Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation): (i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice; (ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party; (iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership; (iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible; (v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location; (vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice); (vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent); (viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects); (ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect; (x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business); (xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and (xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi). (b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 3 contracts
Sources: Share Exchange Agreement (Neonc Technologies Holdings, Inc.), Share Exchange Agreement (Neonc Technologies Holdings, Inc.), Share Exchange Agreement (Neonc Technologies Holdings, Inc.)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company or WRG is a party as of the date of this Agreement (other than the Transaction DocumentationDocuments (as hereinafter defined)):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum25,000, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement, executive agreement (including without limitation Chief Operating Officer agreement) or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.2.14
Appears in 3 contracts
Sources: Agreement and Plan of Merger and Reorganization (Ds Healthcare Group, Inc.), Merger Agreement (Ds Healthcare Group, Inc.), Merger Agreement (Ds Healthcare Group, Inc.)
Contracts. (a) Section 2.14 For purposes of this Agreement, each of the Company Disclosure Schedule lists the following agreements (whether written or oral) shall be deemed to which the Company is constitute a party as of the date of this Agreement (other than the Transaction Documentation):“Material Contract”:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and Company Contract that is not cancellable without penalty required by the rules and regulations of the SEC to be filed as an exhibit to the Company on sixty (60) days or less prior written noticeSEC Documents;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services Company Contract: (A) which calls for performance over a period relating to the employment of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum service relationship with any Person that requires payments of compensation in excess of $25,000 per annum, or 150,000 on an annual basis to any Person; (B) the terms of which obligate or may in the future obligate the Company to make any severance, termination or similar payment to any Company Employee; (C) pursuant to which the Company has granted manufacturing rights, “most favored nation” pricing provisions is or exclusive marketing or distribution rights relating would reasonably be likely to become obligated to make any bonus payment in excess of $50,000 to any products current or territory former Company Employee or has agreed director; or (D) the terms of which obligate the Company to purchase goods grant any options, restricted stock or services exclusively from a certain partyother equity or equity-like awards;
(iii) any agreement which, to the knowledge IP Contract or Contract set forth on Part 3.11(i) of the Company, establishes a material joint venture or legal partnershipDisclosure Schedule;
(iv) any agreement Company Contract (or group of related agreementsother than purchase orders) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving generated more than $25,000 250,000 in revenues for the Company or under which it has imposed (or may impose) a Security Interest on any of its assetsSubsidiaries in the fiscal year ending December 31, tangible or intangible2011;
(v) any agreement Company Contract that purports to limit by its terms involves the payment or delivery of cash or other consideration by the Company or any of its Subsidiaries in an amount or having a value in excess of $500,000 in any individual fiscal year beginning with the fiscal year ending December 31, 2011, which is not terminable without material respect the right of penalty by the Company to engage in any line of business, on 30 days’ (or to compete with any person or operate in any geographical locationless) notice;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum Company Contract (other than employment purchase orders) with a Significant Customer, Significant Supplier or consulting agreements terminable on less than thirty (30) days’ notice)Contract Manufacturer;
(vii) any agreement involving Company Contract which provides for indemnification of any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)employee;
(viii) any agreement Company Contract restricting in any material respect the ability of the Company or commitment for capital expenditures any of its Subsidiaries to compete in excess any geographic area or line of $25,000business, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)or pursuant to which Company or any of its Subsidiaries has granted any exclusive rights to any Person;
(ix) any agreement under which Company Contract limiting or otherwise restricting in any manner the consequences ability of a default or termination would reasonably be expected the Company to have a use any Company Material Adverse EffectOwned IP;
(x) any agreement which contains any provisions Company Contract containing a “most favored nation” provision or a similar provision requiring the Company or any of its Subsidiaries to indemnify offer to a Person any terms or conditions that are at least as favorable as those offered to one or more other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)Persons;
(xi) any agreementCompany Contract granting any Person the right of first refusal or first negotiation with regard to the current or future business or products of the Company or any of its Subsidiaries;
(xii) [Reserved];
(xiii) any joint venture, joint development or joint marketing agreements to which the Company or any of its Subsidiaries is a party;
(xiv) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to the borrowing of money or extension of credit, in each case in excess of $250,000, other than: (A) accounts receivables and payables; (B) credit card obligations; and (C) loans to direct or indirect wholly owned Subsidiaries, in each case in the ordinary course of business consistent with past practice;
(xv) any Company Contract relating to the acquisition or disposition, directly or indirectly, by the Company or any of its Subsidiaries after the Agreement Date of assets with a fair market value in excess of $250,000, other than as contemplated by this Agreement, relating to purchase orders for raw materials or inventory in the future sales ordinary course of securities business consistent with past practice;
(xvi) any settlement Contract other than: (A) releases immaterial in nature and amount entered into with former employees or independent contractors of the CompanyCompany or any of its Subsidiaries in the ordinary course of business that do not provide for any ongoing Company obligations; or (B) settlement agreements with other than former employees, officers and directors or independent contractors for cash only (which has been paid) and does not exceed $250,000 as to such settlement;
(xvii) any Company Government Contract or any Company Government Subcontract;
(xviii) any Collective Bargaining Agreement; and
(xiixix) any other agreement (or group Company Contract, if a breach of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement Contract or the Transaction Documentation, or the consummation by the Company termination of the transactions contemplated hereby or thereby, cease to such Contract would be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated likely to have a Company Material Adverse Effect.
(b) Part 3.12(b)-1 of the Disclosure Schedule lists all Material Contracts as of the Agreement Date, and identifies each subsection of Section 3.12(a) that describes such Material Contract. The Company has made available to Parent accurate and complete copies of each Material Contract (including all amendments thereto).
(c) Each Material Contract is valid and binding on the Company and each of the Subsidiaries that is a party thereto, as applicable, is in full force and effect, and is enforceable in accordance with its terms, subject to: (i) Laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of Law governing specific performance, injunctive relief and other equitable remedies. All Company Contracts involving the payment of at least $100,000 to or by the Company that contain an express written agreement of indemnification, warranty or guaranty, or support obligations by the Company have been made available to Parent.
(d) Neither the Company nor any of its Subsidiaries has violated or breached, or committed any default under, any Material Contract. To the Company’s Knowledge, no other Person has materially violated or breached, or committed any material default under, any Material Contract, which violation, breach or default remains uncured.
(e) No event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time) could reasonably be expected to: (i) result in a violation or breach of any provision of any Material Contract by the Company or any of its Subsidiaries or, to the Knowledge of the Company, by any other party thereto; (ii) give any Person the right to declare a default or exercise any remedy under any Material Contract; (iii) give any Person the right to receive or require a rebate, chargeback, penalty or change in delivery schedule under any Material Contract; (iv) give any Person the right to accelerate the maturity or performance of any Material Contract; or (v) give any Person the right to cancel, terminate or modify any Material Contract.
(f) To the Knowledge of the Company, no Material Contract is currently the subject of bid or award protest proceedings.
(g) Neither any Governmental Body nor any prime contractor, subcontractor or other Person has notified the Company or any Subsidiary of the Company, in writing, that the Company or any Subsidiary of the Company has breached or violated any Law or material certification, representation, clause, provision or requirement pertaining to any Material Contract.
(h) Neither the Company nor any Subsidiary of the Company has received any notice of termination for convenience, notice of termination for default, cure notice or show cause notice pertaining to any Material Contract.
(i) Other than in the ordinary course of business consistent with past practice, to the Knowledge of the Company, no cost incurred by the Company or any Subsidiary of the Company pertaining to any Material Contract is the subject of any audit or investigation by or has been disallowed by any Governmental Body.
(j) To the Knowledge of the Company, since January 1, 2010, neither the Company nor any of its Subsidiaries has been debarred or suspended for ninety (90) days or more in any consecutive twelve (12) month period, or proposed for debarment or suspension, or received notice of actual or proposed debarment or suspension, from participation in the award of Contracts with any Governmental Body.
Appears in 3 contracts
Sources: Merger Agreement (Abc-Mart, Inc.), Merger Agreement (Abc-Mart, Inc.), Merger Agreement (Lacrosse Footwear Inc)
Contracts. (a) Section 2.14 3.19(a) of the Company Disclosure Schedule lists contains a true and complete list of each of the following agreements (whether written or oraloral contracts, agreements or other arrangements (each, a "Material Contract") to which the Company is a party as or by which any of its Company Assets and Properties are bound (and, to the date extent oral, accurately describes the terms of this Agreement (other than the Transaction Documentationsuch contracts, agreements and arrangements):
(i) all collective bargaining or similar labor agreements;
(ii) all contracts for the employment of any agreement officer, employee or other person or entity on a full time, part time, consulting or other basis;
(iii) all loan agreements, indentures, debentures, notes or letters of credit relating to the borrowing of money or to mortgaging, pledging or otherwise placing a lien on any material asset or material group of assets of the Company;
(iv) all guarantees of any obligation;
(v) all leases or agreements under which the Company is lessee or lessor of, or holds, or operates, any property, real or personal, owned by any other party;
(vi) all commitments, contracts, sales contracts, purchase orders, mortgage agreements or groups of related agreements) for agreements with the lease same party or any group or affiliated parties which require or may in the future require payment of personal property from or to third parties (A) which provides for lease payments any consideration by the Company of an amount in excess of $25,000 per annum or (B) and which has a remaining term longer than 12 months and is cannot cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than be terminated within thirty (30) days’ notice)days after giving notice of termination without resulting in any cost or penalty to the Company;
(vii) all license agreements, distribution agreements or any agreement other agreements involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Intellectual Property;
(viii) all subscription or registration rights agreements or any agreement or commitment for capital expenditures in excess other agreements related to the equity ownership of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)Company;
(ix) all contracts or commitments that in any agreement under which way restrict the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;from carrying on its Business anywhere in the world; and
(x) all other contracts and agreements that (A) involve the payment or potential payment, pursuant to the terms of any agreement which contains any provisions requiring such contract or agreement, by the Company or to indemnify any the other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs an amount in excess of $25,000 in any year or and (B) cannot entered into be terminated within thirty (30) days after giving notice of termination without resulting in any cost or penalty to the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Company.
(b) The Company has delivered Each contract, agreement or made available to the Parent a complete and accurate copy of each agreement listed other arrangement disclosed in Section 2.14 3.19(a) of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Schedule is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect and constitutes a legal, valid and binding agreement, enforceable by the Company in accordance with the terms thereof its terms, except as in effect immediately prior to the Closing; effect, if any, of (a) applicable bankruptcy and other similar laws affecting the rights of creditors generally, and (iiib) neither the rules of law and equity governing specific performance, injunctive relief and other equitable remedies. The Company norhas performed all of its required material obligations under, to the knowledge and is not materially in violation or breach of the Company, any other party, is in breach or violation of, or default under, any such agreementcontract, agreement or arrangement. To the Knowledge of Axys and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, other parties to the knowledge of the Company, any other party under such contract, except for any breach, agreement or arrangement are not in violation or breach of or default that has not had under any such contract, agreement or arrangement. None of the present employees, officers, directors or shareholders of the Company is, and would not reasonably be anticipated none of the former employees, officers or directors of the Company while providing services for the Company was, a party to have a Company Material Adverse Effectany oral or written contract or agreement prohibiting any of them from freely competing with other parties or engaging in the Company's Business as now operated.
