{"component": "clause", "props": {"groups": [{"snippet": "(a) The Disclosure Schedule contains an accurate and complete list of:\n(i) All real property owned by the Seller included in the Assets or in which the Seller has a leasehold or other interest and which is included in the Assets or which is used by the Seller in connection with the operation of the Business. A true and correct copy of each lease, sublease, license, or any other instrument under which the Seller claims or holds such leasehold or other interest or right to the use thereof or pursuant to which the Seller has assigned, sublet or granted any rights therein, has been delivered to the Purchaser.\n(ii) All machinery, tools, equipment, motor vehicles and other tangible personal property (other than inventory and supplies), owned, leased or used by the Seller and included in the Assets, except for items having a cost of less than $5,000. The Seller has provided the Purchaser with either a copy of or a summary description of all leases and Liens relating thereto, identifying the parties thereto, the rental or other payment terms, expiration date and cancellation and renewal terms thereof.\n(iii) All contracts, agreements and commitments, whether or not fully performed, in respect of the issuance, sale or transfer of capital stock bonds, membership interests or other securities of the Seller or pursuant to which the Seller has acquired any substantial portion of its business or assets.\n(iv) All contracts, agreements, commitments or understandings that restrict the Seller from carrying on its businesses or any part thereof anywhere in the world or from competing in any line of business with any person or entity.\n(v) All purchase or sale contracts or agreements that call for aggregate purchases or sales in excess over the course of such contract or agreement of $5,000 or which continues for a period of more than twelve 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Hundred Thousand Dollars ($100,000) over its term (including without limitation periods covered by any option to extend or renew by either party) and (B) is not terminable on thirty (30) days\u2019 or less notice without cost or other Liability;\n(ii) does not pay any person or entity cash remuneration at the annual rate (including without limitation guaranteed bonuses) of more than Fifty Thousand ($50,000) for services rendered;\n(iii) is not restricted by agreement from carrying on its businesses or any part thereof anywhere in the world or from competing in any line of business with any person or entity;\n(iv) is not subject to any obligation or requirement to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any person or entity;\n(v) is not party to any agreement, contract, commitment or loan to which any of its directors, officers or shareholders or any Affiliate (or former Affiliate) thereof is a party (for purposes of this Agreement, \u201cAffiliate\u201d shall have the meaning ascribed to such term in Rule 405 promulgated under the Securities Act);\n(vi) is not subject to any outstanding sales or purchase contracts, commitments or proposals which is anticipated to result in any loss upon completion or performance thereof;\n(vii) is not party to any purchase or sale contract or agreement that calls for aggregate purchases or sales in excess over the course of such contract or agreement of One Hundred Thousand Dollars ($100,000) or which continues for a period of more than twelve months (including without limitation periods covered by any option to renew or extend by either party) which is not terminable on sixty (60) days\u2019 or less notice without cost or other Liability at or any time after the Closing; and\n(viii) has no distributorship, dealer, manufacturer\u2019s representative, franchise or similar sales contract relating to the payment of a commission.\n(b) True and complete copies (or summaries, in the case of oral items) of all items disclosed pursuant to this Section 3.22 have been made available to the Company for review. Except as set forth in Schedule 3.22, all such items are valid and enforceable by and against the Target in accordance with their respective terms, the Target is not in breach, violation or default, however defined, in the performance of any of its obligations thereunder, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof; and to the best knowledge of the Target, no other parties thereto are in breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof.", "samples": [{"hash": "9OIbHXHvkf7", "uri": "/contracts/9OIbHXHvkf7#contracts-and-commitments-no-default", "label": "Merger Agreement (Rubicon Financial Inc)", "score": 21.0, "published": true}, {"hash": "klht5iO18XS", 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agreement, commitment or license relating to Intellectual Property Rights or contract, agreement or commitment of any other type, whether or not fully performed, not otherwise disclosed pursuant to this Section 2.14;\n(v) obligation or requirement to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any person or entity; or\n(vi) outstanding sales or purchase contracts, commitments or proposals that will result in any material loss upon completion or performance thereof after allowance for direct distribution expenses, or bound by any outstanding contracts, bids, sales or service proposals quoting prices that are not reasonably expected to result in a normal profit.