material Contracts): (i) any distribution or software manufacturer's representative contract that represents ten percent (10%) or more of Company's consolidated annual revenues; (ii) any contract for the provision of software, electronic data room outsourcing or otherwiseconsulting services or computer hardware, including contracts billed on time plus materials and fixed-price contracts involving in the case of any such contact more than $3,000,000 per annum; (iii) any contract related to the Investor provision of services to early-stage entities in consideration for, among other things, equity interests in such entities, along with any subscription or its representatives trueother agreements with respect to investments in such entities and instruments or securities evidencing such equity interests, correct and complete copies including any warrants or options; (iv) any hedging arrangements, including any puts or call options; (v) any trust indenture, mortgage, promissory note, loan agreement or other contract for the borrowing of each money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the following type required to be capitalized in accordance with US GAAP; (vi) any contract for capital expenditures in excess of $3,000,000 in the aggregate; (vii) any contract limiting in any material respect the freedom of the Company or any Company Subsidiary to engage in any line of business or to compete with any other Person; (viii) any contract pursuant to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect lessor of any machinery, equipment, motor vehicles, office furniture, fixtures or other personal property involving in the case of the foregoing, but any such contract more than $3,000,000 in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)calendar year; (ix) any contract with any Person (other than the Company or agreement that concerns any Company Subsidiary) with whom the sale Company or acquisition of any material portion Company Subsidiary does not deal at arm's length within the meaning of the Company’s businessCode; (x) any allianceagreement of guarantee, cooperationsupport, joint ventureindemnification, shareholdersassumption or endorsement of, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary;similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other Person; or (xi) any contract or agreement involving annual payments relating to the acquisition of a business for aggregate consideration in excess of $500,000 that cannot be cancelled by 1,000,000 entered into in the last three years. (b) Company or a and each Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants has performed all of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contractit and is entitled to all benefits under, and to the Knowledge of the Company, is not alleged to be in default in respect of any Company Material Contract. Each of the Company Material Contracts is in full force and effect, unamended, and there exists no default or event has occurred that of default or event, occurrence, condition or act, with notice respect to Company or any Company Subsidiary or to the Knowledge of Company with respect to the other contracting party, which, with the giving of notice, the lapse of the time or the happening of any other event or conditions, would constitute become a material breach or default or permit terminationevent of default under any Company Material Contract. True, modification, correct and complete copies of all Company Material Contracts have been delivered or acceleration, under the Material Contractsmade available to Parent.

Appears in 2 contracts

Sources: Merger Agreement (Sapiens International Corp N V), Merger Agreement (Ness Technologies Inc)

Contracts. The Except as set forth in the Disclosure Letter, neither the Company nor any of its Subsidiaries has Previously Disclosed any current or provided (by hard copyfuture rights, electronic data room responsibilities, obligations or otherwise) to liabilities, in each case as of the Investor or its representatives truedate of this Agreement, correct and complete copies of each under any of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (a) any Contract relating to Intellectual Property that is material to the Company and its Subsidiaries, taken as a whole; (b) any Contract that would be required to be filed or furnished by the Company pursuant to Item 19 and paragraph 4 of the Instructions to Exhibits of Form 20-F under the Exchange Act; (c) any Contract involving payments by the Company or any of its Subsidiaries in excess of US$7 million in the aggregate under each such Contract; (d) any Contract, including any distribution agreements, containing covenants directly or explicitly limiting in any material respect the freedom of the Company and its Subsidiaries as a whole to compete in any geographic area, industry or line of business or with any Person or to offer any of its products or services, or any material exclusivity agreement relating to Intellectual Property, business opportunity or any resources or assets of the Company or any of its Subsidiaries; (e) any indenture, mortgage, promissory note, loan agreement, guaranty or other agreement or commitment for the borrowing of money or pledging or granting a security interest in respect of an aggregate amount of US$5 million or more; (f) share or stock redemption or purchase agreements or other agreements affecting or relating to the share capital of the Company or any of its Subsidiaries, including, without limitation, any agreement with any shareholder of the Company or any of its Subsidiaries which includes, without limitation, anti-dilution rights, voting arrangements or operating covenants; (g) any royalty or dividend arrangement that involves the payment by the Company of more than US$4 million annually based on the revenues or profits of the Company or any of its Subsidiaries or based on the revenues or profits derived from any material contract; (h) any material acquisition, merger, asset purchase or other similar agreement; (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement Contract under which the Company or any of the Company its Subsidiaries is lessee ofhas granted any Person any registration rights, or holds any right of first refusal, first offer or operates, first negotiation with respect to any property owned by Securities or securities of any other Person with annual rent payments in excess Subsidiaries of $500,000the Company; (vj) any lease Contract relating to the formation, creation, operation, management or agreement under control of any partnership, joint venture, limited liability company or similar arrangement; or (k) any Contract that contains a put, call or similar right pursuant to which the Company or any of the Company its Subsidiaries is lessor ofcould be required to purchase or sell, or permits any Person to hold or operateas applicable, any property owned or controlled by the Company or equity interests of any Person. Each of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries Material Contracts is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and effect, is enforceable in accordance with its terms terms, subject to the Bankruptcy and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction DocumentsEquity Exception. Neither the Company nor any of the Company Subsidiariesits Subsidiaries has violated or breached, nor or committed any default under, any Material Contract, and, to the Knowledge of the Company’s knowledge, no other Person has violated or breached, or committed any other party thereto is in material violation or default under any Material Contract, except for violations, breaches or defaults which would not, individually or in the aggregate, in each case, reasonably be expected to have a Material Adverse Effect. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of To the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company’s knowledge, no event has occurred occurred, and no circumstance or condition exists, that (with or without notice or lapse of time or both) would constitute reasonably be expected to: (A) result in a material violation or breach or of any of the provisions of any Material Contract, (B) give any Person the right to declare a default or permit terminationexercise any remedy under any Material Contract, modification(C) give any Person the right to accelerate the maturity or performance of any Material Contract or (D) give any Person the right to cancel, terminate or accelerationmodify any Material Contract, under the except, in each case, as would not reasonably be expected to have a Material ContractsAdverse Effect.

Appears in 2 contracts

Sources: Investment Agreement (Alibaba Group Holding LTD), Investment Agreement (Ali YK Investment Holding LTD)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to Part 3.10 of the Investor or its representatives true, Disclosure Schedule sets forth a complete and correct and complete copies list of each of the following contracts, agreements, leases, licenses and obligations related to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating Business to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries Shareholders is lessee ofa party or bound (the “Contracts”). The Contracts are valid, binding and enforceable in accordance with their respective terms, and are in full force and effect. There are no existing material defaults thereunder and no event of default has occurred which (whether with or holds without notice, lapse of time or operates, any property owned by any other Person with annual rent payments in excess of $500,000;both) would constitute a material default thereunder: (va) any lease Contracts concerning confidentiality (other than typical confidentiality provisions contained in Contracts entered into in the ordinary course of business) or agreement under which the Company that purport to limit, curtail or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, restrict the ability of the Company or any of the Company Subsidiaries its future subsidiaries or Affiliates to engage conduct business in any geographic area or line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, restrict the Persons with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of whom the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of its future subsidiaries or Affiliates may do business; (xivb) Contracts with any contract employee, consultant or other independent contractor (including contracts with or “leases” from any truck owner-operator), and any offer letters for employment with the Company outstanding, including but not limited to any Contracts providing for any commission based compensation, profit sharing, severance payments or benefits, relocation payments or benefits, bonuses, change in control payments or benefits, and the details of any such compensation agreement containing or arrangement; (c) Contracts with any labor union or other representative of employees (xincluding any collective bargaining agreement); (d) Contracts with any employee leasing or temporary staffing agencies for the engagement of any leased employees or independent contractors; (e) Contracts with any present or former officer, director or stockholder of the Company, or any Affiliate of such officer, director or stockholder, including any agreement providing for the employment of, furnishing of services by, rental of assets from or to, or otherwise requiring payments to, any such officer, director, stockholder or Affiliate, in each case, other than (A) advances or reimbursements for travel and entertainment expenses, (B) employee confidentiality and non-competition disclosure agreements on the Company’s standard form, and (C) employee benefits generally available to employees. (f) Contracts under which the Company has advanced or exclusive dealing obligations loaned any amount to any of its employees or other obligation Affiliates of the Company and which purports has not been repaid in full prior to limit or restrict in the date of this Purchase Agreement; (g) Contracts granting any power of attorney with respect to the ability affairs of the Company or any Company Subsidiary otherwise conferring agency or other power or authority to solicit customers bind the Company; (h) partnership or joint venture agreements; (i) Contracts for the manner in whichacquisition, sale or the localities in which, all lease of material properties or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets (by merger, purchase or business; andsale of stock or assets or otherwise); (xvj) Contracts with any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.Governmental Body;

Appears in 2 contracts

Sources: Stock Purchase Agreement, Stock Purchase Agreement (Heckmann CORP)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Section 3.10(a) of the Investor or its representatives true, correct Seller Disclosure Schedule sets forth an accurate and complete copies list as of the date hereof of each of the following Contract to which the Company or any Company Subsidiary is a party (eachparty, a “Material Contract”):which: (i) any contract or agreement relating to indebtedness for borrowed money, letters includes a term extending more than one (1) year beyond the date of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessthis Agreement; (ii) any contract involves future annual expenditures or agreement that constitutes a collective bargaining or other arrangement with any labor unionreceipts by the Company in excess of $5,000 in the aggregate during the term thereof; (iii) any contract pursuant to which the Company sells products to customers or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kvendors; (iv) relates to the borrowing of money or guarantying any lease obligation for borrowed money or agreement under otherwise, including any Contract that is a (A) mortgage, indenture, note, installment obligation or other instrument relating to the borrowing of money, (B) letter of credit, bond or other indemnity (including letters of credit, bonds or other indemnities as to which the Company is the beneficiary, but excluding endorsements of instruments for collection) or any of the Company Subsidiaries is lessee of(C) currency or interest rate swap, collar or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000hedge agreements; (v) any lease or agreement under which affects the Company or any of the Company Subsidiaries is lessor ownership of, leasing of, title to, use of, or permits any Person to hold or operate, other possessory interest in any property owned or controlled by the Company or any of the Company SubsidiariesProperties; (vi) pursuant to which the Company uses Intellectual Property owned by a third party, except for any contract license implied by the sale of a product and perpetual, paid-up licenses for commonly available software programs with a value of less than $1,000 under which the Company is the licensee; (vii) involves any labor union or agreement limiting, other employee representative of a group of employees; (viii) creates a partnership or joint venture with any other Person; (ix) contains covenants that in any material respect, way purport to restrict the ability business activity of the Company or any limit the freedom of the Company Subsidiaries to engage in any line of business or business, to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; (vii) Person or solicit or hire any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates person with respect to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s businessemployment; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating pursuant to which the Company extends a written warranty, guaranty or any Company Subsidiaryother similar undertaking with respect to contractual performance; (xi) any contract or agreement involving annual provides for payments in excess to Employees as a result of $500,000 that cannot be cancelled the transactions contemplated by the Company or a Company Subsidiary without penalty on not more than 90 days’ noticethis Agreement; (xii) involves the sale of any material hedge, collar, option, forward purchasing, swap, derivative of the assets of the Company other than in the ordinary course of business or similar agreement, understanding or undertakingfor the grant to any Person of any preferential rights to purchase any of the Company’s assets; (xiii) relates to the acquisition (by merger, purchase of stock or assets or otherwise) by the Company of any contract operating business or agreement with material assets or the capital stock of any other Person; (xiv) obligates the Company to provide or obtain products or services for a period of one (1) year or more or requiring the Company to purchase or sell a stated portion of its requirements or outputs; (xv) under the terms thereof, the Company has made advances or loans to any other Person; (xvi) provides for severance, retention, change in control or other similar payments; (xvii) provides for the employment of any individual on a full-time, part-time or consulting or other basis; and (xviii) is otherwise material to the Company. The Contracts listed in Section 3.10(a) of the Seller Disclosure Schedule are referred to in this Agreement as the “Material Contracts”. (b) With respect to each such Material Contract, neither the employment Company party to the Material Contract nor any other party to the Material Contract is in breach or service default under any material provisions of any current such Material Contract except for such breaches or former directors, officers, employees defaults as to which requisite waivers or consultants consents have been issued or obtained. No event has occurred that with the lapse of time or the giving of notice or both would constitute a material breach or default on the part of the Company or any other party under any Material Contract. Upon consummation of the Company Subsidiaries other thantransactions contemplated by this Agreement, with respect to non-executive employees each Material Contract will, except as otherwise stated in Section 3.10(b) of the Seller Disclosure Schedule, continue in full force and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations effect without penalty or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of adverse consequence triggered by the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on enforceable as to the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (Cii) will continue rules of law governing specific performance, injunctive relief and other equitable remedies. From January 1, 2011 to be legalthe date hereof, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor (i) no party to any of the Company SubsidiariesMaterial Contracts has exercised any termination rights with respect thereto, nor (ii) no party has given written notice of any significant dispute with respect to any Material Contract, and (iii) no party has provided written notification to the Knowledge Seller or the Company that it will stop or, other than generally applicable price increases, materially alter the pricing or terms of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and Seller has delivered to the Knowledge Purchaser true, correct and complete copies of the Company, each all of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts, together with all amendments, modifications or supplements thereto.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Capsalus Corp), Stock Purchase Agreement (Genelink Inc)

Contracts. The (a) Except as filed as an exhibit to a Company has Previously Disclosed SEC Document prior to the date of this Agreement, and except for the Company Benefit Plans, neither the Company nor any Company Subsidiary is a party to or provided bound by, nor are any of their respective assets, businesses or operations party to, or bound or affected by, or receive benefits under: (i) any agreement relating to indebtedness (other than agreements among direct or indirect wholly-owned Company Subsidiaries) in excess of $5 million; (ii) any joint venture, partnership, limited liability company or other similar agreements or arrangements relating to the formation, creation, operation, management or control of any partnership, strategic alliance or joint venture; (iii) any agreement or series of related agreements, including any option agreement, relating to the acquisition or disposition of any material business or material real property (whether by hard copymerger, electronic data room sale of stock, sale of assets or otherwise); (iv) any agreement (including any exclusivity agreement) that purports to limit or restrict in any material respect either the Investor or its representatives true, correct and complete copies type of each of the following to business in which the Company or any Company Subsidiary is a party (eachor, a “Material Contract”): (iafter the Effective Time, the Surviving Corporation or its Subsidiaries) any contract may engage or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien the manner or interest rate or currency hedging agreements (including guarantees locations in respect of which any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to them may so engage in any business including any covenant not to compete or could require the disposition of any material assets or line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xiv) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled providing for the production by the Company or a any Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current product on an exclusive or former directors, officers, employees requirements basis or consultants of the purchase by the Company or any Company Subsidiary of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of businessany product on an exclusive or output basis; (xivvi) any contract other agreement or amendment thereto that would be required to be filed as an exhibit to any Company SEC Document (as described in Items 601(b)(4) and 601(b)(10) of Regulation S—K under the Securities Act) that has not been filed as an exhibit to or incorporated by reference in the Company SEC Documents filed prior to the date of this Agreement; (vii) any agreement containing any (x) non-competition that involves expenditures or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability receipts of the Company or any Company Subsidiary in excess of $5 million per year not entered into in the ordinary course of business consistent with past practice; (viii) any agreement by which the Company or any Company Subsidiary licenses or otherwise obtains the right to solicit customers use material Intellectual Property rights of any other Person (other than licenses for readily available commercial software) or by which the Company or any Company Subsidiary is restricted in its right to use or register, or licenses or otherwise permits any other Person to use, enforce, or register any material Company Owned Intellectual Property; or (ix) any agreement the termination or breach of which or the manner failure to obtain consent in whichrespect of would reasonably be expected to result in a Material Adverse Effect on the Company. (b) The agreements, commitments, arrangements and plans, whether written or the localities oral, listed or required to be listed in which, all or any portion Section 3.18(a) of the business Company Disclosure Letter are referred to herein as the “Company Contracts.” Each Company Contract is a valid and binding agreement of the Company or a Company Subsidiary, as the Company Subsidiaries is or can be conductedcase may be, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceableeffect, and in full force and effect in all material respects following the consummation none of the transactions contemplated by the Transaction Documents. Neither the Company, any Company nor any of the Company SubsidiariesSubsidiary or, nor to the Knowledge knowledge of the Company, any other party thereto is in default or breach in any material violation or default respect under the terms of any Material such Company Contract. No benefits under any Material Contract will be increased, ; and no vesting event has occurred, which, after the giving of any benefits under any Material Contract will be acceleratednotice, with lapse of time, or otherwise, would constitute a material default by the occurrence of Company or any of the transactions contemplated by the Transaction DocumentsCompany Subsidiary or, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge knowledge of the Company, any other party under such Company Contract. True, correct and complete copies of each of the other parties thereto, such Company Contract (including all modifications and amendments thereto and waivers thereunder) have performed in all material respects all material obligations required been made available to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsParent.

Appears in 2 contracts

Sources: Merger Agreement (CF Industries Holdings, Inc.), Merger Agreement (CF Industries Holdings, Inc.)

Contracts. (a) The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct Disclosure Schedule contains a true and complete copies list of each of the following written or oral contracts, agreements or other arrangements to which the Company or any Company Subsidiary is a party or by which any of its Assets and Properties is bound (eachand, a “Material Contract”to the extent oral, accurately describes the terms of such contracts, agreements and arrangements): (i) any contract all collective bargaining or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businesssimilar labor agreements; (ii) all contracts for the employment of any contract or agreement that constitutes a collective bargaining officer, employee or other arrangement with any labor unionperson or entity on a full time, part time, consulting or other basis; (iii) all loan agreements, indentures, debentures, notes or letters of credit relating to the borrowing of money or to mortgaging, pledging or otherwise placing a lien on any contract material asset or agreement that is a “material contract” within group of assets of the meaning of Item 601(b)(10) of Regulation S-KCompany; (iv) all guarantees of any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000obligation; (v) any lease all leases or agreement agreements under which the Company is lessee or any of the Company Subsidiaries is lessor of, or permits any Person to hold holds, or operateoperates, any property property, real or personal, owned or controlled by the Company or any of the Company Subsidiariesother party; (vi) any contract all commitments, contracts, sales contracts, purchase orders, mortgage agreements or agreement limiting, in any material respect, groups of related agreements with the ability of the Company same party or any group or affiliated parties which require or may in the future require payment of any consideration by the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any PersonCompany; (vii) all license agreements, distribution agreements or any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000other agreements involving any Company Intellectual Property; (viii) all subscription or registration rights agreements or any contract or agreement that relates to Intellectual Property Rights (other than a license granted agreements related to the Company for commercially available software licensed on standard terms with a total replacement cost equity ownership of less than $500,000)the Company; (ix) all contracts or commitments that in any contract or agreement that concerns way restrict the sale or acquisition of any material portion of Company from carrying on its business anywhere in the Company’s business;world; and (x) any allianceall other contracts and agreements that (A) involve the payment or potential payment, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating pursuant to the Company or terms of any Company Subsidiary; (xi) any such contract or agreement involving annual payments in excess of $500,000 that agreement, by the Company and (B) cannot be cancelled by terminated within thirty (30) days after giving notice of termination without resulting in any cost or penalty to the Company or a Company Subsidiary without penalty on not more than 90 days’ notice;Company. (xiib) any material hedgeEach contract, collar, option, forward purchasing, swap, derivative agreement or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, arrangement disclosed in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms terms, of each party thereto; and (C) will continue to be legal, valid, binding, enforceablethe Company has performed all of its required obligations under, and is not in full force and effect in all material respects following the consummation violation or breach of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Companyor default under, any such contract, agreement or arrangement. The other party thereto is parties to any such contract, agreement or arrangement are not in material violation or breach of or default under any Material Contractsuch contract, agreement or arrangement. No benefits under None of the present or former employees, officers, directors or shareholders of the Company is a party to any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of oral or written contract or agreement prohibiting any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of them from freely competing with other parties or engaging in the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts's as now operated.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Comps Com Inc), Stock Purchase Agreement (Comps Com Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Except for the Investor or its representatives true, correct contracts and complete copies of each agreements described in Schedule 5.11 of the following to which Parent Disclosure Schedule (collectively, the Company or any Company Subsidiary "PARENT MATERIAL CONTRACTS"), neither Parent nor the Parent Subsidiaries is a party to or bound by the following contracts (each, a “which for purposes of this Agreement shall be deemed Parent Material Contract”Contracts): (i) any distribution or software manufacturer's representative contract that represents ten percent (10%) or agreement relating to indebtedness for borrowed money, letters more of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessParent's combined annual revenues; (ii) any contract for the provision of software, outsourcing or agreement that constitutes a collective bargaining consulting services or other arrangement with computer hardware, including contracts billed on time plus materials and fixed-price contracts involving in the case of any labor unionsuch contact more than $3,000,000 per annum; (iii) any contract related to the provision of services to early-stage entities in consideration for, among other things, equity interests in such entities, along with any subscription or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kagreements with respect to investments in such entities and instruments or securities evidencing such equity interests, including any warrants or options; (iv) any lease hedging arrangements, including any puts or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000call options; (v) any lease trust indenture, mortgage, promissory note, loan agreement or agreement under which other contract for the Company borrowing of money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the Company Subsidiaries is lessor of, or permits any Person type required to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesbe capitalized in accordance with US GAAP; (vi) any contract or agreement limiting, for capital expenditures in excess of $3,000,000 in the aggregate; (vii) any contract limiting in any material respect, respects the ability freedom of the Company Parent or any of the Company Subsidiaries Parent Subsidiary to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in compete with any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract pursuant to which the Parent or agreement that relates to Intellectual Property Rights (any Parent Subsidiary is a lessor of any machinery, equipment, motor vehicles, office furniture, fixtures or other than a license granted to personal property involving in the Company for commercially available software licensed on standard terms with a total replacement cost case of less any such contract more than $500,000)3,000,000 in any calendar year; (ix) any contract with any Person (other than the Parent or agreement that concerns any Parent Subsidiary) with whom the sale Parent or acquisition of any material portion Parent Subsidiary does not deal at arm's length within the meaning of the Company’s businessCode; (x) any allianceagreement of guarantee, cooperationsupport, joint ventureindemnification, shareholdersassumption or endorsement of, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary;similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other Person; or (xi) any contract or agreement involving annual payments relating to the acquisition of a business for aggregate consideration in excess of $500,000 that cannot be cancelled by 1,000,000 entered into in the Company or a Company Subsidiary without penalty on not more than 90 days’ notice;last three years. (xiib) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants Parent and each Parent Subsidiary has performed all of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contractit and is entitled to all benefits under, and to the Knowledge of Parent, is not alleged to be in default in respect of any Parent Material Contract. Each of the CompanyParent Material Contracts is in full force and effect, unamended, and there exists no default or event has occurred that of default or event, occurrence, condition or act, with notice respect to Parent or any Parent Subsidiary or to the Knowledge of Parent with respect to the other contracting party, which, with the giving of notice, the lapse of the time or the happening of any other event or conditions, would constitute become a material breach or default or permit terminationevent of default under any Parent Material Contract. True, modification, correct and complete copies of all Parent Material Contracts have been delivered or acceleration, under the Material Contractsmade available to Company.

Appears in 2 contracts

Sources: Merger Agreement (Sapiens International Corp N V), Merger Agreement (Ness Technologies Inc)

Contracts. The (a) For purposes of this Agreement, a “Company has Previously Disclosed Material Contract” is any Company Agreement, whether or provided not set forth in Section 3.13 of the Company Disclosure Schedule, which, as of the date hereof, (by hard copy, electronic data room i) is a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC); (ii) that involves aggregate revenues or otherwiseexpenditures in excess of $1,000,000 per year; (iii) that involves revenues or expenditures in excess of $500,000 per year and was not entered into in the ordinary course of business; (iv) that contains any non-compete or exclusivity provisions with respect to any line of business or geographic area with respect to the Investor Company or its representatives trueany Company Subsidiary, correct and complete copies or which restricts the conduct of each any line of business by the following to Company or any Company Subsidiary, or any geographic area in which the Company or any Company Subsidiary may conduct business, in each case in any material respect; (v) that is a party Clinical Contract that involves aggregate expenditures in excess of $1,000,000 per year; (eachvi) with any vendor that provides billing and reimbursement services valued in excess of $500,000 during any year; (vii) is with any payor from which the Company, a “Material Contract”): (i) any contract Company Subsidiary or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees any Hospice has received payments in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) 2009 in excess of $500,000, except for those issued in the ordinary course of business; ; (iiviii) any contract or agreement that constitutes a collective bargaining or other arrangement is with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under supplier to which the Company, any Company Subsidiary or any Hospice has made payments in 2009 in excess of $1,000,000; (ix) which would prohibit or materially delay the consummation of the Merger or any of the Company Subsidiaries other Transactions; (x) is lessee of, with any current or holds former Key Personnel; (xi) is with any labor union or operates, association representing any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability employee of the Company or any of the Company Subsidiaries to engage in and any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; collective bargaining agreement (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; there are none), (viiixii) any contract or agreement that relates to Intellectual Property Rights (other than is a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses joint-venture agreement; (xiii) relating to the Company borrowing of money (including any guarantee thereto) or any Company Subsidiary; (xi) any contract that is a mortgage, security agreement, capital lease or agreement involving annual payments similar agreements, in each case in excess of $500,000 or that cannot be cancelled by creates a Lien on any material asset of the Company or any of the Company Subsidiaries; (xiv) for the license or sublicense (whether as a Company Subsidiary without penalty on licensor or a licensee) of any Intellectual Property or other intangible asset (excluding commercial off-the-shelf or shrink wrap software than has not been modified or customized), that provides for payment or receipt of $500,000 or more than 90 days’ notice; per year; (xiixv) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect relating to the employment or service sale of any current of the material assets or former directors, officers, employees or consultants properties of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, than in the ordinary course of business; business or for the grant to any Person of any options, rights of first refusal, or preferential or similar rights to purchase any of such assets or properties; (xivxvi) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports relating to limit or restrict in any respect the ability of acquisition by the Company or any of the Company Subsidiary to solicit customers Subsidiaries of any operating business or the manner capital stock of any other Person; (xvii) requiring the payment to any Person of a material commission or fee, except in whichthe ordinary course of business consistent with past practice; (xviii) that, in the case of a Company Benefit Plan, any of the benefits of which would be increased, or the localities in which, all or any portion vesting of the business benefits of which would be accelerated, by the occurrence of any of the Company Transactions, or the Company Subsidiaries is or can value of any benefits which would be conducted, calculated on the basis of any of the Transactions; or (yxix) right that is an insurance policy providing for indemnification of first refusal any officer or right of first offer or similar right or that limits or purports to limit the ability director of the Company or any of the Company Subsidiaries to ownSubsidiaries, operateother than the Company Governing Documents; provided, sellhowever, transfer, pledge or otherwise dispose that the foregoing definition of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Company Material Contract (A) is legalshall not include any leases, valid subleases and binding on other occupancy or use agreements concerning the real property leased by the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor or any of the Company Subsidiaries, nor to including the Knowledge Material Company Leases (collectively, the “Company Leases”). (b) As of the Companydate hereof, there is no Company Agreement (other than the Company Leases), any other of the benefits to any party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract of which will be increased, and no or the vesting of the benefits to any benefits under any Material Contract party of which will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will Transactions or the value of any of the benefits under to any Material Contract party of which will be calculated on the basis of any of the transactions contemplated by Transactions (except as disclosed pursuant to Section 3.11). As of the Transaction Documents. The date hereof, each Company Material Contract is valid and binding on the Company and each Company Subsidiary party thereto and, to the Company’s knowledge, as of the date hereof, each other party thereto, as applicable, and in full force and effect, and the Company Subsidiariesand each Company Subsidiary has performed in all respects all obligations required to be performed by it under each Company Material Contract, and except any failure of performance that would not have or be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect and, to the Knowledge Company’s knowledge, as of the Companydate hereof, each of the other parties thereto, have party to each Company Material Contract has performed in all material respects all material obligations required to be performed by them it under each such Company Material Contract, and except as would not have or be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. As of the date hereof, none of the Company or any Company Subsidiary knows of, or has received notice of, any violation or default under (or any condition which with the passage of time or the giving of notice would cause such a violation of or default under) any Company Material Contract except for violations or defaults that would not have or be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. The Company has delivered to Parent or provided or made available to Parent for review, prior to the Knowledge execution of this Agreement, true and complete copies of all of the Company Material Contracts required to be disclosed in Section 3.13 of the Company Disclosure Schedule, which are not filed as exhibits to the Company SEC Documents, and the Company Material Contracts required to be disclosed in Section 3.13 of the Company Disclosure Schedule filed as exhibits to the Company SEC Documents are true and complete copies of such contracts. (c) As of the date hereof, none of the Company, no event any Company Subsidiary or any Hospice has occurred received any written notice from any Person supplying products, materials or drugs to the Company, any Company Subsidiary or any Hospice that with notice such Person intends to (i) cease selling such products, materials or lapse of time would constitute a material breach drugs to the Company, any Company Subsidiary or default any Hospice, (ii) limit or permit terminationreduce such sales to the Company, modificationany Company Subsidiary or any Hospice, or acceleration(iii) increase the prices at which such sales are made to the Company, under any Company Subsidiary or any Hospice, except for any such cessation, limitation, reduction or increase that would not have or be reasonably likely to have, individually or in the aggregate, a Company Material ContractsAdverse Effect. As of the date hereof, none of the Company, any Company Subsidiary or any Hospice has received any written notice from any third-party payor that it intends to terminate, limit or reduce its business relations with the Company, any Company Subsidiary or any Hospice in the event of a sale of the Company or otherwise except as would not have or be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect.

Appears in 2 contracts

Sources: Merger Agreement (Gentiva Health Services Inc), Merger Agreement (Odyssey Healthcare Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Section 2.14(a) of the Investor or its representatives Seller Disclosure Schedule sets forth a true, correct and complete copies of each list of the following to which Contracts of Seller in effect as of the Company or any Company Subsidiary is a party date hereof (eachsuch Contracts, a “the "Material Contract”Contracts"): (i) any contract agreement (or agreement relating to indebtedness group of related agreements) for borrowed moneythe (A) purchase, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect transfer of any real or personal property, Products, materials, supplies or services to Seller of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) an amount or value in excess of $500,00015,000 or (B) sale, except for those issued in the ordinary course lease or other transfer of businessany real or personal property, Products, materials, supplies or services by Seller; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionsupply and/or sourcing agreement; (iii) any contract agreement concerning a partnership, joint development or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kjoint venture with any other person; (iv) any lease mortgages, indentures, loans or agreement under which credit agreements, security agreements or other agreements or instruments relating to the Company borrowing of money or any extension of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000credit (including guarantees); (v) any lease or agreement under which the Company concerning confidentiality or any of the Company Subsidiaries is lessor ofagreement, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in commitment containing any material respect, covenant limiting the ability freedom of the Company or any of the Company Subsidiaries Seller to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Personperson; (vi) any agreement involving any of the stockholders of Seller or their affiliates; (vii) any settlementprofit sharing, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, stock option, forward purchasingstock purchase, swapstock appreciation, derivative deferred compensation, severance, or similar agreement, understanding other plan or undertaking; (xiii) any contract or agreement with respect to arrangement for the employment or service benefit of any Seller's current or former directors, officers, employees Employees or consultants consultants; (viii) any collective bargaining agreement; (ix) any Employment Agreement or consulting agreement, offer of the Company employment, contract or commitment with an Employee or individual consultant or salesperson or consulting or sales agreement, contract or commitment with a firm or other organization; (x) any agreement under which Seller has advanced or loaned any amount to any of the Company Subsidiaries its directors, officers, or Employees other than, with respect to non-executive employees and consultants, than business travel advances in the ordinary course of businessbusiness consistent with past practice; (xi) any royalty agreement or any other agreement obligating payments by Seller in connection with the sale of Products or services by Seller, listing the parties thereto and the duration of and amount of such royalties or other payment; (xii) any volume purchase and master purchase agreements (A) where Seller is the purchaser of an amount or value in excess of $15,000 or (B) where Seller is required, obligated or entitled to make sales to any person; (xiii) any maintenance agreements of an amount or value in excess of $15,000; (xiv) any contract agreement providing for indemnification obligations by Seller with respect to the sale of Products or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability services of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; andrelated to the Business; (xv) any material contract fidelity or surety bond or completion bond; (xvi) any requirements Contract relating to obligations to purchase all or substantially all of any product as well as to supply all or substantially all of any Product; (xvii) any agreement, Contract or commitment relating to capital expenditures or the acquisition by purchase or lease of fixed assets of an amount or value in excess of $15,000; (xviii) any agreement that would require by its terms does not terminate prior to one (1) year after the date of this Agreement; (xix) any consent purchase order or approval Contract for the purchase of materials of an amount or value in excess of $1,500 individually or $3,000 in the aggregate; (xx) any construction contracts of an amount or value in excess of $5,000; (xxi) any distribution, joint marketing or research and development agreement; and (xxii) any other agreement, Contract or commitment related to or used in the Business not listed in (i) through (xxi) above. (b) Seller has delivered to Buyer a counterparty as a result true, correct and complete copy of each written Contract listed in Section 2.14(a) of the consummation Seller Disclosure Schedule and each other written Transferred Agreement and a written summary setting forth the terms and conditions of each oral agreement referred to in Section 2.14(a) of the transactions contemplated by this Seller Disclosure Schedule and each other oral Transferred Agreement. Seller has in all respects (except in immaterial respects) performed, or is now performing, the obligations of, and has not breached, violated or defaulted under, or received notice that it has breached, violated or defaulted under, any of the terms or conditions of any Contract listed in Section 2.14(a) of the Seller Disclosure Schedule or any other Transferred Agreement, and Seller is not aware of any event that would constitute such a breach, violation or default with the lapse of time, giving of notice or both. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and, except as otherwise disclosed in Section 2.14(b) of the Seller Disclosure Schedule, is not subject to any default thereunder by any party obligated to Seller pursuant thereto. Each Contract is a valid and enforceable obligation against Seller and against the other party thereto in accordance with its terms terms. No third party has raised any claim, dispute or controversy with Seller with respect to any of the Contracts, nor has Seller received written notice or warning of alleged nonperformance, delay in delivery or other noncompliance by Seller with respect to its obligations under any such Contracts. (c) Schedule 1.1(c) of the Seller Disclosure Schedule accurately lists all Transferred Agreements. The Transferred Agreements, together with any Contracts that are Excluded Assets, are all of the Contracts between any Seller and (C) any third party related to, used in, or necessary for, the operation of the Business as currently conducted. Following the Closing Date, Buyer will continue be permitted to exercise all of the rights any Seller had under the Transferred Agreements without the payment of any additional amounts or consideration other than ongoing fees, royalties or payments which Seller would otherwise be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of required to pay had the transactions contemplated by this Agreement not occurred. (d) There are no purchase orders for which advance payments have been made by the Transaction Documents. Neither the Company nor any purchasers prior to delivery by Seller of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation related Products or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company services or for which advance payment has been made and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, related Products or services have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsnot been provided.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Neomagic Corp), Asset Purchase Agreement (Neomagic Corp)

Contracts. The Company has Previously Disclosed provided to each Investor that has made a request (including via access in any virtual data room) or provided (by hard copy, electronic data room or otherwise) to the Investor or its such Investor’s representatives true, correct and complete copies of each of the following to which the Company or any Company Subsidiary is a party party, each of which has been Previously Disclosed (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness of the Company or any Company Subsidiary for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course Ordinary Course of businessBusiness, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000300,000, except for those issued in the ordinary course Ordinary Course of businessBusiness; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ixiii) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (xiv) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xiv) any contract or agreement involving annual payments in excess of $500,000 300,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 60 days’ notice; (xiivi) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiiivii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course Ordinary Course of business;Business; and (xivviii) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documentsthis Agreement. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsthis Agreement, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documentsthis Agreement. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Professional Holding Corp.), Stock Purchase Agreement (Professional Holding Corp.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Other than Contracts that are reasonably expected to expire prior to the Investor Closing without any liability on the part of the Company or its representatives any Acquired Company, Schedule 3.7 constitutes a true, correct and complete copies list of the following Contracts relating to the Business to which any Acquired Company is a party or by which any of its assets relating to the Business is bound (each of Contract so listed or required to be so listed being a “Major Contract”) and each Major Contract is listed under a heading in Schedule 3.7 that corresponds with the applicable clause among the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”):such Major Contract relates: (i1) each Contract regarding any contract employment, severance or change-of-control (excluding the Company’s standard forms of offer letter and separation agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising used in the ordinary course Ordinary Course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipmentBusiness) in excess of $500,000, except for those issued in the ordinary course of business(each such contract indicated on Schedule 3.7 as such is an “Executive Employment Agreement”); (ii2) each covenant not to compete that restricts in any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionrespect the operation of the Business as presently conducted; (iii3) any contract each operating lease (as lessor or agreement that is a “material contract” within the meaning of Item 601(b)(10lessee) of Regulation S-Ktangible personal property; (iv4) each Contract to pay or receive any royalty or license fee or to license (either as licensor or licensee) any lease or agreement under material Intellectual Property (other than any non-exclusive license for the use of any commercially available off-the-shelf software which was entered into in the Company or any Ordinary Course of Business of the Company Subsidiaries is lessee ofAcquired Company); (5) each Contract regarding any management, personal service or holds consulting or operates, any property owned by any other Person with annual rent similar type of Contract involving payments in excess of $500,000100,000 in any calendar year (other than those that are or on the Closing Date will be terminable at will or upon not more than 30 days’ notice by the applicable Acquired Company without any Liability to the applicable Acquired Company, except Liability with respect to services rendered before the termination thereof); (v6) each Contract for the purchase by any Acquired Company of any supply or product (except those entered into in the Ordinary Course of Business on an order-by-order basis where the amount thereof is less than $100,000 per Contract); (7) each mortgage agreement, deed of trust, security agreement, purchase money agreement, conditional sales contract, capital lease or agreement under which the other similar Contract created or assumed by, or permitted to be created by written document made or accepted by, any Acquired Company or any of the Company Subsidiaries is lessor ofsale-leaseback arrangement pertaining to any real property or to equipment (other than any purchase money agreement, conditional sales contract, capital lease or permits any Person to hold or operate, any other similar Contract evidencing Encumbrances only on tangible personal property owned or controlled by the Company or any of the Company Subsidiariesunder which there exists an aggregate future Liability less than $100,000 per Contract); (vi8) each Contract under which any Acquired Company is obligated to repay or has guaranteed any outstanding Indebtedness for borrowed money or remains obligated to lend to or make any investment in (in the form of a loan, capital contribution or otherwise) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii9) each Contract under which any settlement, conciliation Acquired Company has advanced or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000loaned money to any other Person; (viii10) each outstanding power of attorney with respect to any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)Acquired Company; (ix11) each lease or sublease (whether as lessor or lessee) for the use or occupancy of real property by any Acquired Company; (12) each Contract requiring any Acquired Company to reimburse any maker of a letter of credit or banker’s acceptance; (13) each partnership, joint venture or similar Contract of any Acquired Company; (14) each Contract, other than any Contract of a nature described in clause (1) or (5) above, with any Affiliate of (A) any contract Acquired Company or agreement that concerns the sale (B) any officer, director, governor or acquisition manager of (or any person holding a similar position with) any Acquired Company; (15) each Contract with any distributor or broker of any product or service offered by any Acquired Company; (16) each Contract containing any form of most-favored pricing provision in favor of any supplier or customer of any Acquired Company; (17) other Contract that is material portion to any Acquired Company; and (18) each other Contract not entered into in the Ordinary Course of Business of any Acquired Company. (b) The Company has made available to Buyer a true, correct and complete copy of each Major Contract and copies of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing standard form of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with offer letter. With respect to the employment or service of any current or former directorseach Major Contract, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv1) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material such Major Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contractbinding, (B) is in full force and effect and enforceable (except to the extent enforceability may be limited by any Enforcement Limitation) in accordance with its terms and (C) will continue to be legalagainst the Applicable Acquired Company and, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any against each other party thereto thereto, (2) the Applicable Acquired Company is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasednot and, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each no other party thereto is in material breach of the or default under such Major Contract and no party thereto has given to any other parties theretoparty thereto written notice alleging that such a breach or default occurred, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and (3) to the Knowledge of the Company, no event has occurred that (with notice or lapse without the passage of time or giving of notice) would constitute a material breach or default of, or permit termination, modification, acceleration or accelerationcancellation of, such Major Contract or of any material right or Liability thereunder, (4) the Company has not waived any material right under such Major Contract, (5) no party to such Major Contract has terminated, modified, accelerated or canceled such Major Contract or any material right or Liability thereunder or communicated in writing such party’s desire or intent to do so, (6) the Material ContractsCompany has not received any prepayment under such Major Contract for any service that has not been fully performed or good that has not been supplied (other than as is fully reflected in the financial records of the Company and will be included within the calculation of the Final Net Book Value Amount) and (7) if the parties to such Major Contract are performing under terms that have expired by the express terms of such Major Contract, then Schedule 3.7 identifies such expiration and describes the material terms under which such parties continue to perform. (c) In the case of each value added reseller agreement and original equipment manufacturer agreement, Schedule 3.7 indicates in each instance any such Contracts which materially deviate from one of the Company’s standard value added reseller agreements and standard original equipment manufacturer agreement. Aside from such descriptions on Schedule 3.7, each value added reseller agreement and original equipment manufacturer agreement does not materially deviate from the Company’s standard value added reseller agreement and standard original equipment manufacturer agreements.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (Imation Corp), Agreement and Plan of Merger (Imation Corp)

Contracts. The (a) Section 3.14(a) of the Company Disclosure Schedule sets forth, as of the date of this Agreement, a true and complete list, and the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) made available to Parent prior to the Investor or its representatives true, correct date of this Agreement true and complete copies of each of the following to which the Company (including all material amendments, modifications, extensions, renewals, schedules, exhibits or any Company Subsidiary is a party (eachancillary agreements with respect thereto), a “Material Contract”):of: (i) any contract or agreement relating each Contract that would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured be filed by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is Company as a “material contract” within the meaning of pursuant to Item 601(b)(10) of Regulation S-KK under the Securities Act; (ivii) any lease or agreement under each Contract to which the Company or any of the Company Subsidiaries is lessee ofa party involving expected annual revenues or expected annual expenditures in excess of $250,000 in 2024 or any year thereafter; (iii) each Contract providing for the acquisition or disposition of assets or securities by or from any Person or any business (or any contract providing for an option, right of first refusal or offer or similar rights with respect to any of the foregoing) (A) entered into since December 31, 2018 that involved or would reasonably be expected to involve the payment of consideration in excess of $500,000 in the aggregate with respect to such Contract or series of related Contracts, or holds (B) that contains (or operateswould contain, in the case of an option, right of first refusal or offer or similar rights) ongoing representations, warranties, covenants, indemnities or other obligations (including “earn-out”, contingent value rights or other contingent payment or value obligations) that would involve the receipt or making of payments or the issuance of any property owned by equity securities of the Company or any other Person with annual rent payments of its Subsidiaries, in each case having an expected value in excess of $500,000; (viv) any lease or agreement under each Contract to which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, a party that restricts in any material respect, respect the ability of the Company or any of the Company Subsidiaries (A) to compete or engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or with any Person in any other geographical area, (B) to sell, supply or distribute any material respectthe Company Offering, with use or enforce any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to material Intellectual Property Rights (other than a license granted to the Company for commercially available software owned by or exclusively licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary, (C) to solicit any (potential or actual) customer or supplier, or (D) that otherwise has the effect of materially restricting the Company, the Company Subsidiaries or any of their respective affiliates (including Parent and its affiliates after the Effective Time) from the development, marketing or distribution of the Company Offerings, in each case, in any geographic area; (xiv) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by each Contract to which the Company or any of the Company Subsidiaries is a party that is material and obligates the Company or any Company Subsidiary without penalty to conduct business with any third party on not more than 90 days’ noticea preferential or exclusive basis, or that contains or expressly purports to contain material exclusivity or “most favored nation” obligations, material rights of first refusal, material rights of first offer, material put or call rights or other similar provisions that are binding on the Company or any Company Subsidiary or that would be so binding on Parent or any of its Affiliates after the Effective Time; (xiivi) any material hedge, collar, option, forward purchasing, swap, derivative or similar (A) each loan and credit agreement, understanding Contract, note, debenture, bond, indenture, mortgage, security agreement, pledge, or undertaking; (xiii) other similar agreement pursuant to which any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants Indebtedness of the Company or any of the Company Subsidiaries (or owed to the Company or any of the Company Subsidiaries) in excess of $250,000 is outstanding or may be incurred, other thanthan any such agreement between or among the Company and one or more wholly owned the Company Subsidiaries and (B) each Contract governing or amending, with respect modifying, supplementing or otherwise relating to the Company Indenture (including any hedging obligations entered into in connection therewith); (vii) each partnership, joint venture or similar Contract to which the Company or any of the Company Subsidiaries is a party relating to the formation, creation, operation, management or control of any partnership or joint venture or to the ownership of any equity interest in any entity or business enterprise other than the wholly owned the Company Subsidiaries; (viii) each Contract to which the Company or any of the Company Subsidiaries is a party that contains covenants, indemnities or other continuing obligations (including “earnout” or other contingent payment obligations) that would reasonably be expected to result in the making by the Company or any Company Subsidiary of future payments in excess of $250,000; (ix) each Contract pursuant to which the Company or the Company Subsidiaries receives from any third party a license or similar right to any Intellectual Property Right material to the Company and the Company Subsidiaries taken as a whole, and that are not (A) non-executive exclusive licenses granted in the ordinary course of business; (B) Contracts under which open source technology is licensed; or (C) Contracts with current or former employees and consultants, service providers that were entered into in the ordinary course of business; (xivx) each Contract with a Governmental Entity to which the Company or any Company Subsidiary is a party, and pursuant to which the Company or any Company Subsidiary has any material future obligation other than the provision of the Company Offerings in the ordinary course of business consistent with past practice; (xi) any contract Contract restricting the payment of dividends or agreement containing the making of distributions in respect of any equity securities of the Company or any Company Subsidiaries or the repurchase or redemption of any equity securities of the Company or any Company Subsidiaries; and (xxii) non-competition or exclusive dealing obligations or other obligation which purports each Contract that gives any Person the right to limit or restrict in acquire any respect the ability material assets of the Company or any Company Subsidiary (excluding ordinary course commitments to solicit customers purchase the Company products) after the date hereof. Each agreement, understanding or undertaking of the manner type described in this Section 3.14(a) is referred to herein as a “Company Material Contract”. (b) Except for matters which, individually or in the localities in whichaggregate, all or have not had and would not reasonably be expected to have a Company Material Adverse Effect, (i) each Company Material Contract (including, for purposes of this Section 3.14(b), any portion Contract entered into after the date of this Agreement that would have been a Company Material Contract if such Contract existed on the business date of this Agreement) is a valid, binding and legally enforceable obligation of the Company or one of the Company Subsidiaries is or can Subsidiaries, as the case may be, and, to the Knowledge of the Company, of the other parties thereto, except, in each case, as enforcement may be conductedlimited by bankruptcy, or (y) right of first refusal or right of first offer insolvency, reorganization or similar right or that limits or purports to limit the ability Laws affecting creditors’ rights generally and by general principles of equity; (ii) each such Company Material Contract is in full force and effect; (iii) none of the Company or any of the Company Subsidiaries is (with or without notice or lapse of time, or both) in breach or default under any such Company Material Contract and, to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result the Knowledge of the consummation Company, no other party to any such Company Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder; (iv) to the Knowledge of the transactions contemplated by this Agreement. Each Company, each other party to a Company Material Contract has performed all material obligations required to be performed by it under such Company Material Contract; and (Av) is legal, valid and binding on no party to a Company Material Contract has given the Company and or any of the Company Subsidiaries which are a party notice (whether written or oral) of its intention to such contractcancel, (B) is in full force terminate, change the scope of rights under or fail to renew any Company Material Contract and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither neither the Company nor any of the Company Subsidiaries, nor nor, to the Knowledge of the Company, any other party thereto is in material violation or default under to any Company Material Contract, has repudiated (whether orally or in writing) any material provision thereof. No benefits under any Company Material Contract will can be increased, and no vesting reasonably expected to prevent or materially delay the consummation of any benefits under any Material Contract will be accelerated, by the occurrence of Merger or any of the other transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsthis Agreement.

