Common use of Contracts and Undertakings Clause in Contracts

Contracts and Undertakings. Except as set forth on Schedule 2.9 attached hereto, New Century has no contracts, agreements, leases, licenses, arrangements, commitments and other undertakings which involve or will involve or require consideration or payment in excess of $50,000 (collectively the "New Century Contracts") to which it is a party or to which it or its property is subject. Except as set forth on such Schedule 2.9 attached hereto, New Century is not in material default under any of the New Century Contracts and, to the knowledge of the New Century Shareholders, no other party to any New Century Contract to which New Century is a party is in default thereunder nor, to the knowledge of the New Century Shareholders, 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 New Century Contract.