\n(b) True and complete copies (or summaries, in the case of oral items) of all agreements disclosed pursuant to this Section 2.14 (\u201cCompany Contracts\u201d) have been provided to Parent for review. Except as set forth in Company Disclosure Schedule, all of Company Contracts items are valid and enforceable by and against Company in accordance with their terms, and are in full force and effect. Company is not in breach, violation or default, however defined, in the performance of any of its obligations under any of Company Contracts, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof, and, to the knowledge of Company, no other parties thereto are in a breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof.", "samples": [{"hash": "dCsUGMLoCl9", "uri": "/contracts/dCsUGMLoCl9#contracts-and-commitments-no-default", "label": "Merger Agreement (Dala Petroleum Corp.)", "score": 26.9671457906, "published": true}, {"hash": "4NfZPWCFDfW", "uri": "/contracts/4NfZPWCFDfW#contracts-and-commitments-no-default", "label": "Merger Agreement (Dala Petroleum Corp.)", 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Assets bound by, any contract (a \"Parent Contract\") that is not disclosed in the Parent SEC Documents. Except as disclosed in the Parent SEC Documents, none of the Parent Contracts contains a provision requiring the consent of any party with respect to the consummation of the transactions contemplated by this Agreement. The Parent is not in breach, violation or default, however defined, in the performance of any of its obligations under any of the Parent Contracts, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof, and, to the knowledge of the Parent, no other parties thereto are in a breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof.", "samples": [{"hash": "5M0hzuP9XiD", "uri": "/contracts/5M0hzuP9XiD#contracts-and-commitments-no-default", "label": "Merger Agreement (Cardiff International Inc)", "score": 19.0, "published": true}, {"hash": "g7qxjX8e7kZ", "uri": "/contracts/g7qxjX8e7kZ#contracts-and-commitments-no-default", "label": "Merger Agreement (Wizzard Software Corp /Co)", "score": 18.0, "published": true}, {"hash": "8Xn8uur7l7m", "uri": "/contracts/8Xn8uur7l7m#contracts-and-commitments-no-default", "label": "Merger Agreement (Reflect Scientific Inc)", "score": 18.0, "published": true}], "size": 24, "snippet_links": [{"key": "a-party", "type": "clause", "offset": [18, 25]}, {"key": "parent-sec-documents", "type": "definition", "offset": [130, 150]}, {"key": "parent-contracts", "type": "definition", "offset": [213, 229]}, {"key": "consent-of", "type": "clause", "offset": [265, 275]}, {"key": "with-respect-to", "type": "clause", "offset": [286, 301]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [322, 369]}, {"key": "the-performance", "type": "clause", "offset": [442, 457]}, {"key": "due-notice", "type": "definition", "offset": [590, 600]}, {"key": "lapse-of-time", "type": "clause", "offset": [602, 615]}, {"key": "knowledge-of-the-parent", "type": "definition", "offset": [712, 735]}, {"key": "no-other-parties", "type": "clause", "offset": [737, 753]}], "hash": "93a63211e7040e6e220377da7b4235b0", "id": 3}, {"snippet": "(a) Except as set forth in Part 2.11(a) of the Company Disclosure Schedule, none of the Company Entities is a party to, nor are any of their respective assets bound by:\n(i) any Company Employee Agreement;\n(ii) any Contract that provides for (A) reimbursement of any Company Associate for, or advancement to any Company Associate of, legal fees or other expenses associated with any Legal Proceeding or the defense thereof or (B) indemnification of any Company Associate;\n(iii) any Contract constituting an indenture, mortgage, note, installment obligation, agreement or other instrument relating to the borrowing of money by any Company Entity;\n(iv) any Contract that (A) is not terminable on 30 days or less notice without penalty, (B) is over one year in length of obligation to any Company Entity, (C) involves an obligation of more than $50,000 over its term, (D) represents more than 10% of the revenue or expense of any Company Entity in the year ended December 31, 2017, or (E) is a material master services or product supply agreement;\n(v) any Contract for the lease or sublease of the Company Leased Real Property;\n(vi) any Contract incorporating any guaranty, any warranty, any sharing of liabilities or any indemnity (including any indemnity with respect to Intellectual Property or Intellectual Property Rights) or similar obligation, other than Contracts entered into in the ordinary course of business;\n(vii) any Contract for the license, sale or other disposition or use of Company IP (other than a shrink-wrap license or