Appears in 3 contracts
Sources: Merger Agreement (Discovery Partners International Inc), Merger Agreement (Axys Pharmecueticals Inc), Merger Agreement (Discovery Partners International Inc)
Contracts. (a) Section 2.14 By letter of even date herewith, Seller provided to Buyer a complete and accurate list (the Company Disclosure Schedule lists the following agreements (whether written or oral“Contracts List”) to which the Company is a party setting forth, as of the date of this Agreement (other than the Transaction Documentation):
hereof, (i) any agreement (or group of related agreements) for the lease of personal property from or all contracts pursuant to third parties which (A) which provides for lease payments the Company or any Subsidiary is a party and (B) the Company or any Subsidiary has non-contingent obligations to the contract counterparty in excess of $25,000 100,000 per annum calendar year, (ii) all contracts pursuant to which (A) the Company or any Subsidiary is a party and (B) which the contract counterparty has a remaining term longer than 12 months and is not cancellable without penalty by non-contingent obligations to the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group Subsidiary for monthly recurring charges of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one yearat least $8,333, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture all contracts that limit or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports purport to limit in any material respect the right of the Company to engage or any Subsidiary in any line of business, business or to compete with any person Person or operate in any geographical location;
geographic area and (viiv) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting all contracts and agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder relating to Indebtedness of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of BusinessSubsidiary, in each case which is not otherwise described in clauses other than Leases and Necessary Leases (i) through (xithe foregoing contracts are referred to herein collectively as the “Contracts”). Except as set forth on the Contracts List, neither Seller, the Company, nor any Subsidiary has received written notice of a cancellation of or an intent to cancel any Contract.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except Except as set forth in Section 2.14 of on the Company Disclosure Schedule: (i) Contracts List, assuming the agreement due authorization, execution and delivery by the other parties thereto, each Contract is a legal, valid, binding binding, and enforceable obligation of against the Company and other parties thereto, is in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, not cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge a result of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge consummation of the Companytransactions contemplated by this Agreement, is threatened, which, after nor will the giving consummation of notice, with lapse of time, or otherwise, would the transactions contemplated by this Agreement constitute a breach or default under such Contract.
(c) Except as set forth on the Contracts List, (i) no officer of the Company has received any notice of any breach under any Contract, other than such breaches or defaults by the Company oror any Subsidiary which would cost less than $250,000 in the aggregate for the Company or any Subsidiary to cure, and (ii) to the knowledge of the CompanySeller, any no other party under such contract, except for to any breach, violation Contract is in breach thereof or default thereunder.
(d) Schedule 4.15(d) sets forth a complete and accurate list of all Seller-Provided Indebtedness.
(e) The Contracts List sets forth, as of the date hereof, (i) all contracts pursuant to which (A) the Company or any Subsidiary is a party and (B) the Company or any Subsidiary has non-contingent obligations to the contract counterparty greater than $25,000 but less than $100,000 per calendar year, and (ii) all contracts pursuant to which (A) the Company or any Subsidiary is a party and (B) the contract counterparty has non-contingent obligations to the Company or any Subsidiary for monthly recurring charges of more than $2,083 but less than $8,333, in each case other than Leases and Necessary Leases.
(f) Con Edison Communications, LLC (“CECLLC”) has timely notified the Port Authority of New York and New Jersey (the “Port Authority”) of CECLLC’s election to extend the term of the letting under the Agreement of Lease Tunnel Duct between the Port Authority and Telergy Network Services, Inc., dated October 24, 2000 (the “Port Authority Lease”), for the first five-year extension period referenced in Section 4(b)(i) of the Port Authority Lease. The Port Authority Lease is a Necessary Lease that has not had is subject to the representations and would not reasonably be anticipated warranties applicable to have a Company Material Adverse EffectNecessary Leases in Section 4.20(c).
Appears in 3 contracts
Sources: Stock Purchase Agreement (RCN Corp /De/), Stock Purchase Agreement (RCN Corp /De/), Stock Purchase Agreement (RCN Corp /De/)
Contracts. (a) Section 2.14 4.14(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) sets forth an accurate and complete list of each Contract to which the Company or any Company Subsidiary is a party as to or bound by which falls within any of the date of this Agreement (other than the Transaction Documentation):following categories:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties Contract that (A) which provides for lease payments limits or restricts in excess any material respect to the Company or any Company Subsidiary from competing or engaging in any line of $25,000 per annum business or in any geographic area, (B) which has a remaining term longer grants any “most favored nation” status to Persons other than 12 months and is not cancellable without penalty by the Company on sixty or the Company Subsidiaries or (60C) days is a minimum purchase or less prior written notice“take or pay” Contract;
(ii) any agreement (Contract that by its terms limits the payment of dividends or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty other distributions to stockholders by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the any Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partySubsidiary;
(iii) any agreement whichContract relating to indebtedness for borrowed money or any financial guaranty in excess of $2,500,000 individually;
(iv) any Contract that contains a put, call or similar right pursuant to which the Company or any of the Company Subsidiaries could be required to purchase or sell, as applicable, any Equity Interests of any Person or assets that have a fair market value or purchase price of more than $2,500,000;
(v) any material lease, sublease or other Contract with respect to the Leased Real Property;
(vi) any Contract with any customers or licensees of, or suppliers to, the Company or any Company Subsidiary which involved payments to or from the Company or any Company Subsidiary in the most recent 12 month period of in excess of $2,500,000;
(vii) any Contract containing any standstill or similar provision pursuant to which the Company or any Company Subsidiary would be prohibited from acquiring assets or securities of another Person;
(viii) any Contract evidencing a partnership, joint venture or other similar arrangement;
(ix) any Contract between or among the Company or any Company Subsidiary, on the one hand, and any directors, executive officers (as such term is defined in the Exchange Act) or any beneficial owner of 5% or more of any class of capital stock of the Company (other than the Company) or any affiliate of the foregoing, on the other hand, other than employment, indemnification, stock option or similar Contracts entered into in the ordinary course of business;
(x) any Contract relating to an acquisition, divestiture, merger or similar transaction that has continuing indemnification or other contingent payment obligations;
(xi) any Contract that is a license or other Contract pursuant to which (A) the Company or any of the Company Subsidiaries has licensed or otherwise granted rights in or to any of the Company’s Intellectual Property Rights to any Person (other than standard non-disclosure Contracts and standard non-exclusive licenses granted in the ordinary course of business), or (B) any Person has licensed or sublicensed to the Company or any of the Company Subsidiaries, or otherwise authorized the Company or any of the Company Subsidiaries to use, any third-party Intellectual Property Rights that are material to the Company (other than non-disclosure Contracts and standard, unmodified, off-the-shelf Software commercially available on standard terms from third-party vendors (e.g., Microsoft Windows));
(xii) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC); and
(xiii) any other Contract which by its terms would prohibit the consummation of the Offer, the Merger or any other transaction contemplated by this Agreement. Each Contract of the type described in this Section 4.14(a) is referred to herein as a “Company Material Contract.” Accurate and complete copies of each Company Material Contract have been made available by the Company to Parent, or publicly filed with the SEC, in each case prior to the date of this Agreement.
(i) Each Company Material Contract is a valid and binding obligation of the Company or the Company Subsidiaries and, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the other party or parties thereto, in accordance with its terms, and is in full force and effect except that (x) such enforcement may be subject to applicable bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (y) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any Proceeding therefor may be brought; (ii) the Company and each Company Subsidiary has in all material respects performed all obligations required to engage be performed by it under each Company Material Contract and, to the knowledge of the Company, each other party to each Company Material Contract has in any line of business, or all material respects performed all obligations required to compete with any person or operate in any geographical location;
be performed by it under such Company Material Contract; and (viiii) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder none of the Company or any affiliate Company Subsidiary has received written notice of any material violation or material default under (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, does there exist any other party, is in breach condition which upon the passage of time or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse notice or both would cause such a material violation of time, or otherwise, would constitute a breach or material default by the Company or, to the knowledge of the Company, under) any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContract.
Appears in 3 contracts
Sources: Merger Agreement (Reckitt Benckiser Group PLC), Merger Agreement (Schiff Nutrition International, Inc.), Merger Agreement (Reckitt Benckiser Group PLC)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral3.08(a) to which the Company is a party sets forth, as of the date hereof, a true and complete list of this Agreement (other than the Transaction Documentation):following Contracts related to the Business to which any of the LIN Companies or its Affiliates is a party or the Seller or its Affiliates will be a party immediately following the Merger Closing:
(i) any agreement (Contract under which the aggregate payments or group of related agreements) receipts for the lease of personal property from past twelve (12) months exceeded, or for the following twelve (12) months is expected to third parties (A) which provides for lease payments in excess of exceed, $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice150,000;
(ii) any agreement (Contract under which payments by or group obligations of related agreements) for the purchase LIN Companies, the Seller or sale of products their Affiliates, relating to the Business, will be increased, accelerated or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty vested by the Company on sixty occurrence (60whether alone or in conjunction with any other event) days or less prior written notice and involves more than of any of the sum of $25,000 per annumtransactions contemplated by this Agreement, or (B) in under which the Company has granted manufacturing rightsvalue of the payments by or obligations of the LIN Companies, “most favored nation” pricing provisions the Seller or exclusive marketing or distribution rights their Affiliates, relating to the Business, will be calculated on the basis of any products of the transactions contemplated by this Agreement, whether pursuant to a change in control or territory or has agreed to purchase goods or services exclusively from a certain partyotherwise;
(iii) any agreement which, to contract for Program Rights that involves cash payments or cash receipts in excess of $100,000 over the knowledge remaining term of the Company, establishes a material joint venture or legal partnershipsuch contract;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblenetwork affiliation agreement;
(v) any retransmission consent agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate MVPD with more than 10,000 subscribers in any geographical locationthe Stations’ Market;
(vi) any employment agreement Contract that relates to an ownership interest in any corporation, partnership, joint venture or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment business enterprise or consulting agreements terminable on less than thirty (30) days’ notice)other entity;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Real Property Lease;
(viii) any agreement Contract relating to the Business, that relates to the guarantee (whether absolute or commitment for capital expenditures in excess contingent) by the Seller or the LIN Companies of $25,000, for a single project (it being represented and warranted that x) the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in performance of any other Person (other than their respective Affiliates) or (y) the aggregate for all projectswhole or any part of the Indebtedness or liabilities of any other Person (other than their respective Affiliates);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse EffectBargaining Agreement;
(x) any agreement which Contract that contains any provisions requiring power of attorney authorizing the Company or incurrence of an obligation on the part of the Seller, the LIN Companies relating to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating Contract that creates any partnership or joint venture or relates to the future sales acquisition, issuance or transfer of securities of the Company; andany securities;
(xii) any Contract that relates to the borrowing or lending of money;
(xiii) any Contract that grants any Person an option or a right of first refusal, right of first offer or similar preferential right to purchase or acquire any Station Asset;
(xiv) any Contract involving the purchase or sale of Real Property that has not closed as of the date hereof;
(xv) any Contract entered into after January 1, 2013 relating to the acquisition or disposition of any material portion of the Business (whether by merger, sale of stock, sale of assets or otherwise);
(xvi) any Contract involving construction, architecture, engineering or other agreement (or group of related agreements) (A) under which the Company is obligated agreements relating to make uncompleted construction projects, in each case that involve payments or incur costs in excess of $25,000 100,000;
(xvii) any Contract involving compensation to any Transferred Employee (as defined in Section 8 hereof), or any Contract with an independent contractor or consultant engaged to perform services to the Business in excess of $100,000 per year (provided, however, that for purposes of this Section 3.8(a)(xiii), the term Contract shall not include at-will Contracts that can be terminated upon 30 days’ notice without penalty or additional payment);
(Bxviii) not entered into any Contract with a Governmental Authority (other than ordinary course Contracts with Governmental Authorities as a customer) which imposes any material obligation or restriction on the Seller, the LIN Companies or their Affiliates as it relates to the Business; and
(xix) any Contract relating to the use of a Station’s digital bit stream other than in connection with broadcast television services. The contracts, agreements and leases required to be disclosed pursuant to this Section 3.08(a) are collectively referred to herein as the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)“Material Contracts”.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 Each of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Material Contracts is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with and binding and enforceable upon the terms thereof LIN Companies, and will be immediately following the Merger Closing binding and enforceable upon Seller or its Affiliates, as in effect immediately prior to the Closing; and (iii) neither the Company norapplicable, and, to the knowledge Knowledge of Seller, the other parties thereto, subject in each case to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar Laws affecting or relating to enforcement of creditors’ rights generally and general principles of equity (regardless of whether enforcement is considered in a proceeding at law or in equity). Prior to the Merger Closing, the LIN Companies have, and following the Merger Closing, the Seller and its Affiliates have, performed their respective obligations under each of the CompanyMaterial Contracts in all material respects and are not in material default thereunder, and to the Knowledge of Seller, no other party to any other party, of the Material Contracts is in breach or violation of, or default under, thereunder in any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectmaterial respect.