Appears in 2 contracts

Sources: Merger Agreement (Nano Dimension Ltd.), Merger Agreement (Desktop Metal, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000250,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000250,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000250,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000250,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 250,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not or without more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents, except in the cases of (B) and (C) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights in general. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Investment Agreement (FNB United Corp.), Investment Agreement (FNB United Corp.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Section 2.18(a) of the Disclosure Schedule (with paragraph references corresponding to the Investor or its representatives true, correct those set forth below) contains a true and complete copies list of each of the following Contracts or other arrangements (true and complete copies of which, or, if none, reasonably complete and accurate written descriptions of which, together with all amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Purchaser prior to the execution of this Agreement) currently in effect, to which the Company or any Company Subsidiary is a party (each, a “Material Contract”):or by which any of its Assets and Properties is bound: (iA) all Contracts (excluding Benefit Plans) providing for a commitment of employment or consultation services for a specified or unspecified term or otherwise relating to employment or the termination of employment of any Employee, the name, position and rate of compensation of each Employee and the expiration date of each such Contract; and (B) any contract written representations, commitments, promises or agreement relating communications (excluding Benefit Plans and any such Contracts referred to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements in clause (including guarantees in respect of any A)) involving an obligation of the foregoing, but Company to make payments in any event excluding trade payablesyear, securities transactions and brokerage agreements arising other than with respect to salary or incentive compensation payments in the ordinary course of business, intercompany indebtedness and immaterial leases for telephonesto any Employee or former employee; (ii) all Contracts with any Person containing any provision or covenant prohibiting or limiting the ability of the Company to engage in any business activity or compete with any Person or prohibiting or limiting the ability of any Person to compete with the Company; (iii) all partnership, copy machinesjoint venture, facsimile machines and shareholders’ or other office equipmentsimilar Contracts with any Person including, without limitation, the partnership agreement of the Company; (iv) all Contracts relating to Indebtedness of the Company (in the aggregate in excess of $500,00010,000); (v) all Contracts with distributors, except for those issued dealers, manufacturer’s representatives, sales agencies or franchisees; (vi) all Contracts relating to (A) the future disposition or acquisition of any Assets and Properties other than dispositions or acquisitions in the ordinary course of business; business consistent with past practice and (iiB) any contract merger or agreement that constitutes a business combination; (vii) all Contracts between the Company, on the one hand, and Sellers or any Affiliate of Sellers, on the other hand; (viii) all collective bargaining or other arrangement with any similar labor union; Contracts; (iiiix) any contract all Contracts that (A) limit or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, contain restrictions on the ability of the Company to declare or make distributions on, in respect of or to issue or purchase, redeem or otherwise acquire its partnership interests, or incur Indebtedness, to incur or suffer to exist any Lien, to purchase or sell any Assets and Properties, to change the lines of the Company Subsidiaries business in which it participates or engages or to engage in any line business combination or (B) require the Company to maintain specified financial ratios or levels of business net worth or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; indicia of financial condition; and (viix) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights all other Contracts (other than a license granted Benefit Plans, leases listed in Section 2.15(a) of the Disclosure Schedule and insurance policies listed in Section 2.20 of the Disclosure Schedule) that (A) involve the payment or potential payment, pursuant to the terms of any such Contract, by or to the Company for commercially available software licensed on standard terms with a total replacement cost of less more than $500,000); 10,000 annually and (ixB) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by terminated within thirty (30) days after giving written notice of termination without resulting in any material cost or penalty to the Company or a Company Subsidiary without penalty on not more than 90 days’ notice;Company. (xiib) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiiiEach Contract required to be disclosed in Section 2.18(a) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms and (C) will continue to terms, of each party thereto, except as the same may be legallimited by bankruptcy, validinsolvency, binding, enforceablemoratorium or similar rights whether in a proceeding at law or in equity, and except as disclosed in full force and effect in all material respects following the consummation Section 2.18(b) of the transactions contemplated by the Transaction Documents. Neither Disclosure Schedule, neither the Company nor any of the Company Subsidiariesnor, nor to the Knowledge of the CompanySellers, any other party thereto is to such Contract is, or has received written notice that it is, in material violation or breach of or default under any Material Contract. No benefits under any Material such Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that (or with notice or lapse of time or both, would constitute a material be in violation or breach of or default or permit termination, modification, or acceleration, under the Material Contractsany such Contract) in any material respect.

Appears in 2 contracts

Sources: Purchase Agreement (Viewpoint Corp), Purchase Agreement (Viewpoint Corp)

Contracts. The (a) Section 3.16 of the Company has Previously Disclosed or provided Disclosure Letter lists, as of the date of this Agreement, each Contract (by hard copy, electronic data room or otherwiseother than any Company Plan) to the Investor or its representatives true, correct and complete copies of each of the following types to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):or by which any of their respective properties or assets is bound: (i) any contract or agreement relating Contract that would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured be filed by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is Company as a “material contract” within the meaning of pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act or disclosed by the Company on a Current Report on Form 8-K; (ivii) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; Contract that (vA) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, limits the ability of the Company or any of the Company its Subsidiaries to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, with any Person or in any other material respectgeographic area, with or (B) restricts the right of the Company and its Subsidiaries to sell to or purchase from any Person or to hire any Person, in each case, in a manner that is material to the business of the Company and its Subsidiaries, taken as a whole; (iii) any Contract that grants the other party or any third Person “most favored nation” status or any type of special discount rights, in each case, that is material to the business of the Company and its Subsidiaries, taken as a whole; (iv) any Contract with respect to the formation, creation, operation, management or control of a joint venture, partnership or other similar agreement or arrangement; (v) any Contract relating to Indebtedness (other than such Contracts solely between or among the Company and its Subsidiaries) and having an outstanding principal amount in excess of $25,000,000; (vi) any Contract involving the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests for aggregate consideration (in one or a series of transactions) under such Contract of $25,000,000 or more (other than acquisitions or dispositions of inventory in the ordinary course of business consistent with past practice) and under which the Company or its Subsidiaries have a continuing obligation or liability; (vii) any settlementContract pursuant to which the Company or any of its Subsidiaries has continuing indemnification, conciliation guarantee, “earn-out” or similar agreementother contingent payment obligations (other than indemnification or guarantee obligations contained in commercial Contracts entered into by the Company or any of its Subsidiaries in the ordinary course of business consistent with past practice), the performance of which will involve payment after the Closing Date of consideration in each case, that could result in payments in excess of $500,00015,000,000; (viii) any contract Contract not entered into in the ordinary course of business between the Company or agreement that relates to Intellectual Property Rights (any of its Subsidiaries, on the one hand, and any Affiliate thereof other than a license granted to any Subsidiary of the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)Company; (ix) any contract or agreement Government Contract that concerns is material to the sale or acquisition of any material portion of the Company’s business;Company and its Subsidiaries, taken as a whole; or (x) any alliance, cooperation, joint venture, shareholders, partnership Contract with a Top Supplier or similar agreement involving a sharing of profits Top Customer that by its terms calls for aggregate payment or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled receipt by the Company or a Company Subsidiary without penalty on not and its Subsidiaries under such Contract of more than 90 days’ notice; $15,000,000 over the remaining term of such Contract (xii) including for any material hedgecapital commitment, collar, option, forward purchasing, swap, derivative loan or similar agreement, understanding or undertaking; (xiii) any expenditure). Each contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, type described in the ordinary course of business; clauses (xivi) any contract or agreement containing any through (x) non-competition or exclusive dealing obligations or other obligation which purports is referred to limit or restrict in any respect the ability of the herein as a “Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; andMaterial Contract.” (xvb) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. (i) Each Company Material Contract (A) is legal, valid and binding on the Company or its Subsidiaries, as applicable, and, to the knowledge of the Company, each other party thereto, and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue terms, except where the failure to be legal, valid, binding, enforceable, enforceable and in full force and effect effect, individually or in all material respects following the consummation aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect on the Company and to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting the enforcement of creditors’ rights generally or by general principles of equity; (ii) the Company and each of its Subsidiaries, and, to the knowledge of the transactions contemplated Company, each other party thereto, has performed all obligations required to be performed by it under each Company Material Contract, except where any noncompliance, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Adverse Effect on the Company; and (iii) there is no default under any Company Material Contract by the Transaction Documents. Neither Company or any of its Subsidiaries or, to the Company nor knowledge of the Company, any other party thereto, and no event or condition has occurred that constitutes, or, after notice or lapse of time or both, would constitute, a default on the part of the Company Subsidiariesor any of its Subsidiaries or, nor to the Knowledge knowledge of the Company, any other party thereto is in material violation or default under any such Company Material Contract. No benefits under , nor has the Company or any Material Contract will be increased, and no vesting of its Subsidiaries received any notice of any benefits under such default, event or condition, except where any such default, event or condition, individually or in the aggregate, has not had and would not reasonably be expected to have a Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated Adverse Effect on the basis Company; provided, however, that the foregoing is without limitation to the provisions of any subsection (c) of the transactions contemplated by the Transaction Documentsthis Section 3.16. The Company has made available to Parent true and complete copies of all Company Material Contracts, including all amendments thereto. (c) Neither the Company Subsidiaries, and nor any of its Subsidiaries has received any unresolved written notices seeking (i) to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute excuse a material breach or default or permit termination, modificationthird party’s non-performance, or accelerationdelay a third party’s performance, under the existing Company Material ContractsContracts due to interruptions caused by COVID-19 (through invocation of force majeure or similar provisions, or otherwise) or (ii) to modify in any material respect any Company Material Contract due to COVID-19.

Appears in 2 contracts

Sources: Merger Agreement (Evoqua Water Technologies Corp.), Agreement and Plan of Merger (Xylem Inc.)

Contracts. The Company has Previously Disclosed (a) Section 4.14 of the Disclosure Schedule contains a list of the following written or provided oral contracts that are Acquired Contracts or to which an Acquired Subsidiary is party (by hard copy, electronic data room or otherwisethe “Material Contracts”) to (and each Material Contract is listed under a heading in such Section that corresponds with the Investor or its representatives true, correct and complete copies of each of applicable clause among the following to which the Company or any Company Subsidiary is a party (each, a “such Material Contract”Contract relates): (i) any contract that involves the performance of services or agreement relating delivery of goods or materials by the Business that is reasonably expected to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees result in respect of any of revenue after the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) date hereof in excess of $500,000, except for those issued 100,000 in any twelve month period (other than open purchase orders made in the ordinary course Ordinary Course of businessBusiness); (ii) contract that involves the performance of services for, or delivery of goods or materials to, the Business that is reasonably expected to result in expenditures after the date hereof in excess of $50,000 in any contract or agreement that constitutes a collective bargaining or twelve month period (other arrangement with any labor unionthan open sales orders made in the Ordinary Course of Business); (iii) contract for the employment of Person by the Business on a full-time, part-time, consulting or other basis, including any such contract that (A) provides annual cash or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments compensation in excess of $500,000; 100,000, (vB) any lease or agreement under which provides for the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations cash or other obligation which purports to limit compensation or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of benefits upon the consummation of the transactions contemplated by this Agreement. , or (C) provides for any severance payments; (iv) contract that restricts the ability of Seller or any of its Affiliates to engage in any business, including the Business, or compete with any Person with respect to the Business or any other business; (v) lease of any tangible personal property to or from any other Person and used in the Business with aggregate annual rental payments exceeding $50,000 in the most recently completed calendar year; (vi) contract to pay or receive any royalty or license fee or to license (either as licensor or licensee) any Intellectual Property (other than any non-exclusive license for the use of any commercially available off-the-shelf software which was entered into in the Ordinary Course of Business of Seller); (vii) each mortgage agreement, deed of trust, security agreement, purchase money agreement, conditional sales contract, capital lease or other similar contract created or assumed by, or permitted to be created by written document made or accepted by, Seller or any Acquired Subsidiary or any sale-leaseback arrangement pertaining to any real property or to equipment included in the Acquired Assets; (viii) each contract requiring Seller or any Acquired Subsidiary to reimburse any maker of a letter of credit or banker’s acceptance; (ix) each partnership, joint venture or similar contract relating to the Business; (x) each contract with any distributor or broker of any product or service offered by the Business; and (xi) each contract containing any form of most-favored pricing provision in favor of any supplier or customer of the Business. (b) Each Material Contract (A) is legal, a valid and binding on obligation of Seller or the Company and relevant Acquired Subsidiary, enforceable against Seller or the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable relevant Acquired Subsidiary in accordance with its terms except as such enforceability may be limited by (i) applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting creditors’ rights generally, and (Cii) will continue to be legal, valid, binding, enforceable, and applicable equitable principles (whether considered in full force and effect a proceeding at law or in all material respects following equity). Seller or the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto relevant Acquired Subsidiary is not in material violation or breach of or default under any Material Contract. No benefits under any Material Contract will be increasedTo Seller’s Knowledge, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge Contract are not in material violation or breach of the Company, no or default thereunder. No event has occurred that (with notice or lapse without the passage of time or giving of notice) would constitute a material breach or default of, or permit termination, modification, acceleration or accelerationcancellation of, such Material Contract or of any material right or liability thereunder. Neither Seller nor the relevant Acquired Subsidiary has waived any material right under such Material Contract. No party to such Material Contract has terminated, modified, accelerated or canceled such Material Contract or any material right or liability thereunder or communicated in writing such party’s desire or intent to do so. Seller or the relevant Acquired Subsidiary has provided to Buyer a true, correct and complete copy of each written Material ContractsContract or, to the extent a Material Contract is oral, an accurate description of the material terms thereof.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Qumu Corp), Asset Purchase Agreement

Contracts. The (a) Section 3.13(a) of the Company has Previously Disclosed or provided (by hard copyDisclosure Schedule sets forth, electronic data room or otherwise) to as of the Investor or its representatives truedate hereof, correct a true and complete copies list of each of the following Contract to which the Company or any Company Subsidiary is a party (eachor which binds or affects their respective properties or assets, a “Material Contract”):and which falls within any of the following categories: (i) any contract joint venture, partnership, strategic alliance, limited liability or agreement relating other similar Contract related to indebtedness for borrowed moneythe formation, letters of creditcreation, capital lease obligationsoperation, obligations secured by a Lien management or interest rate or currency hedging agreements (including guarantees in respect control of any of partnership, limited liability company or joint venture in which the foregoing, but in Company or any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessCompany Subsidiary owns any interest; (ii) any contract or agreement that constitutes a collective bargaining involves future expenditures or other arrangement with receipts by the Company or any labor unionCompany Subsidiary of more than $3,000,000 in any one year period that cannot be terminated on less than 90 days’ notice without material payment or penalty; (iii) any contract or agreement Contract that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) grants any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company, any Company Subsidiary, or any of their respective affiliates (including the Company Subsidiaries Parent and its affiliates after the Effective Time) to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businesses; (iv) any Contract that limits the freedom of the Company or any Company Subsidiary and/or their respective affiliates, and that would bind the Parent or its affiliates after the Effective Time so as to similarly limit its or their freedom, to engage in any line of business, solicit or hire any Person, compete with any Person or purchase, sell, supply or distribute any product, or service or that otherwise has the effect of restricting the Company, its Subsidiaries and their respective affiliates (including Parent and its affiliates after the Effective Time) from the development, manufacture, marketing or distribution of products and services, in each case, in any geographic area; (v) any (i) Contract that contains any (A) exclusivity rights or (B) “most favored nations” provisions that would reasonably be expected to materially impair the business of the Company or its affiliates after the Closing, including the Parent or its affiliates after the Effective Time, or (ii) supply Contract with respect to air or hotel or payment processing Contract in either case that, to the Knowledge of the Company, contains any minimum use, supply or display requirements, in any such case binding the Company or any Company Subsidiary or any of their respective affiliates (including the Parent and its affiliates after the Effective Time); (vi) any Contract involving derivative financial instruments or arrangements (including swaps, caps, floors, futures, forward contracts, option agreements) with a notional value in excess of $1,000,000; (vii) any Contract that obligates the Company or any Company Subsidiary to make any capital investment or capital expenditure outside the ordinary course of business and in excess of $2,000,000; (viii) any acquisition Contract that contains “earn-out” provisions or other contingent payment obligations that could reasonably be expected to result in future payments by the Company or a Company Subsidiary in excess of $2,000,000; (ix) any Contract relating to Indebtedness in excess of $1,000,000; (x) (a) with respect to any Person that is one of the top 10 customers of the Company’s Orbitz Partner Network business line as measured by total revenue for the fiscal year ending December 31, 2014, any Contract with such Person related to such business line; (b) with respect to any Person that is one of the top 10 customers of the Company’s Orbitz For Business business line, as measured by total revenue for the fiscal year ending December 31, 2014, any Contract with such Person related to such business line; (c) with respect to any Person that is one of the top 10 vendors of the Company’s air business line, as measured by number of tickets booked in the fiscal year ending December 31, 2014, any Contract with such Person related to such business line; (d) with respect to any Person that is one of the top 10 vendors of the Company’s hotel business line, as measured by net booking amount (net of cancellations) for check-in dates during the fiscal year ending December 31, 2014, any Contract with such Person related to such business line; or (e) with respect to any Person that is one of the top 10 vendors of the Company’s car business line, as measured by gross bookings in the fiscal year ending December 31, 2014, any Contract with such Person related to such business line; (xi) any Contract for the provision of global distribution services; (xii) any lease or sublease with respect to the Leased Real Property; (xiii) any Contract pursuant to which the Company or any Company Subsidiary licenses (in or out) Intellectual Property that is material to the conduct of the Company’s and the Company Subsidiaries’ business as currently conducted except (A) Contracts for off-the-shelf, shrink-wrap, click through or pre-installed software, hardware or databases licensed to the Company or any Company Subsidiary with annual fees of less than $1,000,000 and (B) standard form licenses granted to customers by the Company or its Subsidiaries in the ordinary course of business consistent with past practice; and (xiv) any settlement agreement or similar Contract imposing material operational restrictions or conduct requirements on the Company or any Company Subsidiary or any of their respective affiliates (including the Parent and its affiliates after the Effective Time); (xv) any other “material contract or agreement that would require any consent or approval contract” (as such term is defined in Item 601(b)(10) of a counterparty Regulation S-K of the SEC). (b) Each Contract of the type described in this Section 3.13(a) is referred to herein as a result “Company Material Contract.” True and complete copies of each Company Material Contract in effect as of the consummation date hereof has been made available to Merger Sub (including pursuant to agreed-upon procedures to protect competitively sensitive information) or publicly filed with the SEC. (c) Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect: (i) each Company Material Contract is a legally valid and enforceable obligation of the transactions contemplated by this Agreement. Each Company or the Company Subsidiary party thereto, in accordance with its terms, subject to applicable bankruptcy, insolvency or similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity; (ii) each Company Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (Ciii) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, Company none of the Company or any Company Subsidiary or any other party thereto thereto, is in material violation breach or default under any Material Contract. No benefits under any Company Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, to which it is a party or by the occurrence of which it or any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice its properties or lapse of time would constitute a material breach assets is bound or default or permit termination, modification, or acceleration, under the Material Contractsaffected.

Appears in 2 contracts

Sources: Merger Agreement (Expedia, Inc.), Merger Agreement (Orbitz Worldwide, Inc.)

Contracts. The (a) Neither the Company nor any of its Subsidiaries is a party to, and none of their respective properties or other assets is subject to, any Contract that is of a nature required to be filed as an exhibit to a report or filing under the Securities Act or the Exchange Act, other than any Contract that is filed as an exhibit to the Company SEC Documents. (b) Except for Contracts filed in unredacted form as exhibits to the Company SEC Documents, and except for Contracts between the Company and its Subsidiaries or among Subsidiaries, Section 3.10(b) of the Company Disclosure Letter sets forth a correct and complete list as of the date of this Agreement, and the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) made available to the Investor or its representatives true, Parent correct and complete copies (including all amendments, modifications, extensions, renewals, guaranties or other Contracts with respect thereto, but excluding all names, terms and conditions that have been redacted in compliance with applicable Laws governing the sharing of each information), of: (i) all Contracts of the following Company or any of its Subsidiaries having an aggregate value per Contract, or involving payments by or to the Company or any of its Subsidiaries, of more than $1,000,000 on an annual basis; (ii) all Contracts to which the Company or any Company Subsidiary of its Subsidiaries is a party (eachparty, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed moneyby which the Company, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company its Subsidiaries or any of the Company Subsidiaries its Affiliates is lessee ofbound, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, that contain a covenant materially restricting the ability of the Company or any of its Subsidiaries (or which, following the Company Subsidiaries consummation of the Merger, would materially restrict the ability of Parent or any of its Subsidiaries, including the Surviving Entity and its Subsidiaries) to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, with any person or in any other geographic area; (iii) all material respect, Contracts of the Company or any of its Subsidiaries with any PersonAffiliate of the Company (other than any of its Subsidiaries); (iv) any (A) Contract to which the Company or any of its Subsidiaries is a party granting any license to Intellectual Property of the Company or any of its Subsidiaries that involves payments by the Company or any of its Subsidiaries with respect to such license of more than $500,000 on an annual basis, and (B) other license (other than real estate) having an aggregate value per license, or involving payments by the Company or any of its Subsidiaries, of more than $500,000 on an annual basis; (v) all confidentiality agreements (other than those entered into in the ordinary course of business), agreements by the Company not to acquire assets or securities of a third party or agreements by a third party not to acquire assets or securities of the Company; (vi) any Contract having an aggregate value per Contract, or involving payments by or to the Company or any of its Subsidiaries, of more than $500,000 on an annual basis that requires consent of or notice to a third party in the event of or with respect to the Merger, including in order to avoid a breach or termination of or loss of benefit under any such Contract; (vii) all material joint venture, partnership or other similar agreements involving co-investment with a third party to which the Company or any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000its Subsidiaries is a party; (viii) any contract Contract with a Governmental Authority which imposes any material obligation or agreement that relates to Intellectual Property Rights (other than a license granted to restriction on the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)or its Subsidiaries; (ix) all leases, subleases, licenses or other Contracts pursuant to which the Company or any contract of its Subsidiaries use or agreement that concerns the sale or acquisition of hold any material portion property involving payments by or to the Company or any of the Company’s businessits Subsidiaries of more than $500,000 on an annual basis; (x) all material outsourcing Contracts; (xi) all Contracts with investment bankers, financial advisors, attorneys, accountants or other advisors retained by the Company or any alliance, cooperation, joint venture, shareholders, partnership of its Subsidiaries involving payments by or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of its Subsidiaries of more than $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ noticean annual basis; (xii) all Contracts providing for the indemnification by the Company or any of its Subsidiaries of any person, except for any such Contract that (i) is not material hedge, collar, option, forward purchasing, swap, derivative to the Company or similar agreement, understanding or undertaking;any of its Subsidiaries and (ii) was entered into in the ordinary course of business; and (xiii) all Contracts pursuant to which any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants indebtedness of the Company or any of its Subsidiaries is outstanding or may be incurred and all guarantees of or by the Company or any of its Subsidiaries of any indebtedness of any other than, with respect to non-executive employees person (other than the Company or any of its Subsidiaries) (except for such indebtedness or guarantees the aggregate principal amount of which does not exceed $1,000,000 on an annual basis and consultants, excluding trade payables arising in the ordinary course of business;). (xivi) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability None of the Company or any of the Company its Subsidiaries (x) is, or has received written notice or has Knowledge that any other party to ownany of its Contracts is, operatein violation or breach of or default (with or without notice or lapse of time or both) under, sellor (y) has waived or failed to enforce any rights or benefits under, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) to which it is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contractor any of its properties or other assets is subject, (B) is in full force and effect and enforceable in accordance with its terms and (Cii) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, there has occurred no event has occurred that giving to others any right of termination, amendment or cancellation of (with or without notice or lapse of time or both) any such Contract except for violations, breaches, defaults, waivers or failures to enforce rights or benefits covered by clauses (i) or (ii) above that individually or in the aggregate have not had and would constitute not reasonably be expected to have a material breach or default or permit termination, modification, or acceleration, under the Company Material ContractsAdverse Effect.

Appears in 2 contracts

Sources: Merger Agreement (Mgi Pharma Inc), Merger Agreement (Guilford Pharmaceuticals Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copySet forth in Sections 2.13, electronic data room or otherwise) to the Investor or its representatives true2.14, correct 2.15 and complete copies of each 2.16 of the Company Disclosure Letter are the following contracts to which the Company or any Company Subsidiary of its subsidiaries is a party or by which any of them is bound (eachcollectively, a together with all contracts referred to in Sections 2.16, 2.20(c), 2.25 and 2.28, the (Company Material ContractContracts): ) (i) contracts between any contract current officer, director or agreement relating to indebtedness for borrowed money, letters stockholder of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of Affiliate thereof on the Company Subsidiaries is lessee ofone hand, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which and the Company or any of subsidiary thereof on the Company Subsidiaries is lessor of, or permits other hand; (ii) contracts under which any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability employee of the Company or any of its subsidiaries is entitled to receive annual payments (including salary and bonuses) in excess of $100,000; (iii) contracts that restrict the Company Subsidiaries to engage or any of its subsidiaries from competing in any line of business or to compete, whether by restricting territories, customers or otherwise, or with any person in any geographical area; (iv) contracts entitling any person to change in control or other material respectseverance payments; (v) indentures, credit agreements, security agreements, mortgages, guarantees, promissory notes and other contracts relating to the borrowing of money, other than any such document or agreement between the Company and a subsidiary of the Company or among subsidiaries of the Company; (vi) contracts involving the sale or purchase of goods or service in excess of $500,000 in any year or $5,000,000 over the life of such Company Material Contract; joint venture, partnership and similar agreements; (viii) contracts with any Person; (vii) any settlement, conciliation respect to capital expenditures or similar agreement, the performance of which will involve payment after the Closing Date of consideration commitments for such expenditures in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); ; (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual contracts providing for payments in excess of $500,000 that cannot be cancelled by from the United States Government or any prime contractor of the United States Government over the life of such Company Material Contract; and (x) all other agreements, contracts or instruments entered into outside of the ordinary course of business or which are material to the Company and its subsidiaries taken as a whole. The Company has delivered or made available to Purchaser true and correct copies of all such Company Material Contracts. All such Company Material Contracts are the legal, valid and binding obligations of the Company and/or its subsidiaries enforceable against the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedgesuch subsidiary, collarand, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service knowledge of any current or former directorsthe Company, officersagainst the other parties to the Company Material Contracts, employees or consultants of in accordance with their respective terms, subject, in each case, to the Enforceability Exceptions. Neither the Company or any of the Company Subsidiaries other thanits subsidiaries nor, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge knowledge of the Company, any other party thereto thereto, is in material violation of or in material default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsin respect of, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiarieshas there occurred an event or condition, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse the passage of time or giving of notice (or both), would constitute a material breach or default under or permit terminationthe termination of, modification, or acceleration, under the any such Company Material ContractsContract.

Appears in 2 contracts

Sources: Acquisition Agreement (Parker Hannifin Corp), Acquisition Agreement (Parker Hannifin Corp)

Contracts. The (a) Except for this Agreement, each Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) Benefit Plan and the contracts filed as exhibits to the Investor or its representatives trueCompany SEC Reports, correct and complete copies Schedule 3.18(a) sets forth a list of each all Material Contracts as of the date of this Agreement. For purposes of this Agreement, “Material Contract” means the following contracts that are currently in effect and to which the Company or any Company Subsidiary of its Subsidiaries is a party or by which the Company or its Subsidiaries is bound (each, a “Material Contract”other than Company Leases): (i) any contract material partnership, joint venture, limited liability company or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements other similar Contract (including guarantees any Contract providing for joint research, development or marketing, and excluding, for avoidance of doubt, reseller agreements and other commercial agreements that do not involve the formation of an entity with any third Person); (ii) any Contract that is material to the Company and its Subsidiaries, taken as a whole (A) that restricts the Company, its Subsidiaries or any of their Affiliates from engaging in respect any line of business or obligates the Company or any of its Subsidiaries not to compete with another Person in any line of business or geographic territory, (B) that contains exclusivity obligations or exclusivity restrictions binding on the Company or any of its Subsidiaries or that by its express terms would be binding on Parent or its Affiliates (including the Surviving Corporation) after the Effective Time, in the case of this clause (B), other than customary restrictions included in the Company’s contracts with customers or vendors in the ordinary course of business or (C) that involves minimum requirements or contains any “most favored nation” provision or grants to any Person a right of first refusal or first offer or an option to purchase, acquire, sell or dispose of any property or assets of the foregoing, but in Company or any event excluding trade payables, securities transactions and brokerage agreements arising of its Subsidiaries (other than inventory in the ordinary course of business); (iii) any settlement, intercompany indebtedness consent order or similar Contract relating to the resolution of any Action pursuant to which the Company or any of its Subsidiaries have material obligations outstanding; (iv) any contract that is material to the Company and immaterial leases for telephonesits Subsidiaries, copy machinestaken as a whole, facsimile machines with any Governmental Entity; (v) any Contract currently in effect and would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act (other office equipmentthan those arrangements described in Item 601(b)(10)(iii) of Regulation S-K) with respect to the Company and its Subsidiaries, taken as a whole, which, to date, has not yet been so reported and that is not required to be disclosed in the Disclosure Schedules under this Section 3.18(a); (vi) any Contract that relates to Indebtedness having an outstanding principal amount in excess of $500,00010,000,000 individually or $50,000,000 in the aggregate, except for those issued other than (a) any Indebtedness between the Company and its Subsidiaries or (b) accounts receivables and payables in the ordinary course of business; (iivii) since January 1, 2017, any Contract that involves the acquisition from another Person or disposition to another Person, directly or indirectly (by merger, license, asset purchase or otherwise), of (a) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning business, business line, division of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any another Person after the date hereof other than in the ordinary course of the Company Subsidiaries is lessee ofbusiness or (b) capital stock or other equity interests of another Person, in each case, for aggregate consideration under such Contract (or holds or operates, any property owned by any other Person with annual rent payments series of related Contracts) in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,00025,000,000; (viii) any contract or agreement that relates to Intellectual Property Rights revenue-generating Contract with any of the twenty (other than a license granted to 20) largest customers of the Company and its Subsidiaries, determined on the basis of annual recurring revenues attributable to such customers that have been received by the Company and its Subsidiaries, taken as a whole, for commercially available software licensed on standard terms with the fiscal year ended December 31, 2018 (each, a total replacement cost of less than $500,000“Significant Customer”); (ix) any contract or agreement that concerns the sale or acquisition of expenditure Contract with any material portion of the Company’s businesstwenty (20) largest vendors to the Company and its Subsidiaries, determined on the basis of expenditures by the Company and its Subsidiaries, taken as a whole, for the fiscal year ended December 31, 2018 (each, a “Significant Vendor”); (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses Contract (A) relating to any debit or credit card used by any Person who has a Health Savings Account or other tax-advantaged account or employee benefit administered by the Company or any of its Subsidiaries, (B) with any bank or investment partner relating to any Health Savings Account or other tax advantaged account or employee benefit administered by the Company Subsidiaryor any of its Subsidiaries or (C) that governs the custody of cash assets in a Health Savings Account or other tax-advantaged account or employee benefit administered by the Company or any of its Subsidiaries; (xi) any contract Contract between the Company or agreement involving annual payments any of its Subsidiaries, on the one hand, and any directors, executive officers (as such term is defined in excess the Exchange Act) or five percent (5%) stockholders of $500,000 that cannot be cancelled by the Company, on the other hand, other than Company Benefit Plans; or (xii) Contracts pursuant to which another Person grants the Company or a Company Subsidiary without penalty on a license, covenant not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative to assert or other similar agreement, understanding immunity or undertaking; (xiii) any contract or agreement authorization with respect to any other Person’s Intellectual Property Rights or Intellectual Property that are material to the employment or service of any current or former directors, officers, employees or consultants business of the Company or any of its Subsidiaries, with the exception of (A) any non-exclusive licenses to commercially available software and cloud services and granted on standard terms with an annual or aggregate fee not in excess of $2,000,000, (B) licenses for Open Source Software, (C) confidentiality agreements and (D) backup licenses from employees and contractors granted in the ordinary course of business in connection with providing services to the Company Subsidiaries or a Subsidiary; and (xiii) Contracts pursuant to which the Company or a Subsidiary grants another Person a license, covenant not to assert or other than, similar immunity or authorization with respect to Company Owned Intellectual Property Rights or Company Owned Intellectual Property where the rights granted are material to the business of the Company or any of its Subsidiaries, with the exception of (A) non-executive employees exclusive licenses granted to customers and consultantspotential customers (but solely, in such case, for evaluation purposes) in the ordinary course of business; , (xivB) any contract or agreement containing any confidentiality agreements, and (xC) non-competition exclusive licenses granted to consultants, contractors or exclusive dealing obligations vendors in the ordinary course of business for the sole purpose of the counterparty’s provision of products or other obligation which purports services to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion its Subsidiaries. (b) As of the business of the Company or the Company Subsidiaries is or can be conducteddate hereof, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each each Material Contract (A) is legal, valid and binding on the Company and its Subsidiaries to the Company Subsidiaries which are extent such Subsidiary is a party thereto, as applicable, and to such contractthe Knowledge of the Company, (B) each other party thereto, and is in full force and effect and enforceable in accordance with its terms and (C) will continue terms, except for such failures to be legal, valid, binding, enforceable, and in full force and effect in all that would not reasonably be expected to be material respects following to the consummation of Company and its Subsidiaries, taken as a whole, subject to the transactions contemplated by Enforceability Limitations. Except as would not reasonably be expected to be material to the Transaction Documents. Neither Company and its Subsidiaries, taken as a whole, neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto its Subsidiaries is in material violation breach of or default under the terms of any Material Contract. No benefits under any Material Contract will Except as would not reasonably be increased, and no vesting of any benefits under any Material Contract will expected to be accelerated, by material to the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company its Subsidiaries, and to the Knowledge of the Companytaken as a whole, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material other party to any Material Contract is in breach or default or permit termination, modification, or acceleration, under the terms of such Material ContractsContract.

Appears in 2 contracts

Sources: Merger Agreement (Healthequity, Inc.), Merger Agreement (Wageworks, Inc.)

Contracts. The (a) Section 3.13(a) of the Company has Previously Disclosed or provided (by hard copyDisclosure Letter sets forth, electronic data room or otherwise) to as of the Investor or its representatives date hereof, a true, correct and complete copies list of each of the following Contract (other than any Company Real Property Lease or Benefit Plan) that is in effect and to which the Company or any Company Subsidiary is a party (eachor which binds their respective properties or assets, a “Material Contract”):and that falls within any of the following categories: (i) any contract joint venture, partnership, or agreement relating strategic alliance Contract with a Third Party member that is material to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any the business of the foregoingCompany and the Company Subsidiaries, but taken as a whole, in which the Company or any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessCompany Subsidiary owns an Equity Interest; (ii) any contract or agreement Contract that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which requires aggregate capital expenditures by the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in an amount in excess of four million dollars ($500,0004,000,000) per annum individually, other than (A) any purchase order or Contract for supply, inventory or trading stock acquired in the ordinary course of business, or (B) any ordinary course Contracts with respect to land acquisitions, land development and construction; (viii) any lease settlement, conciliation or agreement under which similar Contract (A) with any Governmental Entity, (B) that requires the Company or any of the Company Subsidiaries is lessor of, to pay any monetary consideration of more than four hundred thousand dollars ($400,000) after the date of this Agreement or permits (C) that would otherwise limit in any Person to hold or operate, any property owned or controlled by material respect the operation of the Company or any Company Subsidiary (or, to the Knowledge of the Company SubsidiariesCompany, Parent or any of its other affiliates from and after the Closing) as currently operated; (viiv) any contract or agreement limiting, Contract that contains any covenant limiting in any material respect, respect the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person, in each case, in any geographic area; (viiv) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; Contract (viiiA) any contract or agreement that relates to Intellectual Property Rights any completed acquisition, divestiture, merger or similar transaction and contains representations, covenants, indemnities or other obligations that remain in effect (excluding any transactions solely among the Company and any wholly owned Company Subsidiary) and that are material to the business of the Company and the Company Subsidiaries, taken as a whole, (B) for any pending acquisition, directly or indirectly (by merger or otherwise) of a portion of the assets (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract goods, products or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, services in the ordinary course of business; ) or Equity Interests of any Person for aggregate consideration in excess of two million dollars (xiv$2,000,000) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation pursuant to which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary has continuing “earn-out” or other similar contingent payment obligations following the date hereof in excess of two million dollars ($2,000,000) or (C) that gives any Person the right to solicit customers or the manner in which, or the localities in which, all or acquire any portion of the business assets of the Company or the Company Subsidiaries (excluding ordinary course commitments to purchase homes, lots, goods, products or services) after the date hereof with a total consideration of more than two million dollars ($2,000,000); (vi) any Contract that is an indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage or can be conductedother Contract providing for or securing indebtedness for borrowed money or deferred payment (in each case, whether incurred, assumed, guaranteed or secured by any asset) in an outstanding principal amount in excess of one million dollars (y$1,000,000), other than any such contract between the Company or any Company Subsidiary, on the one hand, and any other Company Subsidiary, on the other hand; (vii) right any Contract for (A) the sale of first refusal any land parcels (whether or right of first offer or similar right or that limits or purports to limit the ability not developed) of the Company or a Company Subsidiary with a purchase price in excess of four million dollars ($4,000,000) (other than individual home sales in the ordinary course of business), (B) the purchase of any land parcels (whether or not developed) of the Company Subsidiaries or a Company Subsidiary or (C) the option to ownpurchase any land parcels (whether or not developed) of the Company or a Company Subsidiary, operatein the case of clauses (B) and (C), sell, transfer, pledge or otherwise dispose with a total purchase price for the land parcels subject thereto in excess of any material assets or eight million dollars ($8,000,000) (other than individual home sales in the ordinary course of business); and (xvviii) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on pursuant to which the Company or any Company Subsidiary receives a license to use any material Intellectual Property that is used in the business (other than licenses for “off-the-shelf” or other software widely available on generally standard terms and the Company Subsidiaries which are a party to such contract, conditions) or (B) pursuant to which the Company or any Company Subsidiary grants to a third party a license to use any material Company Intellectual Property. Each Contract of the type described in this Section 3.13(a) is referred to herein as a “Company Material Contract.” True and complete copies of each Company Material Contract in effect as of the date hereof have been made available to Parent (including pursuant to agreed-upon procedures to protect competitively sensitive information) or publicly filed with the SEC. (b) Except as would not have and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (i) each Company Material Contract is a legal, valid, binding and enforceable obligation of the Company or the Company Subsidiary party thereto and is in full force and effect and enforceable in accordance with its terms (except as may be limited by the Enforceability Exceptions) and (Cii) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation none of the transactions contemplated by the Transaction Documents. Neither the Company, any Company nor any of the Company SubsidiariesSubsidiary or, nor to the Knowledge of the Company, any other party thereto counterparty is in material violation breach or default under any Company Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Agreement and Plan of Merger (William Lyon Homes), Merger Agreement (Taylor Morrison Home Corp)

Contracts. (a) The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) Made Available to the Investor or its representatives true, AcquisitionCo a correct and complete copies copy of each of the following written contracts to which the Company or any Company Subsidiary of its Subsidiaries is a party (eachparty, a “Material Contract”):or by which the Company or any of its Subsidiaries is bound, that are in effect as of the date hereof: (i) any contract (or agreement relating group of related contracts) involving the performance of services or the purchase of goods, materials or other assets by or to the Company or any of its Subsidiaries, the performance of which will involve (A) annual payments to or from the Company or any of its Subsidiaries of $50,000 or more, or (B) aggregate payments (including termination penalties) to or from the Company or any of its Subsidiaries of $100,000 or more; (ii) any contract concerning a partnership or joint venture; (iii) any contract (or group of related contracts) under which it has created, incurred, assumed, or guaranteed any indebtedness for borrowed money, letters of creditor any capitalized lease obligation, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000100,000; (iv) any contract concerning noncompetition that limits or otherwise restricts the Company or any of its Subsidiaries or that would, except after the Effective Time, limit or restrict Parent, AcquisitionCo, the Surviving Corporation or any of their respective Affiliates, from engaging or competing in any line of business or in any geographic area, including any contract containing any “radius clause” applicable to markets in which the Company or any of its Subsidiaries has operations; (v) any contract relating to collective bargaining or employee association; (vi) any contract for those issued the employment of any individual on a full-time, part-time, consulting, or other basis who is an officer or director of the Company or any of its Subsidiaries that provides for annual compensation in excess of $100,000; (vii) any contract under which the consequences of a default or termination would reasonably be expected to have a Material Adverse Effect; (viii) any contract providing for the sale or exchange of, or option to sell or exchange, any material Company Property, or for the purchase or exchange of, or option to purchase or exchange, any real estate; (ix) any contract for the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or Equity Interests of another person for aggregate consideration in excess of $100,000, in each case other than in the ordinary course of business; (iix) any contract or agreement that constitutes a collective bargaining license, royalty or other arrangement with contract concerning Intellectual Property (other than shrink-wrap software and databases licensed to the Company or any labor union;of its Subsidiaries under nonexclusive software licenses granted to end-user customers by third parties in the ordinary course of business of such third parties’ businesses), such Company Disclosure Letter indicating, in the case of any such license, whether the Company or any of its Subsidiaries is the licensee or licensor; and (iiixi) each written amendment, supplement and modification in respect of any contract or agreement that is a “material contract” within of the meaning of Item 601(b)(10foregoing. (b) Except as set forth in Section 4.14(b) of Regulation S-K; (iv) any lease or agreement under the Company Disclosure Letter, with respect to each such contract to which the Company or any of the Company its Subsidiaries is lessee ofa party, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of its Subsidiaries is bound, of a type described in Section 4.14(a) and in effect as of the date hereof: (i) the contract is legal, valid, binding, and enforceable against the Company Subsidiaries is lessor ofand/or certain of its Subsidiaries, or permits any Person as applicable, and, to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any allianceknowledge, cooperationthe other party thereto, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable effect; (ii) except for any such contract that expires in accordance with its terms and (C) terms, the contract will continue to be legal, valid, bindingbinding and enforceable against the Surviving Corporation and/or certain of its Subsidiaries, enforceableas applicable, and, to the Company’s knowledge, the other party thereto, and in full force and effect in all material respects on identical terms following the consummation of the transactions contemplated by the Transaction Documents. Neither Effective Time; (iii) neither the Company nor any of the Company its Subsidiaries, nor to the Knowledge of the Companyas applicable, any other party thereto is in material violation breach or default under any Material Contract. No benefits under any Material Contract will be increaseddefault, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse the passage of time or giving of notice would constitute a material breach or default by the Company or any of its Subsidiaries, or permit termination, modification, termination or accelerationacceleration by the other party, under the Material Contractscontract; and (iv) to the Company’s knowledge, no other party to the contract is in material breach or default, and no event has occurred that with the passage of time or giving of notice would constitute a material breach or default by such other party, or permit termination or acceleration by the Company or its Subsidiary, under the contract.

Appears in 2 contracts

Sources: Merger Agreement (Sl Industries Inc), Merger Agreement (Handy & Harman Ltd.)

Contracts. The Company (a) TSG has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of SJET with the following contracts, agreements, leases, licenses, arrangements, commitments, sales orders, purchase orders or any claim or right or any benefit or obligation arising there under or resulting there from and currently in effect, whether oral or written, to which the Company or any Company Subsidiary TSG is a party (each, a “Material Contract”"Contracts"): (i) any contract Contract (or agreement relating group of related Contracts) for the lease of personal property to or from any person providing for lease payments in excess of $10,000 per annum; (ii) any Contract (or group of related Contracts) for the purchase or sale of raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one year, result in a loss to TSG, or involve consideration in excess of $10,000; (iii) any Contract concerning a partnership or joint venture; (iv) any Contract (or group of related Contracts) under which it has created, incurred, assumed, or guaranteed any indebtedness for borrowed money, letters of credit, capital or any capitalized lease obligations, obligations secured by obligation or under which it has imposed a Lien or interest rate or currency hedging agreements (including guarantees in respect of lien on any of its assets, tangible or intangible; (v) any Contract concerning confidentiality or noncompetition; (vi) any profit sharing, stock option, stock purchase, stock appreciation, deferred compensation, severance or other plan or arrangement for the foregoingbenefit of its current or former directors, but in officers, and employees; (vii) any event excluding trade payablesContract under which its has advanced or loaned any amount to any of its directors, securities transactions officers, and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in employees outside the ordinary course of business; (iiviii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement Contract under which the Company or any consent of the Company Subsidiaries other party thereto is lessee of, or holds or operates, any property owned by any other Person required in connection with annual rent payments the assignment of such Contract in excess of $500,000; (v) any lease or agreement under which connection with the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)transaction contemplated hereby; (ix) any contract Contract under which the consequences of a default or agreement that concerns the sale or acquisition of any termination could have a material portion of the Company’s business;adverse effect on TSG; or (x) any alliance, cooperation, joint venture, shareholders, partnership other Contract (or similar agreement involving a sharing group of profits or losses relating to related Contracts) the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments performance of which involves consideration in excess of $500,000 that cannot be cancelled 10,000. (b) All Contracts have been duly authorized and delivered by TSG and, any third party thereto, are in full force and effect against TSG and constitute the valid and binding obligations of TSG and, the respective parties thereto enforceable in accordance with their respective terms. As to the Contracts, (i) there are no existing breaches or defaults by TSG there under or, by the Company other parties to such Contracts; (ii) no event, act or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedgeomission has occurred or, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract hereby, will occur which (A) is legalwith or without notice, valid and binding on lapse of time or the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation happening or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any other event) would result in a default by TSG there under or give cause for termination thereof, provided that insofar as the foregoing representation involves the actions or omissions of parties other than TSG, it shall be limited to the Best Knowledge of TSG; (iii) none of them will result in any loss TSG upon completion or performance thereof; and (iv) none of the transactions contemplated by parties to the Transaction DocumentsContracts have expressed and indication to TSG of their intention to cancel, nor will the value of renegotiate, or exercise or not exercise any of the benefits option under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material such Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Stock Purchase Agreement (Sonic Jet Performance Inc), Stock Purchase Agreement (Sonic Jet Performance Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Schedule 6.11(a) of the Investor or its representatives true, correct and complete copies of each Disclosure Schedules contains a list of the following Contracts to which any of the Company or any Company Subsidiary Entities is a party (each, a “Material Contract”):or by which any of the Company Entities is bound: (i) any contract each Contract with a Significant Customer (as defined herein below), Significant Supplier (as defined herein below) and each other Contract that involves performance of services or agreement relating delivery of goods or materials by or to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course Company Entities of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) an amount or value in excess of $500,000, except for those issued in the ordinary course of business750,000; (ii) each Contract that was not entered into in the Ordinary Course of Business and that involves expenditures or receipts of any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionof the Company Entities in excess of $100,000; (iii) each Contract affecting the ownership of, leasing of, title to, use of or any contract leasehold or agreement that is other interest in any real or personal property (excepting personal property leases and installment and conditional sales agreements having a “material contract” within the meaning value per item or aggregate payments of Item 601(b)(10less than $100,000 and with a term of less than one (1) of Regulation S-Kyear); (iv) each Contract with any lease labor union or agreement under which the Company or any other employee representative of the Company Subsidiaries is lessee ofa group of employees relating to wages, or holds or operates, any property owned by any hours and other Person with annual rent payments in excess conditions of $500,000employment; (v) any lease each partnership, joint venture or agreement under which the Company other Contract involving a sharing of profits, losses, costs or liabilities by any of the Company Subsidiaries is lessor of, or permits Entities with any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesother Person; (vi) any contract or agreement limiting, each Contract containing covenants that in any material respect, the ability of the Company or way purport to restrict any of the Company Subsidiaries Entity’s (A) business activity, (B) freedom to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person, including any Contracts requiring such Company Entity to maintain an exclusive relationship or requiring such Company Entity to not to compete or to not to solicit in any manner, (C) ability to increase prices to a customer of the Business, or (D) operation of the Business; (vii) each Contract providing for payments to or by any settlementPerson based on sales, conciliation purchases or similar agreementprofits, other than direct payments for goods in the performance Ordinary Course of which will involve payment after the Closing Date of consideration in excess of $500,000Business; (viii) each power of attorney (or similar grant of authority) of any contract or agreement that relates to Intellectual Property Rights (other than a license granted to of the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)Entities that is currently effective and outstanding; (ix) each Contract that contains or provides for an express undertaking by any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s businessCompany Entities be responsible for consequential damages or indemnification obligations; (x) each Contract for capital expenditures in excess of $100,000 for any alliance, cooperation, joint venture, shareholders, partnership item or similar agreement involving a sharing of profits or losses relating to $250,000 in the Company or any Company Subsidiaryaggregate; (xi) each executive employment Contract that provides for employment of senior executives or management personnel by any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company Entities on a full-time, part-time or a Company Subsidiary without penalty on not more than 90 days’ noticeother basis; (xii) each Contract for any material hedge, collar, option, forward purchasing, swap, derivative independent contractor or similar agreement, understanding or undertakingconsultant providing services to any of the Company Entities; (xiii) any contract each written warranty, guaranty or agreement other similar undertaking with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or contractual performance executed by any of the Company Subsidiaries Entities other than, with respect to non-executive employees and consultants, than in the ordinary course Ordinary Course of businessBusiness; (xiv) any contract Contract relating to the acquisition or agreement containing disposition, directly or indirectly, of any (x) non-competition or exclusive dealing obligations business, Real Property or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichassets, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose Equity Interests of any material assets or business; andother Person; (xv) any material contract Contract relating to Indebtedness, the borrowing of money, or agreement that would the guaranty of another Person’s borrowing of money or other obligation, including, without limitation, all notes, mortgages, indentures and other obligations, guarantees of performance, letters of credit, advances, and agreements and instruments for or relating to any lending or borrowing; (xvi) any Contract under which the execution and delivery of this Agreement or any Ancillary Document may cause a default, give rise to any right of termination, cancellation or acceleration, or require any consent Consent; (xvii) any Contract involving the settlement, release, compromise or approval waiver of a counterparty as a result any material rights, claims, obligations, duties or liabilities; (xviii) any management service, consulting, financial advisory or any other similar type Contract and all Contracts with investment or commercial banks; (xix) any Contract with any Related Parties; (xx) any Contract involving any ownership, right to use, use, infringement or any claim, liability or obligation with respect to any Intellectual Property; (xxi) any other material Contract of any of the consummation Company Entities, whether or not entered into in the Ordinary Course of Business, which shall include, without limitation, any Contract that requires payment by any Company Entity(ies) in excess of $500,000 in any twelve (12) month period that cannot be terminated on less than ninety (90) days’ notice without the payment of any termination fee, premium or penalty; and (xxii) each amendment, supplement and modification (whether oral or written) in respect of any of the transactions contemplated by this Agreement. Each foregoing. (b) Except as set forth in Schedule 6.11(b) of the Disclosure Schedules: (i) each Contract identified or required to be identified in Schedule 6.11(a) of the Disclosure Schedules (the “Company Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (BContracts”) is in full force and effect and is valid and enforceable in accordance with its terms; (ii) each Company Entity is in compliance with all applicable terms and requirements of each Material Contract; (Ciii) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the CompanyCompany Entities, no other party to any Company Material Contract is in default thereunder; (iv) no event has occurred or circumstance exists that (with or without notice or lapse of time) may contravene, conflict with or result in a Breach of, or give any Company Entity or any other party thereto is in the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or payment under, or to cancel, terminate or modify, any Company Material Contract; and (v) no Company Entity has waived any material violation or default right under any of the Company Material ContractContracts or modified any material terms thereof. There are no renegotiations of, attempts to renegotiate or outstanding rights to renegotiate any material amounts paid or payable to any of the Company Entities under current or completed Company Material Contracts with any Person having the contractual or statutory right to demand or require such renegotiation and no such Person has made written demand for such renegotiation. No benefits under party to any Company Material Contract will be increasedhas exercised any acceleration, cancellation, termination or modification rights with respect thereto, and no vesting of party to any benefits under any Company Material Contract will be accelerated, by the occurrence of or other Person has notified any of the transactions contemplated by the Transaction Documents, nor will the value Company Entities of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and its intention to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsdo so.