ordinary-course customer contracts granting a non-exclusive right and non-transferrable to use Company IP during the term of such agreement);\n(viii) any Contract imposing any restriction on the right or ability of any Company Entity (A) to compete with any other Person or (B) to solicit, hire or retain any Person as a director, officer, employee, consultant or independent contractor;\n(ix) any Contract imposing any obligation or requirement to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any Person;\n(x) outstanding sales or purchase Contracts, commitments or proposals that will result in any material loss upon completion or performance thereof after allowance for direct distribution expenses; or\n(xi) any Contract, the termination of which would reasonably be expected to have a Company Material Adverse Effect.\n(b) True and complete copies (or summaries, in the case of oral items) of all agreements disclosed pursuant to this Section 2.11 or listed in Part 2.3(c) of the Company Disclosure Schedule (the \u201cMaterial Company Contracts\u201d) have been provided or made available to Parent for review. Except as set forth in Part 2.11(b) of the Company Disclosure Schedule, all of the Material Company Contracts are valid and enforceable by and against the Company Entity party thereto in accordance with their terms, and are in full force and effect. No Company Entity is in breach, violation or default in the performance of any of its obligations under any of the Material Company Contracts, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof by such Company Entity. To the Knowledge of the Company, no other party to a Material Company Contract is in breach, violation or default thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof by such other party. 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Issuer is not in breach, violation or default, however defined, in the performance of any of its obligations under any of the Issuer Contracts, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof, and, to the knowledge of Issuer, no other parties thereto are in a breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof.", "samples": [{"hash": "hCE18PLY0vk", "uri": "/contracts/hCE18PLY0vk#contracts-and-commitments-no-default", "label": "Securities Exchange Agreement (Feng Shushun)", "score": 19.0, "published": true}, {"hash": "dgkOfmxWyaw", "uri": "/contracts/dgkOfmxWyaw#contracts-and-commitments-no-default", "label": "Securities Exchange Agreement (So Yeung)", "score": 19.0, "published": true}, {"hash": "cEzdQvyjoBL", "uri": "/contracts/cEzdQvyjoBL#contracts-and-commitments-no-default", "label": "Securities Exchange Agreement (Power of the Dream Ventures Inc)", "score": 19.0, "published": true}], "size": 14, "snippet_links": [{"key": "a-party", "type": "clause", "offset": [14, 21]}, {"key": "the-sec-reports", "type": "definition", "offset": [147, 162]}, {"key": "the-issuer", "type": "clause", "offset": [172, 182]}, {"key": "consent-of", "type": "clause", "offset": [228, 238]}, {"key": "with-respect-to", "type": "clause", "offset": [249, 264]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [285, 332]}, {"key": "the-performance", "type": "clause", "offset": [401, 416]}, {"key": "due-notice", "type": "definition", "offset": [549, 559]}, {"key": "lapse-of-time", "type": "clause", "offset": [561, 574]}, {"key": "knowledge-of", "type": "clause", "offset": [671, 683]}, {"key": "no-other-parties", "type": "clause", "offset": [692, 708]}], "hash": "eff81c4eafd220242348258a5ee85a8f", "id": 5}, {"snippet": "Except as set forth in Company Disclosure Schedule, Company is not a party to, nor are any of the Assets bound by, any written or oral:", "samples": [{"hash": "cBoJPpZAdDd", "uri": "/contracts/cBoJPpZAdDd#contracts-and-commitments-no-default", "label": "Merger Agreement (Gulf & Orient Steamship Company, Ltd.)", "score": 26.8548939083, "published": true}, {"hash": "jCRCzt0LRiC", "uri": "/contracts/jCRCzt0LRiC#contracts-and-commitments-no-default", "label": "Merger Agreement (Westcott Products Corp)", "score": 23.4188911704, "published": true}, {"hash": "44dAb2VuRzF", "uri": "/contracts/44dAb2VuRzF#contracts-and-commitments-no-default", "label": "Merger Agreement (Gameplan Inc)", "score": 23.2518822724, "published": true}], "size": 5, "snippet_links": [{"key": "company-disclosure-schedule", "type": "clause", "offset": [23, 50]}, {"key": "a-party", "type": "clause", "offset": [67, 74]}, {"key": "the-assets", "type": "clause", "offset": [94, 104]}], "hash": "8f6b920680b1504d0b45256128976897", "id": 7}, {"snippet": "The Company is not a party to, nor are any of its Assets bound by, any contract (a \"Company Contract\") that is not disclosed in the Disclosure Schedule. Except as disclosed in Disclosure Schedule, none of Company Contracts contains a provision requiring the consent of any party with respect to the consummation of the transactions contemplated by this Agreement. The Company is not in breach, violation or default, however defined, in the performance of any of its obligations under any Company