Appears in 3 contracts
Sources: Asset Purchase Agreement (LIN Media LLC), Asset Purchase Agreement (Mercury New Holdco, Inc.), Asset Purchase Agreement (Media General Inc)
Contracts. (a) Section 2.14 Schedule 4.08(a) of the Company Disclosure Schedule lists Schedules sets forth, by reference to the applicable subsection of this Section 4.08(a), all of the following agreements Contracts to which a Seller is a party, by which a Seller or any of its assets or properties are bound, or in respect of which a Seller receives revenue (each, a “Material Contract”):
(i) any Contract (A) with any Top Vendor, or (B) providing for payments (whether written fixed, contingent or oralotherwise) by or to a Seller in an aggregate amount of $15,000 or more;
(ii) any Contract relating to a partnership, joint venture, joint marketing, joint development or similar joint arrangement with any Person;
(iii) any employment agreement or other Contract for or relating to a Seller’s employment or engagement of any manager, officer, Employee or independent contractor, and any other Contract with a Seller’s managers, officers, Employees or independent contractors, including any Contract requiring a Seller to make a payment to any manager, officer, Employee or independent contractor in connection with the transactions contemplated by this Agreement or the documents contemplated hereby;
(iv) any Contract that provides for, or relates to, Indebtedness;
(v) any Contract that restricts a Seller from (A) engaging in any aspect of the Business, (B) participating or competing in any line of business, market or geographic area, (C) freely setting prices for its products (including most favored customer pricing provisions), (D) soliciting potential employees, consultants, contractors, suppliers or customers or (E) enforcing or using any Intellectual Property owned or purported to be owned by a Seller;
(vi) any Contract under which a Seller grants any exclusive rights (including any exclusive Intellectual Property licenses), rights of first refusal or rights of first negotiation to any Person;
(vii) any Contract containing a “requirements” provision or other provision obligating a Seller to purchase or obtain a minimum or specified amount of any product or service from any Person;
(viii) any Contract that, following Closing, would or would purport to: (A) require the Company Business to grant any Intellectual Property license; (B) restrict Buyer from engaging in any of the activities described in Section 4.08(a)(vi); or (C) require Buyer to grant or be bound by any exclusive rights, rights of first refusal or rights of first negotiation to any Person;
(ix) any Contract with any labor union, employee association or any collective bargaining agreement or similar Contract with Employees;
(x) any settlement agreement entered into since the date that is a party as of five (5) years from the date of this Agreement (other than the Transaction Documentation):
(i) including any agreement (or group of under which any employment-related agreements) for the lease of personal property from or to third parties claim is settled);
(A) which provides for lease payments in excess any Contract that includes an obligation by a Seller to indemnify any other Person against any claim of $25,000 per annum infringement, misappropriation, misuse, dilution or violation of any Intellectual Property, and (B) which has a remaining term longer than 12 months and is not cancellable without penalty by any Contract of guarantee, support, indemnification, assumption or endorsement of, or any similar commitment with respect to, the Company on sixty (60) days Liabilities or less prior written noticeIndebtedness of any other Person;
(iixii) other than routine employment-related Contracts, any agreement (or group Contract with a Related Person of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichSeller or, to the knowledge of the CompanySellers, establishes a material joint venture or legal partnershipFamily Member of any such Related Person;
(ivxiii) any agreement (Contract pursuant to which a Seller has acquired a business or group entity, or substantially all of related agreements) under which it has createdthe assets of a business or entity, incurredwhether by way of merger, assumed or guaranteed (or may createconsolidation, incurpurchase of equity interests, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any purchase of its assets, tangible license or intangibleotherwise;
(vxiv) any agreement Contract that purports involves (A) the sharing of profits with other Persons or (B) the payment of royalties to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationother Person;
(vixv) any employment agreement Contract that contains an earn-out or consulting agreement other contingent payment or obligation (which provides for payments contingent payment or obligation is not related to a warranty or rights of indemnification granted by a Seller in excess the ordinary course of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ noticebusiness consistent with past practice);
(viixvi) any agreement involving Contract with any officerGovernmental Authority, director any prime contractor, higher-tier subcontractor or stockholder reseller to a Governmental Authority, or university, college or other post-secondary educational institution;
(xvii) any Contract with a payment network or processor;
(xviii) any Contract that (A) provides for the creation or development of any Intellectual Property by Sellers for any other Person, or provides for the assignment, sale or other transfer of any interest in Intellectual Property by a Seller to any other Person; (B) provides for the creation of development of any Intellectual Property for a Seller by any other Person, or provides for the assignment, sale or other transfer of any interest in Intellectual Property to a Seller from any other Person (C) includes any grant by a Seller to any other Person of a license, permission or right to use any Company IP; (D) includes any grant by any other Person to a Seller of a license, permission or right to use any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) Intellectual Property (other than stock subscriptionlicenses for Off-the-Shelf Software); or (E) restricts, stock optionlimits or places any conditions on a Seller’s ability to use, restricted stockenforce or otherwise exploit any Intellectual Property owned or purported to be owned by a Seller, warrant including any coexistence agreements and covenants not to sue; and
(xix) any other Contract that is material to a Seller, the Business or stock purchase agreements their respective operations, financial condition, properties or assets.
(b) Each Material Contract is valid and binding on a Seller in accordance with its terms and is in full force and effect. No Seller or, to Seller’s knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under) or has provided or received any notice of any intention to terminate, any Material Contract. No event or circumstance has occurred that, with or without notice or lapse of time or both, would constitute an event of default under any Material Contract or result in a termination thereof or would cause or permit the forms acceleration or other changes of which any right or obligation or the loss of benefit thereunder. Complete and correct copies of each Material Contract have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure ScheduleBuyer. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and There are no event has occurred, is disputes pending or, to the knowledge of the CompanySellers, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, threatened under any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContract.
Appears in 3 contracts
Sources: Asset Purchase Agreement (Interactive Strength, Inc.), Asset Purchase Agreement (Interactive Strength, Inc.), Asset Purchase Agreement (Interactive Strength, Inc.)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction DocumentationDocumentation (as hereinafter defined)):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum25,000, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Stockholders and the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement, executive agreement (including without limitation the Hutz Agreement) or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to ParentBuyer);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has Stockholders have delivered or made available to the Parent Buyer a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to will be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Stockholders and the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Stockholders and the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Stockholders and the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 3 contracts
Sources: Asset Purchase Agreement, Asset Purchase Agreement, Asset Purchase Agreement (Ds Healthcare Group, Inc.)
Contracts. (a) Section 2.14 3.21(a) of the Company Disclosure Schedule lists contains a complete and accurate list of each Material Contract, true and complete copies of which have been provided or made available to Parent, as well as a summary of all oral Material Contracts. “Material Contract” means any Contract (i) that would qualify as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act; (ii) containing covenants binding upon the Company or any of its Subsidiaries that materially restrict the ability of the Company or any of its Subsidiaries (or which, following agreements (whether written or oralthe consummation of the Merger, could materially restrict the ability of the Surviving Corporation) to which compete in any business or with any Person or in any geographic area that is material to the Company is and its Subsidiaries, taken as a party whole, as of the date hereof, except for any such Contract that may be canceled without penalty by the Company or any of this Agreement its Subsidiaries upon notice of 90 days or less; (other than the Transaction Documentation):
(iiii) any with respect to a material joint venture or material partnership agreement (excluding information technology Contracts); (iv) that would prevent, materially delay or group of related agreementsmaterially impede the Company’s ability to consummate the Merger or the other transactions contemplated by this Agreement; (v) that calls for the lease payment over the remaining life of personal property the Contract of more than $100,000 in the aggregate; (vi) that continues for a period of more than twelve (12) months from or to third parties (A) which provides for lease the Closing Date and involves payments in excess of $25,000 per annum 75,000; (vii) that is an employment agreement containing severance or termination pay Liabilities; (viii) that is a contract under which the Company or any of its Subsidiaries has advanced or loaned money to any other Person (other than the Company’s agreement to reimburse employees for normal and customary moving expenses, in each case in amounts of less than $25,000); (ix) that is an agreement or indenture relating to Indebtedness of the Company or any of its Subsidiaries; (x) that is a lease or agreement under which the Company or any of its Subsidiaries is lessee of or holds or operates (aa) any real property or (Bbb) any personal property with an initial cost in excess of $50,000 as of the initial date of the lease (as if such property had been purchased on the first day of such lease), which has a remaining term longer property is owned by any Person other than 12 months and the Company or any of its Subsidiaries; (xi) that is not cancellable without penalty an assignment, license, indemnification, right to use, or agreement with respect to any intangible property (including any Intellectual Property) by the Company on sixty or any of its Subsidiaries (60) days or less prior written notice;
(ii) except for any such agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from commercially available, unmodified, off-the-shelf software with a certain party;
license fee of less than $50,000); (iiixii) any agreement which, to the knowledge of the Company, establishes that is a material joint venture warranty agreement with respect to its services rendered or legal partnership;
its products sold; (ivxiii) any that is an agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness granted any Person any registration rights (including capitalized lease obligationsdemand or piggyback registration rights); (xiv) involving more than $25,000 that is a sales, distribution, supply or under which it has imposed franchise agreement; (xv) that is a contract regarding voting, transfer or may impose) a Security Interest on other arrangements related to the Company’s or any of its assetsSubsidiaries’ capital stock or warrants, tangible options or intangible;
(v) other rights to acquire any agreement that purports to limit in any material respect the right of the Company to engage in Company’s or any line of business, or to compete with any person or operate in any geographical location;
its Subsidiaries’ capital stock; (vixvi) any employment agreement or consulting agreement which provides for that involves payments in excess of $50,000 per annum (other than employment 75,000 and is not cancelable by the Company or consulting agreements terminable on any of its Subsidiaries with notice of less than thirty (30) days’ notice);
days and without Liability, penalty or premium; (viixvii) any that is a settlement, conciliation or similar agreement involving any officerrequiring a payment by the Company or its Subsidiaries in excess of $50,000 or which provides for limitations on the conduct by, director or stockholder of requires conduct by, the Company or any affiliate of its Subsidiaries; (as defined in Rule 12b-2 under the Exchange Actxviii) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation letter of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equitycredit; (iixix) the that is a collective bargaining agreement; (xx) that is a settlement, conciliation or similar agreement will not, as a result of the execution and delivery by the Company of this Agreement with any Governmental Entity or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease pursuant to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to which any outstanding obligations would exist after the Closing; and or (iiixxi) neither the Company nor, that is material to the knowledge Company’s or any of the Company, any other party, is in breach or violation of, or default under, any such agreement, its Subsidiaries’ operations and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectbusiness prospects.