Appears in 2 contracts

Sources: Agreement and Plan of Reorganization (SeqLL, Inc.), Agreement and Plan of Reorganization (SeqLL, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) SCHEDULE 3.08(A) to the Investor Company Disclosure Schedule and the Company SEC Documents contain a complete and accurate list, and the Company has delivered or its representatives true, correct made available to Veeco true and complete copies (or, in the case of oral Contracts, summaries), of: (i) each Contract that is executory in whole or in part and involves performance of the following to which services or delivery of goods or materials by the Company or any Company Subsidiary is a party (each, a “Material Contract”):other Acquired Corporation of an amount or value in excess of $250,000; (iii) any contract each Contract that is executory in whole or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions part and brokerage agreements arising was not entered into in the ordinary course of business, intercompany indebtedness business and immaterial leases for telephones, copy machines, facsimile machines and that involves expenditures or receipts of the Company or any other office equipment) Acquired Corporation in excess of $500,000250,000; (iii) each lease, rental or occupancy agreement, license agreement, installment and conditional sale agreement, and any other Contract affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in, any real or personal property of any Acquired Corporation (except for those issued personal property leases and installment and conditional sales agreements having a value per item or annual payments of less than $175,000); (iv) other than licensing agreements entered into in connection with product sales in the ordinary course of the Company's or the other Acquired Corporations' business; (ii) , each material licensing agreement or any contract or agreement that constitutes a collective bargaining other material Contract with respect to patents, trademarks, copyrights or other arrangement Intellectual Property, including material Contracts with any labor union; (iii) any contract current or agreement that is a “material contract” within former employees, consultants or contractors regarding the meaning appropriation or the non-disclosure of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000Intellectual Property; (v) each collective bargaining agreement and any lease other Contract to or agreement under which the Company with any labor union or other employee representative of a group of employees of any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company SubsidiariesAcquired Corporation; (vi) each joint venture, partnership and any contract other material Contract (however named) involving a sharing of profits, losses, costs or agreement limiting, liabilities by an Acquired Corporation with any other Person; (vii) each Contract containing covenants that in any material respect, way purport to restrict the ability business activity of an Acquired Corporation or limit the Company or any freedom of the Company Subsidiaries an Acquired Corporation to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) each Contract providing for material payments to or by any contract Person based on sales, purchases or agreement that relates to Intellectual Property Rights (profits, other than a license granted to the Company direct payments for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)goods; (ix) any contract or agreement each power of attorney that concerns the sale or acquisition of any material portion of the Company’s businessis currently effective and outstanding granted by and relating to an Acquired Corporation; (x) any alliance, cooperation, joint venture, shareholders, partnership each Contract that contains or similar agreement involving a sharing of profits or losses relating provides for an express undertaking by an Acquired Corporation to the Company or any Company Subsidiarybe responsible for consequential damages; (xi) any contract each Contract that is executory in whole or agreement involving annual payments in part and involves capital expenditures by an Acquired Corporation in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice250,000; (xii) any material hedgeeach written warranty, collar, option, forward purchasing, swap, derivative or guaranty and/or other similar agreement, understanding or undertaking; (xiii) any contract or agreement undertaking with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries contractual performance extended by an Acquired Corporation other than, with respect to non-executive employees and consultants, than in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xvxiii) each Contract with any material contract employee, director or agreement that would require any consent or approval officer of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsan Acquired Corporation.

Appears in 2 contracts

Sources: Merger Agreement (Veeco Instruments Inc), Merger Agreement (Veeco Instruments Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each Section 6.13 (a) of the Parent Disclosure Letter lists the following Contracts to which the Company Parent or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):that are in effect as of the date hereof: (i) any contract each “material contract” (as such term is defined in Item 10.C and in Instructions As To Exhibits of Form 20-F) to which Parent or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessits Subsidiaries is a party to or bound; (ii) each Contract not contemplated by this Agreement that materially limits the ability of Parent or any contract of its Subsidiaries to engage in its business or agreement that constitutes a collective bargaining or other arrangement with compete in any labor unionmanner; (iii) each Contract that creates a partnership, joint venture or any contract strategic alliance with respect to Parent or agreement that is a “material contract” within any of its Subsidiaries, other than the meaning organizational documents of Item 601(b)(10) of Regulation S-KParent or its Subsidiaries; (iv) each employment, consulting, services or similar Contract with any lease employee, consultant or agreement under which the Company independent contractor of Parent or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000its Subsidiaries; (v) any lease each indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage or agreement under which the Company other evidence of Indebtedness or any Contract providing for Indebtedness in excess of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries$1,000,000; (vi) any contract each Contract that relates to the acquisition or agreement limitingdisposition, in directly or indirectly, of any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, (whether by restricting territoriesmerger, customers sale of stock, sale of assets or otherwise) or material asset, or in including any vessel, other material respect, with any Personthan this Agreement; (vii) each Contract that relates to the acquisition or disposition, directly or indirectly (whether by merger, sale of stock, sale of assets (including any settlementParent Vessel) or otherwise), conciliation by Parent or similar agreement, the performance any of which will involve payment its Subsidiaries after the Closing Date date of this Agreement of assets or any material business for consideration with a fair market value in excess of $500,0001,000,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted Contract related to the Company for commercially available software licensed on standard terms with a total replacement cost acquisition or disposition, directly or indirectly (by merger, sale of less than $500,000stock, sale of assets or otherwise), by Parent or any of its Subsidiaries prior to the date of this Agreement that includes provisions that are in effect in respect of “earn-outs” or deferred or contingent consideration; (ix) each ship-sales, memorandum of agreement, bareboat charter or other vessel acquisition Contract for Newbuildings and secondhand vessels contracted for by Parent or any contract or agreement that concerns of its Subsidiaries and other Contracts with respect to Newbuildings and the sale or acquisition of any financing thereof, including performance guarantees, counter guarantees, refund guarantees, material portion of the Company’s businesssupervision agreements and material plan verification services agreements; (x) any allianceeach operating agreement, cooperationmanagement agreement, joint venturecrewing agreement, shareholders, partnership Contract of affreightment or financial lease (including sale/leaseback or similar agreement involving a sharing of profits or losses relating arrangements) with respect to the Company or any Company SubsidiaryParent Vessel; (xi) any contract Contract with a Third Party for the charter of any Parent Vessel, other than any (A) voyage charter or agreement involving annual payments in excess (B) time charter with a duration of $500,000 that cannot be cancelled by the Company 12 months or a Company Subsidiary without penalty on not more than 90 days’ noticeless; (xii) each collective bargaining agreement or other Contract with a labor union to which Parent or any material hedge, collar, option, forward purchasing, swap, derivative of its Subsidiaries is a party or similar agreement, understanding or undertakingotherwise bound; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company each Contract that provides for indemnification by Parent or any of the Company its Subsidiaries to any Person other than, with respect to non-executive employees and consultants, than a Contract entered into in the ordinary course of businessbusiness or that is not material to any of Parent or its Subsidiaries; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation each Contract to which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company Parent or any of the Company its Subsidiaries to own, operate, sell, transfer, pledge is a party or otherwise dispose of bound that contains a so-called “most favored nations” provision or similar provisions requiring Parent or its Affiliates to offer to a Person any material assets terms or businessconditions that are at least as favorable as those offered to one or more other Persons; and (xv) each Contract involving a standstill or similar obligation of Parent or any material contract or agreement that would require any consent or approval of a counterparty as a result its Subsidiaries. (b) Parent has heretofore made available to the Oceanbulk Companies true and complete copies of the consummation Parent Material Contracts as in effect as of the transactions contemplated by this Agreementdate hereof. Each Except for breaches, violations or defaults which would have a Parent Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contractAdverse Effect, (Bi) each of the Parent Material Contracts is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, enforceable and in full force and effect in all material respects following with respect to Parent and its Subsidiaries and, to the consummation Knowledge of Parent, the transactions contemplated other parties thereto, except to the extent that the enforceability thereof may be limited by the Transaction Documents. Neither Equitable Exceptions and except for any Parent Material Contracts that have expired or been terminated after the Company nor any date hereof in accordance with its terms, and none of the Company Parent, its Subsidiaries, nor to the Knowledge of the Company, Parent any other party thereto is in material violation to a Parent Material Contract has violated any provision of, or taken or failed to take any act which, with or without notice, lapse of time, or both, would constitute a breach or default under under, or give rise to any Material Contract. No benefits under any Material Contract will be increasedright of cancellation or termination of or consent under, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each such Parent Material Contract, and to the Knowledge (ii) none of the CompanyParent or its Subsidiaries has received written notice that it has breached, no event has occurred that with notice violated or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, defaulted under the any Parent Material ContractsContract.

Appears in 2 contracts

Sources: Merger Agreement (Oaktree Capital Management Lp), Merger Agreement (Star Bulk Carriers Corp.)

Contracts. (a) The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) made available to the Investor or its representatives Parent true, correct and complete copies copies, as of each the date of this Agreement, of the following Contracts to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):party: (i) each “material contract” (as such term is defined in Item 10.C and in Instructions As To Exhibits of Form 20-F) to which the Company or any contract of its Subsidiaries is a party to or agreement relating bound; (ii) each Contract not contemplated by this Agreement that limits the ability of the Company or any of its Subsidiaries or Affiliates to indebtedness engage in or compete with any line of business in any location or with any Person in any material manner; (iii) each Contract that creates a partnership, joint venture or any strategic alliance with respect to the Company or any of its Subsidiaries; (iv) each employment, consulting, services or similar Contract with any employee or independent contractor of the Company or any of its Subsidiaries involving more than $500,000 of annual compensation; (v) each indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage or other evidence of Indebtedness or Contract providing for borrowed moneyIndebtedness individually in excess of $10,000,000; (vi) each Contract entered into since January 1, letters of credit2024 that relates to the acquisition or disposition, capital lease obligationsdirectly or indirectly, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any business (whether by merger, amalgamation, sale of the foregoingstock, but in sale of assets or otherwise) or any event excluding trade payablesmaterial assets, securities transactions and brokerage agreements arising including any vessel (other than (A) this Agreement or (B) acquisitions or dispositions of supplies, inventory, merchandise or products (other than vessels) in the ordinary course of businessbusiness or that are obsolete, intercompany indebtedness worn out, surplus or no longer used or useful in the conduct of business of the Company or its Subsidiaries), including also any such Contract whenever entered into that includes provisions that remain in effect in respect of “earn-outs” or deferred or contingent consideration; (vii) each ship-sales, memorandum of agreement, bareboat charter, or other vessel acquisition Contract entered into since January 1, 2024 for Newbuildings and immaterial leases secondhand vessels contracted for telephones, copy machines, facsimile machines by the Company or any of its Subsidiaries (other than Company Owned Vessels) and other office equipmentContracts entered into since January 1, 2024 with respect to Newbuildings of the Company or any of its Subsidiaries and the financing thereof, including performance guarantees, counter guarantees, refund guarantees, supervision agreements and plan verification services agreements; (viii) in excess each pool agreement, management agreement, crewing agreement or financial lease (including sale/leaseback or similar arrangements) with respect to any Company Vessel; (ix) any Contract with a Third Party for the charter of $500,000, except any Company Vessel; (x) each collective bargaining agreement or other Contract with a labor union to which the Company or any of its Subsidiaries is a party or otherwise bound; (xi) each Contract that provides for those issued indemnification by the Company or any of its Subsidiaries to any Person other than a Contract entered into in the ordinary course of business; (iixii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under each Contract pursuant to which the Company or any of its Subsidiaries spent or received, in the Company Subsidiaries is lessee ofaggregate, more than $2,500,000 during the twelve (12) months prior to the date hereof or holds could reasonably be expected to spend or operatesreceive, any property owned by any other Person with annual rent payments in excess of the aggregate, more than $500,0002,500,000 during the twelve (12) months immediately after the date hereof; (vxiii) any lease or agreement under each Contract to which the Company or any of the Company its Subsidiaries is lessor of, a party or permits any Person to hold otherwise bound that contains a so-called “most favored nations” provision or operate, any property owned or controlled by similar provisions requiring the Company or its Affiliates to offer to a Person any of the Company Subsidiaries;terms or conditions that are at least as favorable as those offered to one or more other Persons; and (vixiv) any contract each Contract involving a standstill or agreement limiting, in any material respect, the ability similar obligation of the Company or any of its Subsidiaries. (b) Except as set forth on Section 4.15(b) of the Company Subsidiaries Disclosure Letter or would not reasonably be expected to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other be material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with and its Subsidiaries, taken as a total replacement cost of less than $500,000); whole, (ixi) any contract or agreement that concerns the sale or acquisition of any material portion each of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries Material Contracts is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, enforceable and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither with respect to the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company its Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, except to the extent that the enforceability thereof may be limited by the Equitable Exceptions and except for any Material Contracts that have performed expired or been terminated after the date hereof in all material respects all material obligations required to be performed by them under each Material Contractaccordance with its terms, and (ii) neither the Company nor any of its Subsidiaries, nor to the Knowledge of the CompanyCompany any other party to a Material Contract, no event has occurred that violated any provision of, or taken or failed to take any act which, with notice or without notice, lapse of time time, or both, would constitute a material breach or default or permit termination, modificationunder, or accelerationgive rise to any right of cancellation or termination of or consent under, such Material Contract, and neither the Company nor any of its Subsidiaries has received written notice that it has breached, violated or defaulted under the any Material ContractsContract.

Appears in 2 contracts

Sources: Merger Agreement (CMB.TECH Nv), Merger Agreement (Golden Ocean Group LTD)

Contracts. The (a) Section 3.13(a) of the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies Disclosure Letter sets forth a list of each of the following Contract, including all amendments, supplements, exhibits and side letters to any such Contract, to which the Company or any Company Subsidiary is a party (eachor by which any of its properties or assets are bound which, a “Material Contract”):as of the date of this Agreement: (i) any contract is required to be filed as an exhibit to the Company’s Annual Report on Form 10-K pursuant to Item 601(b)(2), (4), (9) or agreement relating (10) of Regulation S-K promulgated under the Securities Act or required to indebtedness for borrowed moneybe disclosed under Item 404 of Regulation S-K under the Securities Act (provided, letters that the Company shall only be required to list in clause (i) of creditSection 3.13(a) those Contracts that have not been filed with the SEC on or after January 1, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business2015); (ii) any contract or agreement that constitutes a collective bargaining involves aggregate payments by, or other arrangement with any labor union; (iii) any contract consideration or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which expenditures from, the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments Subsidiary in excess of $500,000; 500,000 over the remaining term of such Contract, and is not cancelable within sixty (v60) any lease days without material payment by or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating penalty to the Company or any Company Subsidiary; (xiiii) contains any contract non-compete or agreement involving annual payments in excess exclusivity provisions with respect to any line of $500,000 that cannot be cancelled by the Company business or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement geographic area with respect to the employment Company or service any Company Subsidiary, or upon consummation of the Transactions, Parent or its Subsidiaries, or which restricts in any material respect the conduct of any current or former directors, officers, employees or consultants line of business of the Company or any Company Subsidiary, or upon consummation of the Company Subsidiaries Transactions, Parent or its Subsidiaries; (iv) establishes a partnership, joint venture or similar arrangement; (v) relates to the borrowing of money or extension of credit, in each case having a principal amount of Indebtedness in excess of $1,000,000 other than, with respect to non-executive employees than accounts receivables and consultants, payables incurred or arising in the ordinary course of businessbusiness consistent with past practice; (xivvi) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of requires the Company or any Company Subsidiary to solicit customers dispose of or acquire assets or properties with a fair market value in excess of $1,000,000, or involves any pending or contemplated merger, consolidation or similar business combination; (vii) is a Company Investment Contract; (viii) requires any delivery of notice or prior consent in connection with the Transactions, where, if such notice or consent were not made or obtained, would give rise to any right of termination, cancellation, acceleration or amendment of, or trigger any payments or the manner in whichcreation of a Lien or other encumbrance, or result in any violation of or breach of or constitute a default under such Contract in connection with the localities in which, all or any portion consummation of the business of Mergers and the Company other Transactions; (ix) is with a Governmental Entity; (x) relates to a Related Party Transaction; or (xi) contains any obligation, contingent or otherwise, on the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability part of the Company or any of its Subsidiaries to indemnify any other Person. (b) Each Contract of the type described above in Section 3.13(a), whether or not set forth in Section 3.13(a) of the Company Subsidiaries Disclosure Letter, is referred to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty herein as a result of “Company Material Contract.” Except as, individually or in the consummation of the transactions contemplated by this Agreement. Each aggregate, would not have or reasonably be expected to have a Company Material Adverse Effect, each Company Material Contract (A) is legal, valid and valid, binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms on the Company and (C) will continue each Company Subsidiary that is a party thereto and, to be legalthe knowledge of the Company, valid, binding, enforceableeach other party thereto, and is in full force and effect effect, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at Law). Except as, individually or in the aggregate, would not have or reasonably be expected to have a Company Material Adverse Effect, the Company and each Company Subsidiary has performed all material respects following obligations required to be performed by it under each Company Material Contract and, to the consummation knowledge of the transactions contemplated Company, each other party thereto has performed all obligations required to be performed by the Transaction Documentsit under such Company Material Contract. Neither the Company nor any None of the Company Subsidiariesor any Company Subsidiary, nor nor, to the Knowledge knowledge of the Company, any other party thereto thereto, is in material breach or violation of, or default under under, any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time or both would constitute a material violation, breach or default under any Company Material Contract, except where in each case such breach, violation or permit terminationdefault, modificationindividually or in the aggregate, would not have or accelerationreasonably be expected to have a Company Material Adverse Effect. Neither the Company nor any Company Subsidiary has received written or, to the knowledge of the Company, other notice of any violation or default under any Company Material Contract. (c) The Company has delivered or made available to Parent or provided to Parent for review, prior to the execution of this Agreement, true and complete copies of all of the Company Material Contracts.

Appears in 2 contracts

Sources: Merger Agreement (Apollo Residential Mortgage, Inc.), Merger Agreement (Apollo Commercial Real Estate Finance, Inc.)

Contracts. The (a) Section 3.10 of the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of Disclosure Letter lists each of the following Contracts which the Company or any Subsidiary, as of the date of this Agreement, is a party to or bound by: (i) any Contract (other than any Contract solely between the Company and any of its Subsidiaries) relating to outstanding indebtedness for borrowed money pursuant to which the Company or any Subsidiary has an outstanding principal amount in excess of $250,000; (ii) any Contract relating to a security interest imposed on any Vessel or other asset or property of the Company or any of its Subsidiaries, other than Permitted Liens; (iii) with respect to any joint venture, partnership or other similar agreement or arrangement with a third party, any Contract that relates to the formation, creation, operation, management or control of such joint venture, partnership or similar agreement or arrangement; (iv) any Contract that involves or would reasonably be expected to involve aggregate payments by or to the Company or any Subsidiary is a party in excess of $250,000 in any twelve-month period; (eachv) any Contract that (A) would limit the freedom of the Company or any Subsidiary to compete in any line of business or with any person or in any area after the Closing, (B) contains exclusivity obligations or restrictions that would be binding on the Company or any Subsidiary after the Closing or (C) provides for a “Material Contract”):most favored nations” pricing status for any party thereto; (ivi) any contract or agreement Contract relating to indebtedness any material interest rate, derivatives or hedging transaction; (vii) any Contract with any supplier of or for borrowed moneythe furnishing of services to the Company or any of its Subsidiaries involving consideration of more than $250,000 over its remaining term (including any automatic extensions thereto); (viii) any ship management agreement, letters contract of creditaffreightment, capital financial lease (including any sale/leaseback agreement or similar arrangement) or charter (time, bareboat or otherwise) with respect to any Vessel, and Section 3.10(a)(viii) of the Company Disclosure Letter sets forth the classification of each such charter as time, bareboat or other; (ix) any Contract (including any Contract including an option) for or relating to the purchase or sale of any Vessel or other vessel (other than any such Contract under which the Company and the Subsidiaries have no continuing obligations, liabilities, rights or options); (x) any Contract under which the Company or any Subsidiary has directly or indirectly guaranteed liabilities or obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any person (in each case other than endorsements for the purpose of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising collection in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business); (iixi) any contract Contract that prohibits the payment of dividends or agreement that constitutes a collective bargaining distributions in respect of the share capital of the Company or other arrangement with any labor unionSubsidiary, prohibits the pledging of the share capital of the Company or any Subsidiary or prohibits the issuance of any guarantee by the Company or any Subsidiary; (iiixii) any contract effective power of attorney granted by the Company or agreement that is any of its Subsidiaries other than those granted to any existing director of the Company or any existing director of a “material contract” within the meaning of Item 601(b)(10) of Regulation S-KSubsidiary; (ivxiii) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, Subsidiary provided loans or holds or operates, any property owned by advanced money to any other Person with annual rent payments in excess of $500,000;person (other than intercompany indebtedness or arrangements); and (vxiv) any lease or agreement under which Contract between the Company or any of Subsidiary, on the Company Subsidiaries is lessor ofone hand, and any current or permits any Person to hold former director, officer, employee, independent contractor or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability consultant of the Company or any Subsidiary, on the other hand, including any Contract that contains restrictive covenants prohibiting such person from taking certain actions, including non-competition, non-solicitation, no-hire, non-disparagement or non-disclosure restrictions but not including any Company Benefit Plan, in each case under which there continues to be any obligation by any party to the other as of the Company Subsidiaries to engage in any line date of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Share Purchase Agreement (DHT Holdings, Inc.), Share Purchase Agreement (DHT Holdings, Inc.)

Contracts. The (a) Except as disclosed in SCHEDULE 4.20, neither the Company has Previously Disclosed nor its Subsidiaries is a party or provided (by hard copy, electronic data room or otherwise) subject to the Investor or its representatives true, correct and complete copies of each any of the following to which the Company written or any Company Subsidiary is a party (each, a “Material Contract”): oral contracts and agreements: (i) any contract union or agreement collective bargaining agreements and any employment contracts; (ii) any contracts with agents, consultants, advisors, salespersons, sales representatives, distributors or dealers; (iii) any contracts or commitments for capital expenditures or the acquisition of fixed assets providing for payments of $10,000 in the aggregate; (iv) any contracts relating to the rental or use of equipment, other personal property or fixtures involving payment of fixed or contingent annual rentals or sums in excess of $10,000; (v) any contracts relating in any way to indebtedness for borrowed moneymoney or evidenced by a bond, letters debenture, note or other evidence of indebtedness (whether secured or unsecured) including but not limited to, indebtedness by way of lease or installment purchase arrangement, guarantee, undertaking on which others rely in extending credit, capital lease obligationsor otherwise, obligations secured by a Lien and any conditional sales contracts, chattel and purchase money mortgages and other security arrangements with respect to any equipment, other personal property or interest rate or currency hedging agreements fixtures; (including guarantees in respect of vi) any contracts limiting the freedom of the foregoing, but Company or its Subsidiaries to engage in or to compete in any event excluding trade payablesline of business or with any person or in any area or to use or disclose any information in its possession; (vii) any license or franchise agreements, securities transactions and brokerage agreements arising either as licensor or licensee or as franchisee or franchisor; (viii) any contracts or commitments not made in the ordinary course of business, intercompany indebtedness and immaterial leases ; (ix) any joint venture or partnership contracts; (x) any contracts or agreements for telephones, copy machines, facsimile machines and other office equipment) in excess the purchase of $500,000, except for those issued any materials or supplies or services in the ordinary course of business; business and involving more than $10,000 in consideration in each such case; (iixi) any contract contracts or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement agreements under which either the Company or its Subsidiaries has agreed to indemnify any of the Company Subsidiaries is lessee ofperson or entity with respect to, or holds or operatesto share, any property owned by liability of any person or entity; and (xii) any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any commitment which is material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract its Subsidiaries or agreement involving annual payments in excess of $500,000 that cannot that, if terminated, could reasonably be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect expected to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other thanhave, with respect to non-executive employees the passage of time or otherwise, a Material Adverse Effect. The contracts and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries agreements which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under identified in SCHEDULE 4.20 are each Material Contract, hereinafter referred to individually as a "CONTRACT" and to collectively as the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts"CONTRACTS."

Appears in 2 contracts

Sources: Stock Purchase Agreement (Active Iq Technologies Inc), Stock Purchase Agreement (Meteor Industries Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) There have been made available to the Investor or its representatives Parent true, correct and complete copies of each all of the following contracts to which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company its Subsidiaries is lessee of, a party or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries them is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any bound as of the Company Subsidiaries; date of this Agreement (vi) any contract or agreement limiting, in any material respectcollectively, the ability "MATERIAL CONTRACTS"): (i) contracts with any director of the Company, material contracts (other than those terminable at will without penalty) with any current officer of the Company or any of its Subsidiaries and employment, severance or termination agreements with any executive officer of the Company or any of its Subsidiaries; (ii) contracts (A) for the sale (other than completed sales) of material assets of the Company or any of its Subsidiaries, other than contracts entered into in the ordinary course of business or (B) for the grant to any person of any preferential rights to purchase any of its assets; (iii) contracts which restrict the Company or any of its Subsidiaries to engage from competing in any line of business or to competewith any person in any geographical area, whether by restricting territoriesother than those the performance or breach of which could not, customers or otherwise, individually or in any the aggregate, be reasonably likely to have a Company Material Adverse Effect; and (iv) indentures, credit agreements, security agreements, mortgages, guarantees, promissory notes and other material respectcontracts relating to the borrowing of money, with any Person; other than (viiA) any settlement, conciliation or similar agreement, of the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) foregoing with respect to indebtedness to any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost Person of less than $500,000); 5.0 million, (ixB) intercompany loans or guarantees between the 22 Company and any contract of its Subsidiaries or agreement that concerns between any such Subsidiaries or for the sale benefit of, or acquisition of any material portion of the Company’s business; (x) any allianceguaranteeing or securing obligations of, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company and (C) security agreements covering personal property that are not individually or any in the aggregate material to the Company and its Subsidiaries, taken as a whole. (b) Except as specified in Section 3.14 of the Company Subsidiaries other thanDisclosure Letter, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability all of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which Contracts are a party to such contract, (B) is in full force and effect and are the legal, valid and binding obligations of the Company and/or its Subsidiaries, enforceable against them in accordance with its terms their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally and subject, as to enforceability, to general principles of equity (C) will continue regardless of whether enforcement is sought in a proceeding at law or in equity), except where the failure of such Material Contracts to be in full force and effect or to be legal, valid, bindingbinding or enforceable against the Company and/or its Subsidiaries has not had and could not, enforceableindividually or in the aggregate, and reasonably be expected to have a Company Material Adverse Effect. Except as specified in full force and effect in all material respects following the consummation Section 3.14 of the transactions contemplated by the Transaction Documents. Neither Company Disclosure Letter, neither the Company nor any of the Company Subsidiariesits Subsidiaries is in breach or default in any material respect under any Material Contract nor, nor to the Knowledge of the Company, is any other party thereto is in material violation or default under any Material Contract. No benefits under to any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default thereunder in any material respect, except for such breaches or permit terminationdefaults that have not had and could not, modificationindividually or in the aggregate, or acceleration, under the reasonably be expected to have a Company Material ContractsAdverse Effect.

Appears in 2 contracts

Sources: Merger Agreement (Federated Department Stores Inc /De/), Merger Agreement (Fingerhut Companies Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each As of the following to which date of this Agreement, neither the Company or nor any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):to: (i) any contract or agreement relating Contract that would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured be filed by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is Company as a “material contract” within the meaning of pursuant to Item 601(b)(10) of Regulation S-KK under the Securities Act; (ivii) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; Contract that (vA) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, restricts the ability of the Company or any of its Subsidiaries (or, after the Closing, would restrict Parent, TopCo or any of their respective Subsidiaries) in any material respect to compete with any other person or acquire or dispose of the securities of another person and (B) is material to the Company and its Subsidiaries, taken as a whole; (iii) any loan, mortgage, note, debenture, bond, indenture or other similar Contract pursuant to which any Indebtedness of the Company or any of its Subsidiaries, in each case in excess of $500.0 million, is outstanding or may be incurred, other than any such Contract solely between or among any of the Company and any of its Subsidiaries; (iv) any Contract that is related to the governance or operation of any joint venture, partnership or similar arrangement, other than such Contract solely between or among any of the Company and any of its Subsidiaries; (v) any Contract expressly limiting or restricting the ability of the Company or any of its Subsidiaries to engage declare or pay dividends or make distributions in respect of their capital stock, partner interests, membership interests or other equity interests, as the case may be; (vi) any Contract that by its terms calls for aggregate payments by the Company or any of its Subsidiaries of more than $500.0 million in any line fiscal year period or $1.0 billion in the aggregate over the term of business such Contract, except for any such Contract that may be canceled by the Company, without any material penalty or other liability to competethe Company or any of its Subsidiaries, whether by restricting territories, customers upon notice of 180 days or otherwise, or in any other material respect, with any Personless; (vii) any settlementContract that involves, conciliation or similar agreementis reasonably expected in the future to involve, the performance of which will involve payment after the Closing Date of consideration in excess annual revenues of $500,000500.0 million in the aggregate; (viii) any contract or agreement that relates to Intellectual Property Rights (material Contract, other than Contracts for transportation services to be provided for FERC-regulated Natural Gas Act or Interstate Commerce Act transportation services pursuant to an open season, that contains a license granted to “most favored nation” or any similar term for the benefit of a third party that restricts the business of the Company for commercially available software licensed on standard terms with (or would, after the Closing, restrict the business of Parent, TopCo or any of their respective Subsidiaries) in a total replacement cost of less than $500,000)material manner; (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s businesscollective bargaining agreement; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to Contract under which the Company or any Company Subsidiary; (xi) of its Subsidiaries has advanced or loaned any contract or agreement involving annual payments in excess amount of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) money to any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any its current or former directors, officers, employees or consultants consultants, in each case with a principal amount in excess of $100,000; (xi) any material Contract that includes any Affiliate of the Company or any (other than a Subsidiary of the Company Subsidiaries Company) as a counterparty or third party beneficiary; (xii) any Contract to acquire all or a portion of the capital stock, business, property or assets of any other than, with respect to person for an amount of cash (or value of non-cash consideration) in excess of $500.0 million; (xiii) any Contract in favor of directors or executive employees and consultants, in the ordinary course of business;officers relating to employment or compensation or providing rights to indemnification; or (xiv) any contract Contract the loss or agreement containing any breach of which would reasonably be expected to have a Company Material Adverse Effect. Each such Contract described in clauses (xi) non-competition through (xiv) above is referred to herein as a “Company Specified Contract”. The Company has delivered or exclusive dealing obligations or other obligation which purports made available to limit or restrict in any respect the ability Parent true and complete copies of all Company Specified Contracts. Each of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries Specified Contracts is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and or the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any Subsidiary of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasedand, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties party thereto, have performed and is in all material respects all material obligations required full force and effect, except for such failures to be performed valid and binding or to be in full force and effect that have not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. There is no default under any Company Specified Contract by them under each Material Contractthe Company or any of its Subsidiaries or, and to the Knowledge of the Company, no event has occurred by any other party thereto, in each case except for such defaults that with notice have not had and would not reasonably be expected to have, individually or lapse of time would constitute in the aggregate, a material breach or default or permit termination, modification, or acceleration, under the Company Material ContractsAdverse Effect.

Appears in 2 contracts

Sources: Merger Agreement (Williams Companies Inc), Merger Agreement (Williams Companies Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisei) to the Investor or its representatives true, correct and complete copies of each Section 3.01(j) of the following Company Disclosure Schedule sets forth each contract, commitment, agreement, lease, instrument, arrangement, understanding, obligation or undertaking to which the Company or any Company Subsidiary of its subsidiaries is a party (eachor by or to which any of their properties are bound or subject that is material to the business of the Company and its subsidiaries, taken as a “Material Contract”):whole, including any such contract, commitment, agreement, lease, instrument, arrangement, understanding, obligation or undertaking: (iA) any contract pursuant to which the Company or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingits subsidiaries has agreed not to compete with any person, but or to actively engage, in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course line of business; (iiB) pursuant to which the Company or any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionof its subsidiaries has entered into an exclusive distributorship arrangement; (iiiC) with (1) any contract beneficial owner of more than one percent of the outstanding Company Common Stock or agreement that is a “material contract” within more than one percent of the meaning capital stock of Item 601(b)(10any of the Company's subsidiaries, (2) any affiliate of Regulation S-Kthe Company or any of its subsidiaries or (3) any current or former director, officer, employee or consultant of the Company or any of its subsidiaries or of any affiliate of the Company or any of its subsidiaries (other than pursuant to Benefit Agreements or Benefit Plans); (ivD) any lease or agreement that grants exclusive license rights to material Intellectual Property of the Company; (E) under which the Company or any of the Company Subsidiaries its subsidiaries has (1) incurred any indebtedness for borrowed money that is lessee ofcurrently owing or (2) given any guarantee in respect of indebtedness for repayment of borrowed money, or holds or operates, any property owned by any other Person with annual rent payments in each case having an aggregate principal amount in excess of $500,000100,000; (vF) that contains any lease guarantees as to the Company's or agreement under any of its subsidiaries future revenues or operating income; (G) that is otherwise material and that requires any consent (including any consent to assignment) of or notice to a third party, or any approval, authorization, qualification or order of any Governmental Entity, in connection with this Agreement or the consummation of the transactions contemplated hereby in order to avoid termination of or loss of benefits thereunder; (H) providing for payments of royalties to third parties at a current rate in excess of $100,000 per year; (I) not made in the ordinary course of business granting a third party any license to any material Intellectual Property rights of the Company or any of its subsidiaries, other than "shrink-wrap" licenses or licenses granted in connection with the sale of products; (J) providing confidential treatment by the Company or any of its subsidiaries of third party information, other than (1) nondisclosure agreements entered into by the Company or any of its subsidiaries in the ordinary course of business or (2) the Confidentiality Agreement; (K) granting the other party thereto or a third party "most favored nation" status that, following consummation of the Merger, would in any way apply to Parent or any of its subsidiaries (other than the Company and its subsidiaries and their products); (L) pursuant to which the Company or any of the Company Subsidiaries is lessor of, its subsidiaries receives or permits has a continuing obligation to purchase any Person to hold information technology services or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any information technology products that are material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion conduct of the business of the Company or the Company Subsidiaries is or can be conductedand its subsidiaries, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty taken as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractswhole.

Appears in 2 contracts

Sources: Merger Agreement (Dupont E I De Nemours & Co), Merger Agreement (Chemfirst Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each Section 3.16(a) of the following Company Disclosure Letter sets forth a list of all Material Contracts as of the date of this Agreement. For purposes of this Agreement, “Material Contract” means any Contract to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):or by which the Company or any of its Subsidiaries or any of their respective properties or assets is bound that: (i) any contract is or agreement relating would be required to indebtedness for borrowed moneybe filed as an exhibit to the Company’s Annual Report on Form 10-K pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act; (ii) relates to the formation, letters of creditcreation, capital lease obligationsgovernance, obligations secured by a Lien economics or interest rate or currency hedging agreements (including guarantees in respect control of any joint venture, partnership or other similar arrangement, other than (x) with respect to any partnership that is wholly owned by the Company or any of its wholly owned Subsidiaries and (y) for the foregoingavoidance of doubt, but in any event excluding trade payablesmarketing, securities transactions licensing, manufacturing and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued distribution Contracts entered into in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) provides for indebtedness for borrowed money of the Company or any contract of its Subsidiaries having an outstanding or agreement that is a “material contract” within committed amount in excess of $10 million, other than (A) indebtedness solely between or among any of the meaning Company and any of Item 601(b)(10its wholly owned Subsidiaries or (B) letters of Regulation S-Kcredit; (iv) relates to the acquisition or disposition of any lease business, assets or agreement properties (whether by merger, sale of stock, sale of assets or otherwise) for aggregate consideration under such Contract in excess of $10 million (A) that was entered into after January 1, 2015 or (B) pursuant to which any earn-out, indemnification or deferred or contingent payment obligations remain outstanding that would reasonably be expected to involve payments by or to the Company or any of its Subsidiaries of more than $5 million after the date hereof (in each case, excluding for the avoidance of doubt, acquisitions or dispositions of supplies, inventory, merchandise or products in the ordinary course of business or of supplies, inventory, merchandise, products, properties or other assets that are obsolete, worn out, surplus or no longer used or useful in the conduct of business of the Company or its Subsidiaries); (v) is a Contract (other than purchase orders under a master agreement) for the purchase of materials, supplies, goods, services, equipment or other assets pursuant to which the Company or any of the Company its Subsidiaries is lessee of, or holds or operates, would reasonably be expected to make payments of more than $10 million during any property owned by any other Person with annual rent payments in excess of $500,000fiscal year; (vvi) is a Contract (other than purchase orders under a master agreement) with a customer of the Company or any lease or agreement under of its Subsidiaries pursuant to which the Company or any of its Subsidiaries received aggregate net payments of more than $10 million during the Company Subsidiaries is lessor offiscal year ended December 31, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries2016; (vivii) contains any contract or agreement provision (A) limiting, in any material respect, the ability right of the Company or any of the Company its Subsidiaries to engage in any line business, make use of business or to competeany material Intellectual Property, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; , or operate anywhere in the world, or (viiB) granting any exclusivity right to any third party, or containing a “most favored nation” provision in favor of any third party, in each case, other than (x) a Contract that can be terminated on less than 90 days’ notice without resulting in a breach or violation of, or any acceleration of any rights or obligations or the payment of any penalty under, such Contract, (y) distribution or customer Contracts entered into in the ordinary course of business granting exclusive rights to sell or distribute certain of the Company’s and its Subsidiaries’ products or containing “most favored nation” provisions with respect to certain of the Company’s and its Subsidiaries’ products or (z) any settlement, conciliation provision in any license agreements for Intellectual Property limiting the Company’s and its Subsidiaries’ use of such Intellectual Property to specified fields of use or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000;specified territories; or (viii) any contract is a (A) license or agreement that relates similar Contract with respect to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance▇▇▇▇▇-▇▇▇▇▇▇ Act related litigation or (y) any products covered by an NDA and entered into since January 1, cooperation2011, joint ventureor (B) settlement, shareholderscoexistence agreement, partnership covenant not to ▇▇▇ or similar agreement involving Contract with respect to any material Intellectual Property, in each case, to which the Company or any of its Subsidiaries is a sharing of profits party, beneficiary or losses relating otherwise bound (other than generally commercially available, “off the shelf” software programs or non-exclusive licenses granted by or to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments of its Subsidiaries in excess the ordinary course of $500,000 that canbusiness which do not be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) contain any material hedge, collar, option, forward purchasing, swap, derivative restriction or similar agreement, understanding condition on the use or undertaking; (xiii) any contract or agreement with respect to the employment or service exploitation of any current or former directors, officers, employees or consultants of material Intellectual Property by the Company or any of the Company Subsidiaries other than, its Subsidiaries). (b) Except with respect to non-executive employees and consultantsany Contract that has previously expired in accordance with its terms, in the ordinary course of business; been terminated, restated or replaced, (xiva) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each each Material Contract (A) is legal, valid and binding on the Company and and/or any of its Subsidiaries to the Company Subsidiaries which are extent such Person is a party thereto, as applicable, and to such contractthe Knowledge of the Company, (B) each other party thereto, and is in full force and effect and enforceable in accordance with its terms and (C) will continue effect, except where the failure to be legal, valid, binding, enforceable, and binding or in full force and effect would not, individually or in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither aggregate, reasonably be expected to have a Material Adverse Effect, (b) the Company nor any and each of the Company its Subsidiaries, nor and, to the Knowledge of the Company, any other party thereto is thereto, have performed all obligations required to be performed by it under each Material Contract, except where such nonperformance would not, individually or in material violation the aggregate, reasonably be expected to have a Material Adverse Effect, (c) neither the Company nor any of its Subsidiaries have received written notice of the existence of any breach or default on the part of the Company or any of its Subsidiaries under any Material Contract. No benefits under any , except where such default would not, individually or in the aggregate, reasonably be expected to have a Material Contract Adverse Effect, (d) there are no events or conditions which constitute, or, after notice or lapse of time or both, will be increased, and no vesting constitute a default on the part of any benefits under any Material Contract will be accelerated, by the occurrence of Company or any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company its Subsidiaries, and or to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them any counterparty under each such Material Contract, Contract and (e) to the Knowledge of the Company, no event the Company has occurred not received any notice from any Person that with notice or lapse of time would constitute a material breach or default or permit termination, modificationsuch Person intends to terminate, or accelerationnot renew, under any Material Contract, except as would not, individually or in the aggregate, reasonably be expected to have a Material ContractsAdverse Effect.

Appears in 2 contracts

Sources: Merger Agreement (Fresenius SE & Co. KGaA), Merger Agreement (Akorn Inc)

Contracts. The (a) Neither the Company has Previously Disclosed nor any of its Subsidiaries is a party to or provided (is bound by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each any of the following to which Contracts that remain in effect as of the Company or any Company Subsidiary is a party (each, a “Material Contract”):date hereof: (i) any contract employment or agreement relating to indebtedness for borrowed moneyconsulting Contract with any director, officer, employee, other than (A) “at-will” offer letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising delivered in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment(B) in excess those that are terminable by the Company or any of $500,000, except for those issued in its Subsidiaries on no more than thirty (30) days’ notice without liability or financial obligation to the ordinary course of businessCompany; (ii) any contract Contract (including any stock option Contract) or agreement that constitutes a collective bargaining plan (including, without limitation, any stock option plan, stock appreciation right plan or other arrangement with any labor union; (iiistock purchase plan) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance benefits of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no or the vesting of any benefits under any Material Contract of which will be accelerated, by the occurrence of any of the transactions contemplated by this Agreement (including the Transaction Documents, nor will Offer and the Merger) or the value of any of the benefits under any Material Contract of which will be calculated on the basis of any of the transactions contemplated by this Agreement; (iii) any Contract that provides for indemnification of any director, officer, employee or agent, or any guaranty, other than Contracts entered into in the Transaction Documents. The ordinary course of business; (iv) any Contract containing any covenant limiting in any respect the right of the Company or any of its Subsidiaries to engage in any line of business or to compete with any person or granting any exclusive distribution rights; (v) any Contract relating to the disposition or acquisition by the Company or any of its Subsidiaries after the date of this Agreement of a material amount of assets not in the ordinary course of business or pursuant to which the Company or any of its Subsidiaries has any material ownership interest in any Person other than the Company’s Subsidiaries; (vi) any dealer, distributor or sales representative (in-bound or out-bound), marketing or development Contract, or any Contract pursuant to which the Company or any of its Subsidiaries has continuing obligations to develop any Intellectual Property that will not be owned, in whole or in part, by the Company or any of its Subsidiaries; (vii) any Contract to license any third party to manufacture or reproduce any Company product, service or technology (including, without limitation, any ASIC or ADG agreements), or any Contract to sell or distribute any Company products, service or technology except Contracts with distributors or sales representative in the normal course of business cancelable without penalty upon notice of ninety (90) days or less and substantially in the form previously provided to Parent; (viii) any Contracts to provide source code to any third party for any product or technology that is material to the Company and its Subsidiaries taken as a whole; (ix) any Contracts relating to the borrowing of money or the extension of credit; (x) any settlement Contract under which the Company has ongoing obligations; (xi) any Contract with a customer of the Company involving payments in excess of One Hundred Thousand Dollars ($100,000) in the aggregate; or (xii) any Contract to which Phoenix Technologies or any of its Subsidiaries or other affiliates is a party. (b) Neither the Company nor any of its Subsidiaries, and nor to the Knowledge knowledge of the Company, each any other party to a Company Contract, is in breach, violation or default under, and neither the Company nor any of its Subsidiaries has received written notice that it has breached, violated or defaulted under, any of the other parties thereto, have performed in all material respects all material obligations terms or conditions of any of the Contracts to which the Company or any of its Subsidiaries is a party or by which it is bound that are required to be performed by them under each Material disclosed in the Company Disclosure Schedule (any such Contract, a “Company Contract” and together, the “Company Contracts”) in such a manner as would permit any other party to cancel or terminate any such Company Contract, or would permit any other party to seek material damages or other remedies (for any or all of such breaches, violations or defaults, in the Knowledge aggregate). The Company has provided to Parent a complete and accurate copy of any Contracts the Company has with the Company’s top fifty (50) customers, based upon the cumulative revenues of the CompanyCompany and its Subsidiaries for the trailing thirty (30) month period ended March 31, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts2002.