Contract, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof, and, to the knowledge of Seller, no other parties thereto are in a breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof.", "samples": [{"hash": "cSRNHH9Ftrv", "uri": "/contracts/cSRNHH9Ftrv#contracts-and-commitments-no-default", "label": "Securities Purchase Agreement (Hirsch Capital CORP)", "score": 21.0, "published": true}, {"hash": "7wtGSDlOe3U", "uri": "/contracts/7wtGSDlOe3U#contracts-and-commitments-no-default", "label": "Stock Purchase Agreement (Crowther Holdings LTD.)", "score": 19.0, "published": true}], "size": 4, "snippet_links": [{"key": "the-company", "type": "definition", "offset": [0, 11]}, {"key": "a-party", "type": "clause", "offset": [19, 26]}, {"key": "disclosure-schedule", "type": "clause", "offset": [132, 151]}, {"key": "company-contracts", "type": "clause", "offset": [205, 222]}, {"key": "consent-of", "type": "clause", "offset": [258, 268]}, {"key": "with-respect-to", "type": "clause", "offset": [279, 294]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [315, 362]}, {"key": "the-performance", "type": "clause", "offset": [436, 451]}, {"key": "due-notice", "type": "definition", "offset": [577, 587]}, {"key": "lapse-of-time", "type": "clause", "offset": [589, 602]}, {"key": "knowledge-of-seller", "type": "clause", "offset": [699, 718]}, {"key": "no-other-parties", "type": "clause", "offset": [720, 736]}], "hash": "9dba2d0c4f73926ad6171dbddfd096e9", "id": 8}, {"snippet": "(a) Except as set forth in Paragraph 2.18 of the Target Disclosure Schedule:\n(i) Target has no employment agreement with any officer, employee or agent, nor any agreement that contains any severance or termination pay liabilities or obligations;\n(ii) Target has no employee to whom it is paying aggregate direct remuneration at the annual rate of more than $200,000.00 for services rendered or commissions at a rate which (based on sales by such employee during the last fiscal year,) would exceed $300,000.00\n(iii) Target has no collective bargaining or union contract agreements;\n(iv) Target is not restricted by agreement from carrying on its business or any part thereof anywhere in the world or from competing in any line of business with any person;\n(v) Target has no debt obligation for borrowed money, including guarantees of or agreements to acquire any such debt obligation of others other than that disclosed;\n(vi) Target has no outstanding loan or monetary obligation to any person or entity other than that disclosed;\n(vii) Target has no obligation or liability as guarantor, surety, co-\u2587\u2587\u2587\u2587\u2587\u2587, endorser, co-maker, indemnitor or otherwise in respect of the obligation of any other person;\n(viii) Target is not subject to any obligation or requirement to provide funds to or make any investment (in the form of a loan, capital contribution or otherwise) in any person;\n(ix) Target is not a party to any agreement, contract, commitment or loan to which any of its officers or directors or any affiliate of Target or its officers and directors is a party other than that disclosed;\n(x) There are no outstanding sales or purchase contracts, commitments or proposals of Target which will result in any loss exceeding $100,000.00 upon completion or performance thereof after allowance for direct distribution expenses, except sales or purchase contracts, commitments or proposals which, in the aggregate, call for fixed and/or contingent payments thereunder & less than $200,000.00 per year:\n(xi) Target is not a party to any purchase or sale contract or agreement which continues for a period of more than twelve months (including periods covered by any option to renew by either party);\n(xii) Target is not under any liability or obligation with respect to the return of inventory or merchandise in the possession & wholesalers, distributors, retailers or other customers;\n(xiii) Target has not given any irrevocable power of attorney to any person, firm, corporation or other entity for any purpose whatsoever, except the appointment of agents to accept service of process; and\n(xiv) Except for agreements, contracts, commitments or restrictions referred to in Subsections 2.18(a)(i)-(xiii) or elsewhere specifically disclosed pursuant to this Agreement, Target has no agreements, contracts, commitments or restrictions which are material to its business, operations or prospects (for the purpose of this subsection, any agreement, contract, commitment or restriction may be deemed \"immaterial\" if it may be canceled on 30 days' notice without premium, penalty or forfeiture and it calls for fixed and/or contingent payments thereunder of less than $100,000.00 per year).\n(b) True and complete copies of all documents (including all amendments thereto) referred to in Section 2.18(a) have either been delivered to Public Corporation or shall be delivered upon written request. 