Appears in 3 contracts
Sources: Merger Agreement (Gordmans Stores, Inc.), Merger Agreement (Gordmans Stores, Inc.), Merger Agreement (Gordmans Stores, Inc.)
Contracts. (a) Section 2.14 2.13 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company or any Subsidiary is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonths;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum25,000, or (BC) in which the Company or any Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material partnership or joint venture or legal partnershipventure;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, concerning confidentiality or to compete with any person or operate in any geographical locationnoncompetition;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)agreement;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (affiliate, as defined in Rule 12b-2 under the Exchange Act) thereof Act (an “Affiliate”) (other than stock subscription), stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)thereof;
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company or any Subsidiary to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiix) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of either involving more than $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.13 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.13 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor any Subsidiary nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or any Subsidiary or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 3 contracts
Sources: Merger Agreement (Solar Energy Initiatives, Inc.), Merger Agreement (Critical Digital Data, Inc.), Merger Agreement (Foothills Resources Inc)
Contracts. (aSection 3(r) Section 2.14 of the Company Disclosure Schedule lists the following Contracts and other agreements (whether written or oral) to which any of the Company Division and the Division Subsidiaries is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any agreement (or group of related agreements) for the lease of personal property to or from or to third parties (A) which provides any Person providing for lease payments in excess of $25,000 50,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeannum;
(ii) any agreement (or group of related agreements) for the purchase or sale of products commodities, supplies, products, or other personal property, or for the furnishing or receipt of services (A) services, the performance of which calls for performance will extend over a period of more than one year, is not cancellable without penalty by result in a material loss to any of the Company on sixty (60) days Division and the Division Subsidiaries, or less prior written notice and involves more than the sum involve consideration in excess of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party25,000;
(iii) any agreement which, to the knowledge of the Company, establishes concerning a material partnership or joint venture or legal partnershipventure;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed assumed, or guaranteed (any indebtedness for borrowed money, or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than obligation, in excess of $25,000 or under which it has imposed (or may impose) a Security Interest (other than Permitted Encumbrances) on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of businessconcerning confidentiality, noncompetition or to compete with any person or operate in any geographical locationnonsolicitation;
(vi) any employment agreement or consulting agreement under which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)it has granted price protection provisions;
(vii) any agreement involving under which it has granted any officerexclusive right or license relating to any product, director group of products, service, group of services, technology or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)territory;
(viii) any agreement profit sharing, stock option, stock purchase, stock appreciation, deferred compensation, severance, or commitment other plan or arrangement for capital expenditures in excess the benefit of $25,000the current or former directors, for a single project officers, and employees of the Seller and its Subsidiaries (it being represented and warranted that including the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projectsDivision Subsidiaries);
(ix) any collective bargaining agreement;
(x) any agreement for the employment of any individual on a full-time, part-time or other basis or any consulting agreement providing annual compensation in excess of $25,000 or providing severance benefits;
(xi) any agreement under which it has advanced or loaned any amount to any of the directors, officers, and employees of the Seller (other than officers or employees exclusively of the Napster Division) and the Division Subsidiaries outside the Ordinary Course of Business;
(xii) any agreement under which the consequences of a default or termination would reasonably be expected to could have a Company Material Adverse Effect;; or
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiixiii) any other agreement (or group of related agreements) (A) under the performance of which the Company is obligated to make payments or incur costs involves consideration in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) 25,000. The Company Seller has delivered or made available to the Parent Buyer a correct and complete and accurate copy of each written agreement (as amended to date) listed in Section 2.14 3(r) of the Company Disclosure Schedule and a written summary setting forth the terms and conditions of each oral agreement referred to in Section 3(r) of the Disclosure Schedule. With respect to each such agreement so listedthat materially affects the Acquired Assets or the Assumed Liabilities, and except as set forth in Section 2.14 of to the Company Disclosure ScheduleSeller’s Knowledge: (iA) the agreement is a legal, valid, binding and enforceable obligation of the Company binding, enforceable, and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (iiB) the agreement will notcontinue to be legal, as a result of the execution valid, binding, enforceable, and delivery by the Company of this Agreement or the Transaction Documentation, or in full force and effect on terms identical in all material respects following the consummation by the Company of the transactions contemplated hereby or thereby, cease (including the assignments and assumptions referred to be in Section 2 above) and an assumption in the form attached hereto) and for a legal, valid, binding and enforceable obligation period of at least one year from the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles date of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iiiC) neither the Company nor, to the knowledge of the Company, any other party, no party is in breach or violation of, or default under, any such agreementdefault, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, occurred which with notice or lapse of time, or otherwise, time would constitute a breach or default by default, or permit termination, modification, or acceleration, under the Company or, to the knowledge agreement; and (D) no party has repudiated any provision of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectagreement.
Appears in 3 contracts
Sources: Asset Purchase Agreement (Sonic Solutions/Ca/), Asset Purchase Agreement (Roxio Inc), Asset Purchase Agreement (Sonic Solutions/Ca/)
Contracts. (a) Section 2.14 Other than the contracts or agreements of the Company Disclosure Schedule lists included as exhibits to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 1997, the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 1997, March 31, 1998 and June 30, 1998, or any periodic filing made pursuant to the Exchange Act (the "MATERIAL CONTRACTS"), and contracts or agreements between the Company and its wholly owned Subsidiaries or between wholly owned Subsidiaries of the Company, each of the following contracts and agreements (whether written or oral) to which the Company or any of its Subsidiaries is a party as or by which any of them is bound (contracts and agreements of the types described below being "IDENTIFIED CONTRACTS") has been previously delivered to Purchaser, in each case as such Identified Contract is in effect on the date of this Agreement (other than the Transaction Documentation):hereof:
(i) any agreement (or group of related agreements) contracts and agreements for the lease purchase of personal property from inventories, goods or to third parties other materials by, or for the furnishing of services to, the Company or any of its Subsidiaries that (A) which provides for lease require payments by the Company or any of its Subsidiaries in excess of $25,000 per annum or and (B) which has have a remaining term longer than 12 months of one year or more and is are not cancellable without penalty terminable by the Company or Subsidiary party thereto, as the case may be, on sixty (60) days notice of six months or less prior written noticewithout penalty;
(ii) any agreement (or group of related agreements) contracts and agreements for the purchase or sale of products inventories, goods or other materials, or for the furnishing of services, by the Company or receipt any of services its Subsidiaries that (A) which calls for performance over require payments to the Company or any of its Subsidiaries in excess of $100,000 and (B) have a period term of one year or more than one year, is and are not cancellable without penalty terminable by the Company or Subsidiary party thereto, as the case may be, on sixty (60) days notice of six months or less prior written without penalty;
(iii) manufacturer's representative, sales agency and distribution contracts and agreements that (A) have a term of one year or more and are not terminable by the Company or Subsidiary party thereto, as the case may be, on notice and involves more than the sum of $25,000 per annumsix months or less without penalty, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipare otherwise material;
(iv) any agreement contracts and agreements (A) governing the terms of indebtedness, or group guarantees of related agreements) under which it has createdindebtedness, incurredof, assumed or guaranteed (secured by assets of, the Company or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assetsSubsidiaries in excess of $100,000 principal amount in the aggregate, tangible or intangible(B) governing the terms of "synthetic" or capital leases pursuant to which the Company or any of its Subsidiaries has financial obligations in excess of $100,000, or (C) providing for all obligations of the Company and its Subsidiaries in respect of interest rate swap or similar agreements, commodity swaps or options or similar agreements or foreign currency hedge, exchange or similar agreements or any other derivative instrument;
(v) any agreement that purports shareholder, voting trust or similar contracts and agreements relating to limit in any material respect the right voting of the Company to engage in any line of business, shares or to compete with any person other equity or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder debt interests of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)its Subsidiaries;
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 3 contracts
Sources: Agreement and Plan of Merger (Mecklermedia Corp), Agreement and Plan of Merger (Penton Media Inc), Agreement and Plan of Merger (Penton Media Inc)
Contracts. (a) Section 2.14 3.13(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) Contracts to which any member of the Company Group is a party as or which are binding on any assets of the date any member of this Agreement (other than the Transaction Documentation):Company Group used in the Business:
(i) each Contract with any agreement Material Customer or Material Supplier;
(ii) each Contract that requires a Company to pay, or group entitles a Company to receive, or could result in obligations of related agreementsa Company in the amount of, in the aggregate, $50,000 or more in any twenty-four (24) for the lease month period;
(iii) each Contract containing a “most-favored-nation” provision or any provisions of personal property from or to third parties similar effect;
(Aiv) which provides for lease payments in excess of $25,000 per annum or (B) which has each Contract that may not be unilaterally terminated by a remaining term longer than 12 months and is not cancellable Company, without penalty by the Company on or fee, upon no more than sixty (60) days or less days’ prior written notice;
(iiv) each Contract that requires the consent of any agreement (Person prior to a change of ownership or group control of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyCompany;
(iiivi) each joint venture, partnership or Contract involving a sharing of profits, losses, costs or liabilities with any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipother Person;
(ivvii) each Contract containing any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement covenant that purports to limit in any material respect restrict the right business activity of the Company Group or limit the freedom of the Company Group to engage in any line of business, business or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Person;
(viii) any agreement or commitment for capital expenditures in excess each power of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)attorney;
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effecteach Contract for Debt;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements each Contract providing for the purchase, sale payment of any cash or license other compensation or benefits upon the consummation of products entered into in the Ordinary Course of Business)transactions contemplated by this Agreement;
(xi) each Contract with any labor union, labor organization or trust fund or any bonus, pension, profit sharing, retirement or any other form of deferred compensation plan or practice, whether formal or informal, or any severance agreement or arrangement;
(xii) each Contract under which the Company Group has advanced or loaned to any other Person;
(xiii) each Contract with any Seller, any equityholder or other beneficial owner of Seller, or any other Affiliate of any member of the Company Group;
(xiv) any settlement or similar agreement;
(xv) each employment or consulting Contract or other Contract with any of the Company Group’s officers, managers, partners, directors or employees;
(xvi) each Intellectual Property Agreement;
(xvii) each confidentiality agreement and non-disclosure agreement still in effect;
(xviii) each Contract which purports to be (or will after the Closing be) binding on Affiliate of any Company other than as contemplated by this Agreement, relating to the future sales of securities of the an Affiliate that is another Company; and
(xiixix) any other agreement (or group of related agreements) (A) under which material to the Company is obligated to make payments Group whether or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company Seller has delivered or made available to the Parent Buyer a correct and complete and accurate copy of each agreement listed in written Material Contract, together with all amendments, exhibits, attachments, waivers or other changes thereto. Section 2.14 3.13(b) of the Company Disclosure Schedule. With respect Schedule contains an accurate and complete description of all material terms of all oral Material Contracts.
(c) Each Material Contract is legal, valid, binding, enforceable, in full force and effect and will continue to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a be legal, valid, binding and enforceable obligation on identical terms following the Closing Date. Except as specifically disclosed and described in Section 3.13(c) of the Disclosure Schedule, (i) no Material Contract has been breached or canceled by the applicable member of the Company and in full force and effectGroup or, except as such enforceability may be limited under applicable bankruptcyto the Knowledge of BHB, insolvency and similar lawsany other party thereto, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result applicable member of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease Group has performed all obligations under such Material Contracts required to be a legalperformed by it, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge Knowledge of the CompanyBHB, any other party, there is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the upon giving of notice, with notice or lapse of time, time or otherwiseboth, would constitute a breach or default by under any such Material Contract or would permit the termination, modification or acceleration of such Material Contract, (iv) except to make the statements in clause (v) of this Section 3.13(c) accurate, no member of the Company orGroup has assigned, delegated or otherwise transferred to any Person any of its rights, title or interest under any such Material Contract, and (v) following the Closing, all Material Contracts will be available to the knowledge applicable member of the Company, any other party under Company Group on identical terms as such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated Material Contracts were available to have a the Company Material Adverse EffectGroup prior to the Closing.