Appears in 2 contracts

Sources: Merger Agreement (Synopsys Inc), Merger Agreement (Insilicon Corp)

Contracts. The Company has Previously Disclosed or provided (by hard copya) Except (i) for this Agreement, electronic data room or otherwise(ii) for the Contracts filed as exhibits to the Investor SEC Reports prior to the date hereof, (iii) for the Company Plans and Company Stock Plans or its representatives true, correct and complete copies of each (iv) as set forth in Section 3.8 of the following to which Company Disclosure Schedule, as of the date hereof, neither the Company nor any of its subsidiaries is party to or bound by any Company Subsidiary is a party (each, a “Material Contract”):Contract that: (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which contains covenants binding upon the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, its Affiliates that materially restrict the ability of the Company or any of the Company Subsidiaries its Affiliates to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other geographic area that, in each case, are material respectto the Company and its subsidiaries taken as a whole as of the date of this Agreement, with any Personexcept for leases; (viiii) any settlementis a material partnership, conciliation joint venture or similar agreementContract that, in each case, is material to the performance Company and its subsidiaries taken as a whole as of which will involve payment after the Closing Date date of consideration in excess of $500,000this Agreement; (viiiiii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of under which the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, its subsidiaries is liable for indebtedness in the ordinary course excess of business$50,000,000; (xiviv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that expressly limits or purports to limit otherwise restricts the ability of the Company or any of its subsidiaries to pay dividends or make distributions to its shareholders (excluding restrictions applicable only upon a default or event of default); (v) by its terms calls for aggregate payments by the Company Subsidiaries and its subsidiaries under such Contract of more than $50,000,000 over the remaining term of such Contract (other than this Agreement, Contracts subject to ownclause (iii) above, operate, sell, transfer, pledge purchase orders for the purchase of inventory and/or equipment in the ordinary course of business and leases); (vi) relates to the acquisition or otherwise dispose disposition of any material business (whether by merger, sale of stock, sale of assets or businessotherwise) for consideration in excess of $50,000,000; and (xvvii) any material contract by its terms calls for aggregate payments to the Company and its subsidiaries under such Contract of more than $50,000,000 over the remaining term of such Contract (other than this Agreement or agreement that would require any consent purchase orders for the purchase of inventory and/or equipment in the ordinary course of business). Each Contract (i) set forth (or approval required to be set forth) in Section 3.8 of a counterparty the Company Disclosure Schedule, (ii) filed as an exhibit to the SEC Reports as a result "material contract" pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act, or (iii) disclosed by the Company on a Current Report on Form 8-K as a "material contract" (excluding any Company Plan), is referred to herein as a "Company Material Contract". (b) Each of the consummation of the transactions contemplated by this Agreement. Each Company Material Contract (A) Contracts is a legal, valid and binding on obligation of, and enforceable against, the Company and or the Company Subsidiaries which are subsidiary that is a party thereto and, to such contractthe knowledge of the Company, (B) each other party thereto, and is in full force and effect in accordance with its terms, subject to the Bankruptcy and enforceable Equity Exception, except (i) to the extent that any Material Contract expires or terminates in accordance with its terms in the ordinary course of business consistent with past practice, and (Cii) will continue for such failures to be legal, valid, binding, enforceable, valid and binding or to be in full force and effect that do not have and would not reasonably be expected to have, individually or in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiariesaggregate, nor to the Knowledge of a Material Adverse Effect on the Company, any other . (c) The Company or its subsidiary that is a party thereto to a Company Material Contract is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, compliance with all terms and no vesting requirements of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The each Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and no event has occurred that, with notice or the passage of time, or both, would constitute a breach or default by the Company or any of its subsidiaries under any such Company Material Contract, and, to the Knowledge knowledge of the Company, no other party to any Company Material Contract is in breach or default (nor has any event has occurred that which, with notice or lapse the passage of time time, or both, would constitute such a material breach or default) under any Company Material Contract, except in each case where such violation, breach, default or permit terminationevent of default does not have and would not reasonably be expected to have, modificationindividually or in the aggregate, or acceleration, under a Material Adverse Effect on the Material ContractsCompany.

Appears in 2 contracts

Sources: Agreement and Plan of Merger, Merger Agreement

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each As of the following to which date hereof, neither the Company or nor any Company Subsidiary of its Subsidiaries is a party (each, a “Material to or is bound by any Contract”):: (ia) any contract or agreement relating that would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured be filed by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is Company as a “material contract” within the meaning of pursuant to Item 601(b)(10) of Regulation S-KK under the Securities Act; (ivb) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in Contract that imposes any material respect, restriction on the right or ability of the Company or any of its Subsidiaries to compete with any other Person or in any geographic area, or any other provision that by its express terms materially restricts the conduct of any line of business or activities in connection with any product line by the Company Subsidiaries or any of its Affiliates (or that following the Closing will materially restrict the ability of Parent or any of its Affiliates to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, activities in connection with any product line or in any other material respect, geographic area or compete with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ixc) any contract Contract that (i) obligates the Company or agreement that concerns any of its Subsidiaries (or following the sale Closing, Parent or acquisition any of its Affiliates) to conduct its or their respective businesses with any other Person on a preferential or exclusive basis, (ii) contains “most favored nation” or similar covenants or preferential treatment in favor of any other Person or (iii) is a requirements or “take or pay” Contract or otherwise requires the Company to purchase a minimum amount of a particular product from a supplier, in each case, in a manner that is material portion to the Company and its Subsidiaries, taken as a whole; (d) any Contract requiring or otherwise relating to any future capital expenditures by the Company or any of its Subsidiaries that are $1,000,000 in excess of the Company’s businesscapital expenditure budget that has been made available to Parent; (xe) any alliance, cooperation, joint venture, shareholders, partnership Contract with or similar agreement involving to a sharing of profits labor union or losses relating to the Company or guild (including any Company Subsidiarycollective bargaining agreement); (xif) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect Contract relating to the employment or service of any current or former directors, officers, employees or consultants Indebtedness for borrowed money of the Company or any of its Subsidiaries having an outstanding principal amount in excess of $1,000,000 that is not disclosed in the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of businessSEC Documents; (xivg) any contract or agreement containing Contract that grants any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichoption, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or refusal, right of first offer or similar right or any other Lien with respect to any material assets, rights or properties of the Company or its Subsidiaries; (h) any Contract that limits provides for the acquisition or purports disposition of any asset (other than acquisitions or dispositions of inventory in the ordinary course of business) or business (whether by merger, sale of stock, sale of assets or otherwise) and with any outstanding obligations that are material to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessits Subsidiaries; and (xvi) any material contract joint venture, partnership or limited liability company agreement that would require or other similar Contract relating to the formation, creation, operation, management, control, dissolution, wind-up, exit from or buyout of any consent joint venture, partnership or approval limited liability company, other than any such Contract solely between the Company and its wholly owned Subsidiaries or solely among the Company’s wholly owned Subsidiaries; and (j) any Contract to which a (i) Top Supplier or (ii) Top Customer is a party. Each of a counterparty the Contracts of the types described in this Section 3.15 is referred to as a result “Material Contract”. Except for this Agreement and any Contract filed as an exhibit to the Company SEC Documents in unredacted form, the Company has made available to Parent or its Representatives a true, correct and complete copy of each Material Contract (including all amendments, modifications thereof) and Section 3.15 of the consummation Company Disclosure Letter sets forth a correct and complete list of the transactions contemplated by this Agreementall Material Contracts. Each Material Contract (A) is legal, valid and binding on the Company and the Company each of its Subsidiaries which are a party to such contractthereto and, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge knowledge of the Company, any other party thereto thereto, except for such failures to be valid and binding or to be in full force and effect that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is in material violation or no default under any Material ContractContract by the Company or any of its Subsidiaries party thereto or, to the knowledge of the Company, any other party thereto, and no event has occurred that with the lapse of time or the giving of notice or both would constitute a default thereunder by the Company or any of its Subsidiaries party thereto or, to the knowledge of the Company, any other party thereto. No benefits under There are no material disputes pending or, to the knowledge of the Company, threatened with respect to any Material Contract will be increased, and no vesting neither the Company nor any of its Subsidiaries has received any written notice of the intention of any benefits under other party to a Material Contract to terminate for default, convenience or not renew any Material Contract will be acceleratedContract, by nor to the occurrence of any knowledge of the transactions contemplated by Company, is any such party threatening to do so. Except as would not, individually or in the Transaction Documentsaggregate, nor will the value of any of the benefits under any reasonably be expected to have a Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company SubsidiariesAdverse Effect, and to the Knowledge knowledge of the Company, each of the other parties theretorepresentations and warranties set forth in Section 3.9 and Section 3.10 is true and correct with respect to Seven Hills. Except as otherwise set forth in the organizational documents of Seven Hills, have performed neither the Company nor any of its Subsidiaries has entered into any agreement granting any Person the right to make a debt or equity investment in all material respects all material obligations required to be performed by them under each Material Contract, and to Seven Hills or acquire the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsSeven Hills Interest.

Appears in 2 contracts

Sources: Merger Agreement (Continental Building Products, Inc.), Merger Agreement (Continental Building Products, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to Section 5.12 of the Investor or its representatives true, correct Disclosure Schedule sets forth a complete and complete copies accurate list of each all of the following Contracts to which the any Transferred Company or any Company Subsidiary is a party (each, a “Material Contract”):or by which it is bound: (ia) any contract or agreement relating to indebtedness Contracts for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the sale of any of the foregoing, but assets of any Transferred Company other than in the ordinary course of business or for the grant to any event excluding trade payables, securities transactions and brokerage agreements arising Person of any preferential rights to purchase any of such assets other than in the ordinary course of business, intercompany indebtedness and immaterial leases in each case for telephonesconsideration in excess of $1,000,000; (b) Contracts for joint ventures, copy machinespartnerships or sharing of profits or proprietary information; (c) Contracts containing covenants not to compete in any line of business or with any Person in any geographical area; (d) Contracts relating to the acquisition (by merger, facsimile machines and purchase of stock or assets or otherwise) of any operating business or material assets or the capital stock of any other office equipmentPerson for consideration in excess of $2,000,000, other than any such acquisitions in the ordinary course of business or reflected in the capital expenditure budget information provided to Parent; (e) outstanding Contracts of Indebtedness or guaranty or surety of material Indebtedness or indemnification of any amount in excess of $500,000, except for those issued other than in the ordinary course of business; (iif) any contract Contract under which any Transferred Company has advanced or agreement that constitutes a collective bargaining or other arrangement with loaned any labor unionamount to any of its directors, officers and employees; (iiig) any contract material Contracts between any of the Transferred Companies, on the one hand, and ED&F or agreement that is a “material contract” within any Affiliate of ED&F, on the meaning of Item 601(b)(10) of Regulation S-Kother hand; (ivh) collective bargaining Contracts; (i) Contracts outside the ordinary course of business for the storage, treatment, disposal, investigation or remediation of Hazardous Substances; (j) Contracts providing for indemnification of any lease officer or agreement under which director of a Transferred Company, other than any existing directors’ and officers’ insurance policy and as provided in organizational documents of any such company, as currently in effect; and (k) other Contracts (other than those listed in clauses (a) through (j) of this Section 5.12 and other than the Company or any of Employment Contracts) (A) with a term longer than 180 days from the Company Subsidiaries is lessee of, or holds or operates, any property owned date hereof that involve payments by any other Person with annual rent payments Transferred Company in excess of $500,000; 1,000,000 per year; or (vB) with a term less than one (1) year from the date hereof that involve payments by any lease or agreement under which the Transferred Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii1,000,000, that are not terminable without premium or penalty on less than 30 days’ notice, in each case, such Contracts that are related primarily to a business included in the Business. Except as set forth in Section 5.12 of the Disclosure Schedule, and assuming due authorization, execution and delivery by the other parties thereto, each Contract listed in Section 5.12 of the Disclosure Schedule, each Employment Contract, each Lease listed in Section 5.9(a) any contract or agreement that relates of the Disclosure Schedule and each material Contract pertaining to Intellectual Property Rights (other than to which a license granted to the Transferred Company for commercially available software licensed on standard terms with is a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries party is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and is binding on the each Transferred Company party thereto and, to ED&F’s Knowledge, each other party thereto and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable effect. Except as set forth in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation Section 5.12 of the transactions contemplated by the Transaction Documents. Neither the Disclosure Schedule, no Transferred Company nor any of the Company Subsidiariesnor, nor to the Knowledge of the CompanyED&F’s Knowledge, any other party thereto is in default or breach in any material violation or default respect under the terms of, nor has any Material Contract. No benefits under Transferred Company received any Material Contract will be increased, and no vesting notice of any benefits under material default or breach under, any Material such Contract will be acceleratedor Lease, by the occurrence of any of the transactions contemplated by the Transaction Documentsand, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the CompanyED&F’s Knowledge, no event or circumstance has occurred that that, with the passage of time or the giving of notice or lapse of time both, would constitute a material breach default thereunder or default or would permit termination, material modification, or acceleration, under or termination of any such Contract or the Material Contractsloss of any material benefit thereunder. ED&F has delivered or made available to Parent copies of all of the written Contracts listed in Section 5.12 of the Disclosure Schedule and of all of the written Employment Contracts that are true, correct and complete in all material respects, together with all material amendments thereto.

Appears in 2 contracts

Sources: Transaction Agreement (Shermen WSC Acquisition Corp), Transaction Agreement (Shermen WSC Acquisition Corp)

Contracts. The Company has Previously Disclosed (a) Except as disclosed in the SEC Reports filed with or provided (by hard copy, electronic data room or otherwise) furnished to the Investor SEC on or its representatives trueafter June 14, correct and complete copies of each 2011 or as set forth in Section 3.16(a) of the following Company Disclosure Letter, as of the date of this Agreement, neither the Company nor any of its Subsidiaries is a party to or bound by: (i) any agreement which the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating of its Subsidiaries was required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of file as an exhibit under Item 601(b)(10) of Regulation S-KK under the Exchange Act or to disclose on a Current Report on Form 8-K that has not been so filed or disclosed; (ii) any agreement or arrangement that limits or otherwise restricts in any material respect the Company or any of its Affiliates or any successor thereto, or that could, after the Effective Time, limit or restrict in any material respect the Surviving Corporation or any of its Affiliates or any successor thereto, from engaging or competing in any line of business or in any geographic area in any manner or restricting the Company or any of its Subsidiaries from freely setting prices for its products (including “most favored customer” pricing provisions); (iii) any other agreement pursuant to which the Company or any of its Subsidiaries is required to pay or is scheduled to receive (assuming full performance pursuant to the terms thereof) $150,000 or more during the 12-month period following the date of this Agreement; (iv) with respect to a joint venture, partnership, limited liability company or other similar agreement or arrangement, any lease agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture that is material to the business of the Company and its Subsidiaries, taken as a whole; (v) any indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage, trust deed or other written agreement for or with respect to the borrowing of money, a line of credit, any currency exchange, commodities or other hedging arrangement, or a leasing transaction of a type required to be capitalized in accordance with GAAP; (vi) any written agreement under which the Company or any of the Company its Subsidiaries is lessee of, has advanced or holds or operates, any property owned by loaned any other Person with annual rent payments amounts in the aggregate exceeding $25,000; (vii) any agreement or arrangement involving the acquisition from another Person or disposition to another Person, directly or indirectly (by merger, license or otherwise), of assets or capital stock or other equity interests of another Person (A) for aggregate consideration under such contract (or series of related contracts) in excess of $500,000100,000 or (B) that contain representations, warranties, covenants, indemnities or other obligations (including indemnification, “earn-out” or other contingent obligations), that are still in effect and, individually, would reasonably be expected to result in payments by the Company or any of its Subsidiaries in excess of $100,000 (in the case of each of clause (A) and (B), other than acquisitions or dispositions of inventory in the ordinary course of business); (vviii) any lease contracts (or a series of related contracts) for the purchase of materials, supplies, goods, services, equipment or other assets providing for either (A) annual payments by the Company and its Subsidiaries of $150,000 or more or (B) aggregate payments by the Company and its Subsidiaries of $200,000 or more, in each case other than (I) those that can be terminated by the Company or any of its Subsidiaries on less than thirty-one (31) days’ notice without payment by the Company or any Subsidiary of any material penalty and (II) contracts entered into by the Company and its Subsidiaries in the ordinary course of business consistent with past practice; (ix) any contracts that are sales, distribution or other similar contracts providing for the sale by the Company or any Subsidiary of materials, supplies, goods, services, equipment or other assets that provide for either (a) annual payments to the Company and its Subsidiaries of $150,000 or more or (b) aggregate payments to the Company and its Subsidiaries of $200,000 or more, in each case other than (I) those that can be terminated by the Company or any of its Subsidiaries on less than 61 days’ notice without payment by the Company or any Subsidiary of any material penalty and (II) contracts entered into in the ordinary course of business consistent with past practice; (x) any agreement or arrangement that would prohibit or materially delay or have a Material Adverse Effect on the Merger and the transactions contemplated hereby; (xi) any contract relating to any currency hedging; (xii) any agreement or arrangement prohibiting the payment of dividends or distributions in respect of the capital stock of the Company or any of its wholly owned Subsidiaries, prohibiting the pledging of the capital stock of the Company or any wholly owned Subsidiary of the Company or prohibiting the issuance of any guaranty by the Company or any wholly owned Subsidiary of the Company; (xiii) any license agreements from which the Company and its Subsidiaries, taken as a whole, have received or paid $150,000 or more during the 12-month period ending with the most recent month end preceding the date of this Agreement, pursuant to which the Company or any of its Subsidiaries licenses in Intellectual Property or licenses out Intellectual Property owned by the Company or its Subsidiaries; (xiv) any written agreement that provides for the payment, increase or vesting of any benefits or compensation in connection with the Merger and the transactions contemplated hereby; (xv) any written agreement (A) that provides compensation, severance or other benefits or rights to any individual (including to any officer, director, employee or consultant) who currently receives annual compensation from the Company and/or any of its Subsidiaries of more than $100,000 or (B) pursuant to which the Company is or may become obligated to make any bonus or similar payment (whether in the form of cash or equity securities but excluding payments constituting base salary) to any individual (including to any officer, director, employee or consultant) who currently receives annual compensation from the Company and/or any of its Subsidiaries of more than $100,000; (xvi) Any written agreement that contains a put, call, collar, right of first refusal or similar right pursuant to which the Company or any of its Subsidiaries would be required to purchase or sell, as applicable, any equity interests of any Person; (xvii) any material settlement agreement or similar written agreement and any settlement agreement or similar written agreement with a Governmental Entity, in each case, under which the Company or any of the Company its Subsidiaries is lessor ofhas continuing obligations, liabilities or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesduties; (vixviii) any contract written agreement that grants exclusive rights, rights of refusal, rights of first negotiation or agreement limiting, similar rights to any Person or that limits or purports to limit in any material respect, respect the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries its Affiliates to own, operate, sell, transfer, pledge or otherwise dispose of any material assets asset or business; and; (xvxix) any material contract written agreement relating to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of any shares of its capital stock or other securities or any options, warrants or other rights to purchase or otherwise acquire any such shares of capital stock, other securities or options, warrants or other rights therefor, except for those written agreements in substantially the form of the standard agreements evidencing Stock Options or Company Awards provided or made available to Parent; (xx) any written agreement under which the Company has granted any Person any registration rights or under which any Person has granted the Company any registration rights; or (xxi) any other written agreement or group of related written agreements with the same party or group of affiliated parties (other than this Agreement or agreements between the Company and any of its Subsidiaries or between any of the Subsidiaries of the Company) under which any party to such written agreement or group of related written agreements is obligated to make payments (whether fixed, contingent or otherwise) in excess of $150,000 per annum or $250,000 during the life of the written agreement or group of written agreements. (b) Except for guarantees related to the Indebtedness relating to any written agreement set forth in Section 3.16(a)(v) above, neither the Company nor any of its Subsidiaries is a party to any written agreement of guarantee, support, or assumption with respect to the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other Person. (c) Except as set forth in the Company Financial Statements, neither the Company nor any of its Subsidiaries is a party to any written agreement for or relating to the employment by it of any director, employee or officer or other type of written agreement with any of its directors or officers that would require is not terminable by it without cost or other liability, including any consent written agreement requiring it to make a payment to any director, employee or approval of a counterparty officer as a result of the consummation of the transactions contemplated by Merger, any transaction or any written agreement that is entered into in connection with this Agreement. Each Material Contract . (Ad) is legal, valid and binding on Except as set forth in the Company and Financial Statements, neither the Company nor any of its Subsidiaries which are is a party to such contractany written agreement in which its officers, directors, employees or shareholders or any members of their immediate families is directly or indirectly interested (Bwhether as a party or otherwise), including, without limitation, any written agreements relating to loans to officers, directors, employees or shareholders or any members of their immediate families. (e) is All Company Contracts are in full force and effect and enforceable written form or summarized in accordance with its terms and (CSection 3.16(e) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction DocumentsCompany Disclosure Letter. The Company has delivered or made available to Parent a true, correct and complete written copy of each Company Contract, including all amendments thereto. Neither the Company nor any of its Subsidiaries is in material default under any Company Contract and no event has occurred with respect to the Company or any of its Subsidiaries or, to the Company’s Knowledge, with respect to any other contracting party, that (with or without the lapse of time or the giving of notice, or both) could reasonably be expected to (i) cause a material default under any Company Contract or (ii) give any party (A) the right to accelerate the maturity or performance of any material obligation of the Company or any of its Subsidiaries under any Company Contract, or (B) the right to cancel or terminate any Material Contract. Each of the Company Contracts is, and after the consummation of the transactions will continue to be, in full force and effect and is the valid, binding and enforceable obligation of the Company and its Subsidiaries, nor and, to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed except that (x) such enforcement may be subject to applicable bankruptcy, reorganization, insolvency, moratorium or other similar Laws, now or hereafter in all material respects all material obligations required effect, affecting creditors’ rights generally and (y) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to be performed by them under each Material Contract, equitable defenses and to the Knowledge discretion of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractscourt before which any proceeding therefor may be brought.

Appears in 2 contracts

Sources: Merger Agreement (Frederick's of Hollywood Group Inc /Ny/), Merger Agreement (FOHG Holdings, LLC)

Contracts. The (a) Except for (i) those Contracts listed in Section 2.22(a) of the Company has Previously Disclosed Disclosure Schedule, indicating for each Contract the applicable sub-section of this Section 2.22(a), or provided (by hard copy, electronic data room or otherwiseii) filed as exhibits to the Investor Company SEC Documents (such Contracts, together with the Contracts listed in Section 2.10(c), Section 2.13(b) and Section 2.21 of the Company Disclosure Schedule, being collectively referred to herein as the “Material Contracts”) neither the Company nor any of its subsidiaries is a party to or bound by: (i) any distributor, sales, agency or manufacturer’s representative, consulting or technology sharing arrangements involving in the case of any such Contract or arrangement payments of more than (or that could reasonably be expected to be more than) $100,000 over any twelve (12) consecutive month period; (ii) any continuing Contract with vendors for the purchase of materials, supplies, equipment or services involving in the case of any such Contract payments of more than $100,000 over any twelve (12) consecutive month period; (iii) any trust indenture, mortgage, promissory note, loan agreement or other Contract for the borrowing of money or indebtedness, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the type required to be capitalized in accordance with GAAP; (iv) any Contract for capital expenditures in excess of $100,000 in the aggregate; (v) any Contract limiting, or purporting to limit, in any material respect, the freedom of the Company or its representatives truesubsidiaries or affiliates at any time to engage in any line of business, correct and complete copies to acquire any product or asset from any other Person outside the ordinary course of each business, to sell any product or asset to, or to perform any service for, any Person outside the ordinary course of business, or to compete with any other Person, including any Contract providing for exclusivity or any similar requirement, granting to the other party “most favored nation” terms, or which could limit in any material respect the freedom of the following Surviving Corporation to continue the development, manufacture, marketing or distribution of the Company’s products and services or operation of the Company’s business after the Effective Time in substantially the same manner as the Company as of the Execution Date; (vi) any confidentiality, secrecy or non-disclosure Contract that, individually, materially affects or could be reasonably anticipated to materially affect the business or operations of the Company or its subsidiaries; (vii) any Contract pursuant to which the Company or any Company Subsidiary of its subsidiaries is a party (eachlessor of real property or any machinery, a “Material equipment, motor vehicles, office furniture, fixtures or other tangible personal property involving in the case of any such tangible personal property contact more than $100,000 over the life of the Contract”):; (iviii) any contract Contract with any Person with whom the Company does not deal at arm’s length, including any affiliate of the Company or agreement relating to indebtedness any of its subsidiaries; (ix) any Contract that provides for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the indemnification of any officer, director, employee or agent outside of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (iix) any contract agreement of guarantee, support, indemnification, assumption or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee endorsement of, or holds any similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or operates, any property owned by otherwise) or indebtedness of any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract Contract pursuant to which any bank or agreement involving annual payments in excess of $500,000 that cannot be cancelled by financial institution provides or supplies vault cash to the Company or a Company Subsidiary without penalty on not more than 90 days’ noticeany of its subsidiaries; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingContract with an armored car carrier; (xiii) any contract joint venture, partnership or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees joint research and consultants, in the ordinary course of businessdevelopment Contract; (xiv) any contract Contract the terms of which materially change upon the occurrence of the Merger or agreement containing a change of control or any Contract that impairs or reduces the Company’s rights, accelerates or increases the Company’s obligations, or gives any party thereto other than the Company the right to terminate the Contract upon the occurrence of the Merger or a change of control, which change, impairment, reduction, acceleration, increase or termination would, individually or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect; or (xxv) non-competition any other Contract that is a material Contract to the Company or exclusive dealing obligations or other obligation which purports its subsidiaries. (b) Neither the Company nor its subsidiaries is a party to limit or restrict in any respect the ability Contract with a customer of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, that: (i) incorporates by reference all or any portion of the business of the Company such customer’s request for proposal (i.e. “RFP”) or the Company Subsidiaries is or can be conductedCompany’s response to such RFP, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (Aii) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated terminable by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor customer upon providing thirty (30) days or less prior notice to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Merger Agreement (Cash Systems Inc), Merger Agreement (Global Cash Access Holdings, Inc.)

Contracts. The (a) Section 3.8(a) of the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies Disclosure Schedule sets forth a list of each of the following contracts that are in force and effect as of the date of this Agreement to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):party: (i) each contract that would be required to be filed as an exhibit to a Registration Statement on Form S-1 under the Securities Act or an Annual Report on Form 10-K under the Exchange Act (if such registration statement or report was filed by the Company with the SEC on the date of this Agreement); (ii) each contract that restricts in any material respect the ability of the Company or any of its Subsidiaries to compete in any geographic area or line of business or to make use of any material IP Rights, develop market or distribute material products or services or compete with any Person; (iii) each contract granting any exclusive rights or otherwise limiting the right of the Company or any of its Subsidiaries to sell, distribute or manufacture any material products or services or to purchase or otherwise obtain any material Software, components, parts, subassemblies or services; (iv) each indemnification, employment, severance or change of control contract with any director or officer of the Company or its Subsidiaries or with any employee or consultant of the Company or its Subsidiaries providing for an annual base salary or annual consulting fee to such employee or consultant of $300,000 or more in fiscal year 2007 (other than offer letters with employees providing for at-will employment); (v) each collective bargaining agreement, memorandum of understanding, settlement or other labor agreement relating with any union or labor organization applicable to the Company or its Subsidiaries; (vi) each loan or credit agreement, mortgage, note or other contract evidencing indebtedness for money borrowed by the Company or any of its Subsidiaries from a third party lender and each contract pursuant to which any such indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured money is guaranteed by a Lien the Company or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event its Subsidiaries; (vii) each customer or supply contract (excluding trade payables, securities transactions and brokerage agreements arising purchase orders given or received in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) under which the Company or any Subsidiary of the Company paid to or received from such customer or supplier in excess of $500,0002,000,000 in fiscal year 2006; (viii) each material contract to license to any third party to manufacture or reproduce any of the products, except services or technology of the Company or any of its Subsidiaries or any material contract to sell or distribute any of the products, services or technology of the Company or any of its Subsidiaries; (ix) each operating system software license or other contract with the top two providers (as measured by fees paid under such contracts) in fiscal 2006 pursuant to which the Company licenses operating system software for those issued use in its end-user products; (x) each contract with the top two providers (as measured by fees paid under such contracts) in fiscal 2006 pursuant to which the Company purchases microprocessors; (xi) each contract with the top five third-party manufacturers (as measured by fees paid under such contracts) in fiscal 2006 pursuant to which such Company products (or subassemblies thereof) are manufactured; (xii) each material contract containing any support, service or maintenance obligation on the part of the Company or any of its Subsidiaries outside of the ordinary course of business consistent with past practice; (xiii) each Real Property Lease; (xiv) each lease or rental contract involving personal property (and not relating primarily to real property) pursuant to which the Company or any of its Subsidiaries is required to make rental payments in excess of $250,000 per year; (xv) each contract relating to a joint venture, partnership or other strategic arrangement involving a sharing of material costs, profits or losses with another Person; (xvi) each contract which would reasonably be expected to prohibit or delay the consummation of any material transaction contemplated in this Agreement; (xvii) each material agreement that includes the grant to the Company or any of its Subsidiaries of a license or cross-license to material IP Rights owned by a third party and that is not a standard license agreement for a commercially available product; (xviii) any material agreement pursuant to which the Company or any of its Subsidiaries have continuing obligations to jointly develop any material item of IP Right; (xix) each material contract to provide source code to any third party for any material product or technology of the Company or its Subsidiaries; (xx) each material contract for indemnification or any guaranty by the Company or any of its Subsidiaries other than any agreement of indemnification entered into in connection with the sale or license of the Company’s or any of its Subsidiaries’ products in the ordinary course of business; (iixxi) each contract relating to the disposition or acquisition by the Company or any contract of its Subsidiaries after the date of this Agreement of a material amount of assets not in the ordinary course of business, or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under pursuant to which the Company or any of the Company its Subsidiaries is lessee ofhas any material ownership interest or a right to any ownership interest, or holds or operates, any property owned by in any other Person with annual rent payments in excess of $500,000or other business enterprise other than the Company’s Subsidiaries; (vxxii) any lease each material contract which grant or agreement under benefit a right of first refusal or first offer or similar rights; (xxiii) each agreement, contract or commitment pursuant to which the Company or any of the Company its Subsidiaries is lessor of, or permits obligated to pay in the future in excess of $1,000,000 in any Person to hold or operate, any property owned or controlled one-year period which is not terminable by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company its Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration without penalty in excess of $500,000100,000 upon notice of 30 days or less, other than any agreement, contract or commitment to purchase inventory in the ordinary course of business consistent with past practice; (viiixxiv) any each material “single source” supply contract pursuant to which goods or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating materials are supplied to the Company or any Subsidiary of the Company Subsidiaryfrom an exclusive source; (xixxv) each material contract which following the Offer or the Merger that would by its terms contain a material restriction on sales in any contract jurisdiction or agreement involving annual payments which by its terms would impose any material financial obligation, in excess of $500,000 that cannot be cancelled by each case, on the Parent or its Affiliates (other than the Company or a Company Subsidiary without penalty on not more than 90 days’ noticeand its Subsidiaries); (xiixxvi) each material executory settlement agreement entered into within three years prior to the date of this Agreement; and (xxvii) any contract, or group of contracts with a Person (or group of affiliated Persons), not described in clauses (i) through (xxvi) above the termination or breach of which would be reasonably expected to have a material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) adverse effect on any contract or agreement with respect to the employment material product or service of any current or former directors, officers, employees or consultants offerings of the Company or any its Subsidiaries or otherwise have a Company Material Adverse Effect. (b) Each contract listed in Section 3.8(a) of the Company Subsidiaries other than, with respect Disclosure Schedule is referred to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability as a “Material Contract”. Each of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries Material Contracts is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and or the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any Subsidiary of the Company Subsidiaries, nor to the Knowledge of the Company, any other that is a party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasedand, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each other party thereto, and is in full force and effect. (c) There is no existing breach or default on the part of the other parties theretoCompany or any of its Subsidiaries under any Material Contract except for breaches and defaults that do not constitute a Company Material Adverse Effect and, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, there is no existing breach or default on the part of any other Person under any Material Contract except for breaches and defaults that do not constitute a Company Material Adverse Effect. No event has occurred that that, with notice or lapse of time time, would constitute a material breach or default by the Company or any of its Subsidiaries, or permit termination, modification, material modification or acceleration, under the any Material ContractsContract, except for breaches and defaults that do not constitute a Company Material Adverse Effect. (d) The Company has made available to Parent correct and complete copies of each Material Contract, together with all amendments and supplements thereto.

Appears in 2 contracts

Sources: Merger Agreement (Acer Inc), Merger Agreement (Gateway Inc)

Contracts. The Company has Previously Disclosed or provided Except as otherwise disclosed in Schedules 3.13 (by hard copyReal Property), electronic data room or otherwise3.14(Intellectual Property), 3.20 (Insurance), 3.23 (Employment) to the Investor or its representatives true, correct and complete copies of each 3.27 (Customers and Suppliers) of the following Disclosure Letter, Schedule 3.17 of the Disclosure Letter lists each Contract to which the Company or any Company Subsidiary Acquired Entity is a party (each, a “Material Contract”):which: (ia) is for the lease of personal property to or from any contract or agreement relating to indebtedness Person providing for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000£100,000 per annum; (vb) any lease is for the purchase or agreement under which the Company or any sale of the Company Subsidiaries is lessor ofraw materials, commodities, supplies, products, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwiseother personal property, or in any other material respect, with any Person; (vii) any settlement, conciliation for the furnishing or similar agreementreceipt of services, the performance of which will extend over a period of more than one year, that is known to result in a loss to Acquired Entity on completion of such Acquired Entities’ obligations, or involve payment after the Closing Date of consideration in excess of $500,000£100,000; (viiic) any contract concerns an investment or agreement that relates to Intellectual Property Rights (other than interest in a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliancelimited liability company, cooperationpartnership, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiaryarrangement; (xid) any contract Contract under which it has created, incurred, assumed, or agreement involving annual payments guaranteed any Liability for borrowed money or any capitalized lease in excess of $500,000 that cannot be cancelled by the Company £100,000, or a Company Subsidiary without penalty under which it has imposed or suffered to exist an Encumbrance on not more than 90 days’ noticeany of its assets; (xiie) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingContract concerning non-competition; (xiiif) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company Seller or any of their Affiliates (other than the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of businessAcquired Entities) is also a party; (xivg) is a collective bargaining Contract; (h) advances or loans or guarantees any loan in any amount to any of its directors or officers or any Seller or, outside the Ordinary Course of Business, to its employees that are not Sellers; (i) any contract or agreement containing Contract for the employment of any (x) nonindividual on a full-competition or exclusive dealing obligations time, part-time, consulting, independent contractor or other obligation basis providing annual compensation in excess of £50,000 or providing severance benefits; (j) the performance of which purports to limit or restrict involves consideration payable by any Acquired Entity in any respect the ability excess of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business£100,000; and (xvk) any material contract or agreement that would require any consent or approval is outside the Ordinary Course of Business. Management Sellers have delivered to Buyer a counterparty correct and complete copy of each written Contract (as a result amended to date) required to be listed in Schedule 3.17 of the consummation Disclosure Letter and a written summary setting forth the terms and conditions of each oral Contract required to be referred to in Schedule 3.17 of the transactions contemplated by this AgreementDisclosure Letter. Each Material Contract With respect to each such Contract: (A) the Contract is legal, valid and legally binding on the Company and the Company Subsidiaries which are a party parties to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and it in full force and effect in all material respects accordance with its respective terms; (B) to the Management Sellers’ Knowledge, the Contract will continue in full force and effect on identical terms following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor Transactions; (C) to the Knowledge of the CompanyManagement Sellers’ Knowledge, any other no party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasedbreach, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that which, with notice or lapse of time time, would constitute a material breach or default or permit termination, modification, or accelerationbreach, under the Material ContractsContract; (D) no party to the Contract has repudiated, or advised the Acquired Entities or the Management Sellers in writing that it intends to repudiate, any provision of the Contract; and (E) no party to the Contract has notified the Acquired Entities or any of the Management Sellers in writing that they intend to terminate the Contract or that they do not intend to renew the Contract when it comes to the end of its current term.

Appears in 2 contracts

Sources: Investment, Shareholders’ and Stock Purchase Agreement (Mens Wearhouse Inc), Investment, Shareholders’ and Stock Purchase Agreement (Mens Wearhouse Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Schedule 3.14(a) lists all written contracts and other agreements Related to the Investor or its representatives true, correct and complete copies of each of the following Business to which the Company ROI or any Company Subsidiary of its Subsidiaries is a party or by which any of their properties or assets are bound, having the following description(s) (eachcollectively, a “the "Material Contract”Contracts"): (i) any contract agreement (or agreement relating group of related agreements) Related to indebtedness the Business for borrowed money, letters the lease of credit, capital personal property to or from any Person providing for lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) payments in excess of $500,000, except for those issued in the ordinary course of business10,000 per annum; (ii) any contract agreement (or agreement that constitutes a collective bargaining group of related agreements) Related to the Business for the purchase or sale of supplies, products, or other arrangement with any labor unionpersonal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one year or involve consideration in excess of $10,000; (iii) any agreement Related to the Business concerning a partnership or joint venture or other contract or agreement that is involving a “material contract” within the meaning sharing of Item 601(b)(10) profits, losses, costs or liabilities by ROI, Seller or any of Regulation S-Ktheir Affiliates with any other Person; (iv) any lease agreement (or agreement group of related agreements) under which the Company ROI or any of the Company its Subsidiaries is lessee ofhas created, incurred, assumed, or holds guaranteed any indebtedness for borrowed money, or operatesany capitalized lease obligation, any property owned by any other Person with annual rent payments in excess of $500,00010,000 or under which it has imposed an Encumbrance on any of Transferred Assets, tangible or intangible; (v) any lease or material agreement under which Related to the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company SubsidiariesBusiness concerning confidentiality; (vi) any contract material agreement of ROI or Seller with any of Seller's Affiliates which is Related to the Business; (vii) any agreement limiting, in Related to the Business which contains any material respect, provision or covenant limiting (A) the ability of the Company or any of the Company Subsidiaries Seller to engage in any line of business or business, to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; , to do business with any Person in any location or to employ any Person, (viiB) the ability of any settlement, conciliation Person to compete with or similar agreement, obtain products or services from Seller or (C) the performance ability of which will involve payment after the Closing Date of consideration in excess of $500,000Seller to do business other than with a specified Person or Persons; (viii) any contract or collective bargaining agreement that relates and any other agreements relating to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)organized labor; (ix) any contract or agreement that concerns of Seller for the sale or acquisition employment of any material portion of the Company’s business; (x) any allianceindividual on a full-time, cooperationpart-time, joint ventureconsulting, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving other basis providing annual payments compensation in excess of $500,000 that cannot be cancelled by the Company 20,000 or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service providing severance benefits in excess of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts$3,000.

Appears in 2 contracts

Sources: Asset Purchase Agreement (Return on Investment Corp), Asset Purchase Agreement (Return on Investment Corp)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct Asset Disclosure Schedule 4.14(a) contains a true and complete copies of each listing of the following contracts and other agreements with respect to which the Company ownership and operation of the Assets (each such contract or any Company Subsidiary is a party (each, agreement being referred to herein as a “Material Contract”): (i) any contract Any natural gas gathering or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businesstransportation agreement; (ii) Any agreement (or group of related agreements with the same Person) for the lease of personal property to or from any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionPerson providing for lease payments in excess of $250,000 per annum; (iii) any contract Any agreement (or agreement that group of related agreements with the same Person) for the purchase or sale of raw materials, commodities, supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which is a “material contract” within the meaning reasonably expected to involve annual consideration in excess of Item 601(b)(10) of Regulation S-K$250,000; (iv) any lease or Any agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than concerning a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperationpartnership, joint venture, shareholders, partnership investment or similar agreement other arrangement (A) involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conductedAssets, or (yB) right requiring EQT Gathering to invest funds in or make loans to, or purchase any securities of, another Person, venture or other business enterprise relating to the Assets; (v) Any agreement (or group of first refusal related agreements with the same Person) with respect to the creation, incurrence, assumption, or right guaranteeing of first offer any indebtedness for borrowed money, or similar right any capitalized lease obligation; (vi) Any agreement that prohibits or that otherwise materially limits or purports to limit the ability of an owner of the Company Assets to compete in any material respect in any line of business or with any Person or in any material geographic area during any period of time after the Closing of the Asset Contribution; (vii) Any agreement with EQT Gathering or any Affiliate (other than EQM and its Subsidiaries) to the extent applicable to the Assets and which individually involves annual revenues or payments in excess of $250,000; (viii) Any collective bargaining agreement; (ix) Any lease under which EQT Gathering is the lessor or lessee of real property that provides for an annual base rental to or from EQT Gathering of more than $250,000; (x) Any easement agreement, right-of-way agreement, license or permit involving an annual payment of more than $250,000; (xi) Any agreement that governs the use or development of Intellectual Property Assets (other than off-the-shelf software license agreements); (xii) Any agreement under which the consequences of a default or termination would reasonably be expected to have a Gathering System Material Adverse Effect; or (xiii) Any other agreement (or group of related agreements with the same Person) not enumerated in this Section 4.14, the performance of which by any party thereto involves consideration in excess of $250,000. (b) EQT Gathering has made available to EQM and/or EQM Gathering Opco a correct and complete copy of each Material Contract. (i) Each Material Contract, and each of the other Transferred Contracts, is legal, valid and binding on and enforceable against EQT Gathering, and to the Knowledge of EQT Gathering, against the other parties thereto, and is in full force and effect; (ii) EQT Gathering is not in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default by EQT Gathering or permit termination, modification or acceleration under any Material Contract or under any of the Company Subsidiaries other Transferred Contracts; (iii) to ownthe Knowledge of EQT Gathering, operateno other party to any Transferred Contract is in breach or default, selland no event has occurred which with notice or lapse of time would constitute a breach or default by such other party, transferor permit termination, pledge modification or otherwise dispose acceleration under any Transferred Contract other than in accordance with its terms, nor has any other party repudiated any provision of any material assets or businessTransferred Contract; and and (xviv) any material contract or agreement that would require any consent or approval of a counterparty except as a result of set forth on Asset Disclosure Schedule 4.14(c), following the consummation of the transactions contemplated by this Agreement. Each , each Material Contract (A) is legal, valid and binding on each of the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) other Transferred Contracts will continue to be legal, valid, binding, enforceable, valid and binding and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor on identical terms. (d) EQT Gathering has not given to the Knowledge of the Company, or received from any other party thereto is in material Person any notice or other communication (whether oral or written) regarding any actual, alleged, possible or potential violation or breach of, or default under any Material Contract. No benefits under under, any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required that continues to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsunresolved.

Appears in 2 contracts

Sources: Contribution and Sale Agreement (EQT Midstream Partners, LP), Contribution and Sale Agreement

Contracts. The Company has Previously Disclosed or provided (by hard copya) As of the date of this Agreement, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the Company’s “material contracts” (as defined in Item 601(b)(10) of Regulation S-K promulgated by the SEC) (each, a “Filed Company Contract”) has been filed with the SEC. (b) Section 4.14(b) of the Company Disclosure Schedule sets forth, as of the date of this Agreement, a true and complete list of the following types of Contracts to which the Company or any Company Subsidiary is a party (each, a “Material Contract”):as of the date of this Agreement: (i) each Contract that restricts in any contract material respect the ability of the Company or agreement relating any Company Subsidiaries to indebtedness for borrowed moneycompete in any material line of business or geographic area and that is material to the Company and the Company Subsidiaries, letters taken as a whole; (ii) each Contract pursuant to which any amount of credit, capital lease obligations, obligations secured by a Lien Indebtedness of the Company or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingCompany Subsidiaries in excess of $2,000,000 is outstanding or may be incurred by its terms, but other than any such Contract solely between or among the Company and the wholly owned Company Subsidiaries or between or among wholly owned Company Subsidiaries; (iii) each material partnership, joint venture or similar Contract relating to the formation, creation, operation, management or control of any partnership or joint venture or to the ownership of any equity interest in any event excluding trade payablesentity or business enterprise other than the Company Subsidiaries or securities of a publicly-traded company held for investment by the Company or any Company Subsidiaries; (iv) other than any Contracts filed as exhibits (including exhibits incorporated by reference) to any Filed Company SEC Documents), securities transactions and brokerage agreements arising in each material Contract between the Company or any of its Subsidiaries, on the one hand, and, on the other hand, any (A) present executive officer or director of either the Company or any of the Company Subsidiaries, (B) record or beneficial owner of more than 5% of the shares of Common Stock outstanding as of the date of such Contract, or (C) to the Knowledge of the Company, any Affiliate of any such executive officer, director or record or beneficial owner of more than 5% of the shares of Common Stock outstanding as of the date hereof (other than the Company or any of the Company Subsidiaries); (v) each Contract relating to the disposition or acquisition by the Company or any of the Company Subsidiaries of any material business or any material amount of assets outside the ordinary course of business, intercompany indebtedness and immaterial leases for telephonesin each case, copy machines, facsimile machines and other office equipment) in excess with material obligations remaining to be performed after the date of $500,000, except for those issued in the ordinary course of businessthis Agreement; (iivi) other than Contracts for ordinary repair and maintenance, each Contract providing for the development or construction of, or additions or expansions to, any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement real property, under which the Company or any of the Company Subsidiaries is lessee ofhas, or holds or operatesexpects to incur, any property owned by any other Person with annual rent payments an obligation in excess of $500,0003,000,000 in the aggregate; (vvii) other than Contracts described in the foregoing Section 4.14(b)(vi), any Contract that obligates the Company or any of the Company Subsidiaries to make any loans, advances or capital contributions to, or investments in, any Person (other than the Company or any Company Subsidiary), in each case, in excess of $2,000,000; (viii) any lease Contract that grants any right of first refusal, right of first offer or agreement under similar right with respect to any securities, material assets, material rights or material properties of the Company or any Company Subsidiary; (ix) any Contract (each a “Management Agreement”) whereby the Company or any Company Subsidiary manages any material real property owned or partially owned by a third party and to which the Company or any Company Subsidiary is a party or by which any of them is bound; and (x) any Contract with a supplier of the Company or any Company Subsidiary (excluding insurance providers and providers of legal services) that represented at least $600,000 in total spend by the Company and the Company Subsidiaries, on a consolidated basis, during the twelve (12)-month period ended April 30, 2019, other than purchase orders, sales orders and similar Contracts. (c) The Company has made available to Parent prior to the date of this Agreement a complete and correct copy of each Material Contract (including all amendments, modifications, extensions, and renewals thereto and waivers thereunder) as in effect on the date of this Agreement. Except as would not be material to the Company and the Company Subsidiaries, taken as whole, (i) each Material Contract is a valid, binding and legally enforceable obligation of the Company or one of the Company Subsidiaries, as the case may be, and, to the Knowledge of the Company, of the other parties thereto, except, in each case, as enforcement may be limited by bankruptcy, insolvency, reorganization or similar Laws affecting creditors’ rights generally and by general principles of equity, (ii) each such Material Contract is in full force and effect and (iii) none of the Company or any of the Company Subsidiaries is lessor of(with or without notice or lapse of time, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (viboth) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation breach or default under any Material Contract. No benefits under any such Material Contract will be increasedand, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that other party to any such Material Contract is (with or without notice or lapse of time would constitute a material time, or both) in breach or default thereunder, except, in the case of clauses (i) or permit termination(ii), modificationwith respect to any Material Contract which expires by its terms (as in effect as of the date hereof) or which is terminated in accordance with the terms thereof by the Company in the ordinary course of business consistent with past practice. Except as would not be material to the Company and the Company Subsidiaries, taken as whole, the Company has not received, as of the date of this Agreement, any notice in writing from any Person that such Person intends to terminate, or accelerationnot renew, under the any Material ContractsContract.

