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Without limiting the generality of the foregoing, from the date of this Agreement until the Effective Time, except as set forth in Section 5.1 of the Company Disclosure Schedule or with the prior written consent of Parent (which consent, in the cases of subparagraph (e), (h), (j), (k), (l), (m), (o) and, solely with respect to matters covered by the foregoing subparagraphs, (p), shall not be unreasonably withheld, conditioned or delayed), the Company shall not, nor shall it permit any of its Subsidiaries to:\n(a) amend its certificate of incorporation, bylaws or other comparable charter or organizational documents (whether by merger, consolidation or otherwise);\n(b) (i) declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock, property or otherwise) in respect of any shares of capital stock of the Company or any of its Subsidiaries, other than dividends and distributions by a direct or indirect wholly-owned Subsidiary of the Company to its 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Closing Date, or the earlier termination of this Agreement pursuant to Article IX, except to the extent described in Schedule 5.01 or otherwise required or specifically permitted by this Agreement, the Company shall: (i) conduct the Business in the ordinary course of business consistent with past practice in all material respects (including with respect to capital expenditures, the timely making of any budgeted or emergency capital expenditures or capital expenditures that are required to maintain the Business in compliance with any applicable Laws), unless the Parent shall have otherwise consented in writing (which consent will not be unreasonably withheld, conditioned or delayed); (ii) maintain in effect the insurance coverage described on Schedule 7.16 (or reasonably equivalent replacement coverage); (iii) use its commercially reasonable efforts to preserve the present relationships of the Business with suppliers, vendors, licensees and other Persons with which the Business has 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Without limiting the generality of the foregoing, the Seller will not, except as approved in writing by Buyer:\n(a) enter into, terminate, or amend or otherwise change the terms of any Contracts, arrangements, plans, agreements, leases, licenses, permits, authorizations, or commitments, except for the entrance into customer Contracts in the ordinary course of the business, consistent with past practice;\n(b) lease, mortgage, pledge, or encumber any Purchased Assets or transfer, sell, or dispose of any Purchased Assets, other than sales of inventory in the ordinary course of business;\n(c) cancel, release, or assign any claim related to the Business;\n(d) bring or settle any Action related to the Business that would affect the value of the Purchased Assets;\n(e) grant or issue any equity securities of, or equity rights, in the Seller;\n(f) incur, assume, or guarantee any Indebtedness;\n(g) adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, 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the extent consistent with the foregoing, Seller shall, and shall cause the other Asset Seller Entities to, use its and their commercially reasonable efforts to (A) preserve the business organizations of the Business substantially intact and (B) preserve existing relations with key customers and distributors of the Business and with other Persons with whom Seller and the other Asset Seller Entities have significant business relationships with respect to the Business, in each case, consistent with past practice.\n(b) Without limiting the generality of the foregoing, except as required by applicable Law, Judgment or a Governmental Authority, as expressly contemplated, required or permitted by this Agreement or the Merger Agreement or as set forth in Schedule 6.01, during the period from the date of this Agreement until the Closing (or such earlier date on which this Agreement is terminated pursuant to Section 9.01), unless Purchaser otherwise consents in writing (such consent not to be unreasonably withheld, delayed or conditioned), Seller shall not, and shall not permit any other Asset Seller Entity to, in each case solely to the extent relating to the Business:\n(i) incur any Indebtedness that creates or results in a Lien (other than a Permitted Lien) upon any of the Purchased Assets, except for Indebtedness incurred in the ordinary course of business consistent with past practice that (A) constitutes an Excluded Liability, (B) does not result in a Lien (other than a Permitted Lien) on the Purchased Assets that will survive the Closing, or (C) constitutes a letter of credit, bank guarantee, security or performance bond or similar credit support instrument, overdraft facility or cash management program;\n(ii) sell, lease, license or otherwise transfer, directly or indirectly, to any Person, in a single transaction or series of related transactions, any of the Purchased Assets, except (A) ordinary course dispositions of inventory to customers and distributors consistent with past practice, (B) dispositions consistent with past practice of (1) obsolete, surplus or worn out assets or (2) assets that are no longer used or useful in the Business, or (C) transfers among the Asset Seller Entities;\n(iii) make any acquisition of, or investment in, any properties, assets, Securities or business for the Business, except for the acquisitions of supplies, inventory, equipment, merchandise or products in the ordinary course of business consistent