Appears in 3 contracts
Sources: Membership Interest Purchase Agreement (Village Farms International, Inc.), Membership Interest Purchase Agreement (Village Farms International, Inc.), Membership Interest Purchase Agreement (Village Farms International, Inc.)
Contracts. (a) Section 2.14 of Except as identified as an exhibit to a Company SEC Document, neither the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the nor any Company Subsidiary is a party as of the date to, or bound by, any Material Company Contract. For purposes of this Agreement (other than Agreement, a "Material Company Contract" shall be deemed to be any Contract filed or required to be filed as an exhibit to the Transaction Documentation):Company's Annual Report on Form 10-K for the year ended December 31, 1998 or as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 1999, and any Contract:
(i) relating to the employment or engagement of, or the performance of services by, any agreement (employee, consultant or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments independent contractor in excess of $25,000 100,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeyear;
(ii) restricting in any agreement (manner the Company's or group of related agreements) for the purchase any Company Subsidiary's right or sale of products or for the furnishing or receipt of services ability to (A) which calls for performance over a period of more than one yearcompete with any other Person, is not cancellable without penalty by the Company on sixty (60B) days acquire or less prior written notice and involves more than the sum of $25,000 per annumtransfer any product, technology or other asset from or to any other Person, or (BC) in which the develop or distribute any Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyProprietary Asset;
(iii) that (A) provides for the receipt or expenditure by the Company or any agreement which, Company Subsidiary of cash or other consideration in excess of $100,000; (B) relates to the knowledge performance of services by or on behalf of the Company, establishes Company or any Company Subsidiary having a value in excess of $100,000; (C) was entered into outside the ordinary course of business; or (D) is material joint venture and cannot be terminated by the Company without penalty with 30 days notice or legal partnershipless;
(iv) relating to the acquisition, issuance or transfer of any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblesecurities;
(v) creating or relating to the creation of any agreement that purports Encumbrance with respect to limit in any material respect the right of the Company to engage Proprietary Assets or other assets having a value in any line excess of business, or to compete with any person or operate in any geographical location$100,000;
(vi) involving or incorporating any employment agreement guaranty, pledge, performance, completion bond, indemnity or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment contribution or consulting agreements terminable on less than thirty (30) days’ notice);surety arrangement; or
(vii) creating or relating to any agreement involving partnership, joint venture, research or development collaboration, license agreement, or any officer, director or stockholder of other Contract by which the Company or any affiliate Company Subsidiary is obligated or has the right to share any revenues, profits, losses, costs or Liabilities.
(b) Except as defined would not, individually or in Rule 12b-2 the aggregate, have a Material Adverse Effect on the Company, all Material Company Contracts are in full force and effect and are enforceable against the Company and, to the Company's knowledge, are enforceable against the other parties thereto, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, as limited by laws relating to the availability of specific performance, injunctive relief, or by general equitable principles, and to the extent any indemnification or contribution provisions thereof may be limited by applicable federal or state securities laws. Neither the Company nor any Company Subsidiary has breached, or received in writing any claim or threat that it has breached, in any material respect, and no default has occurred under, any of the Material Company Contracts and, to the Company's knowledge, (i) none of the other contracting parties has violated or breached, and no default has occurred under any of the Exchange ActMaterial Company Contracts, and (ii) thereof (an “Affiliate”) (other than stock subscriptionthe transactions contemplated hereby, stock optionno event has occurred, restricted stockand no circumstance or condition exists which with the giving of notice or the lapse of time, warrant or stock purchase agreements both, will, or could reasonably be expected to, result in a violation, breach or default under any Material Company Contract or give any Person the forms right to cancel, terminate or modify any Material Company Contract. To the Company's knowledge, no party to a Material Company Contract currently in effect has given notice to the Company or any Company Subsidiary of which intent to terminate such Material Company Contract in a way that would have been made available a Material Adverse Effect on the Company. The Company has provided Parent or Parent's counsel with access to Parent);true and complete copies of each of the Material Company Contracts. Consummation of the transactions contemplated by this Agreement and each other agreement to be entered into by the Company in connection herewith will not (and will not give any Person a right to) cancel, terminate or modify any material rights of, or accelerate or increase any material obligation of, the Company under any Material Company Contract.
(viiic) The Company and each Company Subsidiary possess all material Governmental Authorizations which are required in order to operate their respective businesses as presently conducted, and the Company and each Company Subsidiary is in compliance in all material respects with all such Governmental Authorizations. Each such Governmental Authorization is identified in Schedule 2.8(c) of the Company Disclosure Schedule. Each such Governmental Authorization is valid and in full force and effect and will remain so until consummation of the transactions contemplated by this Agreement, except where the failure to comply would not have a Material Adverse Effect on the Company.
(d) Except as set forth in Schedule 2.8(d) of the Company Disclosure Schedule, there are no claims made or, to the Company's knowledge, threatened against the Company or any agreement Company Subsidiary under each Material Company Contract presently or commitment for capital expenditures heretofore in excess of $25,000effect to the extent such claims, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 individually or in the aggregate for all projects);
(ix) any agreement under which the consequences of a default aggregate, have had or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of Effect on the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 3 contracts
Sources: Merger Agreement (Cypros Pharmaceutical Corp), Merger Agreement (Cypros Pharmaceutical Corp), Agreement and Plan of Reorganization (Questcor Pharmaceuticals Inc)
Contracts. (a) Section 2.14 3.16 of the Company Disclosure Schedule Letter lists each of the following agreements types of Contracts to which the Company or any of its Subsidiaries is a party or by which any of their respective properties or assets is bound as of the date hereof:
(whether written 1) any Contract required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act of 1933, as amended;
(2) any Contract that limits in any material respect the ability of the Company or oralany of its Subsidiaries (or following the consummation of the transactions contemplated hereby, Parent and its Subsidiaries) to compete in any line of business or with any Person or in any geographic area;
(3) any Contract that obligates the Company or its Subsidiaries (or, following the consummation of the transactions contemplated hereby, Parent and its Subsidiaries) to conduct business with any third party on an exclusive or preferential basis, or that grants any Person other than the Company or any of its Subsidiaries “most favored nation” status or similar rights;
(4) any Contract to which any Affiliate, officer, director, employee or consultant of the Company is a party as or beneficiary (except with respect to loans to, or deposits from, directors, officers and employees entered into in the ordinary course of business and in accordance with all applicable regulatory requirements with respect to it);
(5) any Contract that limits the payment of dividends by the Company or any of its Subsidiaries;
(6) any Contract with respect to the formation, creation, operation, management or control of a joint venture, partnership, limited liability company or other similar agreement or arrangement;
(7) any Contract relating to Indebtedness (other than deposit liabilities, trade payables, federal funds purchased, advances and loans from the Federal Home Loan Bank and securities sold under repurchase agreements, in each case incurred in the ordinary course of business);
(8) any Contract that by its terms calls for aggregate payments or receipt by the Company and its Subsidiaries under such Contract of more than $250,000 over the remaining term of such Contract (other than pursuant to Loans originated or purchased by the Company or any of its Subsidiaries in the ordinary course of business consistent with past practice);
(9) any Contract that provides for potential indemnification payments by the Company or any of its Subsidiaries or the potential obligation of the date Company or any of this Agreement its Subsidiaries to repurchase Loans;
(10) any Contract that provides any rights to investors in the Company, including registration, preemptive or anti-dilution rights or rights to designate members of or observers to the Company Board;
(11) any Contract that is a consulting agreement or data processing, software programming or licensing contract involving the payment of more than $100,000 per annum (other than any such contracts which are terminable by the Company or its Subsidiaries on 60 days or less notice without any required payment or other conditions (other than the Transaction Documentation):condition of notice));
(12) any Contract that requires a consent to or otherwise contains a provision relating to a “change of control,” that would be implicated by the Merger, or that would or would reasonably be expected to prevent, materially delay or impair the consummation of the transactions contemplated by this Agreement;
(13) any Contract in respect of any (i) Owned Real Property or (ii) leased premises with respect to which the Company or any of its Subsidiaries is either a landlord or tenant (or subtenant); or
(14) any Contract not of the type described in clauses (1) through (13) above and which involved the payments by, or to, the Company or any of its Subsidiaries in the fiscal year ended December 31, 2013, or which could reasonably be expected to involve such payments during the fiscal year ending December 31, 2014, of more than $100,000 (other than pursuant to Loans originated or purchased by the Company or any of its Subsidiaries in the ordinary course of business consistent with past practice). Each Contract of the type described in clauses (1) through (14) is referred to herein as a “Material Contract.” A true and complete copy of each Material Contract has been made available to Parent prior to the date hereof (it being understood that documents publicly filed in their entirety (without redaction or omission of any portion thereof) with the SEC shall be deemed to have been made available for purposes of this representation).
(i) Each Material Contract is valid and binding on the Company and any agreement (or group of related agreements) for its Subsidiaries to the lease extent such Subsidiary is a party thereto, as applicable, and to the knowledge of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months the Company, each other party thereto, and is in full force and effect and enforceable in accordance with its terms, except where the failure to be valid, binding, enforceable and in full force and effect, individually or in the aggregate, has not cancellable without penalty by had and would not reasonably be expected to have a Material Adverse Effect on the Company on sixty (60) days or less prior written notice;
Company; (ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum each of $25,000 per annumits Subsidiaries, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichand, to the knowledge of the Company, establishes a material joint venture each other party thereto, has performed all obligations required to be performed by it under each Material Contract, except where any noncompliance, individually or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of Effect on the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, there is no default under any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default Material Contract by the Company or any of its Subsidiaries or, to the knowledge of the Company, any other party thereto, and no event or condition has occurred that constitutes, or, after notice or lapse of time or both, would constitute, a default on the part of the Company or any of its Subsidiaries or, to the knowledge of the Company, any other party thereto under any such contractMaterial Contract, except for where any breachsuch default, violation event or default that condition, individually or in the aggregate, has not had and would not reasonably be anticipated expected to have a Company Material Adverse EffectEffect on the Company.
Appears in 3 contracts
Sources: Merger Agreement (Green Bancorp, Inc.), Merger Agreement (Green Bancorp, Inc.), Merger Agreement (SP Bancorp, Inc.)