Appears in 2 contracts

Sources: Merger Agreement (Vail Resorts Inc), Merger Agreement (Peak Resorts Inc)

Contracts. The (a) Section 3.16(a) of the Company has Previously Disclosed or provided (by hard copyDisclosure Letter, electronic data room or otherwise) together with the Contracts identified on the lists of exhibits to the Investor or its representatives trueCompany SEC Documents, correct and complete copies of lists each Contract of the following types to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”):or by which any of their respective properties or assets is bound as of the date hereof: (i) any contract or agreement relating Contract that would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured be filed by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is Company as a “material contract” within the meaning of pursuant to Item 601(b)(10) of Regulation S-KK under the Exchange Act; (ivii) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; Contract that (vA) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, materially limits the ability of the Company or any of its Subsidiaries (or, following the consummation of the Transactions, would reasonably be expected to materially limit the ability of Parent or any of its Subsidiaries, including the Surviving Company Subsidiaries or the Opco Surviving Company) to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, with any Person or in any geographic area (including any Contract containing any area of mutual interest (but excluding areas of mutual interest under joint operating agreements), joint bidding area, joint acquisition area or non-compete or similar type of restriction), (B) materially restricts the right of the Company or any of its Subsidiaries (or, following the consummation of the Transactions, would reasonably be expected to materially limit the ability of Parent or any of its Subsidiaries, including the Surviving Company or the Opco Surviving Company) to sell to or purchase from any Person any products or services, or use, transfer or distribute, or enforce any of their rights with respect to, any of their material assets, or (C) grants the other party or any third Person “most favored nation” status with respect to any material respectobligation (other than pursuant to customary royalty pricing provisions in Oil and Gas Leases or customary preferential rights in joint operating agreements, unit agreements or participation agreements affecting the Oil and Gas Properties of the Company or any of its Subsidiaries); (iii) any material joint venture, partnership or limited liability agreement, other than any customary joint operating agreements, unit agreements or participation agreements affecting the Oil and Gas Properties of the Company or any of its Subsidiaries; (iv) any Contract that constitutes a commitment of the Company or any of its Subsidiaries relating to Indebtedness and having an outstanding principal amount in excess of $35,000,000, other than agreements solely between or among the Company and its Subsidiaries; (v) any Contract involving any pending acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests for aggregate consideration (in one or a series of transactions) under such Contract of $35,000,000 or more (other than acquisitions or dispositions of inventory or the purchase or sale of Hydrocarbons, in each case, in the ordinary course of business consistent with past practice); (vi) any PersonContract that by its terms calls for aggregate payment or receipt by the Company and its Subsidiaries under such Contract of more than $35,000,000 over the remaining term of such Contract; (vii) any settlementContract pursuant to which the Company or any of its Subsidiaries has continuing indemnification, conciliation guarantee, “earn-out” or other similar agreementcontingent payment obligations, the performance of which will involve payment after the Closing Date of consideration in each case that would reasonably be expected to result in payments in excess of $500,00035,000,000; (viii) any contract Contract that obligates the Company or agreement that relates any of its Subsidiaries to Intellectual Property Rights (make any future capital commitment, loan or expenditure in an amount in excess of $35,000,000, other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)customary joint operating agreements, unit operating agreements or continuous development obligations under Oil and Gas Leases; (ix) any contract Contract between the Company or agreement that concerns any of its Subsidiaries, on the sale or acquisition of one hand, and any material portion Affiliate thereof other than any Subsidiary of the Company’s business, on the other hand; provided, that, solely for purposes of clause (ix) of this Section 3.16(a), the term “Affiliate” shall exclude any portfolio company of Quantum Energy Partners or any of its affiliated investment funds; (x) any allianceContract that requires the consent of a third party in connection with the consummation of the Transactions or that would or would reasonably be expected to prevent, cooperationmaterially delay or impair, joint ventureor otherwise be affected by, shareholdersthe consummation of the Transactions (including, partnership or similar agreement involving in each case, due to a sharing of profits or losses provision relating to the Company or any Company Subsidiarya “change of control”); (xi) any each joint development agreement, exploration agreement, participation, farmout, farmin or program agreement or similar contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by requiring the Company or a Company Subsidiary without penalty on not more any of its Subsidiaries to make expenditures that would reasonably be expected to exceed $35,000,000 in the aggregate during the 12-month period following the date of this Agreement, other than 90 days’ noticecustomary joint operating agreements and continuous development obligations under Oil and Gas Leases; (xii) each Contract for any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingDerivative Transaction with a notional value in excess of $35,000,000; (xiii) any contract Contract that contains a “take-or-pay” clause or agreement any similar material prepayment or forward sale arrangement or obligation (excluding “gas balancing” arrangements associated with respect customary joint operating agreements) to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor; (xiv) each Contract that is a transportation, gathering, processing, purchase, sale, storage or other arrangement downstream of the employment or service of any current or former directors, officers, employees or consultants of wellhead to which the Company or any of its Subsidiaries is a party involving (A) the transportation, gathering, processing, purchase, sale or storage of more than 75 MMcf of gaseous Hydrocarbons per day, or 5,000 barrels of liquid Hydrocarbons per day, or (B) that provides for (i) an acreage dedication in excess of 5,000 gross surface acres, (ii) a minimum volume commitment in excess of 50 MMcf of gaseous Hydrocarbons per day or 5,000 barrels of liquid Hydrocarbons per day or (iii) a capacity reservation fee (x) that has a remaining term of greater than 60 days and does not allow the Company or such Subsidiary to terminate it without penalty on 60 days’ (or less) notice and (y) that could reasonably be expected to result in the payment by the Company or any of its Subsidiaries other thanof an amount in excess of $35,000,000 over the remaining term of such agreement; (xv) each Contract to which the Company or any of its Subsidiaries is a party for the purchase, with respect to non-executive employees sale, swap or exchange of minerals or mineral rights having a value in excess of $35,000,000, in each case, for which such purchase, sale, swap or exchange of minerals or mineral rights remain pending (and consultantsexcluding, for the avoidance of doubt, the purchase and sale of Hydrocarbons in the ordinary course of businessbusiness consistent with past practices); (xivxvi) any contract or agreement containing any Contract (xother than Oil and Gas Leases) non-competition or exclusive dealing obligations or other obligation pursuant to which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of its Subsidiaries has paid amounts associated with any Production Burden in excess of $35,000,000 in the aggregate during the immediately preceding fiscal year which will be binding on the Company or any of its Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of following the consummation of the transactions contemplated Transactions or with respect to which the Company reasonably expects that it and/or one of its Subsidiaries will make payments associated with any Production Burden in any of the next three succeeding fiscal years that could, based on current projections, exceed $35,000,000 in the aggregate in any such year; or (xvii) each Contract for lease of personal property or real property (other than Oil and Gas Properties) involving payments in excess of $35,000,000 in any calendar year or aggregate payments in excess of $125,000,000 that is not terminable without penalty or other liability to the Company (other than any ongoing obligation pursuant to such contract that is not caused by this Agreementany such termination) within 90 days, other than Contracts related to drilling rigs. Each contract of the type described in clauses (i) through (xvii) is referred to herein as a “Company Material Contract.” (b) Except for matters which, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect (provided, that clause (D) of the definition of “Material Adverse Effect” shall be disregarded for purposes of this Section 3.16(b)) (i) each Company Material Contract (A) is legal, valid and binding on the Company and any of its Subsidiaries to the Company Subsidiaries which are extent such Subsidiary is a party thereto, as applicable, and to such contractthe knowledge of the Company, (B) each other party thereto, and is in full force and effect and enforceable in accordance with its terms terms, subject, as to enforceability, to Creditors’ Rights, and (Cii) will continue there is no pending or unresolved default under any Company Material Contract by the Company or any of its Subsidiaries or, to be legalthe knowledge of the Company, valid, binding, enforceableany other party thereto, and in full force and effect in all material respects following no event or condition has occurred that remains pending or unresolved that constitutes, or, after notice or lapse of time or both, would reasonably be expected to constitute, a default on the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any part of the Company Subsidiariesor any of its Subsidiaries or, nor to the Knowledge knowledge of the Company, any other party thereto is in material violation or default under any such Company Material Contract. No benefits under , nor has the Company or any Material Contract will be increased, and no vesting of its Subsidiaries received any notice of any benefits under any Material Contract will be acceleratedsuch default, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documentsevent or condition. The Company has made available to Parent true and the complete copies of all Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 2 contracts

Sources: Merger Agreement (Pioneer Natural Resources Co), Merger Agreement (Parsley Energy, Inc.)

Contracts. The Section 4.12 of the Company has Previously Disclosed or provided Disclosure Schedules specifically identifies (by hard copy, electronic data room the applicable subsection set forth below in this Section 4.12) each Company Material Contract (other than this Agreement or otherwise) to the Investor or its representatives true, correct and complete copies of any Related Agreement). The term "Company Material Contract" shall include each of the following Contracts to which the Company or any Company Subsidiary is a party to or by which the Company or any Company Subsidiary is bound (eachin each case, a “Material Contract”other than this Agreement or any Related Agreement): (a) any Contract with any Significant Company Customer; (b) any Contract generating, or that is reasonably likely to generate, more than 5% of revenues for the Company and the Company Subsidiaries over the twelve month period from the date of this Agreement, other than those set forth on Section 4.12(j) of the Company Disclosure Schedules; (c) any Contract with any director, officer, employee or consultant that would require the Company or any Company Subsidiary to make any payments in connection with the Merger, or upon termination of employment, but excluding any Contract (i) any contract that is terminable at-will or, in the case of consultants, with 30 or agreement relating to indebtedness for borrowed money, letters fewer days of credit, capital lease obligations, obligations secured notice by a Lien the Company or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingCompany Subsidiaries without cost, liability or financial obligations (other than accrued regular compensation and benefits through the date of termination, including any such notice period), or (ii) under which the Company and the Company Subsidiaries collectively have paid or are obligated to pay less than $10,000; (d) any Contract for indemnification (other than standard indemnification provisions in Contracts entered into by the Company or any Company Subsidiary in the Ordinary Course of Business) or any guaranty; (e) any Contract containing any covenant limiting in any respect the right of the Company or any of the Company Subsidiaries to (i) engage, participate or compete in any line of business, market or geographic area, (ii) develop, market or distribute products or services, (iii) conduct business with any Person, (iv) solicit the employment of, or hire, any Person, or (v) compete with any Person; or granting any exclusive sales, distribution, marketing or other exclusive rights, rights of first refusal, "most favored nation" rights, rights of first negotiation or other exclusive rights or similar terms to any Person, but in each case excluding Contracts containing limitations that (A) are not material to the Company or any event excluding trade payablesCompany Subsidiary, securities transactions and brokerage agreements arising in (B) do not limit the ordinary course ability of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessCompany or any Company Subsidiary to develop or market additional products or services; (iif) any contract Lease for real or agreement personal property in which the amount of payments that constitutes a collective bargaining the Company or other arrangement with any labor unionof the Company Subsidiaries is required to make on an annual basis exceeds $25,000; (iiig) any contract or agreement that is a “material contract” within Contract pursuant to the meaning express terms of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments currently obligated to pay in excess of $500,00025,000 (or, in the case of a Contract for the purchase of inventory made in the Ordinary Course of Business, $50,000) in any one year period that is not terminable by the Company or the Company Subsidiaries without penalty upon notice of ninety (90) days or less; (vh) any lease Contract currently in force relating to the disposition or agreement under which acquisition by the Company or any of the Company Subsidiaries is lessor ofafter the date hereof of (i) assets with a book value exceeding $25,000 (or, in the case of the sale of inventory made in the Ordinary Course of Business, $50,000) , or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries(ii) Equity Interests in an Entity; (vii) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries Contract pursuant to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary is a licensor of Intellectual Property or agrees to solicit customers Encumber, not assert, Transfer or the manner sell rights in whichor with respect to any Intellectual Property, or the localities in whichexcept for distribution contracts with retail outlets, all or any portion of the business of the Company or the Company Subsidiaries is or can be conductedindependent sales agents, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of other distributors and end users entered into by the Company or any Company Subsidiary in the Ordinary Course of Business; (j) any joint venture Contract or any other Contract that involves a sharing of revenues in excess of $10,000, or involves a sharing of profits, cash flows, expenses or losses, with other Persons, or the payment of royalties to any other Person, other than Contracts identified in Section 4.12(a) of the applicable Company Disclosure Schedule; (k) any Contract currently required to be filed as an exhibit pursuant to Item 601(b)(10) of Regulation S-K promulgated under the Securities Act, other than those currently on file with the SEC (including any Amendments to Contracts filed as of the Company Subsidiaries Balance Sheet Date that are required to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; andbe filed); (xvl) any material contract or agreement that would require Contract containing a "standstill" provision with respect to any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge Equity Interests of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.;

Appears in 2 contracts

Sources: Merger Agreement (Superior Galleries Inc), Merger Agreement (Dgse Companies Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to Section 3.16 of the Investor or its representatives true, correct Disclosure Schedule sets forth a true and complete copies list of each of the following Contractual Obligations to which the any Group Company is a party or by which any Group Company or any Company Subsidiary is a party of its assets or properties are bound as of the date hereof, including all amendments or other modifications or waivers with respect thereto (each, a “Material Contract”other than any Benefit Plans): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by Contractual Obligation with a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businessMaterial Customer; (ii) any contract or agreement that constitutes Contractual Obligation with a collective bargaining or other arrangement with any labor unionMaterial Supplier; (iii) any contract Contractual Obligation containing (A) a covenant by any Group Company not to compete or agreement that is a “material contract” within engage or otherwise purporting to restrict or limit or purports to restrict or limit the meaning ability or right of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Group Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the any Group Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any assets or to engage in any business (including any non-compete provisions in any Contractual Obligation or any other limitation on any Group Company’s ability to compete in any line of business, with any Person, in any geographic area), including any Contractual Obligation that grants any exclusivity rights by any Group Company to any other Person; (B) a covenant that restricts or purport to restricts any Group Company’s right to solicit for employment or engagement or hire or engage any Person; (C) a “most favored nations” provision or “take or pay” provision or similar understandings with a customer; (D) a “right of first refusal”, “right of first offer” or other preferential right to purchase any assets and properties of any Group Company; or (E) a requirement for any Group Company to purchase minimum volumes or purchase volume discounts from a single supplier; (iv) any Contractual Obligation under which any Group Company is a (A) lessee of or holds or operates any personal property owned by any other party, for any lease of personal property under which the aggregate annual rental payments are in excess of (or reasonably anticipated to be in excess of) $250,000 per year or (B) lessor of or permits any third party to hold or operate any property, real or personal, owned or controlled by any Group Company; (v) any Contractual Obligation (A) relating to or evidencing any Debt for borrowed money incurred by any Group Company in excess of $1,000,000 or (B) that grants or creates any Encumbrances upon any material assets or properties of any Group Company; (vi) any Contractual Obligation establishing or governing the management of any joint venture, partnership or similar arrangement, or acquisition or disposal of any joint venture, partnership or similar arrangement; (vii) any Contractual Obligation relating to the acquisition or disposition by any Group Company of any business; and, material assets or Equity Interests of any third party (whether by merger, consolidation or other business combination, sale of securities, sale of assets or otherwise) that has outstanding executory obligations in respect of payment obligations, indemnification by the Group Companies, or restrictive covenants imposed on the Group Companies (other than confidentiality obligations); (viii) any Contractual Obligation involving any collective bargaining agreement (or similar labor contract) or other Contractual Obligation with any Union; (ix) any Leases with annual rental payments in excess of $350,000; (x) any IP Contract; (xi) any Contractual Obligation that is an agency, marketing, advertising, sales, promotion or distribution Contractual Obligation; (xii) any Contractual Obligations that provides for the indemnification of any Person or the assumption of any Liability of any Person (in each case, other than any indemnification obligations that are customary in scope and duration for Contractual Obligations entered into in the ordinary course of business by similarly situated participants in the same industry as the Group Companies); (xiii) any Contractual Obligation in respect of a Material Direct Repair Program; (xiv) any Contractual Obligation with any Governmental Authority; (xv) any material contract Contractual Obligation or agreement group of Contractual Obligations that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legalrelates to the acquisition, valid and binding on the issuance, voting, registration, sale or transfer of any Equity Interests of a Group Company and the Company Subsidiaries which are a party to such contract, or (B) is in full force and effect and enforceable in accordance provides any Person with its terms and (C) will continue any right to be legalrepurchase or redeem, validor any preemptive right, binding, enforceable, and in full force and effect in all material respects following the consummation participation right or right of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Companyfirst refusal with respect to, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting Equity Interests of any benefits under Group Company; and (xvi) any Material Contract will be accelerated, by Contractual Obligation that involves the occurrence settlement of any Action for consideration in excess of the transactions contemplated by the Transaction Documents, nor will the value of $500,000 with respect to which any of the benefits under amount remains unpaid or that contains any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and material ongoing obligation (other than customary obligations with respect to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsconfidentiality).

Appears in 1 contract

Sources: Equity Purchase Agreement and Plan of Merger (Boyd Group Services Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct Schedule 4.9 contains a complete and complete copies accurate list of each of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”):Contracts: (i) any contract agreements or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of instruments imposing an Encumbrance on any of the foregoingAssets, but in any event other than those constituting Permitted Encumbrances; (ii) Contracts relating to indebtedness, liability for borrowed money or the deferred purchase price of property (excluding trade payables, securities transactions and brokerage agreements arising payables in the ordinary course of business, intercompany ) or any guarantee or other contingent liability in respect of any indebtedness and immaterial leases or obligation of any Person (other than the endorsement of negotiable instruments for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued collection in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union); (iii) except with respect to Loans made in the ordinary course of the Company's mortgage banking business, Loans or advances to, or investments in, any contract Person, any Contracts relating to the making of any such loans, advances or agreement that is investments or any Contracts involving a “material contract” within the meaning sharing of Item 601(b)(10) of Regulation S-Kprofits; (iv) Contracts that contain restrictions with respect to payment of dividends or any lease other distribution in respect of the capital stock of the Company or any Subsidiary; (v) any letters of credit or similar arrangements relating to the Company or any Subsidiary; (vi) any employment agreements with any employee of the Company or any Subsidiary or other person on a full-time or consulting basis providing for an annual compensation in excess of $50,000 or providing for the payment of any cash or other compensation upon the sale of the Company or any Subsidiary; (vii) any management, consulting or advisory agreements, or severance plans or arrangements for any present or former employee of the Company or any Subsidiary; (viii) any non-disclosure agreements and non-compete agreements binding present and former employees of the Company or any Subsidiary; (ix) any agreement under which the Company or any of the Company Subsidiaries Subsidiary is lessee of, of or holds or operates, operates any real property owned by or any other Person with personal property for which the annual rent payments in excess of rental exceeds $500,00025,000; (vx) any lease or agreement under which the Company or any of the Company Subsidiaries Subsidiary is lessor of, of or permits any Person third party to hold or operateoperate any property, real or personal, for which the annual rental exceeds $25,000; (xi) any property owned agreement or controlled by group of related agreements between the Company or any Subsidiary and the same party for the sale or purchase of products or services under which the undelivered balance of such products and services has a price in excess of $50,000, except for Loans in the ordinary course of the Company SubsidiariesCompany's mortgage banking business; (vixii) any contract other agreement or group of related agreements between the Company or any Subsidiary and the same party continuing over a period of more than six months from the date or dates thereof, not terminable by it on 30 days' or less notice without penalty and involving more than $50,000; (xiii) any agreement limitingrelating to the acquisition or divestiture of the capital stock or equity securities, in assets or business of any material respectPerson, the ability Company or any Subsidiary involving consideration in excess of $50,000 or pursuant to which the Company or any Subsidiary has any liability, contingent or otherwise; (xiv) any powers of attorney granted by or on behalf of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; Subsidiary (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license including those granted to customs brokers) and other agency agreements but excluding powers of attorney granted to Investors, warehouse lenders and custodians in the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion ordinary course of the Company’s 's mortgage banking business; (xxv) any allianceagreement, cooperationother than agreements entered into in the ordinary course of the Company's mortgage banking business, joint venturewhich prevents the Company or any Subsidiary from disclosing confidential information or which prohibits the Company or any Subsidiary from freely engaging in business anywhere in the world; (xvi) any sales distribution agreements, shareholders, partnership or similar agreement involving a sharing of profits or losses franchise agreements and advertising agreements relating to the Company or any Company Subsidiary; (xixvii) any contract warranty, guaranty or agreement involving annual payments in excess of $500,000 that cannot be cancelled other similar undertaking with respect to a contractual performance extended by the Company or a Company Subsidiary without penalty on not more any Subsidiary, other than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of the Company's mortgage banking business; (xivxviii) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation pursuant to which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary has agreed to solicit customers defend, indemnify or hold harmless any other Person other than in the manner in which, or the localities in which, all or any portion ordinary course of the business of the Company or the Company Subsidiaries is or can be conducted, or Company's mortgage banking business; (yxix) right of first refusal or right of first offer or similar right or that limits or purports any agreement pursuant to limit the ability of which the Company or any Subsidiary has agreed to settle any liability for Taxes; (xx) any agreement pursuant to which the Company or any Subsidiary has agreed to shift or allocate the liability of the Company Subsidiaries to ownCompany, operate, sell, transfer, pledge any Subsidiary or otherwise dispose of any material assets or businessother Person for Taxes; and (xvxxi) any other agreement material contract to the Company or agreement any Subsidiary. (b) The Company has delivered to the Purchaser a true and complete copy of each written arrangement listed on Schedule 4.9, as amended to date. With respect to each written arrangement so listed in clauses (i) through (v) below, to the extent that would require any consent or approval of it could reasonably be expected to have a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding Adverse Effect on the Company and the Company Subsidiaries which are taken as a party to such contract, whole: (Bi) the written arrangement is in full force and effect and is valid and enforceable in accordance with its terms terms; (ii) neither the Company nor any Subsidiary is in breach or default thereof; (iii) no event has occurred which, with notice, or lapse of time or both, would constitute a breach or default thereof by the Company or any Subsidiary or constitute a breach or default thereof by any other party thereto (iv) no event has occurred that would permit termination, modification, or acceleration thereof by any other party thereto; and (Cv) will continue to be legal, valid, binding, enforceable, neither the Company nor any Subsidiary has repudiated and no other party thereto has repudiated or acted in full force and effect in a manner inconsistent with any provision thereof. The Contracts constitute all material respects following the consummation of the transactions contemplated by contracts necessary to conduct all operations of the Transaction DocumentsCompany as they are currently conducted except where the lack of the Contracts would not be reasonably expected to have Material Adverse Effect on the Company and the Subsidiaries taken as a whole. Neither the Company nor any of the Company SubsidiariesSubsidiary is a party to any verbal contract, nor agreement, or other arrangement which, if reduced to the Knowledge of the Companywritten form, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will would be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, listed on Schedule 4.9 under the Material Contractsterms of this Section 4.9.

Appears in 1 contract

Sources: Merger Agreement (American Home Mortgage Holdings Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each Item 4.16 of the Company Letter lists the following Contracts to which which, as of the date hereof, the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”): or by which any them is bound: (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement Contract that is filed or would be required to be filed by the Company as a material contract” within the meaning of contract pursuant to Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any K of the Company Subsidiaries is lessee ofSEC (other than compensatory Contracts with, or holds or operateswhich includes as participants, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease current or agreement under which the Company former director or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability officer of the Company or any of its Subsidiaries); (ii) any indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage or other evidence of Indebtedness, providing for borrowings (constituting Indebtedness) in excess of $25 million; (iii) any material Contract relating to the creation, formation, operation, management or control of any Specified Alliance; (iv) any Contract which contains provisions that prohibit the Company or any of its Subsidiaries to engage from competing in any line of business or to competebusiness, whether by restricting territorieswhich provisions would, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration Effective Time, in excess of $500,000; (viii) any contract or agreement that relates addition to Intellectual Property Rights applying to the Company and its Subsidiaries, also purport to apply to the Parent and its Affiliates (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000and its Subsidiaries); ; (ixv) any contract Contract that prohibits the payment of dividends or agreement that concerns the sale or acquisition of any material portion distributions in respect of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants capital stock of the Company or any of its Subsidiaries, prohibits the Company Subsidiaries other than, with respect to non-executive employees and consultants, in pledging of the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability capital stock of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or prohibits the Company Subsidiaries is or can be conducted, or (y) right issuance of first refusal or right of first offer or similar right or that limits or purports to limit the ability guarantees by any Subsidiary of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessCompany; and (xvvi) any material contract Material Revenue Producing Contract and (vii) any Material Revenue Producing Contract with respect to which the entry into this Agreement or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement, would result in a breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination amendment, cancellation or acceleration) under, or result in a loss of a benefit under, such Material Revenue Producing Contract. Each such Contract described in clauses (i) through (vii) that is not terminable by the other party or parties thereto on 180 days’ or less notice is referred to herein as a “Material Contract.” (b) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the Company, (i) neither the Company nor any Subsidiary has received any written notice or claim of default under any Material Contract or any written notice of an intention to terminate, not renew or challenge the validity or enforceability of any Material Contract, (Aii) is legalno event has occurred that, valid and binding on with or without notice or lapse of time or both, would result in a breach or a default by the Company and the Company or any of its Subsidiaries which are a party to such contractunder any Material Contract, (Biii) each of the Material Contracts is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legaland, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasedthe valid, binding and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each enforceable obligation of the other parties theretothereto (except that such enforceability (A) may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to the enforcement of creditors’ rights generally and (B) is subject to general principles of equity (regardless of whether considered in a proceeding in equity or at law)) and (iv) the Company and its Subsidiaries have performed in all material respects all respective material obligations required to be performed by them under each Material Contract, and to the Knowledge of date hereof under the Company, no event has occurred that Material Contracts and are not (with notice or without the lapse of time would constitute a or the giving of notice, or both) in material breach or default or permit termination, modification, or acceleration, under the Material Contractsthereunder.

Appears in 1 contract

Sources: Merger Agreement (First Data Corp)

Contracts. The Company has Previously Disclosed Schedule 4.11 sets forth each Contract or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies other instrument that is of each of the following a type described below to which the Company or any Subsidiary of the Company Subsidiary is a party (each, a “Material Contract”): (i) any contract the performance of which would involve payments or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) receipts in excess of $500,000, except for those issued in the ordinary course of business;25,000: (iia) any contract or agreement that constitutes a collective bargaining or other arrangement Any material Contract with any labor union; (iii) any contract representative, distributor or agreement that sales agent which is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease not terminable without cost or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating penalty to the Company or any Subsidiary of the Company Subsidiaryon 60 days' or less notice; (xib) Any material Contract with any contract Governmental Authority; (c) Any Contract involving payments or agreement involving annual payments receipts in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice25,000; (xiid) Any Contract containing a covenant not to compete or restricting in any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Subsidiary of the Company to transact business in any jurisdiction of the United States or a foreign country; (e) Any material Contracts or other agreements for indemnification; (f) Any Contract with any Affiliate or any Subsidiary to solicit customers of the Company; (g) Any indenture, mortgage, loan or credit Contract under which the manner in whichCompany or any Subsidiary of the Company has borrowed any money or issued any note, bond, indenture or other evidence of Indebtedness, or guaranteed Indebtedness borrowed by others; and (h) Any other Contract material to the localities in whichassets, all properties, financial condition, results of operations or any portion of the business of the Company or any Subsidiary of the Company Subsidiaries Company. Except as expressly set forth on Schedule 4.11, each Contract listed or described on Schedule 4.11 (or required to be so listed or described) is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability a valid and binding obligation of the Company or any one of the Company its Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with effect. Except as expressly set forth on Schedule 4.11, the Company or such Subsidiary of the Company has performed all of its terms and (C) will continue material obligations required to be legalperformed though the date of this Agreement under the Contracts so listed or described and neither the Company nor such Subsidiary is in breach or default in any material respect thereunder nor has any event or circumstance occurred which, validwith notice or lapse of time or both, binding, enforceable, and in full force and effect in all would constitute any such material respects following the consummation of the transactions contemplated by the Transaction Documentsbreach or default. Neither the Company nor any Subsidiary of the Company Subsidiaries, nor is a party to any Contract where either the Company or any Subsidiary of the Company would reasonably expect to incur a loss with respect to such Contract. To the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each none of the other parties theretoto such Contracts is in breach or default in any respect thereunder nor has any event or circumstance occurred which, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time or both, would constitute a material any such breach or default default, except in any such case for such breaches or permit termination, modification, or acceleration, under defaults which would not have a Material Adverse Effect on the Material ContractsCompany.

Appears in 1 contract

Sources: Share Purchase Agreement (Lamson & Sessions Co)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwiseExhibit 5(1)(cc) to the Investor or its representatives true, correct is a true and complete copies list and description as at the date hereof of each all written contracts and commitments (excluding purchase orders or supply contracts of the following less than CDN $200,000) to which the Company or any Company Subsidiary Corporation is a party (each, a “Material Contract”):or by which any of them is bound and which is: (i) any contract Contract having a value or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) requiring expenditure annually in excess of $500,000, except for those issued in the ordinary course of businessCDN$200,000; (ii) any contract continuing Contract for the purchase of materials, supplies, equipment or agreement that constitutes a collective bargaining or other arrangement with services involving in the case of any labor unionsuch Contract more than CDN$200,000 over the life of the Contract; (iii) any contract Contract which expires or agreement that is a “material contract” within may be renewed at the meaning option of Item 601(b)(10) any person other than the Corporation so as to expire more than one year after the date of Regulation S-Kthis Agreement; (iv) any lease trust indenture, mortgage, promissory note, loan agreement or agreement under which other Contract for the Company borrowing of money, any currency exchange, interest rate, commodities or other hedging arrangement or any leasing transaction of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person type required to be capitalized in accordance with annual rent payments in excess of $500,000GAAP; (v) any lease confidentiality, secrecy or agreement under non-disclosure Contract (except for any such Contract with suppliers and customers entered into in the ordinary course, which the Company contain confidentiality, secrecy or non-disclosure provisions) or any Contract limiting the freedom of the Company Subsidiaries is lessor ofCorporation to engage in any line of business, compete with any other Person, solicit any Persons for any purpose, operate its assets at maximum production capacity or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesotherwise conduct its business; (vi) any contract Contract pursuant to which the Corporation is a lessor of any machinery, equipment, motor vehicles, office furniture, fixtures or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personpersonal property; (vii) any settlement, conciliation Contract with any Person with whom the Corporation or similar agreement, the performance Vendor does not deal at arm's length within the meaning of which will involve payment after the Closing Date of consideration in excess of $500,000Tax Act; (viii) any contract agreement of guarantee, support, indemnification, assumption or agreement that relates to Intellectual Property Rights endorsement of, or any similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000);Person; and (ix) any contract or agreement that concerns the sale or acquisition of any material portion Contract made out of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants Ordinary Course. The Corporation and each of the Company or any other Parties have performed all obligations to be performed under all Contracts, and neither of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company Corporation nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation default under any provision of such Contracts, and no event has occurred which constitutes, or which with the passage of time or the giving of notice or both will constitute, a breach or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting provision thereof or which would permit the acceleration or termination of any benefits under obligation of any Material Contract will be accelerated, by party thereto or the occurrence creation of any lien or encumbrance upon any asset of the Corporation or which would give rise to any of the transactions contemplated by foregoing upon the Transaction Documents, nor will the value giving of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute or both. The copies of each of the Contracts delivered by the Vendors to the Purchaser represent the full and complete text thereof and have not been amended or modified, nor have any provisions thereof or rights of any party thereto been waived. Each of the Contracts was entered in a material breach or default or permit termination, modification, or acceleration, under bona fide transaction in the Material ContractsOrdinary Course of the business of the Corporation.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Marsulex Inc)

Contracts. (1) The Company Acquiror has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following executory Contracts to which either the Company Acquiror or any Company Subsidiary of its Subsidiaries is a party (eachparty, a “Material Contract”):or by which any of them is bound or to which any of their properties is subject: (iA) any contract lease of real property; (B) any partnership, joint venture or other similar agreement relating or arrangement, or any options or rights to indebtedness acquire from any person any capital stock, voting securities or securities convertible into or exchangeable for borrowed moneycapital stock or voting securities or such person, letters of creditin each case, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and entered into other office equipment) in excess of $500,000, except for those issued than in the ordinary course of business; (iiC) any contract agreement relating to the acquisition or agreement that constitutes a collective bargaining disposition of any business (whether by merger, sale of stock, sale of assets or other arrangement with any labor unionotherwise); (iiiD) any contract indenture, mortgage, promissory note, loan agreement, guarantee or other agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any commitment, outstanding as of the Company date hereof, for the borrowing of money by the Acquiror or one of its Subsidiaries is lessee of, or holds or operates, any the deferred purchase price of property owned by any other Person with annual rent payments in excess of $500,000100,000 (in either case, whether incurred, assumed, guaranteed or secured by any asset); (vE) any lease agreement in force as of the date hereof that creates future payment obligations in excess of $100,000 in the aggregate and which by its terms does not terminate or is not terminable without penalty upon notice of 90 days or less; (F) any license, franchise or similar agreement under which material to the Company Acquiror or any of its Subsidiaries or any agreement relating to any trade name or intellectual property right that is material to the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company Acquiror or any of the Company its Subsidiaries; (viG) any contract exclusive dealing agreement or any agreement limiting, in any material respect, that limits the ability freedom of the Company Acquiror or any of the Company its Subsidiaries to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, with any person or in any other material respect, with any Personarea or that would so limit their freedom after the Effective Date; (viiH) any settlementcompensation, conciliation employment, severance, supplemental retirement or other similar agreementagreement or arrangement with any employee or former employee of, or independent contractor with respect to, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company Acquiror or any Company Subsidiary; (xi) of its Subsidiaries, or any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or other agreement with respect to the employment or service of any current or former directors, officers, employees or consultants Affiliate of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessAcquiror; and (xvI) any other Contract that is a "material contract contract" as defined in Item 601(b)(10) of SEC Regulation S-K and that has not been filed prior to the date hereof as an exhibit to the Acquiror's SEC Documents. (2) Each Contract that has been, or agreement that would require any consent or approval of is required to be, Previously Disclosed pursuant to this Section is a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on agreement of the Company Acquiror or one or more of its Subsidiaries, as the case may be, and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceableeffect, and the Acquiror or its Subsidiaries parties thereto are not in full force and effect default or breach in all any material respects following respect under the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting terms of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material such Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 1 contract

Sources: Merger Agreement (Kinnard Investments Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Except as attached as an exhibit to the Investor Company SEC Documents or its representatives true, correct and complete copies of each disclosed in Section 3.08(a) of the following to which Company Disclosure Letter, the Company or any Company Subsidiary is not a party (each, a “Material Contract”):to: (i) any contract Contract that is executory in whole or agreement relating to indebtedness for borrowed money, letters in part and involves performance of credit, capital lease obligations, obligations secured services or delivery of goods or materials by a Lien the Company or interest rate any other Acquired Corporation of an amount or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) value in excess of $500,000, except for those issued in the ordinary course of business100,000; (ii) any contract Contract that is executory in whole or agreement in part and was not entered into in the ordinary course of business and that constitutes a collective bargaining involves expenditures or receipts of the Company or any other arrangement with any labor unionAcquired Corporation in excess of $100,000; (iii) any contract lease (other than a Residential Lease), rental or agreement that is occupancy agreement, license agreement, installment and conditional sale agreement, and any other Contract affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in, any real or personal property of any Acquired Corporation (except personal property leases and installment sales agreements entered into in the ordinary course of business and other agreements having a “material contract” within the meaning value per item or annual payments of Item 601(b)(10) of Regulation S-Kless than $100,000); (iv) any material licensing agreement or any other material Contract with respect to patents, trademarks, copyrights or other Intellectual Property, except as contained in or ancillary to any lease or agreement under which the Company loan agreements disclosed or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000not required to be disclosed herein; (v) any lease collective bargaining agreement and any other Contract to or agreement under which the Company with any labor union or other employee representative of a group of employees of any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company SubsidiariesAcquired Corporation; (vi) any contract joint venture, partnership and any other Contract (however named) involving a sharing of profits, losses, costs or agreement limiting, liabilities by an Acquired Corporation with any other Person; (vii) any Contract containing covenants that in any material respect, way purport to materially restrict the ability business activity of an Acquired Corporation or limit the Company or any freedom of the Company Subsidiaries an Acquired Corporation to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; (vii) , except as contained in or ancillary to any settlement, conciliation lease or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000loan agreement disclosed or not required to be disclosed herein; (viii) any contract power of attorney that is currently effective and outstanding granted by and relating to an Acquired Corporation, except as contained in or ancillary to any lease or loan agreement that relates disclosed or not required to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)be disclosed herein; (ix) each Contract that is executory in whole or in part and involves capital expenditures by an Acquired Corporation in excess of $100,000, except as contained in or ancillary to any contract lease or loan agreement that concerns the sale disclosed or acquisition of any material portion of the Company’s businessnot required to be disclosed herein; (x) any allianceeach written warranty, cooperation, joint venture, shareholders, partnership or guaranty and/or other similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement undertaking with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries contractual performance extended by an Acquired Corporation other than, with respect to non-executive employees and consultants, than in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xvxi) any material contract Contract with any executive officer or agreement that would require any consent or approval director of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. an Acquired Corporation. (b) Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms terms, except as such enforceability may be limited by applicable bankruptcy, moratorium, insolvency, reorganization, fraudulent conveyance and other Laws affecting the enforcement of creditors' rights generally or by general principles of equity. (Cc) will continue to be legal, valid, binding, enforceable, and Except as disclosed in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any Section 3.08 of the Company SubsidiariesDisclosure Letter, nor each Acquired Corporation has fulfilled all obligations required pursuant to each Material Contract to have been performed by it, except where the Knowledge failure to perform such obligations, either individually or in the aggregate, has not and could not reasonably be expected to have a Material Adverse Effect. (d) Except as disclosed in Section 3.08 of the CompanyCompany Disclosure Letter, no Acquired Corporation has received any other party thereto is in material violation or written notice of default under any Material Contract. No benefits , no default (beyond any applicable grace or cure period) has occurred under any Material Contract will be increasedon the part of an Acquired Corporation or, and no vesting to the Company's knowledge, on the part of any benefits other party thereto, nor has any event occurred which with the giving of notice or the lapse of time, or both, would constitute any default on the part of an Acquired Corporation under any Material Contract will be acceleratednor, by to the occurrence Company's knowledge, has any event occurred which with the giving of notice or lapse of time, or both, would constitute any default on the part of any other party to any Material Contract. (e) Except as disclosed in Section 3.07(b) to the Company Disclosure Letter, no Consent or approval of or notice to any party to any of the Material Contracts is required for the execution, delivery or performance of this Merger Agreement or the consummation of the Merger or the other transactions contemplated by hereby to which the Transaction DocumentsCompany is a party, nor will except where the value of any of failure to obtain such Consent or approval or to deliver such notice would not, individually or in the benefits under any aggregate, have a Material Contract be calculated Adverse Effect on the basis of any of Company. (f) To the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge knowledge of the Company, no event has occurred officer, director, agent or employee of the Company is bound by any Contract that with notice purports to limit the ability of such officer, director, agent or lapse employee to (i) engage in or continue any conduct, activity or practice relating to the business of time would constitute a material breach or default or permit termination, modificationan Acquired Corporation, or acceleration(ii) assign to the Company or any other Acquired Corporation or to any other Person any rights to any invention, under the Material Contractsimprovement or discovery, except as contained in or ancillary to any lease or loan agreement disclosed or not required to be disclosed herein.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Balanced Care Corp)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each Except as set forth on Schedule 2.12 of the following to which Disclosure Schedule, ------------- neither the Company or nor any Company Subsidiary is a party (each, a “Material Contract”):to or bound by: (i) any contract note, bond, debenture or agreement relating to other evidence of indebtedness, or any contract, agreement, instrument, judgement, order, writ, decree, commitment or understanding under which it has borrowed any money or issued any note, bond, debenture or other evidence of indebtedness, or any mortgage, pledge, security agreement, deed of trust, financing statement or other document granting any lien, encumbrance or security interest (including liens, encumbrances or security interests upon properties acquired under conditional sales, capital leases and other title retention or security devices), or any guaranty or endorsement (other than endorsements for collection in the ordinary course of business) of, or other contingent obligations in respect of, indebtedness for borrowed moneymoney or other liabilities or obligations of others; (ii) any contract, letters agreement, instrument, judgement, order, writ, decree, commitment, arrangement or understanding relating to any joint venture, partnership or sharing of creditprofits or losses with any person or permitting any person to utilize any technology, capital lease obligationsknow-how or proprietary information of the Company or any Subsidiary; (iii) any contract, obligations secured agreement, instrument, judgement, order, writ, decree, or commitment for the future purchase by a Lien or interest rate or currency hedging agreements (including guarantees in respect the Company of any materials, equipment, services, or supplies, which (w) involves the payment of more than $50,000 (other than contracts with customers of the foregoingCompany in which case such contract need not be listed on Schedule 2.12 unless such contract is between the ------------- Company and one of the top ten customers of the Company (measured in terms of total revenue during fiscal 1998), but in (x) continues for a period of more than six months, (y) by its terms requires the Company to purchase the entire output of a supplier or (z) provides that any event excluding trade payablessupplier will be the exclusive supplier of the Company or any Subsidiary; (iv) any contract, securities transactions and brokerage agreements arising agreement, instrument, proposed transaction, judgement, order, writ, decree, commitment, arrangement or understanding for the sale or other disposition by the Company or any Subsidiary of its assets or properties other than in the ordinary course of business, intercompany indebtedness and immaterial leases or for telephones, copy machines, facsimile machines and other office equipment) in excess the merger or consolidation of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by Subsidiary with any other Person person or entity other than the merger of any wholly-owned Subsidiary with annual rent payments in excess of $500,000and into the Company; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor ofcontract, agreement, instrument, judgement, order, writ, decree, or permits any Person commitment, containing covenants purporting to hold or operate, any property owned or controlled by limit the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability freedom of the Company or any of the Company Subsidiaries Subsidiary to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person;geographic area; or (viivi) any settlementcontract, conciliation or similar agreement, instrument, judgement, order, writ, decree, commitment, not elsewhere specifically disclosed pursuant to this Agreement involving the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to receipt by the Company or any Subsidiary of more than $50,000 per year or $150,000 over the term thereof (other than contracts with customers of the Company Subsidiary;in which case such contract need not be listed on Schedule 2.12 unless such contract is between the Company and one of ------------- the top ten customers of the Company (measured in terms of total revenue during fiscal 1998). (xib) any contract Copies of all contracts, agreements or agreement involving annual payments instruments identified in excess Schedule 2.12 of $500,000 that cannot be cancelled by the Disclosure Schedule have been made available to counsel for ------------- the Investor. Each of such contracts, agreements and instruments (herein collectively called "Contracts") constitutes a valid and binding obligation of --------- the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, is in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of full force and effect and the consummation of the transactions contemplated by this Agreement. Each Material Contract Agreement will not (Ai) is legalresult in any breach, valid and binding on default, impairment or forfeiture of any rights thereunder or (ii) require the Company and approval, consent, or act of, or the Company Subsidiaries which are a party to such contractmaking of any declaration, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Companyfiling or registration with, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by governmental authority (except for the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documentsfiling pursuant to Section 25102(f) described above). The Company and/or its Subsidiary has fulfilled and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material its obligations under each of the Contracts required to be performed by them under each Material Contractprior to the date hereof, and neither the Company nor any Subsidiary is in or, to the Knowledge knowledge of the Company, alleged to be in, breach or default under, nor is there, to the knowledge of the Company, alleged to be any basis for termination of, any of the Contracts and, to the knowledge of the Company, no other party to any of the Contracts has materially breached or defaulted thereunder, and, to the knowledge of the Company, no event has occurred that and no condition or state of facts exists which, with the passage of time or the giving of notice or lapse of time both, would constitute such a material breach or default or permit terminationbreach by the Company or any Subsidiary or by any such other party. Except as set forth in Schedule 2.12 ------------- of the Disclosure Schedule, modificationneither the Company nor any Subsidiary is currently renegotiating any of the Contracts or paying liquidated damages in lieu of performance thereunder. (c) The conduct of the business of the Company and its Subsidiaries as now conducted or as proposed to be conducted does not violate or breach and will not violate or breach any provision of any contract, agreement or instrument to which it or they are bound, or accelerationany provision of its charter documents, under which violation or breach would have a Material Adverse Effect. (d) Neither the Material ContractsCompany nor any Subsidiary has engaged in the past six (6) months in any discussion (i) with any representative of any corporation or corporations regarding the consolidation or merger of the Company or any Subsidiary with or into any such corporation or corporations, (ii) with any corporation, partnership, association or other business entity or any individual regarding the sale, conveyance or disposition of all or substantially all of the assets of the Company or any Subsidiary or a transaction or series of related transactions in which more than fifty percent (50%) of the voting power of the Company or any Subsidiary is disposed of, or (iii) regarding any other form of acquisition, liquidation, dissolution or winding up of the Company or any Subsidiary. (e) For the purposes of subsections (a)(iii) and (a)(vi) of this Section ------- 2.12, all indebtedness, liabilities, agreements, instruments, and contracts ---- involving the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of meeting the individual dollar amounts of such subsections.

Appears in 1 contract

Sources: Series a Convertible Redeemable Preferred Stock Purchase Agreement (Intellisys Group Inc)

Contracts. The Company has Previously Disclosed or provided Except for Contracts listed on SCHEDULE 1.1(a)(vii) and the Licenses listed on SCHEDULE 1.1(a)(xiv) (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct true and complete copies of each which Contracts and Licenses have been delivered to Buyer) or as otherwise set forth on SCHEDULE 2.12, Seller is not a party to or subject to any of the following with respect to which the Company Subject Assets or the Business: (a) any plan or contract providing for bonuses, pensions, options, stock purchases, deferred compensation, retirement payments, profit sharing, collective bargaining or the like, or any Company Subsidiary is a party (each, a “Material Contract”):agreement with any labor union; (ib) any employment contract, contract for services, loan or advance, severance arrangement, golden parachute or the like; (c) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the purchase of any of the foregoingcommodity, but in any event excluding trade payables, securities transactions and brokerage agreements arising material or equipment except purchase orders in the ordinary course of businessless than One Thousand Dollars ($1,000) each, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipmentsuch orders not exceeding Fifteen Thousand Dollars ($15,000) in excess the aggregate; (d) any other material contracts or agreements creating any material obligations of $500,000Seller not specifically disclosed elsewhere under this Agreement or which will impose any liability or obligation on Buyer; (e) any contract or agreement providing for the purchase of all or substantially all of its requirements of a particular product from a supplier; (f) any contract or agreement which by its terms does not terminate or is not terminable without penalty by Seller or any successor or assign within one year after the date hereof; (g) any contract or agreement for the manufacture, except for those issued sale or lease of its products not made in the ordinary course of business; (iih) any contract which, as a result of the execution, delivery and performance of this Agreement and each agreement, document and instrument executed and delivered by Seller pursuant to this Agreement, will give rise to or permit any third party to exercise additional rights under any contract or agreement that constitutes to which Seller is a collective bargaining party and which is included in or related to the Subject Assets or the Assumed Liabilities, including, without limitation, any contract which provides for the transfer of any intellectual property, such as source code or other arrangement with any labor unioninformation, upon a change in control of Seller; (iiii) any contract with any sales agent or agreement that is a “material contract” within the meaning distributor of Item 601(b)(10) products or services of Regulation S-KSeller; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vij) any contract containing covenants limiting the freedom of Seller or agreement limiting, in any material respect, the ability of the Company its assignees or any of the Company Subsidiaries successors to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personperson or entity; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viiik) any contract or agreement that relates to Intellectual Property Rights for the purchase of any fixed asset; (other than a l) any license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000agreement (as licensor or licensee); (ixm) any contract indenture, mortgage, promissory note, loan agreement, guaranty or other agreement that concerns or commitment for the sale or acquisition borrowing of any material portion of the Company’s business;money; or (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiiin) any contract or agreement with respect to the employment any officer, employee, director or service stockholder of Seller or with any current persons or former directors, officers, employees organizations controlled by or consultants of the Company or any of the Company Subsidiaries other than, affiliated with respect to non-executive employees and consultants, it. Seller is not in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increasedsuch contracts, commitments, plans, agreements or licenses described in said Schedule and has no vesting knowledge of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that conditions or facts which with notice or lapse passage of time time, or both, would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsdefault.

