Common use of Contracts, Obligations and Commitments Clause in Contracts

Contracts, Obligations and Commitments. In connection with the operation of the Business, except as set forth on SCHEDULE 5.5 hereto, Seller has no existing contract, obligation or commitment (written or, to Seller's knowledge, oral) of any nature other than the Assumed Contracts. Except as set forth on SCHEDULE 5.5, each Assumed Contract is a valid and binding obligation of Seller and, to Seller's knowledge, the other parties thereto, enforceable in accordance with its terms (except as the enforceability thereof may be limited by any applicable bankruptcy, insolvency or other laws affecting creditors' rights generally or by general principles of equity, regardless of whether such enforceability is considered in equity or at law), and is in full force and effect (except for any Assumed Contracts which by their terms expire after the date hereof or are terminated after the date hereof in accordance with the terms thereof), and neither Seller nor, to Seller's knowledge, any other party thereto has breached any material provision of, nor is in default in any material respect under the terms of (and, to Seller's knowledge, no condition exists which, with the passage of time, the giving of notice, or both, would result in a default under the terms of), any of the Assumed Contracts.

Contracts, Obligations and Commitments. In connection with the operation of the Business, except as set forth on SCHEDULE Schedule 5.5 hereto, Seller has no existing contract, obligation or commitment (written or, to Seller's knowledge, oral) of any nature other than the Assumed Contracts. Except as set forth on SCHEDULE Schedule 5.5, each Assumed Contract is a valid and binding obligation of Seller and, to Seller's knowledge, the other parties thereto, enforceable in accordance with its terms (except as the enforceability thereof may be limited by any applicable bankruptcy, insolvency or other laws affecting creditors' rights generally or by general principles of equity, regardless of whether such enforceability is considered in equity or at law), and is in full force and effect (except for any Assumed Contracts which by their terms expire after the date hereof or are terminated after the date hereof in accordance with the terms thereof), and neither Seller nor, to Seller's knowledge, any other party thereto has breached any material provision of, nor is in default in any material respect under the terms of (and, to Seller's knowledge, no condition exists which, with the passage of time, the giving of notice, or both, would result in a default under the terms of), any of the Assumed Contracts.