Contracts. (a) Section 2.14 For purposes of this Agreement, each of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is shall constitute a party as of the date of this Agreement (other than the Transaction Documentation):“Material Contract”:
(i) each Purchased Contract relating to the employment (whether on a full-time, part-time, consulting or other basis) of any agreement (Employee of the Business, and any “stay pay,” termination, change of control or group other Contract pursuant to which Seller is or may become obligated to make any severance, termination or relocation payment to any current or former Employee of related agreements) the Business who earns or earned an annual base salary of more than $60,000 or for which the lease cost of personal property from such severance, termination or to third parties (A) which provides for lease payments in excess of relocation payment would exceed $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice30,000;
(ii) except to the extent included elsewhere in this Section 4.11(a), each Purchased Contract relating in a material manner or primarily to the acquisition, use, transfer, development, ownership, sharing or license of any agreement Intellectual Property material to the conduct of the Business (or group of related other than nondisclosure agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party);
(iii) each Purchased Contract creating or relating to any agreement whichpartnership, to the knowledge of the Company, establishes a material limited liability company or joint venture or legal partnershipsimilar venture or arrangement;
(iv) each Purchased Contract with any agreement customer or production supplier that involves, or would reasonably be expected to involve (assuming delivery of eighty-four (84) shipsets per year), the payment or group expenditure in excess of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible2,000,000;
(v) any agreement each Purchased Contract not with customers or production suppliers that purports may not be terminated (without penalty) by Seller within thirty (30) days after the delivery of a termination notice by Seller and contemplating or involving, or reasonably anticipated to limit involve, (A) the payment or delivery by or to the Business of cash or other consideration in an amount or having a value in excess of $250,000 in the aggregate in any material respect calendar year; (B) the right performance by or for the Business of services in an amount or having a value in excess of $250,000 in the Company to engage aggregate in any line of businesscalendar year; or (C) the sale, lease or other disposition by or to compete with any person the Business of goods, supplies, products and/or other Assets in an amount or operate having a value in excess of $250,000 in the aggregate in any geographical locationcalendar year;
(vi) each Seller Contract imposing any material, explicit restriction on the right or ability of (A) the Business to (1) compete with, or solicit the services or employment agreement of, any other Person; (2) sell any product or consulting agreement which provides other Asset, or perform any services anywhere in the world; (3) acquire any product or other Asset or any services from any other Person, sell any product or other Asset to or perform any services for payments in excess of $50,000 per annum any other Person, or transact business with any other Person; or (4) develop, use, sell, enforce or license any Intellectual Property material to the Business (other than employment nondisclosure agreements); or consulting agreements terminable on less than thirty (30B) days’ notice)Buyer to own and operate the 787 Program as currently conducted;
(vii) each Purchased Contract under which Seller (A) leases or subleases any agreement real property or (B) leases or subleases any buildings, structures, improvements or appurtenances, in whole or in part, from any other Person involving any officer, director lease payments or stockholder other consideration in excess of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)$100,000 per annum;
(viii) each Purchased Contract with (A) any agreement Affiliate of Seller (other than any employee of Seller) or commitment for capital expenditures in excess (B) any of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projectsPersons identified on Schedule 4.11(a)(viii);
(ix) any agreement under which each note, debenture, bond, indenture, guarantee, loan, credit or financing agreement, instrument or other evidence of, or Contract for, Indebtedness of Seller secured by or providing Encumbrances on the consequences of a default Purchased Assets, and each Purchased Contract for borrowed money (including for future loans, credit or termination would reasonably be expected to have a Company Material Adverse Effectfinancing);
(x) any Contract, the primary subject matter of which is confidentiality, nondisclosure or similar agreement with respect to confidentiality arrangements executed by or on behalf of Seller with respect to the Business pursuant to which contains any provisions requiring third party owes an obligation of confidentiality to Seller in relation to the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) each Purchased Contract which creates, or may create, an Encumbrance on any agreement, other than as contemplated by this Agreement, relating to the future sales Purchased Asset in an amount or with a value in excess of securities of the Company$50,000; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xiPurchased Contract set forth on Schedule 4.11(a)(xii).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except Except as set forth in Section 2.14 of on Schedule 4.11(b) and other than with respect to the Company Disclosure Schedule787 Supply Agreement: (i) the agreement each Material Contract is in full force and effect and (ii) each Material Contract constitutes a legal, valid, binding and enforceable obligation of Seller and, to Seller’s Knowledge, of the Company other party or parties thereto and is enforceable in full force and effectaccordance with its terms, except as such enforceability may be limited under subject only to applicable bankruptcy, insolvency insolvency, reorganization and similar laws, rules or regulations moratorium Laws and other Laws of general application affecting enforcement of creditors’ rights generally.
(c) Except as set forth on Schedule 4.11(c) and remedies generally other than with respect to the 787 Supply Agreement: (i) Seller has not violated or breached in any material respect or committed any material default under, any Material Contract (in each case, with or without notice or lapse of time or both), nor is it in receipt of any written Claim of such default or breach; and (ii) to general principles the Knowledge of equity whether applied Seller, no other Person has violated or breached in any material respect, or committed any material default under, any Material Contract (in each case, with or without notice or lapse of time or both).
(d) Other than under the 787 Supply Agreement, no event or development has occurred, and no fact, circumstance or condition exists, that (with or without notice or lapse of time or both) has (i) resulted in a court material violation or breach of law or a court any provision of equityany Material Contract by Seller; (ii) given any Person the agreement will not, as right to declare a result of the execution and delivery by the Company of this Agreement material default or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited exercise any remedy for breach under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closingany Material Contract; and (iii) neither given any Person the Company norunilateral right to accelerate the maturity of material obligations pursuant to any Material Contract; or (iv) give any Person the right to cancel, terminate or modify, in any material respect, any Material Contract.
(e) Schedule 4.11(e) provides a list of all written Material Contracts (including all amendments thereto and excluding purchase orders issued pursuant to the knowledge Material Contracts otherwise disclosed on such schedule) and a summary description of all material terms of any oral or unwritten Contract constituting a Material Contract (including any oral or unwritten amendments thereto), in each case as of the Companydate of this Agreement. A true, any other party, is in breach or violation of, or default under, any correct and complete copy of each such agreement, and no event written Material Contract (including all amendments thereto) has occurred, is pending or, been made available to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectBuyer.
Appears in 3 contracts
Sources: Asset Purchase Agreement, Asset Purchase Agreement (Vought Aircraft Industries Inc), Asset Purchase Agreement (Boeing Co)
Contracts. (a) Section 2.14 of Schedule 5.16(a) lists all material Contracts (collectively, the Company Disclosure Schedule lists the following agreements (whether written or oral“Material Contracts”) to which the Company Group is a party and which are currently in effect and constitute the following:
(i) each Contract that requires annual payments or expenses by, or annual payments or income to, the Company Group of $250,000 or more (other than standard purchase and sale orders entered into in the ordinary course of business consistent with past practice);
(ii) each sales, advertising, agency, lobbying, broker, sales promotion, market research, marketing or similar contract and agreement requiring the payment of any commissions by the Company Group in excess of $250,000 annually;
(iii) each Contract between the Company Group and Zhejiang Xiaojianren;
(iv) each employment Contract, employee leasing Contract, and consultant and sales representative Contract with any current or former officer, director, employee or individual consultant of the Company Group or other Person, under which the Company Group (A) has continuing obligations for payment of annual compensation of at least $200,000 (other than oral arrangements for at-will employment), (B) has material severance or post termination obligations to such Person (other than COBRA obligations), or (C) has an obligation to make a payment upon consummation of the transactions contemplated hereby or as a result of a change of control of the Company Group;
(v) each Contract creating a material joint venture, strategic alliance, limited liability company and partnership agreement to which the Company Group is a party;
(vi) each Contract relating to any material acquisitions or dispositions of assets by the Company Group in excess of $500,000;
(vii) each Contract for a material licensing agreement for Intellectual Property Rights (including the nature of the use of said Intellectual Property Right), other than (i) “shrink wrap,” off-the-shelf, or other publicly or commercially available licenses, and (ii) non-exclusive licenses granted in the ordinary course of business;
(viii) each Contract relating to material secrecy, confidentiality and nondisclosure obligations that restrict the conduct of the Company Group (except for such Contracts entered into in the ordinary course of business) or substantially limit the freedom of the Company Group to compete in any line of business or with any Person or in any geographic area;
(ix) each Contract providing for material guarantees, indemnification arrangements and other hold harmless arrangements made or provided by the Company Group to a third party other than any indemnity or similar provisions incidental to any Contract entered into by the Company Group in the ordinary course of business;
(x) each Contract to which any Specified Shareholder is a party;
(xi) each Contract relating to tangible property or tangible assets (whether real or personal) in which the Company Group holds a leasehold interest (including the Leases) and which involves payments to the lessor thereunder in excess of $25,000 per month;
(xii) each Contract relating to outstanding Indebtedness, including financial instruments of indenture or security instruments (typically interest-bearing) such as notes, mortgages, loans and lines of credit, except any such Contract with an aggregate outstanding principal amount not exceeding $250,000;
(xiii) each Contract relating to the voting or control of the equity interests of the Company Group or the election of directors of the Company (other than the Organizational Documents of the Company Group);
(xiv) each Contract that can be terminated, or the provisions of which are altered, as a result of the consummation of the transactions contemplated by this Agreement or any of the Additional Agreements to which the Company Group is a party;
(xv) each Contract for which any of the benefits, compensation or payments (or the vesting thereof) with respect to a director, officer, employee or individual consultant of a member of Company Group will be materially increased or accelerated by the consummation of the transactions contemplated hereby or the amount or value thereof will be calculated on the basis of any of the transactions contemplated by this Agreement;
(xvi) each Contract relating in any way to the Internal Reorganization; and
(xvii) any other Contract that can be reasonably deemed as material to the Company, its operations and/or its financial condition.
(b) Except as would not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect or as set forth on Schedule 5.16(b), as of the date of this Agreement (other than the Transaction Documentation):
Agreement, (i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has each Material Contract is a remaining term longer than 12 months valid and binding agreement, and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company Group nor, to the knowledge of the Company, any other partyparty thereto, is in breach or violation of, default (whether with or default under, any such agreement, and no event has occurred, is pending or, to without the knowledge passage of the Company, is threatened, which, after time or the giving of noticenotice or both) under the terms of any such Material Contract, with lapse of timesubject to Creditors’ Rights, (ii) the Company Group has not assigned, delegated, or otherwiseotherwise transferred any of its rights or obligations with respect to any Material Contracts, would constitute a breach or default by granted any power of attorney with respect thereto or to any of the Company orGroup’s assets, (iii) no Contract (A) requires the Company Group to post a bond or deliver any other form of security or payment to secure its obligations thereunder or (B) imposes any non-competition covenants that may be binding on, or restrict the Business or require any payments by or with respect to Purchaser or any of its Affiliates. The Company Group previously provided to the knowledge Purchaser Parties true and correct copies of each written Material Contract as of the Company, any other party under such contract, except for any breach, violation or default that has not had and date of this Agreement.
(c) Except as would not reasonably be anticipated to expected to, individually or in the aggregate, have a Company Material Adverse EffectEffect or set forth on Schedule 5.16(c), none of the execution, delivery or performance by the Company Group of this Agreement or Additional Agreements to which the Company Group is a party or the consummation by the Company Group of the transactions contemplated hereby or thereby constitutes a default under or gives rise to any right of termination, cancellation or acceleration of any obligation of the Company or to a loss of any material benefit to which the Company Group is entitled under any provision of any Material Contract.
(d) Except as would not reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect or as set forth on Schedule 5.16(d), the Company Group is in compliance with all covenants, including all financial covenants, in all notes, indentures, bonds and other instruments or agreements evidencing any Indebtedness.