Appears in 1 contract

Sources: Asset Purchase Agreement (Photomatrix Inc/ Ca)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Schedule 3.11(a) of the Investor or its representatives Due Diligence Memorandum sets forth a true, correct and complete copies of each list of the following Contracts to which the Company or any Company Subsidiary of its Subsidiaries or any of their respective assets is a party bound (eachcollectively, a the “Material ContractContracts”): (i) any contract bond, debenture, note, loan, Securitization, credit or loan agreement or loan commitment, mortgage, indenture, guarantee or other Contract relating to indebtedness the borrowing of money by the Company; (ii) any lease relating to the Leased Real Property or other lease or license involving any properties or assets (whether real, personal or mixed, tangible or intangible), including any purchase and sale or similar agreements, in which the Company is the lessee and in which the aggregate amount owed under the lease exceeds $150,000; (iii) any Contract which limits or restricts the Company or any of its Subsidiaries or any of their officers or key employees, from engaging in any business in any jurisdiction or competing with any Person; (iv) any material franchising and licensing agreements; (v) any material agreement related to any Securitization or Revolving Facility; (vi) any employment, consulting agreements or independent contractor agreements with annual compensation (including bonus payments) due to such employee, consultant or independent contractor in excess of $150,000; (vii) any Contract (other than Financing Contracts), obligation or commitment that involves a potential commitment, including, without limitation, all open purchase orders, in excess of $50,000; (viii) any material Contract to which the Insurance Subsidiary is a party; (ix) the Sub-Servicing Agreement and any Servicing Agreement; (x) any Contract that restricts the origination or servicing of leases by the Company or any of its Subsidiaries; (xi) any Contract with the Top Vendors or any other contract with the Company’s vendors or dealers that are material to the Company’s business; (xii) any Contract for borrowed moneyan individual capital expenditure or acquisition or construction of a fixed asset by the Company or any of its Subsidiaries in excess of $100,000; (xiii) any Contract that provides for an increased payment or benefit, letters or accelerated vesting or payment, upon the execution of credit, capital lease obligations, obligations secured by this Agreement or in connection with the transactions contemplated hereby; (xiv) any Contract granting any Person a Lien on all or interest rate or currency hedging agreements (including guarantees in respect any part of any of the foregoingassets of the Company or any of its Subsidiaries (other than pursuant to any Securitization or Revolving Facility); (xv) any Contract for the cleanup, but abatement or other actions in connection with any event excluding trade payablesHazardous Materials, securities transactions and brokerage agreements arising in the ordinary course remediation of businessany existing environmental condition or relating to the performance of any environmental audit or study; (xvi) any Contract granting to any Person an option or a first refusal, intercompany indebtedness and immaterial leases first-offer or similar preferential right to purchase or acquire any assets other than pursuant to a Financing Contract; (xvii) any material Contract related to the Company’s or any of its Subsidiaries’ information technology systems; (xviii) any material Contract for telephonesthe granting or receiving of a license or sublicense or under which any Person is obligated to pay or have the right to receive a royalty, copy machineslicense fee or similar payment; (xix) any material Contract (other than Financing Contracts) providing for the indemnification or holding harmless of any officer, facsimile machines and manager, employee or other office equipmentPerson; (xx) in excess any Contract that governs any joint venture, partnership or similar arrangement involving a sharing of $500,000profits or otherwise; (xxi) any Contract that includes a “most favored nations” or “exclusivity” provision; (xxii) any material warranty, except for those issued guaranty or similar undertaking with respect to contractual performance extended by the Company or any of its Subsidiaries, other than in the ordinary course of business; (iixxiii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning outstanding power of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits attorney empowering any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability act on behalf of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person;its Subsidiaries; or (viixxiv) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates commitment to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or do any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company foregoing or any Company Subsidiary to solicit customers material amendment, modification or the manner supplement in which, or the localities in which, all or any portion respect of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to ownforegoing. True, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result correct and complete copies of the consummation Contracts required to be set forth on Schedule 3.11(a) of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on Due Diligence Memorandum have been furnished to the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction DocumentsPurchasers. Neither the Company nor any of its Subsidiaries is party to or bound by any Contract that is material to its business, operations or assets other than those Contracts set forth on Schedule 3.11(a) of the Due Diligence Memorandum. (b) The Material Contracts (and the leases the Company or its Subsidiaries have entered into) are legal, valid, binding and enforceable in accordance with their respective terms with respect to the Company or its Subsidiaries, nor as applicable, and with respect to each other party to such Material Contracts, except as may be limited by any bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar Law affecting creditors’ rights and remedies generally. There are no existing material defaults or material breaches by the Company or any of its Subsidiaries, as applicable, under any Material Contract (or events or conditions which, with notice or lapse of time or both would constitute a default or breach) (and the leases the Company or its Subsidiaries have entered into) and, to the Knowledge of the Company, there are no such material defaults (or events or conditions which, with notice or lapse of time or both, would constitute a default or breach) with respect to any other third party thereto is in material violation or default under any Material Contract. No benefits under to any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by (nor the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and leases the Company or its Subsidiaries have entered into which would be material to the Company or its Subsidiaries, and to ). To the Knowledge of the Company, each there are no pending or threatened bankruptcy, insolvency or similar proceedings with respect to any party to such Material Contracts (nor the leases the Company or its Subsidiaries have entered into which would be material to the Company or its Subsidiaries). There are no discussions or negotiations regarding modification of or amendment to any Material Contract or entry into any new Material Contract applicable to the business. Schedule 3.11(b) of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under Due Diligence Memorandum identifies each Material Contract, and Contract set forth therein that requires the consent of or notice to the Knowledge of the Companyother party thereto to avoid any breach, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under violation of such Material Contract in connection with the Material Contractstransactions contemplated hereby.

Appears in 1 contract

Sources: Stock Purchase Agreement (Resource America, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of each of Schedule 3.16 lists the following contracts, agreements and commitments, whether written or binding oral, to which the Company or any Company Subsidiary Seller is a party or is otherwise bound or has rights or receives benefits under (eachincluding the title, a “Material Contract”):date and name of the parties to each such contract, agreement or commitment) and that relate to the Business, other than Employee Benefit Plans: (i) any contract agreement (or agreement relating group of related agreements) for the lease of equipment or other personal property to indebtedness or from any Person providing for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) payments in excess of $500,000, except for those issued in the ordinary course of business25,000.00 per annum; (ii) any contract agreement (or agreement that constitutes a collective bargaining group of related agreements) for the purchase or sale of raw materials, commodities, supplies, products, equipment or other arrangement with any labor unionpersonal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one year, result in a loss to Seller, provide for discounts or allowances, or involve consideration in excess of $100,000.00; (iii) any contract agreement concerning a partnership or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kjoint venture; (iv) any lease agreement (or agreement group of related agreements) under which the Company Seller has created, incurred, assumed, or guaranteed any indebtedness for borrowed money, or any of the Company Subsidiaries is lessee ofcapitalized lease obligation, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000100,000.00 or under which it has imposed a Lien on any of its assets, tangible or intangible; (v) any lease agreement (excluding Leases) that contains any covenant that purports to restrict the business activity of Seller or agreement under which limits the Company or any freedom of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries Seller to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; (vi) any agreement with any officer, director, shareholder or employee of Seller or any Affiliate of such Persons; (vii) any settlement, conciliation sales representative or similar agency agreement, brokers agreement or dealer agreement or other agreement relating to the performance sale or distribution of products or services of the Business to or by other Persons which will involve payment after the Closing Date of involves consideration in excess of $500,000100,000.00; (viii) any contract or agreement that relates provides any customer of Seller with pricing, discounts or benefits that change based on the pricing, discounts or benefits offered to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost customers of less than $500,000)Seller, including any agreement containing “most favored nation” provisions; (ix) any contract agreement under which Seller has advanced or agreement that concerns loaned any Person amounts in the sale or acquisition of any material portion of the Company’s business;aggregate exceeding $100,000.00; or (x) any allianceequity purchase agreement, cooperationasset purchase agreement, joint venture, shareholders, partnership merger agreement or similar other acquisition or divestiture agreement involving to which Seller is a sharing of profits party or losses relating to is otherwise bound and entered into by Seller during the Company or any Company Subsidiary;past five (5) years; and (xi) any contract other agreement (or agreement involving annual payments group of related agreements), excluding Leases, the performance of which involves consideration in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice;50,000.00. (xiib) any material hedge, collar, option, forward purchasing, swap, derivative or similar Seller has delivered to Buyer a true and complete copy of each written agreement (as amended to date) listed in Schedule 3.16 and a written summary setting forth the terms and conditions of each oral agreement referred to in Schedule 3.16. With respect to each such agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of extent such agreement is an Assumed Contract: (i) the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid valid, binding, enforceable, and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect subject to the effect of any applicable Laws relating to bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or preferential transfers, or similar Laws relating to or affecting creditors’ rights generally and enforceable subject, as to enforceability, to the effect of general principles of equity (regardless of whether such enforceability is considered in accordance with a proceeding at law or in equity); (ii) Seller has fulfilled when due, or taken all action necessary to enable it to fulfill when due, all of its terms and obligations under the agreement; (Ciii) the agreement will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects on identical terms following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto hereby; and (iv) Seller is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiariesnot, and to the Knowledge of the CompanySeller’s knowledge no Person is in breach or default, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contractor has alleged a breach or default, and to the Knowledge of the Company, Seller’s knowledge no event has occurred that which with notice or lapse of time would constitute a material breach or default default, or permit termination, modification, or acceleration, under the Material Contractsagreement.

Appears in 1 contract

Sources: Asset Purchase Agreement (Intevac Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwiseSchedule 3.8(a) to the Investor or its representatives true, correct sets forth a complete and complete copies accurate list of each of the following oral or written contracts in effect as of the date of this Agreement to which any member of the Company or any Company Subsidiary Group is a party or by which it is bound (each, a “Material Contract”): (i) any contract for the purchase of supplies, goods, products, equipment or agreement relating other property, or for the receipt of services, in each case, the performance of which has a term of more than one (1) year or which provides for (or would be reasonably expected to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured involve) annual payments by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any member of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) Company Group in excess of $500,000, except for those issued in the ordinary course of business75,000; (ii) any contract or agreement that constitutes a collective bargaining for the sale of goods, products, equipment or other arrangement with property, or for the furnishing of services, by any labor unionmember of the Company Group; (iii) any contract relating to the acquisition or agreement that is a “material contract” within disposition by any member of the meaning Company Group of Item 601(b)(10(A) any business (whether by merger, consolidation or other business combination, sale of Regulation S-Ksecurities, sale of assets or otherwise) or (B) any Purchased Asset or other Asset (other than in the ordinary course of business consistent with past practice); (iv) any lease contract concerning or agreement under which the Company consisting of a partnership, limited liability company, joint venture or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000similar agreement; (v) any lease or agreement contract (A) under which the Company or any member of the Company Subsidiaries is lessor ofGroup has created, incurred, assumed or permits guaranteed any Indebtedness or permitted any Asset to become subject to any Lien (other than Permitted Liens) or (B) under which any other Person to hold or operate, has guaranteed any property owned or controlled by the Company or Indebtedness of any member of the Company SubsidiariesGroup; (vi) any contract or agreement limiting, containing covenants that in any material respectway purports to (A) restrict any business activity (including the solicitation, hiring or engagement of any Person or the ability solicitation of any customer) of any member of the Company Group or any affiliate thereof; (B) limit the freedom of any member of the Company Subsidiaries Group or any affiliate thereof to engage in any line of business, conduct business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, geographic location or compete with any Person; or (C) grant a “right of first offer” or “right of first refusal” or other similar right on behalf of any other Person to acquire any equity, assets or business of any member of the Company Group; (vii) any settlementcontract under which any member of the Company Group is, conciliation or may become, obligated to incur any severance, change in control, transaction, retention or similar agreement, payments or benefits obligations that would become payable by reason of this Agreement or the performance of which will involve payment after other Transaction Documents or the Closing Date of consideration in excess of $500,000transactions contemplated hereby or thereby; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to under which any member of the Company for commercially available software licensed on standard terms Group is, or may, have any liability to any investment bank, broker, financial advisor, finder or other similar Person (including an obligation to pay any legal, accounting, brokerage, finder’s, or similar fees or expenses) in connection with a total replacement cost of less than $500,000)this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby; (ix) any contract providing for the employment or agreement that concerns the sale or acquisition engagement of any material portion Person on a full-time, part-time, independent contractor, temporary or other basis with required annual cash payments in excess of the Company’s business$75,000; (x) any allianceagency, cooperationdealer, joint venturedistributor, shareholderssales representative, partnership marketing or other similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiarycontract; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ noticewith any Government Authority; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingall “Business Associate Agreements” and “Subcontractor Business Associate Agreements” as such terms are defined under HIPAA; (xiii) any contract or agreement with respect relating to the employment lease or service license of any current Purchased Asset or former directorsother material Asset, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees including Technology and consultants, in the ordinary course of businessIntellectual Property Rights (and including all customer license and maintenance agreements); (xiv) any contract or agreement containing under which any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability member of the Company Group has advanced or any Company Subsidiary loaned an amount to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to ownits Affiliates or employees, operateofficers, sell, transfer, pledge directors or otherwise dispose of any material assets or business; andindependent contractors; (xv) any material collective bargaining agreement or other contract or agreement that would require with any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract Union; (Axvi) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any contract between any member of the Company SubsidiariesGroup, nor on the one hand, and Owner (or any Affiliate thereof), on the other hand; (xvii) any contract that contains continuing indemnification obligations (other than customary indemnification obligations provided in commercial contracts, employment contracts or agreements with independent contractors, in each case, entered into in the ordinary course of business); (xviii) any contract involving any resolution or settlement of any Action; and (xix) all Leases. Seller has delivered to the Knowledge Buyer accurate and complete copies of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any each written Material Contract will be increased, and no vesting a written summary setting forth the material terms and conditions of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each oral Material Contract, in each case, as amended, supplemented or otherwise modified and to the Knowledge in effect as of the Company, no event has occurred that with notice or lapse date of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsthis Agreement.

Appears in 1 contract

Sources: Asset Purchase Agreement (American Well Corp)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Section 3.6(a) of the Investor or its representatives true, correct Seller Disclosure Schedule sets forth an accurate and complete copies list of each all contracts used primarily in, or necessary for the utilization of the following Assets, to which any member of the Company Seller is a party, by which any member of the Seller or any Company Subsidiary of the Transferred Assets is bound or affected or pursuant to which any member of the Seller is an obligor or a party (eachbeneficiary, a “Material Contract”):which: (i) is a license or other Contract under which (A) the Seller has licensed, or otherwise granted rights in any contract Transferred Intellectual Property, to any Person or agreement relating (B) any Person has licensed or sublicensed to indebtedness for borrowed moneythe Seller, letters of creditor otherwise authorized the Seller to use, capital lease obligationsany Third Party Intellectual Property, obligations secured by a Lien or interest rate or currency hedging agreements in either case; (including guarantees in respect of ii) licenses any Person to reproduce any of the foregoingSeller’s products, but in services or technology or any event excluding trade payablesContract to sell or distribute any of the Seller’s products, securities transactions and brokerage agreements arising in services or technology; (iii) is for the ordinary course purchase or sale of businessmaterials, intercompany indebtedness and immaterial leases for telephonessupplies, copy machinesgoods, facsimile machines and services, equipment or other office equipment) assets, the performance of which extends over a period of more than one year or that otherwise involves an amount or value in excess of $500,00010,000; (iv) is a mortgage, except for those issued indenture, guarantee, loan or credit agreement, security agreement or other Contract relating to Indebtedness, other than accounts receivable and payables in the ordinary course of business; (iiv) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement other Contract involving any joint conduct or sharing of any business, venture or enterprise, or a sharing of profits or losses relating or pursuant to the Company which Seller has any ownership interest in any other Person or any Company Subsidiarybusiness enterprise; (xivi) contains any contract covenant limiting the right of the Seller to engage in the use of the Assets or agreement involving annual payments in excess to compete (geographically or otherwise) with any Person, granting any exclusive rights to make, sell or distribute products of $500,000 that cannot be cancelled by the Company Business, granting any “most favored nations” or a Company Subsidiary without penalty on not more than 90 days’ noticesimilar rights or otherwise prohibiting or limiting the right of the Seller to make, sell or distribute any products or services arising from the utilization of the Assets; (xiivii) any material hedgeis a written warranty, collar, option, forward purchasing, swap, derivative guaranty or other similar agreement, understanding or undertaking; (xiii) any contract or agreement undertaking with respect to contractual performance extended by the Seller with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries Assets other than, with respect to non-executive employees and consultants, than in the ordinary course of business; (xivviii) any contract was entered into with respect to the Assets other than in the ordinary course of business and that involves an amount or agreement containing any (x) non-competition value in excess of $10,000 or exclusive dealing obligations contains or other obligation which purports provides for an express undertaking by the Seller to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessresponsible for consequential damages; andor (xvix) any is otherwise material contract to the Transferred Assets or agreement that would require any consent or approval under which the consequences of a counterparty default or termination could subject the Buyer to liability or damages as a result of such default or termination. (b) Seller has delivered or made available to Buyer an accurate and complete copy (in the case of each written Contract) or an accurate and complete written summary (in the case of each oral Contract) of each Contract required to be listed in Section 3.8(a) of the Seller Disclosure Schedule. (c) Neither Seller nor any Affiliate thereof has or may acquire any rights under any Assigned Contract that would prevent the consummation of the transactions contemplated by under this Agreement. Each Material . (d) With respect to each such Contract required to be listed: (Ai) is legalTo Seller’s Knowledge, valid and binding on the Company and the Company Subsidiaries which are a party to each such contract, (B) Contract is in full force and effect and is valid and enforceable against the member of the Seller that is a party thereto in accordance with its terms subject to the effect of (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to rights of creditors generally, and (Cii) will continue rules of law and equity governing specific performance, injunctive relief and other equitable remedies; and no consent of any other party to be legal, valid, binding, enforceable, and such Contract is required in full force and effect in all material respects following the consummation of connection with the transactions contemplated by under this Agreement; (ii) the Transaction Documents. Neither the Company nor any member of the Company SubsidiariesSeller and, nor to the Knowledge of the CompanySeller’s Knowledge, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, to the Contract have performed in all material respects all of their respective material obligations required to be performed by them under each Material the Contract, and to the Knowledge of the Company. To Seller’s Knowledge, no event has occurred that (with or without notice or lapse of time would constitute time) may contravene, conflict with or result in a material breach of, or give the Seller or each other Person that has any obligation or Liability under any Assigned Contract the right to declare a default or permit termination, modificationexercise any remedy under, or accelerationto accelerate the maturity or performance of, or payment under, or to cancel, terminate or modify, any Assigned Contract. To the Seller’s Knowledge, no event has occurred or circumstance exists under or by virtue of any Contract that (with or without notice or lapse of time) would cause the Material Contractscreation of any Encumbrance affecting any of the Transferred Assets. There are no renegotiations of, attempts to renegotiate or outstanding rights to renegotiate any material amounts paid or payable to Seller under current or completed Assigned Contracts with any Person having the contractual or statutory right to demand or require such renegotiation and no such Person has made written demand for such renegotiation.

Appears in 1 contract

Sources: Asset Purchase Agreement (Sharps Technology Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following Company Disclosure Letter includes, as of the date hereof, a list of the Company's material contracts (the "Company Material Contracts") which includes (i) all loan agreements, indentures, mortgages, deeds of trust, pledges, conditional sale or title retention agreements, security agreements, guaranties, standby letters of credit, equipment leases or lease purchase agreements, each in an amount equal to or exceeding $150,000 to which the Company or any Company Subsidiary subsidiary is a party or by which any of them is bound; (eachii) all other contracts, agreements, commitments or other understandings or arrangements other than those addressed in Section 2.15 to which the Company or any of its subsidiaries is a “Material Contract”): (i) party or by which any contract of them or agreement relating to indebtedness for borrowed moneyany of their respective properties or assets are bound or affected, letters but excluding contracts, agreements, commitments or other understandings or arrangements entered into in the ordinary course of creditbusiness and involving, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the case of any such contract, agreement, commitment, or other understanding or arrangement, individual payments or receipts by the Company or any Company Subsidiary of less than $150,000 over the foregoingterm of such contract, but in any event excluding trade payablescommitment, securities transactions and brokerage agreements arising agreement, or other understanding or arrangement, except for purchases of inventory in the ordinary course of business, intercompany indebtedness ; and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) all Leases (as hereinafter defined). The Company is not a party to any contract agreements to acquire in the future the stock or agreement that is a “material contract” within substantially all the meaning assets of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any another person. Except as disclosed in Section 2.14 of the Company Subsidiaries is lessee of, Disclosure Letter or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted Securities Filings filed prior to the Company for commercially available software licensed on standard terms with a total replacement cost date of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in whichthis Agreement, all or any portion of the business of the such Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, Contracts are valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable against the Company or such Company Subsidiary in accordance with its terms their respective terms, subject to the Enforceability Exceptions, and neither the Company nor any Company Subsidiary is in violation or breach of or default under any such Company Material Contract (C) will continue nor, to the knowledge of the Company, has any event or condition occurred which, with the giving of notice or the passage of time or both, would reasonably be expected to constitute such a violation, breach or default), except where the failure to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material or where such violation or default under any breach would not reasonably be expected to have a Material ContractAdverse Effect. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by To the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge knowledge of the Company, no party (other than the Company or Company Subsidiaries) is in default, violation or breach of any Company Material Contract (nor, to the knowledge of the Company, has any event has or condition occurred that which, with the giving of notice or lapse the passage of time or both, would reasonably be likely to constitute such a material violation, breach or default default) where such violation or permit termination, modification, or acceleration, under the breach would reasonably be expected to have a Material ContractsAdverse Effect.

Appears in 1 contract

Sources: Merger Agreement (Monaco Coach Corp /De/)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to Section 4.11(a) of the Investor or its representatives true, correct Seller Disclosure Schedule sets forth a complete and complete copies accurate list as of each the date of this Agreement of the following Contracts to which the Company or any Subsidiary of the Company Subsidiary is a party and under which the Company or any Subsidiary of the Company has any remaining rights or obligations (eachcollectively, a the Company Material ContractContracts”): (i) any contract Contract (or agreement relating group of related Contracts) for the lease of personal property from or to indebtedness third parties providing for borrowed moneylease payments in excess of one hundred fifty thousand dollars ($150,000) per year; (ii) any Contract (or group of related Contracts) for the purchase or sale of raw materials, letters inventory, or finished goods or for the furnishing or receipt of creditservices under which the Company expects to receive or pay more than the sum of one hundred fifty thousand dollars ($150,000) during the 2010 calendar year; (iii) any Contract for capital expenditures or the acquisition or construction of fixed assets which requires aggregate future payments in excess of one hundred fifty thousand dollars ($150,000); (iv) any Contract concerning the establishment or operation of a partnership, capital joint venture, limited liability company or the sharing of revenues, profits or expenses; (v) any Contract containing (A) covenants of the Company or any of its Subsidiaries not to (or otherwise restricting or limiting the ability of the Company or any of its Subsidiaries to) compete in any line of business or geographic or marketed product area, including any covenant not to compete with respect to the manufacture, marketing, distribution or sale of any Product or product line or (B) any exclusivity, most-favored nation pricing, non-compete or other similar provisions that would bind the conduct of Buyer’s or its Affiliates’ businesses following the consummation of the Transactions; (vi) any Contract (or group of related agreements) under which the Company or any of its Subsidiaries has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) Indebtedness (including capitalized lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements ) involving more than one hundred fifty thousand dollars (including guarantees in respect $150,000); (vii) any Contract for the disposition of any portion of the foregoing, but assets or businesses of the Company or any of its Subsidiaries with value in any event excluding trade payables, securities transactions and brokerage agreements arising excess of one hundred fifty thousand dollars ($150,000) (other than sales of inventory in the ordinary course of business); (viii) any Contract for the acquisition of any business or any corporation, intercompany indebtedness and immaterial leases for telephonespartnership, copy machinesjoint venture, facsimile machines and limited liability company, association or other office equipment) in excess of $500,000business organization or division thereof, except for those issued purchases of inventory, supplies and raw materials in the ordinary course of business; (iiix) any contract employment, consulting or agreement that constitutes a collective bargaining similar Contract requiring payment by the Company or other arrangement with any labor unionof its Subsidiaries of base annual compensation in excess of one hundred fifty thousand dollars ($150,000); (iiix) any contract Contract providing for the purchase or agreement marketing by the Company or any of its Subsidiaries of Products that is a “material contract” within the meaning generate or are reasonably expected to generate one million dollars ($1,000,000) or more of Item 601(b)(10) of Regulation S-Kannualized revenues; (ivxi) any lease Contract between the Company, on the one hand, and any holder of Company Stock or agreement under any Affiliate of a holder of Company Stock, on the other hand (except for intra-company transactions among the Company and any of its wholly owned Subsidiaries or among any of the Company’s wholly owned Subsidiaries); (xii) any Contract in which the Company or any of the Company its Subsidiaries (A) is lessee ofgranted any right to use any material Intellectual Property (other than Contracts granting rights to use readily available, off-the-shelf shrink wrap or click wrap software having a replacement cost and annual license fee of less than one hundred fifty thousand dollars ($150,000)), (B) is restricted in its right to use or register any material Intellectual Property, or holds (C) permits or operates, any property owned by agrees to permit any other Person with annual rent payments in excess of $500,000; (v) any lease to use, enforce or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in register any material respectIntellectual Property, the ability of the Company or including any of the Company Subsidiaries license agreements, coexistence agreements, and covenants not to engage in ▇▇▇ but excluding any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, exclusive license agreements granted in the ordinary course of business; (xiii) any Contract providing for indemnification by the Company; (xiv) any contract Contract involving a confidentiality, standstill or agreement containing any (x) non-competition or exclusive dealing obligations or other similar obligation which purports to limit or restrict in any respect the ability of the Company to any third Person or a third Person to the Company; (xv) any Company Subsidiary to solicit customers Contract providing for any future payments in excess of one hundred fifty thousand dollars ($150,000) that are conditioned, in whole or the manner in whichpart, or the localities in which, all or any portion on a change of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability control of the Company or any of its Subsidiaries or similar event; (xvi) any Contract with any Governmental Entity; (xvii) any other Contract (or group of related agreements) involving the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose payment of more than one hundred fifty thousand dollars ($150,000) in any material assets or annual period and not entered into in the ordinary course of business; and (xvxviii) any material contract or commitment to enter into any agreement that would require any consent or approval of a counterparty as a result of the consummation type described in this Section 4.11(a). (b) The Company has made available to Buyer a complete and accurate copy of the transactions contemplated by this Agreementeach Company Material Contract. Each Company Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect with respect to the Company and enforceable its Subsidiaries and, to the Company’s Knowledge, with respect to each other party thereto, except to the extent it has previously expired in accordance with its terms and (C) will continue to or its enforcement would be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation limited by equitable principles of the transactions contemplated by the Transaction DocumentsLaw. Neither the Company nor any of the Company Subsidiariesnor, nor to the Knowledge of the Company’s Knowledge, any other party thereto to any Company Material Contract, is in material violation of or in material default under nor does there exist any condition which, upon the passage of time or the giving of notice or both, would reasonably be expected to cause such a material violation of or material default under (or would permit the termination, modification, cancellation or acceleration of the obligations of the Company or any other party thereto) any Company Material Contract and the Company and its Subsidiaries are entitled to all material benefits under any Company Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company or one or more of its Subsidiaries, and to the Knowledge of the Companyas applicable, each of the other parties thereto, have has performed in all material respects all material of the obligations required to be performed by them under each Company Material Contract. Neither the Company nor any of its Subsidiaries has received any written, and or, to the Knowledge Company’s Knowledge, oral, notice of cancellation or termination of any of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Company Material Contracts. With respect to any Company Material Contract which by its terms will terminate as of a certain date unless renewed or unless an option to extend such Company Material Contract is exercised, neither the Company nor its Subsidiaries have received any written or oral notice that any such Company Material Contract will not be so renewed or that any such extension option will not be exercised.

Appears in 1 contract

Sources: Stock Purchase Agreement (Endo Pharmaceuticals Holdings Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to Section 2.13 of the Investor or its representatives true, correct Disclosure Schedule sets forth a true and complete copies list of each of the following Contracts to which the Company or any Company Subsidiary of its Subsidiaries is a party or by which its assets are bound (each, a such Contracts that are required to be listed in Section 2.13 of the Disclosure Schedule are herein referred to as the “Material ContractContracts”): (ia) any contract Contract (or agreement relating to indebtedness group of related Contracts) (other than purchase and sale orders entered into in the Ordinary Course) for borrowed money, letters the distribution or sale of credit, capital lease obligations, obligations secured by a Lien the Company’s or interest rate or currency hedging agreements (including guarantees in respect of any of its Subsidiaries’ products or services or for the foregoingperformance of services by the Company or any of its Subsidiaries to any Person whose purchases constitute five percent (5%) or more of the Company’s and its Subsidiaries’ sales for the twelve month period ending March 31, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business2018; (iib) any contract Contract (or agreement that constitutes group of related Contracts) establishing or governing a collective bargaining partnership or other arrangement with joint venture or relating to the Company’s or any labor unionof its Subsidiaries’ investment in any distributorship or franchise; (iiic) any contract Contract (or agreement that is a “material contract” within the meaning group of Item 601(b)(10related Contracts) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company its Subsidiaries is lessee ofhas created, incurred, assumed, or holds guaranteed any Indebtedness for borrowed money (excluding advances, deposits, trade payables in the Ordinary Course) or operatesany capitalized lease obligation, or under which there is imposed an Encumbrance on any property owned by of the Company’s or any other Person with annual rent payments in excess of $500,000its Subsidiaries’ assets, tangible or intangible; (vd) any lease Contract (or agreement under which group of related Contracts) imposing any restriction on the Company right or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company its Subsidiaries to engage in any line of business business, manufacture or to competedistribute any services, whether by restricting territoriesproducts or other materials, customers or otherwise, or in compete with any other material respectPerson or solicit any customer, with any Personemployee or other service provider; (viie) any settlement, conciliation Contract (or similar agreement, the performance group of which will involve payment after the Closing Date of consideration in excess of $500,000; (viiirelated Contracts) with any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s businessor any of its Subsidiaries’ Affiliates, officer or director or any family member of an Affiliate, officer or director; (xf) any allianceContract (or group of related Contracts) relating to the disposition or acquisition of the assets of, cooperationor any equity interest in, joint venture, shareholders, partnership any business enterprise or similar agreement involving a sharing of profits or losses relating property which relates to the Company or any Company Subsidiary; (xi) of its Subsidiaries, or any contract merger or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement business combination with respect to the employment Company or service any of any current its Subsidiaries, entered into since March 31, 2015, other than the purchase and sale of inventory in the Ordinary Course or former directors, officers, employees where there is no continuing material Liability or consultants obligation of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of businessits Subsidiaries; (xivg) any contract Contract (or agreement containing group of related Contracts) for the employment of any (x) non-competition or exclusive dealing obligations officer, individual employee or other obligation which purports to limit Person on a full-time, part-time, consulting or restrict other basis that provides for annual compensation in excess of $150,000 or providing any respect the ability termination benefits or payments in excess of the Company $50,000; (h) any Contract (or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion group of the business of the Company or the Company Subsidiaries is or can be conducted, or (yrelated Contracts) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability governing Indebtedness of the Company or any of its Subsidiaries or the grant of any Encumbrance on any material property or material asset of the Company or any Subsidiary; (i) any Contract (or group of related Contracts) restricting the transfer of Capital Stock of the Company or any of its Subsidiaries, obligating the Company or any of its Subsidiaries to ownrepurchase shares of its Capital Stock, operate, sell, transfer, pledge or otherwise dispose relating to the voting of Capital Stock or the election of directors of any material assets of the Company or businessany of its Subsidiaries; (j) any Intellectual Property License; (k) any CBA; (l) any Contract (or group of related Contracts) with a Governmental Authority; (m) any Contract (or group of related Contracts) for the purchase of supplies or other personal property by the Company or any of its Subsidiaries or for the payment of services provided by vendors or suppliers to the Company or any of its Subsidiaries that has involved or is reasonably expected to involve payment in excess of $250,000 (other than purchase and sale orders entered into in the Ordinary Course); (n) any Contract (or group of related Contracts) for the settlement of any litigation; (o) any Contract (or group of related Contracts) relating to the marketing, sale, advertising or promotion of the Company’s services which have involved or are reasonably expected to involve consideration in excess of $250,000; (p) any powers of attorney granted by the Company or any of its Subsidiaries that are currently effective and outstanding; (q) any Contract (or group of related Contracts) that requires the Company or any of its Subsidiaries to use any supplier or third party for all or substantially all of its requirements or needs or requires such entity to provide a third party “most favored nation” or similar protective pricing terms; and (xvr) any material contract or agreement that would require commitment to do any consent or approval of a counterparty as a result of the consummation foregoing described in clauses (a) through (p). The Company has Made Available to the Parent a correct and complete copy of each written Material Contract, including any and all amendments thereto, and a written summary setting forth the transactions contemplated by this Agreementmaterial terms of each oral Material Contract. Each All Material Contract (A) is legalContracts are valid, valid and binding on binding, enforceable against the Company or any of its Subsidiaries, as applicable, and, to the Company’s Knowledge, each other party thereto, and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable effect, in accordance with its terms and (C) will continue to each case except as such enforceability may be legallimited by applicable insolvency, validbankruptcy, bindingreorganization, enforceablemoratorium or other similar Laws affecting creditors’ rights generally, and applicable equitable principles (whether considered in full force and effect a proceeding at law or in all material respects following the consummation equity). Each of the transactions contemplated by Company and each of its Subsidiaries is not, and to the Transaction DocumentsCompany’s Knowledge no other party to a Material Contract is, in breach of or in default under the terms of any Material Contract, and there has not occurred any event that, with the passage of time or the giving of notice or both, would constitute a breach or default in any material respect thereunder attributable to the Company or any of its Subsidiaries or, to the Company’s Knowledge, any other party thereto, the effect of which, individually or in the aggregate, would reasonably be expected to result in material Liability to the Company. Neither the Company nor any of the Company Subsidiaries, nor its Subsidiaries has received written notice that any party to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and intends to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each cancel or terminate such Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 1 contract

Sources: Agreement and Plan of Merger (Forrester Research, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copya) Except as set forth on Schedule 5.15, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which neither the Company nor any of its Subsidiaries is party or any Company Subsidiary is a party (eachsubject to, a “Material Contract”):or bound by: (i) any contract agreements, contracts or agreement relating commitments that call for prospective fixed and/or contingent payments or expenditures by or to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien the Company or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingits Subsidiaries of more than US$100,000, but in any event excluding trade payables, securities transactions or which is otherwise material and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued not entered into in the ordinary course of business; (ii) any contract contract, lease or agreement that constitutes a collective bargaining involving payments in excess of US$100,000, which is not cancelable by the Company or other arrangement with any labor unionof its Subsidiaries, as applicable, without penalty on not less than sixty (60) days notice; (iii) any contract contract, including any distribution agreements, containing covenants directly or agreement that is a “material contract” within explicitly limiting the meaning freedom of Item 601(b)(10) the Company or any of Regulation S-Kits Subsidiaries to compete in any line of business or with any Person or to offer any of its products or services; (iv) any lease indenture, mortgage, promissory note, loan agreement, guaranty or other agreement or commitment for the borrowing of money or pledging or granting a security interest in any assets; (v) any employment contracts, non-competition agreements, invention assignments, severance or other agreements with officers, directors, employees, stockholders or consultants of the Company or any of its Subsidiaries or Persons related to or affiliated with such Persons; (vi) any stock redemption or purchase agreements or other agreements affecting or relating to the capital stock of the Company or any of its Subsidiaries, including, without limitation, any agreement with any stockholder of the Company or any of its Subsidiaries which includes, without limitation, antidilution rights, voting arrangements or operating covenants; (vii) any pension, profit sharing, retirement, stock option or stock ownership plans; (viii) any royalty, dividend or similar arrangement based on the revenues or profits of the Company or any of its Subsidiaries or based on the revenues or profits derived from any Material Contract; (ix) any acquisition, merger, asset purchase or other similar agreement; (x) any sales agreement which entitles any customer to a right of set-off, or right to a refund after acceptance thereof; (xi) any agreement with any supplier or licensor containing any provision permitting such supplier or licensor to change the price or other terms upon a breach or failure by the Company or any of its Subsidiaries, as applicable, to meet its obligations under such agreement; (xii) any agreement under which the Company or any of the Company its Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits has granted any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company registration rights for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingsecurities; (xiii) any contract contract, obligation or agreement with respect to the employment arrangement which is of an unusual or service of any current abnormal nature, or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in outside the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries its Subsidiaries; (xiv) any contract, obligation or arrangement which is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; andnot on arm’s length commercial terms; (xv) any material contract contract, obligation or agreement that would require arrangement which gives any consent party an option to acquire or approval dispose of any asset or requires another person to do so; or (xvi) any contract, obligation or arrangement which is likely to result in a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on loss to the Company on completion or performance. (b) Schedule 5.15(b) to the Disclosure Schedules contains an accurate and complete listing or description of all agreements, contracts or instruments, including all amendments thereto, to which the Company or its Subsidiaries are bound which are a party to meet the criteria set forth in Section 5.15(a) (such contractagreements, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legalcontracts or instruments, validcollectively, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents“Material Contracts”). Neither the Company nor any of the Company Subsidiariesits Subsidiaries has entered into any oral contracts which, nor to the Knowledge of the Companyif written, any other party thereto is in material violation or default under any would qualify as a Material Contract. No benefits under any Each of the Material Contract will be increasedContracts is valid and in full force and effect, is enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or similar laws affecting creditors’ rights generally and general principles of equity, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required continue to be performed by them under each Material Contract, and to so immediately following the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsClosing Date.

Appears in 1 contract

Sources: Securities Purchase Agreement (You on Demand Holdings, Inc.)

Contracts. The (a) Schedule 2.16(a) of the Company has Previously Disclosed or provided Disclosure Schedule (by hard copy, electronic data room or otherwisewith paragraph references corresponding to those set forth below) to the Investor or its representatives true, correct contains a true and complete copies list of each of the following Contracts or other arrangements (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Purchaser prior to the execution of this Agreement) which is currently in existence and to which the Company or any Company Subsidiary LLLP is a party (each, a “Material Contract”):or by which any of the Assets are bound: (i) any contract all Contracts (excluding Benefit Plans) providing for a commitment of employment or agreement consultation services for a specified term and payments or unspecified term to, or otherwise relating to indebtedness for borrowed moneyemployment or the termination of employment of, letters any Employee, the name, position and rate of creditcompensation of each Employee party to such a Contract and the expiration date of each such Contract; and (B) any written or unwritten representations, capital lease obligationscommitments, obligations secured by a Lien promises, communications or interest rate or currency hedging agreements courses of conduct (including guarantees excluding Benefit Plans and any such Contracts referred to in respect clause (A)) involving an obligation of any of the foregoing, but company to make payments in any event excluding trade payablesyear, securities transactions and brokerage agreements arising other than with respect to salary or incentive compensation payments in the ordinary course Ordinary Course of businessBusiness, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipmentto any Employee exceeding Twenty Five Thousand Dollars ($25,000) or any group of Employees exceeding One Hundred Thousand Dollars ($100,000) in excess of $500,000, except for those issued in the ordinary course of businessaggregate; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement all Contracts with any labor unionPerson containing any provision or covenant prohibiting or materially limiting the ability of Company or LLLP to engage in any business activity or compete with any Person or prohibiting or limiting the ability of any Person to compete with Company or LLLP; (iii) any contract all partnership, joint venture, shareholders’ or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, similar Contracts with any Person; (iv) all Contracts with distributors, dealers, manufacturer’s representatives, sales agencies or franchises with whom Company deals; (v) all Contracts relating to Indebtedness of Company; (vi) all Contracts (other than this Agreement) providing for (A) the future disposition or acquisition of any assets or properties, including the Assets, other than dispositions or acquisitions of inventory in the Ordinary Course of Business, and (B) any merger or other business combination; (vii) all Contracts between Company, on the one hand, and any settlementAffiliate of Company, conciliation or similar agreement, on the performance of which will involve payment after the Closing Date of consideration in excess of $500,000other hand; (viii) any contract or agreement that relates to Intellectual Property Rights all Contracts (other than a license granted this Agreement) that limit or contain restrictions on the ability of Company to incur Indebtedness or incur or suffer to exist any Lien, or to purchase or sell any Assets or to change the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000)Business; (ix) any contract all collective bargaining or agreement that concerns similar union contracts covering an Employee or the sale or acquisition of any material portion of the Company’s business;Dania ▇▇▇ ▇▇▇▇ players; and (x) any allianceall other Contracts that (A) involve the future payment or potential future payment, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating pursuant to the terms of any such Contract, by or to Company or any Company Subsidiary; of more than One Hundred Thousand Dollars (xi$100,000) any contract or agreement involving annual payments in excess of $500,000 that annually and (B) cannot be cancelled by the Company terminated within thirty (30) days after giving notice of termination without resulting in any material cost or a Company Subsidiary without penalty on not more than 90 days’ notice;to Company. (xiib) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiiiEach Contract required to be disclosed in Schedule 2.16(a) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms and (C) will continue to be legalterms, valid, binding, enforceableof each party thereto, and neither Company or LLLP nor, to the Knowledge of the Seller Parties, any other party to such Contract is, or has received notice that it is, in full force violation or breach of or default under any such Contract (or with notice or lapse of time or both, would be in violation or breach of or default under any such Contract) in any material respect. (c) Except as set forth on Schedule 2.16(c) of the Company Disclosure Schedule, the execution, delivery and effect in all material respects following performance by Company or LLLP of the Option Agreement, this Agreement and the Ancillary Agreements, and the consummation of the transactions contemplated by hereby and thereby, will not (A) result in or give to any Person any right of termination, cancellation, acceleration or modification in or with respect to, (B) result in or give to any Person any additional rights or entitlement to increased, additional, accelerated or guaranteed payments under, or (C) result in the Transaction Documents. Neither the creation or imposition of any Lien upon either Company nor or LLLP or any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default its assets and properties under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 1 contract

Sources: Purchase Agreement (Boyd Gaming Corp)

Contracts. The (a) Section 4.10(a) of the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies Disclosure Schedule sets forth a list of each contract in effect as of the following date hereof to which the Company or any Company Subsidiary of its Subsidiaries is a party that constitutes (x) a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) or (y) any contract or agreement of the type described below (each, a “Material Contract”): (i) any contract Any employment or consulting agreement relating to indebtedness that provides for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) annual compensation in excess of $500,00050,000 and which cannot be terminated by the Company or its Subsidiaries without penalty on notice of thirty (30) days or less, except for those issued any other agreement containing severance obligations of the Company or its Subsidiaries upon an employee’s termination of employment and any of the foregoing agreements currently in the ordinary course of businessnegotiation or proposed; (ii) Any “bonus buy-in agreement” or similar bonus agreement (together with any contract associated employment agreement and promissory notes); (iii) Any severance or similar agreement that constitutes a providing for payments in excess of $50,000; (iv) Any collective bargaining or other arrangement agreement with any labor union; (iiiv) any Any contract or agreement that is a “material contract” within restricts or purports or seeks to restrict the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability right of the Company or its Subsidiaries (or any of the Company Subsidiaries Affiliate thereof) to engage in any line of business or to compete, whether by restricting territories, customers in any geographic area or otherwisecompete with any Person or sell any product, or any contract or agreement restricting the use or registration by Company and/or any of its Subsidiaries of any material Intellectual Property owned by the Company and its Subsidiaries; (vi) Any contract or agreement relating to the acquisition or disposition of any material assets or real property containing obligations (including with respect to post closing indemnification) of any party which remain to be satisfied or are otherwise still in any other material respect, with any Personeffect (including schedules thereto); (vii) any settlementAny material agreement relating to the spin off of DAKA International, conciliation Inc. (“DAKA”) or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000associated reorganization; (viii) any Any contract or agreement that relates to Intellectual Property Rights for the purchase, maintenance or acquisition of, or the sale or furnishing of materials, supplies, merchandise, equipment, parts or other property or services (other excluding any such contract or agreement for linen or janitorial services entered into in the ordinary course of business consistent with past practice) which (A) requires aggregate future payments in excess of $100,000, (B) contains a term longer than a license granted to three (3) years or (C) cannot be terminated by the Company for commercially available software licensed or its Subsidiaries without penalty on standard terms with a total replacement cost notice of less than $500,000)sixty (60) days or less; (ix) any contract Any franchise agreement, development agreement or related material agreement that concerns the sale or acquisition of any material portion of the Company’s businessrelating to franchising matters (each a “Franchise Agreement”); (x) any allianceAny contract or agreement under which the Company has granted or received a material license or under which it is obligated to pay or has the right to receive a royalty, cooperation, joint venture, shareholders, partnership license fee or similar agreement involving a sharing payment in an amount in excess of profits $100,000 per year, excluding licenses or losses relating to agreements arising from the Company purchase or any Company Subsidiaryuse of commonly available “off the shelf” computer software or standard products; (xi) any Any contract or agreement involving annual payments relating to the borrowing of money, or the guaranty of another Person’s borrowing of money or other obligation, in excess an amount greater than $100,000, including, without limitation, all such notes, mortgages, indentures and other obligations, guarantees of $500,000 that cannot be cancelled by the Company performance, agreements and instruments for or a Company Subsidiary without penalty on not more than 90 days’ noticerelating to any lending or borrowing; (xii) Any contract or agreement granting any Person a material hedgeLien on all or any part of the material assets of the Company and its Subsidiaries, collartaken as a whole, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingother than (i) Liens which will be released at the Closing and (ii) Permitted Liens not in excess of $100,000 in each case; (xiii) any Any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of between the Company or any of its Subsidiaries, on the Company Subsidiaries one hand, and any of their respective officers or directors (or Affiliates) on the other thanhand, with respect to non-executive employees except for (i) such contracts or agreements covered under clauses (i), (ii) or (iii) above and consultants, (ii) such contracts or agreements that are de minimis in the ordinary course of businessvalue or effect; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichAny voting agreement, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer voting trust or similar right agreement, arrangement or that limits or purports to limit the ability contract governing how any shares of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessCommon Stock shall be voted; and (xv) Any settlement agreement (including any agreement in principle with respect thereto or any similar understanding pursuant to which the material contract terms have been negotiated) (A) containing material outstanding monetary obligations of any party in excess of $100,000 or agreement that would require (B) equitable restrictions on the Company’s ability to conduct business; (b) The Company has made available to Parent (through the “datasite” used in connection with the Auction Process or its SEC Reports) a correct and complete copy of each Material Contract (including any consent amendments or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreementmodifications thereto). Each Material Contract (A) is legal, valid and binding on the Company and or a Subsidiary of the Company Subsidiaries which are a party thereto and, to such contractthe Company’s Knowledge, (B) each other party thereto, and is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceableeffect, and in full force the Company and effect in all material respects following the consummation each of the transactions contemplated by the Transaction Documents. Neither the Company nor any Subsidiaries of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them to the date hereof under each Material ContractContract and, and to the Knowledge Company’s Knowledge, each other party to each Material Contract has performed in all material respects all obligations required to be performed by it under such Material Contract. (c) The agreements set forth on Section 4.10(a) of the CompanyCompany Disclosure Schedule (with respect to clause (ii)) constitute all of the “bonus buy in” or similar bonus agreements entered into by the Company or any of its Subsidiaries with employees thereof. Any offers pending with respect to “bonus buy in” or similar bonus agreements (and related employment agreements) have been rescinded (or were otherwise consummated pursuant to an executed “bonus buy in” agreement reflected on Section 4.10(a) of the Company Disclosure Schedule). (d) Except as set forth in the Franchise Agreements, no event franchisee or developer of the Company and its Subsidiaries has occurred a protected territory, exclusive territory, covenant not to compete, right of first refusal, option to acquire additional territories or other similar arrangement that with notice or lapse of time would constitute a be material breach or default or permit termination, modification, or acceleration, under to the Material ContractsCompany and its Subsidiaries.