with past practice;\n(iv) grant any Lien (other than a Permitted Lien) on any of the Purchased Assets other than (A) to secure Indebtedness and other obligations permitted under Section 6.01(b)(i), or (B) any such Lien that will not survive the Closing and will not (1) require any Consent to be obtained in connection with the Transactions or (2) delay in any material respect the consummation thereof;\n(A) modify, amend or terminate, or waive, in each case in any material respect, any rights or claims under, 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Without limiting the generality of the foregoing, from the date hereof until the Closing Date, without the Purchaser\u2019s prior written consent, neither the Company nor any Subsidiaries shall:\n(a) except in the ordinary course of business, amend, waive any provision of, terminate prior to its scheduled expiration date, or otherwise compromise in any way, any Contract (including contracts described in Section (b) below), or any other right or asset;\n(b) except as contemplated by this Agreement, enter into any contract, agreement, lease, license or commitment, which (i) is with respect to real property, (ii) except in the ordinary course of business, extends for a term of one year or more or (iii) obligates the payment of more than $10,000 (individually or in the aggregate);\n(c) make any capital expenditures in excess of $10,000 (individually or in the aggregate);\n(d) sell, lease, license or otherwise dispose of any assets or assets covered by any Contract except (i) pursuant to existing contracts or commitments disclosed herein;\n(e) pay, declare or promise to pay any dividends or other distributions with respect to its capital stock, or pay, declare or promise to pay any other payments to the Company and the Seller or any Affiliate of the Company and the Seller;\n(f) authorize any salary increase of more than 10% for any employee or change the bonus or profit sharing policies of the Company;\n(g) obtain or suffer to exist any Indebtedness in excess of $10,000 in the aggregate other than in the ordinary business consistent with past practice;\n(h) suffer or incur any Lien on any asset except for Liens existing as of the date hereof as set forth on Schedule 3.13(b);\n(i) suffer any material damage, destruction or loss of property related to any assets that is not covered by insurance;\n(j) delay, accelerate or cancel any receivables or Indebtedness or write-off or make further reserves against the same, except in the ordinary course of business;\n(k) merge or consolidate with or acquire any other Person or be acquired by any other Person;\n(l) suffer any insurance policy protecting assets to lapse;\n(m) make any change in its accounting principles or methods or write down the value of any assets;\n(n) change the place of business of the Company or any Subsidiaries;\n(o) extend any loans to any Person, other than travel or other expense advances to employees in the ordinary course of business;\n(p) issue, redeem or repurchase any shares of its capital stock;\n(q) effect or agree to any change in any practices or terms, including payment terms, with respect to customers or suppliers;\n(r) make or rescind any election related to Taxes, file any amended income Tax Return or make any changes in its methods of Tax accounting; or\n(s) agree to do any of the foregoing. 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["covenants-of-seller", "Covenants of Seller"], ["covenants-of-the-parties", "Covenants of the Parties"], ["covenants-of-the-company", "Covenants of the Company"]], "title": "Conduct of the Business", "children": [["contracts", "Contracts"], ["claims", "Claims"], ["", ""], ["acquisitions", "Acquisitions"], ["intellectual-property", "Intellectual Property"]], "size": 2492, "id": "conduct-of-the-business", "related": [["conduct-of-the-companys-business", "Conduct of the Company\u2019s Business", "Conduct of the Company\u2019s Business"], ["conduct-of-business", "Conduct of Business", "Conduct of Business"], ["conduct-of-the-parties", "Conduct of the Parties", "Conduct of the Parties"], ["conduct-of-the-company", "Conduct of the Company", "Conduct of the Company"], ["interim-conduct-of-business", "Interim Conduct of Business", "Interim Conduct of Business"]], "related_snippets": [], "updated": "2026-08-13T04:22:21+00:00", "also_ask": ["What are the minimum operational standards that must be specified to ensure enforceability?", "How can this clause be leveraged to restrict or permit key business decisions post-signing?", "What are the most common negotiation points or carve-outs for management discretion?", "Which risks arise if the clause lacks clear definitions of 'ordinary course of business'?", "How do courts interpret and enforce breaches of 'Conduct of the Business' clauses in M&A deals?"], "drafting_tip": "Specify permitted and prohibited activities to prevent misunderstandings; require compliance with laws to ensure enforceability; mandate regular reporting to facilitate oversight.", "explanation": "The \"Conduct of the Business\" clause sets out the standards and requirements for how a business must be operated during a specific period, often between signing and closing of a transaction. It typically obligates the seller to run the business in the ordinary course, maintain assets, and avoid significant changes without the buyer\u2019s consent. This ensures the business remains stable and consistent, protecting the buyer from unexpected risks or value erosion before the deal is finalized."}, "json": true, "cursor": ""}}