Appears in 2 contracts
Sources: Business Combination Agreement (YHN Acquisition I LTD), Business Combination Agreement (YHN Acquisition I LTD)
Contracts. (a) Except as filed as an exhibit to a Company SEC Document prior to the date of this Agreement, and except for the Company Benefit Plans, each of the following contracts, agreements or arrangements are set forth in Section 2.14 3.18(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):Letter:
(i) any agreement relating to the borrowing of money or the extension of credit (other than agreements among direct or group indirect wholly owned Company Subsidiaries, and other than any agreements that generate trade payables or other accounts payable in the ordinary course of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticebusiness consistent with past practice);
(ii) any agreement (joint venture, partnership, limited liability company or group of related agreements) for the purchase other similar agreements or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights arrangements relating to the formation, creation, operation, management or control of any products partnership, strategic alliance or territory or has agreed to purchase goods or services exclusively from a certain partyjoint venture;
(iii) any agreement whichor series of related agreements, including any option agreement, entered into after January 1, 2010 or not yet consummated, relating to the knowledge acquisition or disposition of the Companyany material business or material real property (whether by merger, establishes a material joint venture sale of stock, sale of assets or legal partnershipotherwise);
(iv) any agreement (including any exclusivity agreement) that purports to limit or group restrict in any material respect either the type of related agreementsbusiness in which the Company or any Company Subsidiary (or, after the Effective Time, the Surviving Corporation or its Subsidiaries) under may engage or the manner or locations in which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assetsthem may so engage in any business in which the Company is currently engaged including any covenant not to compete, tangible or intangiblethat could require the disposition of any material assets or line of business of the Company or any Company Subsidiary;
(v) any agreement that purports to limit in any material respect providing for the right of production by the Company to engage or any Company Subsidiary of any product on an exclusive or requirements basis or the purchase by the Company or any Company Subsidiary of any product on an exclusive or output basis, in any line each case not entered into in the ordinary course of business, or to compete business consistent with any person or operate in any geographical locationpast practice;
(vi) any employment agreement or consulting agreement which provides for payments “material contract” (as such term is defined in excess Item 601(b)(10) of $50,000 per annum (Regulation S-K of the SEC), other than employment or consulting agreements terminable on less than thirty (30) days’ notice)Company Benefit Plans;
(vii) any agreement involving any officeror series of related agreements entered into after January 1, director 2010 or stockholder not yet consummated that involve expenditures or receipts of the Company or any affiliate (as defined Company Subsidiary in Rule 12b-2 under excess of $50,000 individually or $100,000 in the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionaggregate for a series of related agreements per year, stock optionin each case, restricted stock, warrant or stock purchase agreements that are not entered into in the forms ordinary course of which have been made available to Parent)business consistent with past practice;
(viii) any agreement by which the Company or commitment any Company Subsidiary licenses or otherwise obtains the right to use material Intellectual Property rights or trade secrets of any other Person (other than licenses for capital expenditures readily available commercial software) or by which the Company or any Company Subsidiary is restricted in excess of $25,000its right to use or register, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);or licenses or otherwise permits any other Person to use, enforce, or register any material Company Owned Intellectual Property or trade secrets; or
(ix) any agreement under the termination or breach of which the consequences of a default or termination would reasonably be expected to have result in a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of Effect on the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available agreements, arrangements and plans that are required to the Parent a complete and accurate copy of each agreement listed be set forth in Section 2.14 3.18(a) of the Company Disclosure Schedule. With Letter, or that would be required to be set forth but for the filing thereof as exhibits to the Company SEC Documents, are referred to herein as the “Company Contracts.” Except with respect to matters that, individually or in the aggregate, have not resulted in and would not reasonably be expected to result in a Material Adverse Effect on the Company, each Company Contract is a valid and binding agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: or a Company Subsidiary, as the case may be, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles (i) the agreement regardless of whether such enforceability is considered in a legalproceeding at equity or law), valid, binding and enforceable obligation of the Company and is in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation none of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the any Company norSubsidiary or, to the knowledge of the Company, any other party, party thereto is in default or breach or violation of, or default under, in any material respect under the terms of any such agreementCompany Contract; and since January 1, 2010, neither the Company nor any Company Subsidiary, as the case may be, has waived any material right or relinquished any material benefit under any such Company Contract; and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or material default by the Company or any Company Subsidiary or, to the knowledge of the Company, any other party under such contractCompany Contract. True, except for any breach, violation or default that has not had correct and would not reasonably be anticipated complete copies of each such Company Contract (including all modifications and amendments thereto and waivers thereunder) have been made available to have a Company Material Adverse EffectParent.
Appears in 2 contracts
Sources: Merger Agreement (Superior Well Services, INC), Merger Agreement (Nabors Industries LTD)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the any Company Entity is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 300,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeannum;
(ii) any agreement (or group of related agreements) for the purchase of products or for the receipt of services from each supplier set forth on Section 2.21 of the Company Disclosure Schedule;
(iii) any agreement for the sale of products or for the furnishing or receipt of services (A) which calls for performance over a period to each customer set forth on Section 2.21 of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipDisclosure Schedule;
(iv) any agreement establishing a partnership or joint venture;
(or group of related agreementsv) any agreement under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness any Indebtedness (including capitalized lease obligations) involving more than $25,000 750,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(vvi) any agreement that purports (an “Interested Party Agreement”) with (A) Parent or any affiliate (an “Affiliate”), as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of Parent, (B) any person directly or indirectly owning, controlling or holding power to limit in any material respect the right vote five percent (5%) or more of the Company outstanding voting securities of Parent or any of its Affiliates, (C) any person, five percent (5%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to engage in vote by Parent or any line of businessits Affiliates, or to compete with any person or operate in any geographical location;
(viD) any employment agreement director or consulting agreement which provides for payments in excess officer of $50,000 per annum Parent or any of its Affiliates (other than employment the Company Entities) or consulting agreements terminable on less than thirty any “associates” or members of the “immediate family” (30as such terms are respectively defined in Rule 12b-2 and Rule 16a-1 of the Exchange Act) days’ notice)of any such director or officer;
(vii) any agreement involving relating to the acquisition or disposition of any officerbusiness (whether by merger, director or stockholder sale of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant sale of assets or stock purchase agreements the forms of which have been made available to Parentotherwise);
(viii) any agreement material franchise, agency, dealer, sales representative, marketing or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)other similar agreement;
(ix) any agreement under which the consequences of material agreement, commitment or arrangement with a default or termination would reasonably be expected to have a Company Material Adverse Effect;Governmental Entity; and
(x) any agreement which contains any provisions requiring the Company other agreement, commitment or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into arrangement not made in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating Business that is material to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of BusinessEntities, in each case which is not otherwise described in clauses (i) through (xi)taken as a whole.
(b) The Company has delivered or made available to the Parent Buyers a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: listed (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable subject to bankruptcy, insolvency and similar lawslaws affecting the rights of creditors generally, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the no Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company Entity nor, to the knowledge of the Company, any other partyparty thereto, is in material breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, (iii) to the knowledge of the Company, is threatened, which, after the giving of noticeno event or circumstance has occurred that, with notice or lapse of time, time or otherwiseboth, would constitute a breach or any material event of default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectthereunder.
Appears in 2 contracts
Sources: Transaction Agreement (SMART Modular Technologies (WWH), Inc.), Transaction Agreement (Smart Modular Technologies Inc)
Contracts. (aSection 4(m) Section 2.14 of the Company Disclosure Schedule lists the following agreements (lists, whether written or oral) to which , together with all amendments and modifications thereto, the Company is a party as following agreements and contracts of the date of this Agreement (other than the Transaction Documentation):MEI:
(i) any agreement all contracts and agreements, whether or not fully performed, pursuant to which MEI has since January 1, 1997 acquired or disposed of more than $500,000 worth of its business or assets;
(or group of related agreementsii) for the lease of personal property from or to third parties all agreements containing (A) covenants not to compete on the part of MEI or other similar restrictions on the ability of MEI to engage in its business, (B) rights of first refusal, (C) exclusive dealing or minimum purchase provisions or (D) prepayment or termination penalties;
(iii) all notes, mortgages, indentures, letters of credit, guarantees, performance bonds, security agreements and other agreements and instruments for lending or borrowing (including assumed debt) entered into by MEI or pursuant to which provides for lease payments any properties or assets of MEI are pledged or mortgaged as collateral;
(iv) any employment or consulting agreement with any present or former director, officer or employee of MEI;
(v) all joint venture or partnership agreements to which MEI is a party or bound;
(vi) all agreements pursuant to which MEI pays royalties in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officerall area development agreements, director construction agreements and franchise agreements to which MEI is a party or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)bound;
(viii) any agreement all product or commitment for capital expenditures in excess service purchasing and supplier agreements to which MEI is a party or bound, pursuant to which MEI has purchased or committed to purchase more than $250,000 of $25,000products, for a single project services or supplies during the last year or during the next twelve (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);12) months; and
(ix) any agreement under other contracts and agreements of MEI, the performance of which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs will involve consideration in excess of $25,000 in any year or (B) 100,000 and are not entered into in terminable by MEI without penalty upon not more than 60 days notice. The foregoing are hereinafter referred to as the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)"MEI Contracts.
(b) The Company " Buyer has been delivered or made available to the Parent a correct and complete and accurate copy of each MEI Contract or other agreement listed in Section 2.14 4(m) of the Company Disclosure ScheduleSchedule (as amended to date). With respect to each agreement so listed, and except as set forth in Section 2.14 No Seller knows of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior any material defense to the Closing; and (iii) neither the Company nor, to the knowledge validity or enforceability of the Company, any other party, MEI Contract. Neither MEI nor any Seller has received written notice that MEI is in breach material default and MEI has not materially defaulted under any MEI Contract. MEI has not waived any material rights under any MEI Contract. MEI has not received or violation of, or default under, given notice of any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, in connection with any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectMEI Contract.