Appears in 1 contract

Sources: Merger Agreement (Champps Entertainment Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Schedule 3.6(a) of the Disclosure Schedules sets forth a complete and accurate list of the Contracts material to the Investor Business or its representatives truethe Purchased Assets, correct and complete copies of each of the following to which the Company or any Company Subsidiary is a party (eachincluding without limitation, a “Material Contract”): Contracts: (i) with any contract Affiliate or agreement relating current or former officer, director, stockholder or Affiliate of Seller; (ii) pursuant to indebtedness which Seller or its Subsidiary is required to purchase or sell a stated portion of its requirements or output from or to another party; (iii) involving consideration in excess of $25,000 annually or $50,000 in the aggregate over the term of the Contract; (iv) for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the sale of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising assets of Seller or its Subsidiary other than in the ordinary course of businessbusiness or for the grant to any Person of any preferential rights to purchase any of its assets; (v) for joint ventures, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipmentstrategic alliances or partnerships; (vi) in excess containing covenants of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company Seller or any of the Company its Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person not to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage compete in any line of business or to compete, whether by restricting territories, customers or otherwise, or with any Person in any other material respect, with any Persongeographical area; (vii) relating to the acquisition by Seller or its Subsidiary of any settlementoperating business or the capital stock of any other Person; (viii) under which Seller or its Subsidiary has made advances or loans to any other Person in excess of $5,000; (ix) providing for severance, conciliation retention, change in control or similar agreementpayments in excess of $20,000; (x) for the employment of any individual on a full-time, part-time or consulting or other basis providing annual compensation in excess of $75,000; (xi) for the performance provision of which will involve payment after the Closing Date of goods or services involving consideration in excess of $500,000; (viii) any contract 100,000 annually or agreement that relates to Intellectual Property Rights (other than a license granted to $250,000 in the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns aggregate over the sale or acquisition of any material portion term of the Company’s business; Contract; (xxii) that require any alliancepayments by way of royalties, cooperation, joint venture, shareholders, partnership fees or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments otherwise in excess of $500,000 that cannot be cancelled by the Company 50,000 annually to any owner, licensor of, or a Company Subsidiary without penalty on not more than 90 days’ notice; other claimant to any Intellectual Property (xiiexcluding (A) any material hedge, collar, option, forward purchasing, swap, derivative licenses to customers or similar agreement, understanding contractors or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, from suppliers in the ordinary course of business; business and (B) licenses to commercially available off-the- shelf software); (xiii) outstanding agreements of guaranty, surety or indemnification, direct or indirect, by Seller or its Subsidiary in excess of $10,000; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict involve the expenditure of more than $250,000 in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessaggregate; and and (xv) any material contract with an officer, director, shareholder or agreement that would require any consent or approval Affiliate of a counterparty as a result Seller. (b) Other than with respect to the cure obligations under Section 365 of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) Bankruptcy Code, each Assumed Contract, is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiariesand constitutes a legal, nor valid, binding agreement, enforceable against Seller or its Affiliates and, to the Knowledge of Seller, each other party thereto, in accordance with its terms. Other than with respect to the Companycure obligations under Section 365 of the Bankruptcy Code, neither Seller nor any Affiliate of Seller nor, to the Knowledge of Seller, any other party thereto to each such contract is in material violation or material breach of, or in default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsunder, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no has there occurred an event has occurred or condition that with notice or lapse the passage of time or giving of notice (or both) would constitute a material breach or default or permit terminationunder, modification, or acceleration, under the Material Contracts.or

Appears in 1 contract

Sources: Asset Purchase Agreement

Contracts. The Company has Previously Disclosed or provided Disclosure Schedule lists all written and oral contracts and other written agreements, arrangements and understandings (by hard copy, electronic data room or otherwise"CONTRACTS") to the Investor or its representatives true, correct and complete copies of each which any of the following to which the Company or any Company Subsidiary and its Subsidiaries is a party (each, a “Material Contract”):or is bound: (i) any contract or agreement relating to indebtedness for borrowed money, letters where the performance of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) which will involve consideration in excess of $500,000, except for those issued in the ordinary course of business100,000; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which restrict the Company or any of the Company its Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, from engaging in any material respect, line of business in any geographic area or competing with any person or entity or restricting the ability of the Company or any of the Company its Subsidiaries to engage in any line from acquiring equity securities of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (iii) which are employment, engagement, consulting or severance contracts applicable to any employee, officer, director, consultant, stockholder, distributor, dealer or sales representative of any of the Company or a Subsidiary; (iv) which are acquisition, disposition, joint venture or similar agreements (each, an "ACQUISITION OR DIVESTITURE AGREEMENT"); (v) which is an evidence of any Indebtedness; (vi) which is an intercompany agreement, including without limitation, any tax sharing, expense sharing, employee leasing or other similar agreement; (vii) which is a contract with any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000Governmental Authority; (viii) any contract or agreement that relates which is a lease pursuant to Intellectual Property Rights (other than a license granted to which the Company for commercially available software licensed on standard terms with a total replacement cost leases (as lessor or lessee) any personal property in excess of less than $500,000)100,000; (ix) which is an agreement, arrangement or program pursuant to which the Company has offered or made available to its customers (including its distributors) any contract volume discount, rebate or agreement that concerns the sale advertising or acquisition of any material portion of the Company’s businesspromotional credit or allowance; (x) any alliancewhich is an agreement with a customer which provides for a rebate, cooperation, joint venture, shareholders, partnership lowest price guarantee or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiaryvolume discount; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by which is a guaranty under which the Company is a guarantor or a Company Subsidiary without penalty on not more than 90 days’ noticeotherwise responsible for any liability or obligation (including Indebtedness) of any other Person; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingwhich is an outstanding power of attorney; (xiii) any contract which is an other agreement or agreement with respect commitment which is material to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business;its business or operations; or (xiv) which is a management, administrative services or data processing Contract (the Contracts in clause (i)-(xiv), each a "KCI CONTRACT" and collectively, the "KCI CONTRACTS"). Except as set forth in the Company Disclosure Schedule, there are no continuing or contingent payment obligations under any contract Acquisition or agreement containing Divestiture Agreement, and there are no outstanding indemnity claims under any (x) non-competition Acquisition or exclusive dealing obligations or other obligation which purports Divestiture Agreement. The Company has made available to limit or restrict in any respect the ability Purchaser a correct and complete copy of each of the Company or any Company Subsidiary KCI Contracts. With respect to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract each KCI Contract: (A) the KCI Contract is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following effect, subject to the consummation laws of the transactions contemplated by the Transaction Documents. Neither the Company nor any general application relating to bankruptcy, insolvency and relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies; and (B) none of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contractits Subsidiaries is, and to the Knowledge of the Company, no other party is, in breach or default, and no event has occurred that which with notice or lapse of time would constitute a material breach or default default. Neither the Company nor any Subsidiary has received or permit termination, modification, given any written notice of an intention to cancel or acceleration, under the Material Contractsterminate any KCI Contract.

Appears in 1 contract

Sources: Stock Purchase Agreement (Key Components LLC)

Contracts. The Except as set forth in the SEC Reports or the Memorandum, neither the Company has Previously Disclosed nor any of its Subsidiaries is party or provided subject to, or bound by: (i) any agreements, contracts or commitments that call for prospective fixed and/or contingent payments or expenditures by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each of the following to which the Company or any Company Subsidiary of its Subsidiaries of more than $100,000, or which is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions otherwise material and brokerage agreements arising not entered into in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; ; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any , lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent involving payments in excess of $500,000; (v) any lease or agreement under 100,000, which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled not cancelable by the Company or any of the Company its Subsidiaries; , as applicable, without penalty on not less than 60 days notice; (viiii) any contract contract, including any distribution agreements, containing covenants directly or agreement limiting, in any material respect, explicitly limiting the ability freedom of the Company or any of the Company its Subsidiaries to engage compete in any line of business or with any Person or to competeoffer any of its products or services; (iv) any indenture, whether by restricting territoriesmortgage, customers promissory note, loan agreement, guaranty or otherwise, other agreement or commitment for the borrowing of money or pledging or granting a security interest in any other material respect, with any Person; assets; (viiv) any settlementemployment contracts, conciliation non-competition agreements, invention assignments, severance or similar agreementother agreements with officers, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officersemployees, employees stockholders or consultants of the Company or any of the Company its Subsidiaries other than, or Persons related to or affiliated with respect to non-executive employees and consultants, in the ordinary course of business; such Persons; (xivvi) any contract stock redemption or agreement containing any (x) non-competition or exclusive dealing obligations purchase agreements or other obligation which purports agreements affecting or relating to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability capital stock of the Company or any of the Company Subsidiaries to ownits Subsidiaries, operateincluding, sellwithout limitation, transfer, pledge or otherwise dispose of any material assets or business; and (xv) agreement with any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any stockholder of the Company or any of its Subsidiaries which includes, without limitation, antidilution rights, voting arrangements or operating covenants; (vii) any pension, profit sharing, retirement, stock option or stock ownership plans; (viii) any royalty, dividend or similar arrangement based on the revenues or profits of the Company or any of its Subsidiaries or based on the revenues or profits derived from any material contract; (ix) any acquisition, merger, asset purchase or other similar agreement; (x) any sales agreement which entitles any customer to a right of set-off, or right to a refund after acceptance thereof; (xi) any agreement with any supplier or licensor containing any provision permitting such supplier or licensor to change the price or other terms upon a breach or failure by the Company or any of its Subsidiaries, nor as applicable, to the Knowledge of the Company, any other party thereto is in material violation meet its obligations under such agreement; or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.19

Appears in 1 contract

Sources: Securities Purchase Agreement

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each All of the following to which the Company or right, title, and interest of Borrower, including equitable rights, in, to, and under any Company Subsidiary is a party (each, a “Material Contract”): and all: (i) any contract or agreement relating to indebtedness contracts for borrowed money, letters the purchase and/or sale of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business Mortgaged Property, whether such contracts are now or at any time hereafter existing, including but without limitation, any and all ▇▇▇▇▇▇▇ money or other deposits escrowed or to be escrowed or letters of credit provided or to be provided by the purchasers under the contracts, including all amendments and supplements to and renewals and extensions of the Company contracts at any time made, and together with all payments, earnings, income, and profits arising from the sale of all or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability any portion of the Company Mortgaged Property or from the contracts and all other sums due or to become due under and pursuant thereto and together with any and all ▇▇▇▇▇▇▇ money, security, letters of credit or other deposits under any of the Company Subsidiaries contracts; (ii) contracts, licenses, permits, and rights relating to ownliving unit equivalents or other entitlements with respect to water, operatewastewater, selland other utility services whether executed, transfergranted, pledge or otherwise dispose issued by a Person, which are directly or indirectly related to, or connected with, the development, ownership, maintenance or operation of the Mortgaged Property, whether such contracts, licenses, and permits are now or at any time thereafter existing, including without limitation, any and all rights of living unit equivalents or other entitlements with respect to water, wastewater, and other utility services, certificates, licenses, zoning variances, permits, and no-action letters from each Governmental Authority required: (a) to evidence compliance by Borrower and all Improvements constructed or to be constructed on the Mortgaged Property with all Legal Requirements applicable to the Mortgaged Property; (b) for the construction and/or development of any material assets Improvements on the Mortgaged Property or business; and rehabilitation thereof, if applicable (xvc) any material contract or agreement that would require any consent or approval of a counterparty to develop and/or operate the Mortgaged Property as a result commercial and/or residential project, as the case may be; (iii) financing arrangements relating to the financing of or the purchase of all or any portion of the consummation Mortgaged Property by future purchasers; (iv) Economic Incentives or similar agreements or understandings; (v) agreements relating in any way to the construction, development or rehabilitation of the transactions contemplated by this Agreement. Each Material Contract Land or Improvements or provision of materials therefor including, without limitation, all Construction Contracts; (Avi) is legalcontracts with architects or engineers or others for the preparation or provision of any Plans, valid including all amendments and binding on the Company supplements to and the Company Subsidiaries which are a party to renewals and extensions of such contract, (B) is in full force and effect and enforceable in accordance with its terms contracts at any time made; and (Cvii) will continue all other contracts which in any way relate to be legalthe use, validenjoyment, bindingoccupancy, enforceableoperation, and in full force and effect in all material respects following the consummation maintenance, repair, management or ownership of the transactions contemplated by the Transaction Documents. Neither the Company nor Mortgaged Property (save and except any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsLeases).

Appears in 1 contract

Sources: Construction Loan Agreement (Owens Realty Mortgage, Inc.)

Contracts. The (a) SECTION 3.08(a) of the Disclosure Schedule contains a complete and accurate list, and the Company has Previously Disclosed delivered or provided (by hard copy, electronic data room or otherwise) made available to the Investor or its representatives true, correct Veeco true and complete copies of each copies, of the following Contracts to which the Company or any Company Subsidiary Target Corporation is a party (each, a “Material Contract”"MATERIAL CONTRACT"): (i) each Contract that is executory in whole or in part and involves (x) delivery of goods or materials the remaining unpaid balance of which is in excess of $75,000 or (y) performance of services by any contract Target Corporation the remaining unpaid balance of which is in excess of $50,000, other than in each case (x) and (y) such Contracts that are cancellable by the applicable Target Corporation, without penalty, upon 60 days or agreement relating shorter notice; PROVIDED, HOWEVER, that, with respect to indebtedness for borrowed moneyany Contract with a cancellation period defined by specific dates, letters no part of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect the cancellation period of any such cancellable Contract shall have commenced as of the foregoing, but date of this Merger Agreement; (ii) each Contract that is executory in any event excluding trade payables, securities transactions whole or in part and brokerage agreements arising was not entered into in the ordinary course of business, intercompany indebtedness business and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) that involves future expenditures or receipts of any Target Corporation in excess of $500,00050,000; (iii) each lease, rental or occupancy agreement, license agreement, installment and conditional sale agreement, and any other similar Contract, in each case, affecting the ownership of, leasing of, title to, use of, or any leasehold or other similar interest in, any real or personal property (except for those issued any personal property lease and installment or conditional sale agreement having a value per item or annual payments of less than $50,000); (iv) other than licensing agreements entered into in connection with product sales or purchases in the ordinary course of the Company's or any other Target Corporation's business, each material licensing agreement or any other material Contract with respect to the ownership or use of patents, trademarks, copyrights or other Intellectual Property, including material Contracts with current or former employees, consultants or contractors regarding the appropriation or the non-disclosure of any of the Intellectual Property; (v) each collective bargaining agreement and any other Contract to or with any labor union or other similar employee representative of a group of employees of any Target Corporation; (vi) each joint venture or partnership agreement and any other similar material Contract (however named) involving a sharing of profits or losses by a Target Corporation with any other Person; (vii) each Contract containing covenants that in any material way purport to restrict the business activity of a Target Corporation or limit the freedom of a Target Corporation to engage in any line of business or to compete with any Person; (viii) each Contract providing for payments in the aggregate in excess of $50,000 to or by any Target Corporation based on sales, purchases or profits, or, in the case of Contracts providing for payments to or by any Target Corporation based on a percentage of sales, purchases or profits, which would be reasonably likely to result in payments in the aggregate in excess of $50,000, other than payments for goods or services and other than distribution agreements or sales commission plans; (ix) each Contract during the last two years providing for the distribution of products that have not yet been delivered having an aggregate value in excess of $250,000 by or for any Target Corporation; (x) each power of attorney that is currently effective and outstanding granted by any Target Corporation other than to customs agents and auditors; (xi) each Contract that is executory in whole or in part and requires capital expenditures after the date hereof in excess of $100,000 by any Target Corporation; (xii) each written warranty, guaranty and/or other similar undertaking with respect to contractual performance valued in excess of $100,000 extended by any Target Corporation, other than in the ordinary course of business; (iixiii) any contract or agreement that constitutes a collective bargaining or each Contract (other arrangement than Benefit Plans) with any labor union; (iii) current or former employee, director or officer of any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee ofTarget Corporation, or holds pursuant to which any Target Corporation has or operates, would reasonably be expected to have liability to any property owned by any other Person with annual rent payments current or former employee in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business;100,000; and (xiv) each amendment, supplement or modification (whether oral or written) in respect of any contract of the foregoing Contracts; PROVIDED, HOWEVER, that no Contract or agreement containing referred to in clauses (i) through (xv) need be disclosed unless the applicable Target Corporation currently has, or in the future may have, any rights or obligations thereunder. There are no legally enforceable oral agreements to which any Target Corporation is a party which, if in writing, would be required to be disclosed pursuant to this Section 3.08(a). (xb) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict Except as set forth in any respect the ability SECTION 3.08(b) of the Disclosure Schedule, each Material Contract is enforceable against the applicable Target Corporation and, to the Company's and the Company Stockholders' Knowledge, against the other party thereto in accordance with its terms (subject to bankruptcy, insolvency and other proceedings at law or in equity relating to the rights of creditors generally and by general equitable principles, including, without limitation, those limiting the availability of specific performance, injunctive relief and other equitable remedies and those providing for equitable defenses). (c) Except as set forth in SECTION 3.08(c) of the Disclosure Schedule, no Target Corporation has received any written notice of default under any Material Contract, no material default (beyond any applicable grace or cure period) has occurred under any Material Contract on the part of a Target Corporation or, to the Company's and the Company Subsidiary to solicit customers Stockholders' Knowledge, on the part of any other party thereto, nor has any event occurred which with the giving of notice or the manner in whichlapse of time, or both, would constitute any material default on the localities part of a Target Corporation under any Material Contract nor, to the Company's and the Company Stockholders' Knowledge, has any event occurred which with the giving of notice or lapse of time, or both, would constitute any default on the part of any other party to any Material Contract. (d) Except as set forth in which, all or any portion SECTION 3.08(d) of the business of Disclosure Schedule, to the Company's and the Company Stockholders' Knowledge, no officer or the Company Subsidiaries employee of any Target Corporation is or can be conducted, or (y) right of first refusal or right of first offer or similar right or bound by any Contract that limits or purports to limit the ability of such officer or employee to (i) engage in or continue any conduct, activity or practice relating to the Company or any businesses of the Company Subsidiaries to ownTarget Corporations as currently conducted, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xvii) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party assign to such contractTarget Corporation any rights to any invention, (B) is in full force improvement or discovery made by such officer or employee during the course of his or her employment with such Target Corporation and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor relating to the Knowledge business of such Target Corporation or made, written, developed or conceived with the Company, any other party thereto is in material violation use or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting assistance of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice such Target Corporation's facilities or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsresources.

Appears in 1 contract

Sources: Merger Agreement (Veeco Instruments Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives trueCompany's Disclosure --------- Schedule sets forth a complete and correct list, correct and complete copies as of each the date of this agreement, of all agreements of the following types to which the Company or a Subsidiary is a party or may be bound (collectively, the "Material Contracts"): (i) agreements filed as an exhibit to the Company SEC Documents and each agreement that would have been required to be filed as an exhibit to the Company SEC Documents had such agreement been entered into as of the date of filing any such Company SEC Documents; (ii employment, severance, termination, consulting and retirement agreements; (ii loan agreements, indentures, letters of credit, mortgages, notes and other debt instruments evidencing indebtedness in excess of $150,000; (iv agreements that require aggregate future payments to or by the Company or any Company Subsidiary is a party of more than $150,000 (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities other than purchase orders and other transactions and brokerage agreements arising entered into in the ordinary course of businessbusiness consistent with past practice with a term not exceeding, intercompany indebtedness and immaterial leases for telephonesor cancellable by the Company within, copy machinesone year); (v) agreements containing any "change of control" provisions which, facsimile machines and other office equipment) if triggered, would involve payments by the Company or any Subsidiary in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining 150,000 or other arrangement material rights or obligations; (vi material agreements with any labor union; key employee, director, officer, or person known to the Company to be a direct or indirect stockholder of the Company; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which vi agreements prohibiting the Company or any Subsidiary from engaging or competing in any line of business or limiting such competition; (vi any joint venture, partnership and similar agreements involving a sharing of profits; (ix acquisition or divestiture agreements relating to (A) the Company Subsidiaries is lessee of, sale of assets or holds or operates, any property owned by any other Person with annual rent payments in excess stock of $500,000; (v) any lease or agreement under which the Company or any Subsidiary or (B) the purchase of assets or stock of any other person, specifying any earn-out or other payments required to be made after the date hereof; (x) brokerage, finder's or financial advisory agreements; and (xi guarantees of indebtedness for borrowed money of any person (other than a wholly-owned Subsidiary). Each Company Subsidiaries Agreement is lessor oflegally valid and binding and in full force and effect, or permits any Person to hold or operate, any property owned or controlled and there are no defaults by the Company or any of its Subsidiaries thereunder, except those defaults that, individually or in the aggregate, would not have or be reasonably likely to have a Material Adverse Effect. The Company Subsidiaries; (vi) any contract has previously made available for inspection by Parent or agreement limiting, in any material respect, the ability Sub or their representatives all of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material ContractsAgreements.

Appears in 1 contract

Sources: Stock Purchase Agreement (Gem Nevada LLC)

Contracts. The (a) Section 3.17 of the Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct Disclosure Schedule contains a true and complete copies list of each all of the following to which Contracts (excluding insurance and reinsurance policies and Contracts, other than the Company Binder of Reinsurance between ACIC and ▇▇▇▇▇▇▇ Global International Insurance Company, Ltd. (as amended and restated), issued or any Company Subsidiary is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured entered into by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising insurance company Subsidiaries of the Company in the ordinary course of business consistent with past practice) to which any of the Company or its Subsidiaries is a party or by or to which any of them or their assets or Properties are or may be bound or subject, which are currently in force and effect, as each such Contract may have been amended, modified or supplemented: (i) other than with respect to Peninsula, all agency, brokerage, reinsurance intermediary or other similar insurance sales or marketing Contracts which accounted for $250,000 or more of the aggregate gross written premiums of the insurance company Subsidiaries of the Company for the year ended December 31, 1998; (ii) all Material underwriting management, third party administration, managing general agency, profit-sharing or similar Contracts (pursuant to which any underwriting, claims settlement or distribution authority is delegated) in effect with respect to premiums written or business conducted following January 1, 1998; (iii) Material partnership or joint venture Contracts of which the Company has Knowledge; (iv) Contracts containing any covenant or provision limiting the freedom or ability of Peninsula to engage in any line of business, intercompany engage in business in any geographical area or compete with any other Person; (v) Contracts relating to the borrowing of money, or the direct or indirect guaranty of any obligation for, or Contract to service the repayment of, borrowed money or any other Liability in respect of indebtedness and immaterial leases for telephonesborrowed money of any other Person, copy machinesincluding, facsimile machines and without limitation, any Contract relating to any obligation to keep-well, make-whole or maintain working capital or earnings or perform similar requirements; (vi) all lease, sublease, rental or other office equipment) Contracts under which any of the Company or its Subsidiaries is a lessor or lessee of any real Property providing for annual rental payments in excess of $500,000250,000; (vii) lease, except sublease, rental, licensing, use or similar Contracts with respect to personal Property used by any of the Company or its Subsidiaries in the conduct of its business, operations or affairs and providing for those issued annual rental or use payments in excess of $250,000; (viii) Contracts for the purchase, acquisition, sale or disposition of any assets or Properties outside the ordinary course of business or for the grant to any Person (including the Company or its Subsidiaries) of any option or preferential rights to purchase any assets or Properties; (ix) Contracts relating to the future disposition or acquisition of any investment or any interest in any Person, and all Contracts for the purchase of any security outside the ordinary course of business; (iix) Contracts relating to licenses of trademarks, trade names, service marks or other similar Property rights; (xi) employment and other Contracts with any contract officer, director, employee, consultant, agent or agreement that constitutes a other representative providing for compensation or other payments of $250,000 or more per annum (the name, position or capacity and rate of compensation of each such Person and the expiration date of each such Contract being accurately set forth in Section 3.17 of the Company Disclosure Schedule); (xii) collective bargaining or agreements and any other arrangement Contracts with any labor unionunion or association representing any employee; (iiixiii) Contracts between or among (A) the Company or any of its Subsidiaries, on the one hand, and (B) any contract of the Sellers or agreement that is a “material contract” within their other Affiliates, or any of the meaning officers or directors of Item 601(b)(10) any of Regulation S-Kthe Sellers or such other Affiliates, on the other hand ("Affiliate Agreements"); (ivxiv) any lease or agreement Contracts under which the Company or any of the Company its Subsidiaries is lessee ofagrees to indemnify any Person, which indemnities remain in force or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000effect; (vxv) any lease or agreement under which the Company or any powers of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled attorney granted by the Company or any of the Company Subsidiariesits Subsidiaries to any Person which are in force or effect; (vixvi) Contracts pursuant to which there is either a current or future obligation or right of any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company its Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual make payments in excess of $500,000 that cannot 250,000 in any twelve-month period (other than Contracts relating to investments of such Persons in the ordinary course of business); or (xvii) any other Contracts which are Material and involve payments or amounts totaling at least $1,000,000. (b) The Company has heretofore delivered or made available to the Purchaser true and complete copies of all of the written Contracts required to be cancelled by set forth in Section 3.17 of the Company Disclosure Schedule or a in any other Section of the Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedgeDisclosure Schedule. Each such Contract is valid and binding in accordance with its terms, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants and is in full force and effect. None of the Company or any of the Company its Subsidiaries other than, is in default in any Material respect with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company SubsidiariesContract, nor to the Knowledge of the Company, does any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred condition exist that with notice or lapse of time or both would constitute such a material breach Material default thereunder. To the Company's Knowledge, no other party to any such Contract is in default in any Material respect with respect to any such Contract. No such Contract contains any provision providing that any such other party thereto may terminate or default cancel the same by reason of the transactions contemplated by this Agreement or permit terminationany other provision which would be altered or otherwise become applicable by reason of such transactions, modification, and no party has given notice of termination or acceleration, under cancellation of any such Contract or that it intends to terminate or cancel any such Contract as a result of the Material Contractstransactions contemplated hereby.

Appears in 1 contract

Sources: Stock Purchase Agreement (White Mountains Insurance Group Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) Except as filed as exhibits to the Investor Company SEC Filings filed prior to the date of this Agreement, or its representatives true, correct and complete copies of each as disclosed in Section 3.13 of the following to which Company Disclosure Schedule, none of the Company or any Company Subsidiary is a party (each, a “Material Contract”): (i) to or bound by any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of A) any of the foregoing, but in benefits to any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance party of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no or the vesting of the benefits to any benefits under any Material Contract party of which will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsthis Agreement or any Ancillary Agreement, nor will or the value of any of the benefits under to any Material Contract party of which will be calculated on the basis of any of the transactions contemplated by this Agreement or any Ancillary Agreement, or (B) which, as of the Transaction Documentsdate hereof, (1) is a "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC), (2) involves aggregate expenditures in excess of $250,000, other than contracts for the purchase of raw materials, components or manufacturing goods and contracts for the sale of the Company's products in the ordinary course of business, (3) involves annual expenditures in excess of $250,000 and is not cancelable within one year, other than contracts for the purchase of raw materials, components or manufacturing goods and contracts for the sale of the Company's products in the ordinary course of business, (4) contains any non-compete or exclusivity provisions with respect to any line of business or geographic area with respect to the Company, any Company Subsidiary or any of the Company's current or future affiliates, or which restricts the conduct of any line of business by the Company, any Company Subsidiary or any of the Company's current or future affiliates or any geographic area in which the Company, any Company Subsidiary or any of the Company's current or future affiliates may conduct business, in each case in any material respect, (5) involves the sale of a Company Product to a customer or distributor and provides for a right of refund or return for any reason, including upon the occurrence of specified events or otherwise or (6) would prohibit or materially delay the consummation of the Merger or any of the transactions contemplated by this Agreement or any Ancillary Agreement. The Each Contract of the type described in this Section 3.13, whether or not set forth in Section 3.13 of the Company Disclosure Schedule, is referred to herein as a "Company Material Contract." Each Company Material Contract is valid and binding on the Company and each Company Subsidiary party thereto and, to the Company's knowledge, each other party thereto, and in full force and effect, and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed Company Subsidiary has in all material respects performed all material obligations required to be performed by them it to the date hereof under each Company Material Contract and, to the Company's knowledge, each other party to each Company Material Contract has in all material respects performed all obligations required to be performed by it under such Company Material Contract, and except as would not, individually or in the aggregate, reasonably be expected to (1) prevent or materially delay consummation of the Merger, (2) otherwise prevent or materially delay performance by the Company of any of its material obligations under this Agreement or any Ancillary Agreement, or (3) result in a Company Material Adverse Effect. None of the Company or any Company Subsidiary knows of, or has received notice of, any violation or default under (or any condition which with the passage of time or the giving of notice would cause such a violation of or default under) any Company Material Contract or any other contract to which it is a party or by which it or any of its properties or assets is bound, except for violations or defaults that would not, individually or in the aggregate, reasonably be expected to (1) prevent or materially delay consummation of the Merger, (2) otherwise prevent or materially delay performance by the Company of any of its material obligations under this Agreement or any Ancillary Agreement or (3) result in a Company Material Adverse Effect. Section 3.13 of the Company Disclosure Schedule provides the Company's good faith estimate of the additional costs which will accrue to the Knowledge Company under the contracts described in clause (A) of Section 3.13 as a result of the Company, no event has occurred that with notice transactions contemplated by this Agreement or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsany Ancillary Agreement.

Appears in 1 contract

Sources: Merger Agreement (Intuitive Surgical Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies of Schedule 3.7(a) lists each of the following Contracts of the Company and/or its Subsidiaries (together with all Real Property Leases listed in Schedule 3.6(a), collectively, the “Material Contracts”): (i) Each Contract or series of related Contracts (A) that resulted in payments by or to the Company or any of its Subsidiaries in excess of $500,000 during calendar year 2013 or expressly requires such payments in any calendar year commencing on or after January 1, 2014, or (B) that has a term of longer than three (3) years, which, in each case, cannot be cancelled by the Company or such Subsidiary without penalty or without more than 180 days’ notice or; (ii) All Contracts that relate to the sale of any of the Company’s or any of its Subsidiaries’ assets for consideration in excess of $50,000; (iii) All Contracts that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise), in each case, other than as reflected in the capital expenditure budget of the Company and its Subsidiaries set forth in Schedule 3.5; (iv) All Contracts relating to Indebtedness, in each case having an outstanding principal amount in excess of $150,000; (v) All collective bargaining agreements or Contracts with any labor organization, union or association to which the Company or any Company Subsidiary of its Subsidiaries is a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesparty; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any Any alliance, cooperation, joint venture, venture or shareholders, partnership agreement or similar agreement Contract involving a sharing of profits or losses relating to the Company or any Company Subsidiaryof its Subsidiaries; (xivii) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by All Contracts limiting the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants freedom of the Company or any of the Company its Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict engage in any respect the ability line of business or to compete with any other Person or prohibiting the Company or any Company Subsidiary to solicit customers of its Subsidiaries from soliciting customers, clients or the manner employees, in whicheach case whether in any specified geographic region or business or generally, other than any Contract with a vendor or the localities supplier that resulted in which, all or any portion of the business of payments by the Company or any of its Subsidiaries of less than $250,000 during calendar year 2013 or that does not expressly require such payments in any calendar year commencing on or after January 1, 2014, provided that such vendor and supplier Contracts below such dollar threshold do not bind Purchaser or any of its Affiliates (other than the Company Subsidiaries is and its Subsidiaries) from and after the Closing; (viii) All Contracts that contain any (A) exclusive dealing obligation, (B) “clawback” or can be conductedsimilar undertaking requiring the reimbursement or refund of any fees, (C) “most favored nation” or similar provision, (yD) provision that grants any right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company its Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business, or (E) any obligation with respect to an “earn-out,” contingent purchase price or similar contingent payment obligation or other comparable liability after the date hereof, other than, in the case of clauses (B) and (C), any Contract that resulted in payments by the Company or any of its Subsidiaries of less than $250,000 during calendar year 2013 or that does not expressly require such payments in any calendar year commencing on or after January 1, 2014, provided that such Contracts under clauses (B) and (C) below such dollar threshold do not bind Purchaser or any of its Affiliates (other than the Company and its Subsidiaries) from and after the Closing; and (xvix) All Contracts relating to any material contract interest rate, derivatives or agreement that would require any consent or approval hedging transaction, other than such agreements entered into in the Ordinary Course of Business. (b) The Company has made available to Purchaser a counterparty as a result copy of the consummation of the transactions contemplated by this Agreement. Each each Material Contract (A) is legalprior to the date hereof. Except as set forth on Schedule 3.7(b), valid and binding on the Company and the Company Subsidiaries which all Material Contracts are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither are enforceable against, the Company nor any or one of the Company its Subsidiaries, nor as the case may be, and, to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all accordance with their terms, subject to the General Enforceability Exceptions. Except as set forth on Schedule 3.7(b), neither the Company nor any of its Subsidiaries, as the case may be, is (with or without the lapse of time or the giving of notice, or both) in material respects all material obligations required to be performed by them breach or default in any respect under each any Material Contract, and and, to the Knowledge of the Company, no event has occurred that other party to any Material Contract is (with notice or without the lapse of time would constitute a material or the giving of notice, or both) in breach or default or permit termination, modification, or acceleration, under the Material Contractsin any respect thereunder.

Appears in 1 contract

Sources: Unit Purchase Agreement (Radian Group Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct and complete copies Schedule 3.9(a) sets forth a list of each all Material Contracts as of the following date of this Agreement. For purposes of this Agreement, “Material Contract” means any Contract to which the Company or any Company Subsidiary of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective properties or assets is bound (eachin each case, a “Material Contract”):excluding any Seller Plan) that: (i) any contract is or agreement relating would be required to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of be filed as an exhibit to the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Company’s Annual Report on Form 10-K pursuant to Item 601(b)(10) of Regulation S-KK under the Securities Act; (ii) relates to the formation, creation, governance, economics or control of any joint venture, partnership or other similar arrangement (including any Contract involving a sharing of revenues, profits, losses, costs or liabilities), other than (A) with respect to any partnership that is wholly owned by the Company or any of its wholly owned Subsidiaries and (B) for the avoidance of doubt, marketing, licensing, manufacturing, development and distribution Contracts entered into in the Ordinary Course; (iii) (A) is for Indebtedness of the Company or any of its Subsidiaries; (B) relates to the mortgaging or pledging of, or otherwise placing an Encumbrance (other than a Permitted Encumbrance) on, any of the Acquired Assets; or (C) is in the nature of a capital or direct financing lease that is required by GAAP to be treated as a long-term liability involving payments above $1,000,000 annually, in each case other than (x) Indebtedness solely between or among any of the Company and its wholly-owned Subsidiaries or (y) Liabilities which will be fully discharged under the Bankruptcy Code; (iv) relates to the acquisition or disposition of any lease business, assets or agreement properties (whether by merger, sale of stock, sale of assets or otherwise) for aggregate consideration under such Contract in excess of $5,000,000 (A) that was entered into after January 1, 2017 or (B) pursuant to which any material earn-out, indemnification or deferred or contingent payment obligations remain outstanding (in each case, excluding for the avoidance of doubt, acquisitions of Inventory in the Ordinary Course); (v) under which the Company or any of the Company its Subsidiaries is lessee of, of (i) any real property or holds or operates, any (ii) material personal property owned by any other Person with annual rent lease payments in excess of $500,000, in each case, owned by any other party (including the Leased Real Property); (vvi) is a Contract (A) (other than purchase orders), with any lease Material Supplier or agreement under (B) for the purchase of materials, supplies, goods, services, Equipment or other assets pursuant to which the Company or any of the Company its Subsidiaries would reasonably be expected to make payments of more than $3,000,000 during any fiscal year (other than a Contract with any Material Supplier that is lessor of, otherwise disclosed in subsection (A) above); (vii) is a Contract (other than purchase orders) (A) with any Material Customer or permits any Person to hold (B) with a direct or operate, any property owned or controlled by indirect customer of the Company or any of its Subsidiaries (other than a Material Customer) pursuant to which the Company Subsidiariesor any of its Subsidiaries received aggregate net payments of more than $5,000,000, during the fiscal year ended December 31, 2019; (viviii) contains any contract or agreement provision (A) limiting, in any material respect, the ability right of the Company or any of the Company its Subsidiaries to engage in any line of business (including developing or to competecommercializing any pharmaceutical products), whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; (vii) any settlement, conciliation or similar agreement, operate anywhere in the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights world (other than provisions in any license agreements for Intellectual Property limiting the Company’s and its Subsidiaries’ use of applicable Intellectual Property of a license granted third party to specified fields of use or specified territories), (B) granting any exclusivity right to any third party, or containing a “most favored nation” provision or any option, right of first refusal or preferential or similar right in favor of any third party or that is a “take or pay” or similar provision requiring the business to make a minimum payment for goods or services from third party suppliers irrespective of usage, in each case, other than a Contract that can be terminated by the Company for commercially available software licensed or one of its Subsidiaries on standard terms with ninety (90) days’ notice or less without resulting in a total replacement cost breach or violation of, or any acceleration of less than $500,000)any rights or obligations or the payment of any money under, such Contract; (ix) is a Contract (x) that contains an exclusive license of Intellectual Property to the Company or any contract of its Subsidiaries that is material to the business of the Company and its Subsidiaries as currently conducted or agreement (y) pursuant to which the Company or any of its Subsidiaries has a right to use any Intellectual Property of any other Person, which Intellectual Property is material to the business of the Company and its Subsidiaries as currently conducted, excluding in each case (A) licenses that concerns are ancillary or incidental to the sale of goods or acquisition provision of any material portion of the Company’s businessservices and (B) standard licenses for computer software that is readily commercially available on a “click wrap” or other similar basis; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving is a sharing of profits or losses relating to the Company or any Company SubsidiaryContract with a Governmental Body; (xi) any contract is a surety or guarantee agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ noticeother similar undertaking with respect to contractual performance; (xii) is a license, sublicense, development, collaboration or royalty agreement or other Contract relating to the use of any material hedgeCompany Owned Intellectual Property by any third party (other than licenses granted to customers, collarresellers and distributors in the Ordinary Course) pursuant to which the Company or any of its Subsidiaries received payments above $1,000,000 during the fiscal year ended December 31, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking2019; (xiii) is a Contract for any contract interest rate, currency or commodity derivatives or hedging transaction; or (xiv) is a binding commitment or agreement to enter into any of the foregoing. (b) Subject to requisite Bankruptcy Court approvals, and assumption by the applicable Seller of the applicable Contract in accordance with applicable Law (including satisfaction by Purchaser of any applicable Cure Costs) and except with respect to any Contract that has previously expired in accordance with its terms (or, after the employment date of this Agreement, is terminated, restated or service replaced in compliance with this Agreement), subject to the Enforceability Exceptions, (i) each Material Contract is valid and binding on the Company and/or any of its Subsidiaries to the extent such Person is a party thereto, as applicable, and to the Knowledge of Sellers, each other party thereto, and is in full force and effect; (ii) the Company and each of its Subsidiaries, and, to the Knowledge of Sellers, any other party thereto, have performed all obligations required to be performed by it under each Material Contract; (iii) except as a result of the commencement of the Bankruptcy Case, neither the Company nor any of its Subsidiaries have given or received written notice of the existence of any current breach or former directors, officers, employees or consultants default on the part of the Company or any of the Company its Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; under any Material Contract; (xiviv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability except as a result of the Company Bankruptcy Case, there are no events or any Company Subsidiary to solicit customers conditions which constitute, or, after notice or lapse of time or both, will constitute a default on the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability part of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor or to the Knowledge of the CompanySellers, any other party thereto is in material violation or default counterparty under any such Material Contract. No benefits under any Material Contract will be increased, ; and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and (v) to the Knowledge of Sellers, the CompanyCompany has not received any notice from any Person that such Person currently intends to terminate, each of the other parties theretoor not renew, have performed in all material respects all material obligations required to be performed by them under each any Material Contract, in each instance of (ii), (iii), (iv) and (v), except as would not, individually or in the aggregate, reasonably be expected to be material to the Knowledge Acquired Assets and the Assumed Liabilities, taken as a whole. (c) There are no Material Contracts that cannot be readily fulfilled or performed by the Company and its Subsidiaries without undue or unusual expenditure of money or effort or any preparation, action or arrangement outside of the CompanyOrdinary Course (including, no event has occurred that with notice as may be a result of any pandemic (including the “Coronavirus” or lapse of time would constitute a material breach “COVID-19”) or default any quarantine or permit termination, modificationtrade restrictions related, or accelerationwhich would reasonably be expected to be related, under the Material Contractsthereto).

Appears in 1 contract

Sources: Asset Purchase Agreement (Akorn Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to the Investor or its representatives true, correct and complete copies of each Each of the following Contractual Obligations (each a “Material Company Contract”) to which the Company or any Company Subsidiary of its Subsidiaries is bound by or a party (each, a “Material Contract”): (i) any contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which Enforceable against the Company or any of the Company Subsidiaries is lessee ofsuch Subsidiary in all material respects and, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any allianceKnowledge, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries against each other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contractContractual Obligation, (B) and is in full force and effect and enforceable in accordance with its terms and (C) all material respects, and, subject to obtaining any necessary consents disclosed in the Company Disclosure Schedule, will continue to be legal, valid, binding, enforceable, so Enforceable and in full force and effect in all material respects on identical terms following the consummation of the transactions contemplated Contemplated Transactions: (i) any Lease required to be capitalized in accordance with GAAP or (ii) any other Lease or other Contractual Obligation relating to equipment providing for aggregate rental payments in excess of $100,000, under which any equipment is held or used by the Transaction Documents. Neither Company or its Subsidiaries; (ii) any Contractual Obligation, relating to the Company nor Lease or license of any asset, including Intellectual Property Rights (and including all customer license and maintenance agreements); (iii) except pursuant to this Agreement, any Contractual Obligation relating to the acquisition or disposition of (i) any business of the Company Subsidiariesor its Subsidiaries or any material portion thereof (whether by merger, nor consolidation or other business combination, sale of securities, sale of assets or otherwise) or (ii) any Company or Subsidiary asset other than in the Ordinary Course of Business; (iv) any Contractual Obligation concerning or consisting of a partnership, limited liability company or joint venture agreement; (v) any performance bond, surety bond, indemnity agreement or other similar agreement; (vi) any Contractual Obligation under which the Company or its Subsidiaries has advanced or loaned a material amount to any Person not reflected in the Knowledge Company Balance Sheet; (vii) any Contractual Obligation with any Governmental Authority (including any contract or arrangement); and (viii) any Contractual Obligation entered into in the past three years involving any resolution or settlement of any actual or threatened Action with a value of greater than $75,000 or which imposes material continuing obligations on the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 1 contract

Sources: Contribution and Exchange Agreement (Long Blockchain Corp.)

Contracts. The Company has Previously Disclosed or provided (by hard copySet forth in Sections 2.13, electronic data room or otherwise) to the Investor or its representatives true2.14, correct 2.15 and complete copies of each 2.16 of the Company Disclosure Letter are the following contracts to which the Company or any Company Subsidiary of its subsidiaries is a party or by which any of them is bound (eachcollectively, a “together with all contracts referred to in Sections 2.16, 2.20(c), 2.25 and 2.28, the ("Company Material Contract”): Contracts") (i) contracts between any contract current officer, director or agreement relating to indebtedness for borrowed money, letters stockholder of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of Affiliate thereof on the Company Subsidiaries is lessee ofone hand, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which and the Company or any of subsidiary thereof on the Company Subsidiaries is lessor of, or permits other hand; (ii) contracts under which any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability employee of the Company or any of its subsidiaries is entitled to receive annual payments (including salary and bonuses) in excess of $100,000; (iii) contracts that restrict the Company Subsidiaries to engage or any of its subsidiaries from competing in any line of business or to compete, whether by restricting territories, customers or otherwise, or with any person in any geographical area; (iv) contracts entitling any person to change in control or other material respectseverance payments; (v) indentures, with credit agreements, security agreements, mortgages, guarantees, promissory notes and other contracts relating to the borrowing of money, other than any Person; such document or agreement between the Company and a subsidiary of the Company or among subsidiaries of the Company; (vi) contracts involving the sale or purchase of goods or service in excess of $500,000 in any year or $5,000,000 over the life of such Company Material Contract; (vii) any settlementjoint venture, conciliation partnership and similar agreements; (viii) contracts with respect to capital expenditures or similar agreement, the performance of which will involve payment after the Closing Date of consideration commitments for such expenditures in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); ; (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual contracts providing for payments in excess of $500,000 that cannot be cancelled by from the United States Government or any prime contractor of the United States Government over the life of such Company Material Contract; and (x) all other agreements, contracts or instruments entered into outside of the ordinary course of business or which are material to the Company and its subsidiaries taken as a whole. The Company has delivered or made available to Purchaser true and correct copies of all such Company Material Contracts. All such Company Material Contracts are the legal, valid and binding obligations of the Company and/or its subsidiaries enforceable against the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedgesuch subsidiary, collarand, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service knowledge of any current or former directorsthe Company, officersagainst the other parties to the Company Material Contracts, employees or consultants of in accordance with their respective terms, subject, in each case, to the Enforceability Exceptions. Neither the Company or any of the Company Subsidiaries other thanits subsidiaries nor, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge knowledge of the Company, any other party thereto thereto, is in material violation of or in material default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documentsin respect of, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiarieshas there occurred an event or condition, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse the passage of time or giving of notice (or both), would constitute a material breach or default under or permit terminationthe termination of, modification, or acceleration, under the any such Company Material ContractsContract.