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Except as disclosed in the Parent SEC Documents, none of the Parent Contracts contains a provision requiring the consent of any party with respect to the consummation of the transactions contemplated by this Agreement. The Parent is not in breach, violation or default, however defined, in the performance of any of its obligations under any of the Parent Contracts, and no facts and circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such breach, violation or default thereunder or thereof, and, to the knowledge of the Parent, no other parties thereto are in a breach, violation or default, however defined, thereunder or thereof, and no facts or circumstances exist which, whether with the giving of due notice, lapse of time, or both, would constitute such a breach, violation or default thereunder or thereof. None of the Parent Contracts is subject to renegotiation with any Authority.", "samples": [{"hash": "fYaITWHWhrH", "uri": "/contracts/fYaITWHWhrH#contracts-and-commitments-no-default", "label": "Merger Agreement (Entreport Corp)", "score": 18.0, "published": true}], "size": 3, "snippet_links": [{"key": "parent-disclosure-schedule", "type": "clause", "offset": [27, 53]}, {"key": "a-party", "type": "clause", "offset": [73, 80]}, {"key": "material-contract", "type": "definition", "offset": [125, 142]}, {"key": "parent-sec-documents", "type": "definition", "offset": [172, 192]}, {"key": "required-to-be-disclosed", "type": "clause", "offset": [216, 240]}, {"key": "pursuant-to", "type": "definition", "offset": [269, 280]}, {"key": "regulation-s", "type": "definition", "offset": [300, 312]}, {"key": "parent-contracts", "type": "definition", "offset": [377, 393]}, {"key": "consent-of", "type": "clause", "offset": [429, 439]}, {"key": "with-respect-to", "type": "clause", "offset": [450, 465]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [486, 533]}, {"key": "the-performance", "type": "clause", "offset": [606, 621]}, {"key": "due-notice", "type": "definition", "offset": [754, 764]}, {"key": "lapse-of-time", "type": "clause", "offset": [766, 779]}, {"key": "knowledge-of-the-parent", "type": "definition", "offset": [876, 899]}, {"key": "no-other-parties", "type": "clause", "offset": [901, 917]}, {"key": "subject-to", "type": "definition", "offset": [1219, 1229]}], "hash": "c102676c3455a90b7765160d1c2e6991", "id": 10}], "next_curs": "Cm0SZ2oVc35sYXdpbnNpZGVyY29udHJhY3RzckkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ii1jb250cmFjdHMtYW5kLWNvbW1pdG1lbnRzLW5vLWRlZmF1bHQjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 137, "title": "Contracts and Commitments; No Default", "children": [["", ""], ["all-assumed-contracts", "All Assumed Contracts"]], "parents": [["representations-and-warranties-of-the-company", "REPRESENTATIONS AND WARRANTIES OF THE COMPANY"], ["representations-and-warranties-of-seller", "REPRESENTATIONS AND WARRANTIES OF SELLER"], ["representations-and-warranties-of-the-parent-and-the-merger-subsidiary", "REPRESENTATIONS AND WARRANTIES OF THE PARENT                             AND THE MERGER SUBSIDIARY"], ["representations-warranties-and-covenants-of-the-company", "Representations, Warranties and Covenants of the Company"], ["representations-and-warranties-of-parent-and-merger-sub", "REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB"]], "id": "contracts-and-commitments-no-default", "related": [["contracts-and-commitments", "Contracts and Commitments", "Contracts and Commitments"], ["material-contracts-and-commitments", "Material Contracts and Commitments", "Material Contracts and Commitments"], ["agreements-contracts-and-commitments", "Agreements, Contracts and Commitments", "Agreements, Contracts and Commitments"], ["contracts-no-defaults", "Contracts; No Defaults", "Contracts; No Defaults"], ["commitments-and-contracts", "Commitments and Contracts", "Commitments and Contracts"]], "related_snippets": [], "updated": "2025-07-07T12:37:53+00:00", "also_ask": ["What are the essential representations and warranties to include for maximum protection?", "How can this clause be leveraged to allocate risk in negotiations?", "What are the most common pitfalls or ambiguities that lead to unenforceability?", "How does this clause compare to industry-standard default provisions?", "What evidence is typically required to prove a breach of this clause in court?"], "drafting_tip": "Specify all relevant contracts and commitments to ensure comprehensive disclosure; define 'default' precisely to avoid interpretive disputes; require representations of no default to protect against undisclosed liabilities.", "explanation": "The \"Contracts and Commitments; No Default\" clause requires a party to affirm that it is not currently in breach of any significant agreements or obligations. In practice, this means the party must confirm that all its existing contracts are being honored and that it is not subject to any defaults, such as missed payments or unfulfilled duties, which could impact its ability to perform under the new agreement. This clause helps ensure that the party is reliable and not exposed to risks from prior contractual failures, thereby protecting the other party from unforeseen liabilities or disruptions."}, "json": true, "cursor": ""}}