Common use of Contracts and Undertakings Clause in Contracts

Contracts and Undertakings. The Company has no contracts, agreements, leases, licenses, arrangements, commitments and other undertakings (collectively "Contracts") to which the Company or any such subsidiary is a party or by which it or its property is bound other than what is described in Exhibit 3.7, all of which will be assigned to a third party pursuant to Section 6.1(c). The Company is not in material default, or alleged to be in material default, under any Contract and, to the knowledge of the Company, no other party to any Contract to which the Company is a party is in default thereunder nor, to the knowledge of the Company, does there exist any condition or event which, after notice or lapse of time or both, would constitute a default by any party to any such Contract.