Appears in 1 contract

Sources: Acquisition Agreement (Denison International PLC)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwiseSection 3.2(l) to of the Investor or its representatives true, correct and complete copies of Disclosure Schedule lists each of the following Contracts to which the Company or any Company Subsidiary Opto-tech Entity is a party (eachcollectively, a the “Material ContractContracts): ): (ii)any Contract (or group of related Contracts) any contract for the lease of personal property from or to third parties with annual payments exceeding EUR50,000 or with a term exceeding one year; (ii)any Contract concerning a partnership, distributorship, agency, marketing agreement relating to indebtedness for borrowed moneyor joint venture; (iii)any Contract (or group of related Contracts) under which such Opto-tech Entity has (A) created, letters of creditincurred, capital lease obligationsassumed, obligations secured by or guaranteed (or may create, incur, assume, or guarantee) Indebtedness, or (B) imposed (or may impose) a Lien or interest rate or currency hedging agreements (including guarantees in respect of on any of such entity’s assets, tangible or intangible; (iv)all Contracts under which the foregoingwork by such Opto-tech Entity is not yet complete, but in or under which such Opto-tech Entity otherwise has ongoing obligations; (v)any Contract with any event excluding trade payablesAffiliates of such Opto-tech Entity, securities transactions and brokerage agreements arising in the ordinary course Sellers, or any of businesstheir respective Affiliates or any of their respective managers, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; directors or officers; (ii) any contract or agreement that constitutes a vi)any collective bargaining agreement, labor contract, or other arrangement agreement or understanding with any labor organization or labor union; ; (iiivii)any agreement with any officer, manager, individual employee, consultant, independent contractor or other Person that (A) describes any contract terms or conditions of employment or engagement of such Person, including but not limited to any employment agreement, retention agreement, severance agreement, compensation agreement, change of control agreement, consulting agreement, and independent contractor agreement, (B) imposes upon any officer, manager, individual employee, consultant, independent contractor or other Person any obligation with respect to the assignment of inventions or the nondisclosure or confidentiality of proprietary or confidential information or trade secrets, or (C) restricts the activities of any officer, manager, individual employee, consultant, independent contractor or other Person during or after his or her employment or engagement by such Opto-tech Entity, including any agreement that restricts any such Person’s ability to compete with any Person, provide services to any Person, solicit any Person’s employees, or solicit any Person’s actual or prospective customers, suppliers, or vendors; (viii)any guaranty of any obligation for borrowed money or otherwise, other than endorsements made for collection in the Ordinary Course of Business, or any agreement or commitment with respect to the lending or investing of funds to or in other Persons; (ix)any Contract or group of related Contracts with the same party (or group of related parties) either (A) requiring payments after the date hereof to or by such Opto-tech Entity of more than EUR50,000 or (B) not terminable by such Opto-tech Entity on sixty (60) days or less notice; (x)any Contract, the benefits of which are contingent or the terms of which are materially altered upon the occurrence of a transaction of the nature contemplated by this Agreement involving such Opto-tech Entity; (xi)any other Contract or group of related Contracts not entered into in the Ordinary Course of Business or the breach, default or termination of which would have a Material Adverse Effect; 16 (xii)any Contract to which such Opto-tech Entity is a “material contract” within party which is capable of being terminated by the meaning other party upon the occurrence of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any a transaction of the Company Subsidiaries is lessee of, or holds or operates, any property owned nature contemplated by any other Person with annual rent payments in excess this Agreement; (xiii)any Contract that restricts the right of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries such Opto-tech Entity to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, compete with any Person; Person or otherwise to freely engage in operations anywhere in the world (vii) including any settlementContract providing for non-solicitation or employees or other business relations, conciliation providing for exclusivity or similar agreementrequirements supply terms or for “most favored nation” pricing or other terms), the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract xiv)any Contract regarding confidentiality or agreement that relates nondisclosure; (xv)any Contract related to Intellectual Property Rights (other than a license licenses of generally available, non-customized computer software granted to the Company for commercially available software licensed on standard terms such Opto-tech Entity with a total replacement cost of less than $500,000EUR50,000); ; (ix) xvi)any Contract which involves payment by any contract party of amounts determined by reference to fluctuations in any retail prices or agreement that concerns the sale other index or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course rate of business; exchange for any currency; (xiv) any contract or agreement containing xvii)any Contract with any (xA) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conductedGovernmental Authority, or (yB) right Top Customer or Top Supplier (as such terms are defined below); or (xviii)any Contract which cannot readily be fulfilled or performed by such Opto-tech Entity on time without penalty without excessive or unusual expenditure of first refusal money, effort or right personnel; (xix)any Contract requiring indemnification of first offer another Person; (xx)any Contract which is of a loss-making nature (that is, likely to result in a loss to such Opto-tech Entity) on completion of performance ascertained by reference to gross margin (being sales less attributable labor, materials and overheads in accordance with PCN); and (xxi)any Contract whereby such Opto-tech Entity is obligated to pay royalties or similar right or license fees to another Person; and (xxii)any other Contract that limits or purports is material to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge Business. Each Opto-tech Entity has delivered or otherwise dispose made available to Buyer a correct and complete copy of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each each written Material Contract (including all amendments thereto). With respect to each written Material Contract: (A) the Material Contract is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect, subject to the application of any bankruptcy or creditor’s rights Laws; (B) the Material Contract will continue to be legal, valid, binding, and enforceable and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiariesagainst such Opto-tech Entity (and, nor to the Knowledge of Company, the other parties thereto) on identical terms immediately after the Closing Date; (C) neither any Opto-tech Entity nor, to the Knowledge of Company, any other party thereto to the Material Contract, is in material violation breach or default under (including, with respect to any Material Contract. No benefits under any Material Contract will be increasedexpress or implied warranty), and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that which with notice or lapse of time or both would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contract; and (D) to the Knowledge of Company, no party has repudiated any provision of any such Material Contract. Section 3.2(l) of the Disclosure Schedule sets forth a description of all of the material terms of each oral Contract which, if reduced to written form, would be required to be listed in the Disclosure Schedule under the terms of this Section 3.2(l), and all such oral Contracts shall be deemed to be included in Material Contracts. Correct and complete copies of the general forms of purchase or (for goods and services) sale used by each Opto-tech Entity have been delivered to Buyer, along with a description of any variances therefrom or modifications thereto.

Appears in 1 contract

Sources: Quota Purchase Agreement

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives true, correct Seller Disclosure Schedule 4.15 contains a true and complete copies of each listing of the following contracts and other agreements with respect to which the Company ownership and operation of the Transferred Assets (each such contract or any Company Subsidiary is a party (each, agreement being referred to herein as a “Material Contract”): (i) any contract Any water services, exchange agreements or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien gas gathering or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businesstransportation agreement; (ii) Any agreement (or group of related agreements with the same Person) for the lease of personal property to or from any contract or agreement that constitutes a collective bargaining or other arrangement with any labor unionPerson providing for lease payments in excess of $250,000 per annum; (iii) any contract Any agreement (or agreement that group of related agreements with the same Person) for the purchase or sale of raw materials, commodities, supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which is a “material contract” within the meaning reasonably expected to involve annual consideration in excess of Item 601(b)(10) of Regulation S-K$250,000; (iv) any lease or Any agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than concerning a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperationpartnership, joint venture, shareholders, partnership investment or similar agreement other arrangement (A) involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conductedTransferred Assets, or (yB) right requiring a Subject Company to invest funds in or make loans to, or purchase any securities of, another Person, venture or other business enterprise relating to the Transferred Assets; (v) Any agreement (or group of first refusal related agreements with the same Person) with respect to the creation, incurrence, assumption, or right guaranteeing of first offer any indebtedness for borrowed money, or similar right any capitalized lease obligation; (vi) Any agreement that prohibits or that otherwise materially limits or purports to limit the ability of an owner of the Company Transferred Assets to compete in any material respect in any line of business or with any Person or in any material geographic area during any period of time after the applicable Closing; (vii) Any agreement by and among the EQT Parties, the Subject Companies or any of their respective Affiliates (other than EQM and its Subsidiaries) to the extent applicable to the Transferred Assets and which individually involves annual revenues or payments in excess of $250,000; (viii) Any collective bargaining agreement; (ix) Any lease under which any Subject Company Subsidiaries is the lessor or lessee of real property that provides for an annual base rental to ownor from such Subject Company of more than $250,000; (x) Any easement agreement, operateright-of-way agreement, selllicense or Permit involving an annual payment of more than $250,000; (xi) Any agreement that governs the use or development of Intellectual Property Assets (other than off-the-shelf software license agreements); (xii) Any agreement under which the consequences of a default or termination would reasonably be expected to have a Seller Material Adverse Effect; or (xiii) Any agreement (or group of related agreements with the same Person) not enumerated in this Section 4.15, transferthe performance of which by any party thereto involves consideration in excess of $250,000. (b) The EQT Parties have made available to EQM Gathering and EQM a correct and complete copy of each Material Contract. (i) Each Material Contract is legal, pledge valid and binding on and enforceable against Rice Midstream or otherwise dispose the applicable Subject Company, as applicable, and to the EQT Parties’ Knowledge, against the other parties thereto, and is in full force and effect; (ii) none of Rice Midstream or such Subject Company, as applicable, is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default by Rice Midstream or such Subject Company, as applicable, or permit termination, modification or acceleration under any Material Contract; (iii) to the Knowledge of the EQT Parties, no other party to any of the Material Contracts is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default by such other party, or permit termination, modification or acceleration under any Material Contract, other than in accordance with its terms, nor has any other party repudiated any provision of any material assets or businessMaterial Contract; and and (xviv) any material contract or agreement that would require any consent or approval of a counterparty as a result of following the consummation of the transactions contemplated by this Agreement. Each , each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, valid and binding and in full force and effect in all material respects following the consummation on identical terms. (d) Except as set forth on Seller Disclosure Schedule 4.15, none of the transactions contemplated by the Transaction Documents. Neither the Company nor Rice Midstream or any of the Company Subsidiaries, nor to the Knowledge of the Subject Company, as applicable, has given to or received from any other party thereto is in material Person any notice or other communication (whether oral or written) regarding any actual, alleged, possible or potential violation or breach of, or default under any Material Contract. No benefits under under, any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required that continues to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsunresolved.

Appears in 1 contract

Sources: Contribution and Sale Agreement (EQT Midstream Partners, LP)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) Schedule 2.13(a) lists the following agreements to the Investor or its representatives true, correct and complete copies of each which any of the following to which the Company or any Company Subsidiary Jet Center Entities is a party (each, or provides a cross-reference to another schedule in the Disclosure Schedules where such agreements are listed) (each a “Material Contract”): (i) any contract or agreement all documents relating to indebtedness for money borrowed moneyor collateral therefor, letters of creditincluding guarantees; (ii) all collective bargaining, capital lease obligationslabor, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoingemployment, but in any event excluding trade payablesconsulting, securities transactions and brokerage agreements arising in the ordinary course of businesstermination, intercompany indebtedness and immaterial leases for telephonescompensation, copy machinesbonus, facsimile machines profit sharing, severance, stock option, stock purchase, retirement, pension, health, accident, group insurance, liability, death benefit and other office equipmentagreements or plans relating to compensation of or benefits for current or former officers or employees; (iii) any lease, contract, commitment, or agreement (or group of related agreements) for the purchase or sale of raw materials, commodities, supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which will: (A) extend over a period of more than one year; (B) result in a loss; or (C) involve consideration paid or received in excess of $500,00050,000; (iv) any contract, except for those issued agreement, or instrument not entered into in the ordinary course of business; (iiv) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within containing restrictions on the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any operations of the Company Subsidiaries is lessee of, FBO Business to compete in any geographic region or holds or operates, in any property owned by any other Person with annual rent payments in excess line of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesbusiness; (vi) any contract or agreement limiting, in any material respect, the ability lease of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personreal property and all personal property leases; (vii) any settlement, conciliation agreement concerning a partnership or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000joint venture; (viii) any contract or agreement that relates to Intellectual Property Rights between the Seller (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries Jet Center Entities) and any of their respective Affiliates; an “Affiliate” of any Person means any other thanPerson directly or indirectly through one or more intermediary persons, Controlling, Controlled by or under common Control (as defined below) with such Person and shall include in each case all of such Persons’ officers, directors, agents, employees, and subsidiaries; “Control” with respect to non-executive employees any Person, means the power to direct the management and consultantspolicies of such Person, in the ordinary course of business; (xiv) any contract directly or agreement containing any (x) non-competition indirectly, by or exclusive dealing obligations through stock ownership, agency or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichotherwise, or the localities pursuant to or in whichconnection with an agreement, all arrangement or any portion of the business of the Company understanding (written or the Company Subsidiaries is oral) with one or can be conductedmore other Persons by or through stock ownership, agency or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or businessotherwise; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force terms “Controlling” and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor “Controlled” have meanings correlative to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.foregoing;

Appears in 1 contract

Sources: Purchase Agreement (Macquarie Infrastructure CO LLC)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwiseSchedule 3.9(a) to the Investor or its representatives true, correct and complete copies of each of the following Disclosure Schedules sets forth a complete and accurate list as of the date hereof of all currently effective Contracts to which the Company or any Company Subsidiary of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or their assets are bound (each, a “Material Contract”):including oral agreements) of the following categories: (i) Contracts that are material to the Company not made in the ordinary course of business that are not otherwise required to be disclosed pursuant to clauses (ii) — (xix) below; (ii) all management agreements or Contracts for the employment or engagement of any contract officer, individual employee, consultant or other Person on a full time, part time, consulting or other basis (A) providing annual compensation (whether cash and/or otherwise) in excess of $100,000, (B) providing for the payment of any cash or other compensation or benefits upon the consummation of the transactions contemplated by this Agreement or (C) otherwise restricting the ability of the Company or any of its Subsidiaries to terminate the employment or engagement of any employee or consultant at any time for any lawful reason or for no reason without penalty or Liability; (iii) collective bargaining agreements or other Contracts with any labor union, or severance agreements, programs, policies or arrangements; (iv) Contracts containing covenants limiting the freedom of the Company or its Subsidiaries or any employee, consultant, officer or director of the Company or any of its Subsidiaries, to engage in any line of business, expand the geographical scope of business anywhere in the world or compete with any Person or that otherwise have the effect of restricting in any material respect the Company or its Subsidiaries or any employee, consultant, officer or director of the Company or any of its Subsidiaries from the development, manufacture, marketing or distribution of products and/or services, including without limitation, non-competition, non-solicitation of customers and standstill obligations, or any contract, agreement or arrangement containing any exclusivity, noncompetition or most favored pricing terms, in each case other than (a) Artist Agreements, but only with respect to the products licensed thereunder and (b) Contracts between the Company or its Subsidiary, on the one hand, and any employee, consultant, officer or director of the Company or any of its Subsidiaries, on the other hand, substantially on a form previously provided to Parent, where such covenants are for the benefit of the Company or its Subsidiaries; (v) Contracts with any Company Equityholder, any Affiliate of any Company Equityholder or any other Affiliate of the Company (“Affiliate Agreements”); (vi) Contracts that the Company or any of its Subsidiaries have entered into with each Person who has art or other content that is available on the Company’s website (such art or content, “Artwork” and each such Person, an “Artist”), other than agreements entered into in the ordinary course of business substantially on the form previously provided to Parent (“Artist Agreements”); (vii) distribution, franchise, license, technical assistance, sales, customer, commission, consulting, agency or advertising contracts related to the assets of the Company or its Subsidiaries or the Business other than Artist Agreements and purchase orders or agreements for Artwork entered into in the ordinary course of business substantially on the form previously provided to Parent (“Standard Customer Agreements”), and agreements pursuant to which the Company or any of its Subsidiaries licenses or otherwise uses standard generally commercially available software or services involving a one-time license fee of no more than $100,000 or ongoing subscription or service fees of no more than $25,000 per year (“Click-Through Agreements”); (viii) options with respect to any property, real or personal, whether the Company or any of its Subsidiaries shall be the grantor or grantee thereunder; (ix) Contracts involving future expenditures or Liabilities, actual or potential, in excess of $25,000; (x) Contracts involving performance of services or delivery of products by the Company or any of its Subsidiaries, actual or potential, in excess of $25,000, other than Artist Agreements and Standard Customer Agreements; (xi) Contracts involving receipts by the Company or its Subsidiary, actual or potential, in excess of $25,000; (xii) Contracts or commitments relating to indebtedness for borrowed moneycommission arrangements with any officer, individual employee, consultant or other Person; (xiii) promissory notes, loans, agreements, indentures, evidences of Indebtedness, letters of credit, capital lease obligationsguarantees, obligations secured by a Lien or interest rate other instruments relating to an obligation to pay money, individually in excess of or currency hedging agreements (including guarantees in respect the aggregate in excess of $25,000, whether the Company or any of its Subsidiaries shall be the foregoingborrower, but in lender or guarantor thereunder or whereby any event assets of the Company or any of its Subsidiaries are pledged (excluding trade payables, securities transactions and brokerage agreements arising credit provided by the Company in the ordinary course of businessbusiness to purchasers of the Company’s services or products); (xiv) any Contract with the United States, intercompany indebtedness state or local government or any agency or department thereof, other than Standard Customer Agreements; (xv) Leases of real property; (xvi) Leases of personal property involving a total remaining commitment by the Company or any of its Subsidiaries of at least $25,000 not cancelable (without Liability) within 90 calendar days; (xvii) written warranties, guaranties and immaterial leases for telephones, copy machines, facsimile machines and or other office equipment) in excess similar undertakings with respect to contractual performance extended by the Company or any of $500,000its Subsidiaries, except for those issued any warranties, guaranties or similar undertakings entered into in the ordinary course of business; (iixviii) any contract joint venture, partnership and other Contracts (however named) involving a sharing of profits, losses, costs or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled Liabilities by the Company or any of the Company Subsidiaries;its Subsidiaries with any other Person; and (vixix) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses Contracts relating to the Company development, ownership, use or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service licensing of any patents, trademarks, copyrights, or other Intellectual Property, other than, in each case, Artist Agreements, Standard Customer Agreements, Click-Through Agreements, Open Source licenses, agreements with current or former directorsemployees, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, or contractors regarding the disposition, development, appropriation on substantially the form(s) made available to Parent and nondisclosure agreements entered in in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company has delivered or made available to Parent true, correct and the Company Subsidiaries, and to the Knowledge complete copies of all of the Company, each Contracts listed on Schedule 3.9(a) of the other parties Disclosure Schedules, including all amendments and supplements thereto, have performed in all material respects all material obligations . All Contracts and Leases listed (or required to be performed by them under each Material Contractlisted) on Schedule 3.9(a), and together with Artist Agreements, are referred to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the herein as “Material Contracts.

Appears in 1 contract

Sources: Merger Agreement (Demand Media Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisea) to the Investor or its representatives SCHEDULE 4.13 sets forth a true, complete and correct and complete copies list of each of the following contracts to which any of the Company or the Company Subsidiaries is a party or by which any of them is bound as of the date of this Agreement, other than the Benefit Plans (collectively, the "MATERIAL CONTRACTS"): (i) Contracts involving the expenditure by the Company or the Company Subsidiaries of more than $200,000 in calendar years 2005 or 2006 for the purchase of materials, supplies, equipment or services, excluding any such Contracts that are terminable by the Company or the Company Subsidiaries without penalty on not more than thirty (30) days notice; (ii) (A) indentures, mortgages, loan agreements, capital leases, security agreements, or other Contracts relating to Debt Obligations or (B) any Contract or other currently outstanding instrument under which any of the Company or the Company Subsidiaries has, directly or indirectly, made any advance, loan, extension of credit (other than an account receivable) or capital contribution to, or other investment in, any Person; (iii) Contracts that restrict the Company or the Company Subsidiaries from engaging in any line of business in any geographic area or competing with any Person; (iv) Contracts that restrict the declaration, set aside or payment of any dividends or distributions on, or in respect of, any capital stock or equity interest of the Company or any Company Subsidiary is a party (each, a “Material Contract”):Subsidiary; (iv) Contracts to sell goods or services with respect to the customers set forth on SCHEDULE 4.18 and any other customers of the Business with annual purchases in excess of $200,000 in calendar years 2005 or 2006; (vi) Contracts granting any Person a first-refusal, first offer or similar preferential right to purchase or acquire any right, asset or property of the Company or the Company Subsidiaries; (vii) any contract commitment to make any capital expenditure or agreement relating to indebtedness purchase a capital asset in each case, in excess of $250,000 not contemplated by the Capital Expenditure Budget; (viii) except as to the extent contemplated by the Capital Expenditure Budget, any commitment for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien the purchase or interest rate or currency hedging agreements (including guarantees in respect sale of any of the foregoingits assets, but in any event excluding trade payables, securities transactions and brokerage agreements arising other than in the ordinary course of business, intercompany indebtedness and immaterial leases or any capital stock of the Company or the Company Subsidiaries; (ix) any lease or similar agreement under which (A) any of the Company or the Company Subsidiaries is the lessee of, or holds or uses, any facility, machinery, equipment, vehicle or other tangible personal property owned by any third Person for telephones, copy machines, facsimile machines and other office equipment) an annual rent in excess of $500,000100,000 or (B) any of the Company or the Company Subsidiaries is the lessor of, except or makes available for those issued use by any third Person, any tangible personal property owned by any of the Company or the Company Subsidiaries for an annual rent in excess of $100,000; (x) Contracts (i) entered into or assumed by any of the Company or the Company Subsidiaries in which it has an obligation in respect of providing for indemnification or purchase price adjustment, in connection with any disposition, sale or other transfer of any present or former business or commercial activity and (ii) which was either (A) entered into after October 29, 2003 or (B) pursuant to which there are any outstanding, unresolved or potential indemnification claims in excess of $50,000 against any of the Company or Company Subsidiaries; (xi) Contracts pursuant to which the Company or the Company Subsidiaries have licensed the Owned Intellectual Property to, or the use of the Owned Intellectual Property is otherwise permitted with respect to, any other Person; and pursuant to which the Company or the Company Subsidiaries have had Intellectual Property licensed to it, or has otherwise been permitted to use Intellectual Property, excluding non-exclusive, commercially available software licenses entered into in the ordinary course of business; (iixii) any contract or agreement that constitutes a collective bargaining partnership, limited liability company, joint venture agreements or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement Contracts involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled expenses by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingSubsidiaries; (xiii) Contracts with any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants stockholders of the Company or any of the Company, the Company Subsidiaries other than, with respect to non-executive employees and consultants, in or Affiliates of any of the ordinary course of business;Sellers; and (xiv) Contracts involving the acquisition of any contract business enterprise whether via stock or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in whichasset purchase, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contractsotherwise.

Appears in 1 contract

Sources: Stock Purchase Agreement (Harsco Corp)

Contracts. The Company has Previously Disclosed or provided (by hard copyExcept for purchase orders and sales contracts --------- entered into in the Ordinary Course of Business, electronic data room or otherwise) Schedule 4.17 lists the ------------- following Contracts and other agreements to the Investor or its representatives true, correct and complete copies of which each of the following to which the Company or any Company Subsidiary Companies is a party (each, a “Material Contract”):party: (ia) any contract material Contract (or agreement relating to indebtedness for borrowed money, letters group of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect related Contracts) that requires the consent of any person in connection with the execution of this Agreement and the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of businesscontemplated thereby; (iib) any contract Contract (or agreement that constitutes a collective bargaining group of related Contracts) for the lease of personal property to or other arrangement with from any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any Person providing for lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000150,000 per annum; (vc) any lease Contract (or agreement under group of related Contracts) for the purchase or sale of raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services, the performance of which the Company or will, result in a loss to any of the Company Subsidiaries is lessor ofCompanies, or permits any Person to hold or operate, any property owned or controlled by the Company or any involve consideration in excess of the Company Subsidiaries$150,000; (vid) any contract capitalized lease, pledge, conditional sale or title retention agreement limiting, involving the payment of more than $150,000 in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personaggregate; (viie) any settlementContract creating a partnership or joint venture; (f) any Contract with a sales representative, conciliation manufacturer's representative, distributor, dealer, broker, sales agency, advertising agency or similar agreementother Person engaged in sales, distributing or promotional activities, or any agreement to act as one of the foregoing on behalf of any Person the performance of which will involve payment after the Closing Date of consideration in excess of $500,000150,000; (viiig) any contract Contract (or agreement that relates group of related Contracts) under which it has created, incurred, assumed, or guaranteed any indebtedness for borrowed money, or any capitalized lease obligation, or under which it has imposed a Lien on any of its material assets, tangible or intangible; (h) any Contract pursuant to Intellectual Property Rights which any of the Companies has made or will make loans or advances, or has or will have incurred debts or become a guarantor or surety or pledged its credit on or otherwise become responsible with respect to any undertaking of another Person (other than a license granted to except for the Company for commercially available software licensed on standard terms with a total replacement cost negotiation or collection of less than $500,000negotiable instruments in transactions in the Ordinary Course of Business); (ixi) any contract mortgage, indenture, note, bond or other agreement that concerns the sale evidencing indebtedness incurred or acquisition of provided by any material portion of the Company’s Companies; (j) any Contract concerning confidentiality or noncompetition or otherwise prohibiting any of the Companies from freely engaging in any business; (xk) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to Contract with the Company Seller or any Company SubsidiaryAffiliate thereof (other than standard purchase and sale agreements between the Companies and their Affiliates); (xil) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedgeprofit sharing, collar, stock option, forward purchasingstock purchase, swapstock appreciation, derivative deferred compensation, severance, or similar agreement, understanding other plan or undertaking; (xiii) any contract or agreement with respect to arrangement for the employment or service benefit of any its current or former directors, officers, employees and employees; (m) any Contract involving a governmental body the performance of which will involve consideration in excess of $150,000; (n) any collective bargaining agreement; (o) any Contract for the employment of any individual on a full-time, part-time, consulting, or consultants other basis providing annual compensation in excess of the Company $100,000 or providing severance benefits; (p) any Contract, whether or not fully performed, relating to any acquisition or disposition of any of the Company Subsidiaries other thanCompanies or any predecessor in interest or any acquisition or disposition of any subsidiary, with respect to non-executive employees and consultantsdivision, in the ordinary course line of business, or real property of any of the Companies; (xivq) any contract Contract under which it has advanced or agreement containing loaned any amount to any of its directors, officers, and employees; (xr) non-competition any Contract under which the consequences of a default or exclusive dealing obligations termination could have a Material Adverse Effect on the Business; (s) any other Contract (or other obligation group of related Contracts) the performance of which purports to limit or restrict involves consideration in excess of $150,000; (t) any respect the ability Material Contract between each of the Company or Companies, on the one hand, and the Seller and any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or Seller affiliate (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or other than any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; andCompanies) on the other hand; (xvu) any material contract or agreement that would require commitment to do any consent or approval of a counterparty as a result of the consummation foregoing described in clauses (a) through (t). The Seller has delivered to the Buyer a correct and complete copy of each written Contract listed in Schedule 4.17 (as amended to date) and a written ------------- summary setting forth the transactions contemplated by this Agreementmaterial terms and conditions of each oral Contract referred to in Schedule 4.17. Each Material Contract With respect to each such Contract: (A) the ------------- Contract is legal, valid valid, binding, enforceable, and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect effect, except as the same may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and enforceable similar laws affecting creditors' rights and remedies generally and by general principles of equity (regardless of whether enforcement is sought in accordance with its terms and a proceeding at law or equity); (CB) the Contract will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects on identical terms immediately following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor hereby; (C) to the Knowledge of the CompanyCompanies and the Seller, any other no party thereto is in material violation breach or default under any Material Contract. No benefits under any Material Contract will be increaseddefault, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each Material Contract, and to the Knowledge of the Company, no event has occurred that which with notice or lapse of time would constitute a material breach or default default, or permit termination, modification, or acceleration, under the Material ContractsContract; and (D) no party has repudiated any material provision of the Contract.

Appears in 1 contract

Sources: Stock Purchase Agreement (Jackson Products Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwise) to Except for the Investor or its representatives true, correct contracts and complete copies of each agreements described in Section 4.11 of the following to which Company Disclosure Schedule (collectively, the "MATERIAL CONTRACTS"), the Company or any Company Subsidiary is not a party (eachto or bound by any material contract or agreement, a “Material Contract”):including without limitation: (ia) any sales, advertising or agency contract or agreement relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) than contracts with merchants in excess of $500,000, except for those issued in the ordinary course of business10,000 per year; (iib) any contract with one of the Company's ten largest merchants (as determined by revenue received by the Company through February 29, 2000) (c) any continuing contract for the purchase of materials, supplies, equipment or agreement that constitutes a collective bargaining or other arrangement with services involving in the case of any labor unionsuch contact more than $10,000 per year; (iiid) any contract that expires or agreement that is a “material contract” within may be renewed at the meaning option of Item 601(b)(10) any person other than the Company so as to expire more than one year after the date of Regulation S-Kthis Agreement; (ive) any lease trust indenture, mortgage, promissory note, loan agreement or agreement under which other contract for the Company borrowing of money, any currency exchange, commodities or other hedging arrangement or any leasing transaction of the Company Subsidiaries is lessee of, or holds or operates, type required to be capitalized in accordance with GAAP; (f) any property owned by any other Person with annual rent payments contract for capital expenditures in excess of $500,00010,000 in the aggregate; (vg) any lease or agreement under which contract limiting the Company or any freedom of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to competecompete with any other corporation, whether by restricting territoriespartnership, customers limited liability company, trust, individual or otherwiseother entity, or in any other material respectconfidentiality, with any Personsecrecy or non-disclosure contract; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viiih) any contract or agreement that relates pursuant to Intellectual Property Rights (other than a license granted to which the Company for commercially available software licensed on standard terms with is a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition lessor of any material portion of the Company’s business; (x) any alliancemachinery, cooperationequipment, joint venturemotor vehicles, shareholdersoffice furniture, partnership fixtures or similar agreement involving a sharing of profits or losses relating other personal property, pursuant to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual which payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice10,000 remain outstanding; (xiii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertakingcontract with an Affiliate; (xiiij) any agreement of guarantee, support, indemnification, assumption or endorsement of, or any similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other person; (k) any distribution contract; (l) any employment contract, arrangement or policy (including without limitation any collective bargaining contract or union agreement) which may not be immediately terminated without penalty (or any augmentation or acceleration of benefits); or (m) any stockholders agreement, voting agreement, registration rights agreement with respect or other agreement to the employment or service of any current or former directors, officers, employees or consultants of which the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries Stockholder is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract (A) is legal, valid and binding on the Company and the Company Subsidiaries which are a party to such contract(each, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documentsa "Stockholder Party Agreement"). The Company and the Company Subsidiaries, and to the Knowledge has performed all of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each it and is entitled to all benefits under, and is not alleged to be in default in respect of any Material Contract. Each of the Material Contracts is valid and binding and in full force and effect, and there exists no default or event of default or event, occurrence, condition or act, with respect to the Knowledge Company, or to the knowledge of the Company, no event has occurred that with notice or respect to the other contracting party, which, with the giving of notice, the lapse of the time or the happening of any other event or conditions, would constitute become a material breach or default or permit terminationevent of default under any Material Contract. True, modification, or acceleration, under the correct and complete copies of all Material ContractsContracts have been delivered to Parent.

Appears in 1 contract

Sources: Merger Agreement (About Com Inc)

Contracts. The Company has Previously Disclosed or provided (by hard copya) Section 3.12(a) of the Disclosure Schedule sets forth, electronic data room or otherwise) to as of the Investor or its representatives truedate hereof, correct and complete copies of each Transferred Contract of the following to which the Company or any Company Subsidiary is a party (each, a “Material Contract”):types: (i) a collective bargaining agreement or other Contract with any contract labor organization, trade union, works council or agreement relating to indebtedness for borrowed moneysimilar bargaining representative (a “Collective Agreement”); (ii) a Contract with any Top Customer (as defined below), letters including purchase orders covering a payment amount of credit$2,000,000 or more, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements other than (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising A) in the ordinary course of business, intercompany (B) non-disclosure agreements, (C) sales acknowledgments, (D) purchase orders covering a payment amount of under $2,000,000 or (E) statements of work that have been satisfied in full; (iii) a Contract with any Top Vendor (as defined below), including a purchase or service order covering a payment amount of $1,000,000 or more, other than (A) non-disclosure agreements, (B) sales acknowledgments, (C) purchase or service orders covering a payment amount of under $1,000,000 or (D) statements of work that have been satisfied in full; (iv) a Contract under which any Transferred Subsidiary has borrowed any money from, or issued any note, bond, debenture or other evidence of indebtedness of borrowed money to, any person, including any guarantee relating thereto (other than any Contract that will be terminated prior to or as of the Closing); (v) a Contract concerning the establishment, control, maintenance or operation of a partnership, joint venture or other similar agreement or arrangement, in each case that is material to the Business; (vi) all material Leases; (vii) a Contract (A) pursuant to which a distributor (including any affiliate of Seller) has the right to distribute or resell products of the Business and immaterial leases for telephones, copy machines, facsimile machines and other office equipment(B) involving aggregate payments in excess of $500,000100,000 in the twelve (12)-month period ended January 31, except 2023; (viii) any Contract that is a mortgage, indenture, guaranty, financial, loan or credit agreement, security agreement or is a Contract to which any Transferred Subsidiary is a party creating or granting any Lien on any assets or properties of any Transferred Subsidiary, other than Permitted Liens; (ix) any Contract that is a hedging, futures, options or other derivative Contract; (x) any Contract for those issued the acquisition of any Person or any business unit thereof or the disposition of any assets, other than (A) Contracts for acquisitions or dispositions of inventory in the ordinary course of business or (B) for acquisitions or dispositions that were consummated more than three (3) years prior to the date hereof; (xi) any royalty or similar Contract based on the revenues or profits of any Transferred Subsidiary; (xii) any Contract of indemnification or guaranty to any Person not made in the ordinary course of business; (ii) any contract or agreement that constitutes a collective bargaining or other arrangement with any labor union; (iii) any contract or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; (iv) any lease or agreement under which the Company or any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement Contract with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of businessGovernmental Entity; (xiv) any contract Contract relating to the acquisition or agreement containing disposition of any (x) non-competition business or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any material portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose assets of any material Person (whether by merger, sale of stock, sale of assets or business; andotherwise); (xv) any Contract under which the Transferred Subsidiaries have an obligation with respect to an “earn out,” contingent purchase price, or similar contingent payment obligation; (xvi) any Contract (A) containing covenants that restrict or limit in any material contract respect the ability of any Transferred Subsidiary to engage in the Business or compete with respect to the Business with any Person or in any geographic area or the ability of any affiliate of any Transferred Subsidiary (other than the Transferred Subsidiaries themselves) to solicit customers or employees; (B) involving the grant of “most favored nation” status to any Person; or (C) granting any exclusive rights to sell or distribute any product or services of the Business to any Person or imposing obligations to exclusively purchase or acquire any products or services from any Person; (xvii) any Contract that contains a license, sublicense or other provision under which any Transferred Subsidiary is granted or assigned rights by others in Business Intellectual Property, other than (A) Contracts for generally commercially available software (including open source materials), (B) for non-specific Intellectual Property Rights granted under a Transferred Subsidiary’s standard forms for employees and contractors, (C) permitted use rights granted in non-disclosure agreements, and (D) non-exclusive licenses of third party Trademarks solely for the inclusion of such Trademarks in a customer list or similar marketing purposes; (xviii) any Contract that contains a license, sublicense or other provision under which a Transferred Subsidiary has granted or assigned rights to others in Business Intellectual Property, other than (A) non-exclusive licenses granted to customers in the ordinary course of business under a Transferred Subsidiary’s standard forms for such customer relationships previously made available to Purchaser, (B) permitted use rights granted in non-disclosure agreements, (C) non-exclusive rights granted to vendors and service providers for the limited purpose of providing the applicable services to a Transferred Subsidiary, or (D) non-exclusive licenses to Trademarks entered into in the ordinary course of business for inclusion of such Trademark in a customer list or similar immaterial marketing purposes; (xix) a Contract that is required to be filed by Seller Guarantor as a “material contract” pursuant to Item 601(b)(10)(i) of Regulation S-K under the Securities Act; (xx) any Contract between any member of the Seller Group or any of its affiliates (other than a Transferred Subsidiary), on the one hand, and any Transferred Subsidiaries, on the other hand, that is currently in effect; (xxi) any Contract involving capital expenditures by a Transferred Subsidiary in excess of $1,500,000 in the aggregate, whether or not made in the ordinary course of business consistent with past practices, which has material ongoing obligations following the date hereof; (xxii) any Contract relating to the settlement of any Proceeding pursuant to which any Transferred Subsidiary or the Business will have any material outstanding obligations after the Closing; (xxiii) (A) any Contract with an Employee that provides for annual base compensation in excess of $80,000 that materially deviates from the standard form of employment agreement of the Transferred Subsidiaries that would require has been made available to Purchaser and (B) any consent Contract with any Employee that provides for retention or approval stay bonus, severance or advance notice of a counterparty termination that extends beyond what is required pursuant to applicable Laws, change in control bonus or accelerated vesting, or other material compensation amount or benefits that, in each case, will be payable or due as a result of the consummation of any of the transactions contemplated by this Agreement. Each Material ; (xxiv) any Contract that provides that fees or expenses of any outside accountants, external legal counsel or other outside advisors retained by the Seller Guarantor or its affiliates in connection with this Agreement and the transactions contemplated hereby will be owed and paid by a Transferred Subsidiary; (xxv) any Contract which provides for indemnification of any officer, director, manager or employee by a Transferred Subsidiary (with respect to actions in such capacity); (xxvi) any Contract entered into since January 31, 2023 (other than Employee Benefit Plans) that contemplates or involves: (A) is legalthe payment or delivery of cash or other consideration by the Business (including any Transferred Subsidiary) in an amount or having a value in excess of $200,000 individually, valid and binding on or $1,000,000 in the Company and the Company Subsidiaries which are a party to aggregate when taken together with all other Contracts involving such contract, Person or such Person’s affiliates; or (B) the performance of services or provision of products by the Business (including any Transferred Subsidiary) having a value in excess of $200,000 individually, or $1,000,000 in the aggregate when taken together with all other Contracts involving such Person or such Person’s affiliates; and (xxvii) any material management, consulting, contractor, relocation, repatriation or expatriation agreement or other Contract between a Transferred Subsidiary and any Business Service Provider that is in full force and effect and enforceable in accordance with its terms and not terminable at will without the payment of severance or other termination payments or benefits beyond that which is required by applicable Laws. (Cb) will continue All Contracts set forth or required to be legalset forth in Section 3.12 of the Disclosure Schedule (including, for the avoidance of doubt, any Contract that would have been required to be identified in Section 3.12 of the Disclosure Schedule had Section 3.12 of the Disclosure Schedule been made at the Closing), all purchase orders issued by or to a Top Customer or Top Vendor in an amount greater than $200,000 and not otherwise required to be set forth in Section 3.12 of the Disclosure Schedule and all material Contracts with Employees that provide for annual base compensation in excess of $80,000 (such Contracts, the “Business Contracts”) are valid, binding, enforceable, binding and in full force and effect in effect, subject, as to enforcement, to the Enforceability Exceptions. The true, correct and complete copies of all material respects following written Business Contracts (including all amendments, supplements, modifications, annexes or schedules thereto) have been made available to Purchaser (subject to redactions to the consummation extent required to comply with applicable Information Privacy and Security Laws relating to the safeguarding of Personal Data). Section 3.12(b) of the transactions contemplated by Disclosure Schedule provides an accurate and complete description of the Transaction Documents. Neither material terms of each Business Contract that is not in written form. (c) Except as set forth in Section 3.12(c) of the Company Disclosure Schedule, none of the Transferred Subsidiaries nor any of their affiliates is or, since July 31, 2021, has been (and continue to be subject to ongoing obligations in connection therewith) in material breach or default under the Company SubsidiariesBusiness Contracts, nor and, to the Knowledge of the CompanySeller, any no other party thereto to any Business Contract is or, since July 31, 2021, has been (and continue to be subject to ongoing obligations in connection therewith) in material breach or default thereunder. No event has occurred, and, to the Knowledge of Seller, no circumstance or condition exists, that (with or without notice or lapse of time) will or would reasonably be expected to (i) result in a material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence breach of any of the transactions contemplated by the Transaction Documents, nor will the value provisions of any Business Contract; (ii) give any Person the right to declare a material default or exercise any remedy under any Business Contract; (iii) give any Person the right to accelerate the maturity or performance of any Business Contract; or (iv) give any Person the right to cancel, terminate or materially modify or declare void any Business Contract. No member of the benefits under any Material Contract be calculated on Seller Group (including the basis of Transferred Subsidiaries) nor any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiariesits affiliates has received any written notice or, and to the Knowledge of the CompanySeller, each other communication regarding any actual or possible violation or breach of, or material default under, any Business Contract. No member of the other parties thereto, have performed in all Seller Group (including the Transferred Subsidiaries) nor any of its affiliates has waived any of their material respects all material obligations required to be performed by them rights under each Material any Business Contract, and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the Material Contracts.

Appears in 1 contract

Sources: Stock Purchase Agreement (SMART Global Holdings, Inc.)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwiseS)4(o) to the Investor or its representatives true, correct and complete copies of each of the Disclosure Schedule lists the following contracts and other agreements to which any of the Company or any Company Subsidiary and its Subsidiaries is a party (each, a “Material Contract”):and which is in effect or by which any of the Company and its Subsidiaries is otherwise bound; (i) any contract agreement (or agreement relating group of related agreements) for the lease of personal property to indebtedness or from any Person providing for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) payments in excess of $500,000, except for those issued in the ordinary course of business50,000 per annum; (ii) any contract agreement (or agreement that constitutes a collective bargaining group of related agreements) for the purchase or sale of raw materials, commodities, supplies, products, or other arrangement with personal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one year (and which is not cancelable within one year) and involves consideration in excess of $100,000 in any labor unionyear; (iii) any contract agreement concerning a partnership or agreement that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-Kjoint venture; (iv) any agreement (or group of related agreements) under which it has created, incurred, assumed, or guaranteed any indebtedness for borrowed money, any capitalized lease obligation, or any agreement under which the Company or it has imposed a Security Interest on any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000its assets; (v) any lease agreement concerning noncompetition or material agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiariesconcerning confidentiality; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or with any of the Parent and the Seller and their Affiliates (other than the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Personand its Subsidiaries); (vii) any settlement, conciliation collective bargaining agreement or similar agreementwritten agreement with any labor organization, or written work rules or practices agreed to with any labor organization or employee association applicable to employees of the performance of which will involve payment after the Closing Date of consideration in excess of $500,000Company or its Subsidiaries; (viii) any contract consulting agreement providing annual compensation in excess of $100,000 or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000);providing severance benefits; and (ix) any contract agreement under which it has advanced or agreement that concerns the sale or acquisition loaned any amount to any of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former its directors, officers, and employees or consultants outside the Ordinary Course of Business. The Parent, the Seller and the Company have delivered to the Buyer a correct and complete copy of each written agreement listed in (S)4(o) of the Company or any Disclosure Schedule (as amended to date) and a written summary setting forth the terms and conditions of each oral agreement referred to in (S)4(o) of the Company Subsidiaries other than, with Disclosure Schedule. With respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material assets or business; and (xv) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Contract each such agreement: (A) the agreement is legal, valid, binding and enforceable against the Company, and to the Knowledge of the Parent, the Seller and the Company, the agreement is legal, valid and binding on against the other party thereto; (B) none of the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated by the Transaction Documents. Neither the Company nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company and the Company Subsidiaries, and to the Knowledge of the CompanyParent, each of the Seller and the Company no other parties party thereto, have performed is in all breach or default in any material respects all material obligations required to be performed by them under each Material Contractrespect, and to the Knowledge of the Company, no event has occurred that which with notice or lapse of time would constitute a material breach or default in any material respect, or permit termination, modification, or acceleration, under the Material Contractsagreement; and (C) no party has given written notice that it has repudiated any provision of the agreement.

Appears in 1 contract

Sources: Stock Purchase Agreement (Aramark Corp/De)

Contracts. The Company has Previously Disclosed or provided (by hard copy, electronic data room or otherwisei) to the Investor or its representatives true, correct and complete copies of each Section 3.2(m)(i) of the Seller Disclosure Schedule lists the following Contracts to which any member of the Company or any Company Subsidiary Group is a party (each, a “Material Company Contract”): ): (i1) any contract or agreement Contract not made in the Ordinary Course of Business; (2) any Company Contract relating to indebtedness for borrowed money, letters of credit, capital lease obligations, obligations secured by a Lien any Debt or interest rate or currency hedging agreements (including guarantees in respect guarantee of any of the foregoingsuch obligation, but in together with any event excluding trade payables, securities transactions and brokerage hedge agreements arising in the ordinary course of business, intercompany indebtedness and immaterial leases for telephones, copy machines, facsimile machines and other office equipment) in excess of $500,000, except for those issued in the ordinary course of business; 50,000; (ii3) any Company Contract that by its terms limits the payment of dividends or distributions by the Company Group or that by its terms either requires the Company Group to do business with the contract party on an exclusive basis or agreement that constitutes a collective bargaining restricts or other arrangement with limits the Company Group from owning, managing or operating any labor union; business or in any geographical location (iiiincluding non-competition agreements); (4) any contract or agreement Company Contract that is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K; joint venture or partnership agreement; (iv5) any lease or agreement under which the Company or Contract that grants any of the Company Subsidiaries is lessee of, or holds or operates, any property owned by any other Person with annual rent payments in excess of $500,000; (v) any lease or agreement under which the Company or any of the Company Subsidiaries is lessor of, or permits any Person to hold or operate, any property owned or controlled by the Company or any of the Company Subsidiaries; (vi) any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material respect, with any Person; (vii) any settlement, conciliation or similar agreement, the performance of which will involve payment after the Closing Date of consideration in excess of $500,000; (viii) any contract or agreement that relates to Intellectual Property Rights (other than a license granted to the Company for commercially available software licensed on standard terms with a total replacement cost of less than $500,000); (ix) any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business; (x) any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits or losses relating to the Company or any Company Subsidiary; (xi) any contract or agreement involving annual payments in excess of $500,000 that cannot be cancelled by the Company or a Company Subsidiary without penalty on not more than 90 days’ notice; (xii) any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking; (xiii) any contract or agreement with respect to the employment or service of any current or former directors, officers, employees or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants, in the ordinary course of business; (xiv) any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be conducted, or (y) right of first refusal or right of first offer or similar right to third parties or that limits or purports to limit the ability of the Company or Group in any of the Company Subsidiaries material respect to own, operatepledge, sell, transfer, pledge transfer or otherwise dispose of any material amounts of assets or business; and (xv6) any material contract or agreement that would require any consent or approval of a counterparty as a result of the consummation of the transactions contemplated by this Agreement. Each Material Company Contract relating to (A) is legal, valid and binding on any merger or business combination concerning the Company and Group or Holdco or (B) the acquisition by the Company Subsidiaries Group of all or substantially all of the capital stock or assets or any material branch offices of any other Person; (7) any Contract providing for any prior consent requirements for a change of control or future payments that are conditioned, in whole or in part, on a change of control with respect to the Company Group; (8) any Contract that relates to the acquisition or disposition of any assets or properties used in the conduct of the Business (other than in the Ordinary Course of Business) pursuant to which are a party to such contract(A) payment obligations remain outstanding, (B) is in full force and effect and enforceable in accordance with its terms and any earn-out, deferred or contingent payment obligations remain outstanding or (C) any indemnification payment obligations remain outstanding; (9) any Contract for future capital expenditures in excess of $50,000; (10) any Company Contract with an employee, officer, or individual independent contractor that is not terminable by the Company Group at will continue without advance notice and without payment of severance or other termination fee or penalty; (11) any Contract with a Governmental Entity; (12) any collective bargaining agreement, labor contract or other written agreement or arrangement with any labor union or any employee organization; (13) any agency, broker, sale representative, marketing, joint marketing, referral, recapture, affinity, lead-generation or similar Contract, including any Contract related to be the marketing and sale of insurance products; (14) any Company Contract involving the purchase, lease, use or occupancy of real property; (15) any other Company Contracts involving aggregate annual expenditures or revenues in excess of $50,000; and (16) any other Contract material to the Company Group as a whole. (ii) Each Material Contract is legal, valid, binding, enforceable, and in full force and effect in all material respects following the consummation of the transactions contemplated effect. No Material Contract has been breached or canceled by the Transaction Documents. Neither the Company nor any of the Company SubsidiariesGroup or, nor to the Knowledge of the CompanySellers, any other party thereto thereto. The Company Group has performed all obligations under the Material Contracts required to be performed by the Company Group in all material respects. There is in material violation no event which, upon giving of notice or lapse of time or both, would constitute a breach or default under any Material Contract or would permit the termination, modification or acceleration of a Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by the Transaction Documents, nor will the value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by the Transaction Documents. The Company Group has not assigned, delegated or otherwise transferred to any Person any of its rights, title or interest under any such Material Contract. (iii) The Company Group has delivered to Buyer a correct and the Company Subsidiaries, and to the Knowledge complete copy of the Company, each of the other parties thereto, have performed in all material respects all material obligations required to be performed by them under each written Material Contract, and together with all amendments, exhibits, attachments, waivers or other changes thereto. The Company Group is not a party to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach or default or permit termination, modification, or acceleration, under the otherwise bound by any oral Material ContractsContract.

Appears in 1 contract

Sources: Stock Purchase Agreement (Chimera Investment Corp)