Appears in 2 contracts
Sources: Purchase Agreement (Pantry Inc), Purchase Agreement (Pantry Inc)
Contracts. (a) Except as listed in Section 2.14 3.22(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which Letter, and except for Company Benefit Plans, neither the Company nor any Company Subsidiary is a party to or bound by, as of the date of this Agreement (other than the Transaction Documentation):hereof:
(i) any agreement relating to Indebtedness (other than agreements among direct or group of related agreementsindirect wholly owned Company Subsidiaries) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice10,000,000;
(ii) any agreement (joint venture, partnership, limited liability company or group other similar agreements or arrangements relating to the formation, creation, operation, management or control of related agreements) for the purchase any partnership or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by joint venture material to the Company on sixty (60) days or less prior written notice and involves more than the sum any of $25,000 per annum, or (B) its Subsidiaries in which the Company has granted manufacturing rightsor any Company Subsidiary owns any interest valued at more than $10,000,000 without regard to percentage voting or economic interest (unless pursuant to such agreement or arrangement the Company and/or the Company Subsidiaries, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating as the case may be, do not have a future funding obligation likely to any products or territory or has agreed to purchase goods or services exclusively from a certain partyrequire funding of more than $10,000,000 in the aggregate);
(iii) any agreement whichor series of related agreements, including any option agreement, relating to the knowledge acquisition or disposition of the Companyany material business or material real property (whether by merger, establishes a material joint venture sale of stock, sale of assets or legal partnershipotherwise);
(iv) any material agreement other than an agreement with respect to compensation or similar arrangements not involving a director of the Company or one of the officers of the Company for purposes of Section 16 of the Exchange Act and any agreement entered into in a commercially reasonable manner consistent with industry practice with (A) any Person directly or group indirectly owning, controlling or holding with power to vote, 5% or more of related agreementsthe outstanding voting securities of the Company or any Company Subsidiary, (B) under any Person 5% or more of the outstanding voting securities of which it has createdare directly or indirectly owned, incurred, assumed controlled or guaranteed held with power to vote by the Company or any Company Subsidiary or (C) any current or may create, incur, assume former director or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 officer of the Company or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleCompany Subsidiary;
(v) any agreement (including any exclusivity agreement) that purports to limit or restrict in any material respect either the right type of business in which the Company or the Company Subsidiaries (or, after the Effective Time, Parent or its Subsidiaries) may engage or the manner or locations in which any of them may so engage in any business including any covenant not to compete or could require the disposition of any material assets or line of business of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationthe Company Subsidiaries;
(vi) any employment sales, distribution, agency or other similar agreement providing for the sale by the Company or consulting agreement which provides for any Company Subsidiary of materials, supplies, goods, services, equipment or other assets that are material to the Company and the Company Subsidiaries taken as a whole and involving payments to the Company in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)17,500,000 annually;
(vii) any agreement involving relating to any officermaterial interest rate, director currency or stockholder of the Company commodity derivatives or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)hedging transaction;
(viii) any agreement (including keepwell agreement) under which (A) any Person (other than the Company or commitment a Company Subsidiary) has directly or indirectly guaranteed any liabilities or obligations of the Company or any Company Subsidiary or (B) the Company or any Company Subsidiary has directly or indirectly guaranteed liabilities or obligations of any other Person (other than the Company or a Company Subsidiary) (in each case other than endorsements for capital expenditures the purpose of collection in excess of a commercially reasonable manner consistent with industry practice), unless such guarantor obligation is less than $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)10,000,000;
(ix) any material "take-or-pay" agreements; or
(x) any agreement under the termination or breach of which or the consequences failure to obtain consent in respect of a default or termination would reasonably be expected is likely to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered agreements, commitments, arrangements and plans listed or made available required to the Parent a complete and accurate copy of each agreement be listed in Section 2.14 3.22(a) of the Company Disclosure Schedule. With respect Letter are referred to each herein as the "Company Contracts." Each Company Contract is a valid and binding agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) or a Company Subsidiary, as the agreement case may be, and is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge none of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company Subsidiary or, to the knowledge of the Company, any other party thereto is in default or breach in any material respect under the terms of any such contractCompany Contract. True, except for any breachcorrect and complete copies of (i) each such Company Contract (including all modifications and amendments thereto and waivers thereunder) and (ii) all form contracts, violation agreements or default that has not had instruments used in and would not reasonably be anticipated material to the Business have a Company Material Adverse Effectbeen made available to Parent.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Verizon Communications Inc), Merger Agreement (Mci Inc)
Contracts. (a) Section 2.14 Schedule 5.11(a) to the applicable Acquired Companies Annex sets forth a list of the Company Disclosure Schedule lists the following agreements (whether written or oral) Contracts to which the an Acquired Company is a party as of or by which the date of this Agreement Acquired Company may be bound (other than the Transaction Documentation“Material Contracts”):
(i) any agreement (or group of related agreements) Contracts for the lease future purchase, exchange or sale of personal property from electric power or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeancillary services;
(ii) any agreement (or group of related agreements) Contracts for the purchase or sale future transmission of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyelectric power;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipinterconnection Contracts;
(iv) other than Contracts of the nature addressed by Section 5.11(a)(i) - (iii) and the Land Contracts, Contracts (A) for the sale of any agreement asset or (B) that grant a right or group option to purchase or sell any asset, other than in each case Contracts relating to assets with a value of related less than Five Hundred Thousand Dollars ($500,000);
(v) other than Contracts of the nature addressed by Section 5.11(a)(i) - (iv) and the Land Contracts, Contracts for the future receipt of any assets or services requiring payments in excess of Five Hundred Thousand Dollars ($500,000) for each individual Contract;
(vi) Contracts that purport to limit such Acquired Company’s freedom to compete in any line of business or in any geographic area;
(vii) partnership, joint venture or limited liability company agreements;
(viii) Contracts under which it has created, incurred, assumed or guaranteed (any outstanding indebtedness for borrowed money or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than $25,000 obligation, or under which it has imposed (or may impose) a Security Interest security interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides security interest secures outstanding indebtedness for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)borrowed money;
(ix) any agreement under which the consequences outstanding agreements of a default guaranty, surety or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto indemnification (excluding indemnities contained indemnification provisions customarily included in agreements for the purchase, sale or license of products Contracts entered into in the Ordinary Course of Business), direct or indirect, by such Acquired Company;
(x) Contracts for employment, management or consulting services providing annual compensation in excess of Two Hundred Fifty Thousand Dollars ($250,000) and which are not cancelable by such Acquired Company on notice (and without penalty) of ninety (90) days or less;
(xi) any agreement, other than as contemplated by this Agreement, relating all Contracts with respect to the future sales of securities purchase, issuance, transfer or Encumbrance of the Companymembership interests of the Acquired Companies; and
(xii) all Contracts with Seller or any Affiliate of Seller, on the one hand, and any Acquired Company, on the other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)hand.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except Except as set forth in Section 2.14 on Schedule 5.11(b) to the applicable Acquired Companies Annex, Seller has provided Purchaser with, or access to, copies of all Material Contracts.
(c) Except as set forth on Schedule 5.11(c) to the applicable Acquired Companies Annex, each of the Company Disclosure Schedule: (i) the agreement Material Contracts, in all material respects, is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with and constitutes a valid and binding obligation of the terms thereof Acquired Company party thereto and, to Seller’s Knowledge, of the other parties thereto.
(d) Except as in effect immediately prior set forth on Schedule 5.11(d) to the Closing; and (iii) neither the applicable Acquired Companies Annex, no Acquired Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, in any such agreementmaterial respect under any Material Contract, and to Seller’s Knowledge, no event has occurred, is pending or, other party to the knowledge any of the Company, Material Contracts is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a in breach or default by the Company or, to the knowledge of the Company, in any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectmaterial respect thereunder.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement (NextEra Energy Partners, LP)
Contracts. (a) Section 2.14 of Except as set forth on Schedule 3.9(a) (together with the Company Disclosure Schedule lists IP Contracts, the following agreements (whether written or oral) to which the “Material Contracts”), no Company is a party as to any of the date of this Agreement following (other than the Transaction Documentationany Benefit Plan or Employment Arrangement):
(i) any agreement (or group of related collective bargaining agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) Affiliate Agreements;
(iii) (A) leases or similar Contracts under which such Company is lessee of, or holds or uses, any agreement machinery, equipment or vehicle or other tangible personal property owned by a third party or (or B) Contracts (including any group of related agreementsContracts with the same Person) for the purchase or sale of products any tangible assets or for other tangible personal property (including without limitation supplies, equipment or materials); in each case, that has an aggregate continuing liability in excess of $50,000 per year or $100,000 in the furnishing or receipt of services (A) which calls for performance over a period of aggregate and that is not terminable by such Company on not more than one year, is not cancellable thirty (30) days’ notice without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershippremium;
(iv) any agreement (all mortgages, indentures, notes, bonds or group other agreements relating to Indebtedness incurred or provided by such Company in an amount in excess of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may imposeother than (A) a Security Interest on any endorsements for the purpose of its assets, tangible or intangiblecollection in the ordinary course of business and (B) advances to employees of such Company in the ordinary course of business);
(v) all Contracts to supply goods or services to such Company involving amounts in excess of $500,000 in the most recent fiscal year or $1,000,000 in the aggregate (other than any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationEmployment Arrangements);
(vi) any employment all sales agent, sales representative or distribution agreements involving amounts in excess of $50,000 in the most recent fiscal year or $100,000 in the aggregate;
(vii) all Contracts materially restricting such Company from freely engaging in its respective Company Business anywhere in the world;
(viii) limited liability company agreement, partnership agreement, joint venture agreement or consulting other similar agreement which provides or arrangement (other than the Fundamental Documents of any Company or any agreement between the Companies);
(ix) Contract that relates to the disposition or acquisition of equity or all or substantially all of the assets or equity of the Companies or any other Person by any Company, or any merger, consolidation or business combination with respect to any Company;
(x) Contract for any settlement agreement in respect of a Proceeding providing for payments in excess of $50,000 per annum 25,000;
(xi) Contract granting to any Person (other than employment a Company) an option or consulting agreements a first refusal, first offer or similar preferential right to purchase or acquire any material assets of a Company, other than in the ordinary course of business consistent with past practice;
(xii) Contract with a Top Revenue Customer;
(xiii) any Contract that provides for any special rebate, discount or similar programs to any customer or supplier, other than in the ordinary course of business consistent with past practice;
(xiv) any management or similar agreement to provide management and administrative services to a professional corporation as such arrangement may be required for such Company’s operations in compliance with New York or other state law;
(xv) Company Government Contract involving amounts in excess of $500,000 in the past fiscal year; and
(xvi) any Contract with any staffing company, temporary employee agency, professional employer organization or other similar company or agency that is not terminable by such Company on less not more than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Each Material Contract is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as constitutes the legal, valid and binding obligation of the respective Company and, to the Company’s Knowledge the other parties thereto, and is enforceable in accordance with their respective terms. Each Company and, to the Knowledge of such enforceability may Company, each of the other parties thereto, have performed in all material respects all obligations required to be limited under applicable bankruptcyperformed by them under, insolvency and similar lawsare not in default in any material respect under, rules any of such Material Contracts. Each Company has not received any written claim during the last year from any other party to any such Material Contract that such Company has breached any obligations to be performed by it thereunder in any material respect. There exists no material default, or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will notany event, as a result of including the execution and delivery by the Company of this Agreement or and the Transaction Documentation, Related Documents or the consummation by the Company of the transactions contemplated hereby or and thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after which upon the giving of notice, with lapse notice or the passage of time, or otherwiseboth, would constitute give rise to a breach claim of a material default in the performance by a Company or default by the Company or, to the knowledge of the Company, any other party of their respective obligations under a Material Contract. The Companies have furnished or have caused to be furnished to the Buyer true and complete copies of all Material Contracts.
(c) To the Knowledge of each Company, the Companies are not party to any legally binding oral agreement that would otherwise be a Material Contract if such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectagreement was in writing.
Appears in 2 contracts
Sources: Stock Purchase Agreement, Stock Purchase Agreement (Select Medical Corp)
Contracts. Except: (i) with respect to contracts or agreements with the Purchaser or the Purchaser's Subsidiaries, or (ii) as set forth on Schedule 3.11 annexed hereto, to the knowledge of ▇▇▇▇▇ and Suozzi, the Company is not a party to or bound by any:
(a) Section 2.14 contract or agreement involving amounts payable to the Company during any 12-month period that will aggregate $100,000 or more;
(b) management, consultant or employment contract under which there are amounts payable by the Company during any 12-month period that will aggregate $75,000 or more;
(c) contract obligating the Company to make severance or similar payments to any employee or officer of the Company Disclosure upon termination of employment or to make payments to any officer or employee of the Company in excess of the officer's or employee's regular salary and reimbursement of ordinary business expenses;
(d) contract or agreement with any distributor, dealer or sales representative that is not cancelable without liability to the Company on a maximum of thirty (30) days notice and under which there are amounts payable by the Company during any 12-month period that will aggregate $100,000 or more;
(e) contract or agreement of any nature whatsoever between the Company, on the one hand, and any past or present director or officer of the Company or any of its Affiliates, on the other hand;
(f) contract or agreement relating to any loan, factoring or credit line;
(g) lease of Real Property other than those described on Schedule lists 3.12 annexed hereto;
(h) lease of Tangible Property under which the following agreements Company is a lessor or lessee involving payments by or to the Company in excess of $100,000 in any 12-month period;
(i) purchase commitments, requirements or similar contracts (or series of related purchase commitments, requirements or similar contracts) involving amounts payable by the Company during any 12-month period that will aggregate $100,000 or more;
(j) outstanding guaranty, subordination or other similar type of agreement, whether written or oralnot entered into in the ordinary course of business;
(k) material contract concerning non-competition;
(l) material contract concerning confidentiality, except in the ordinary course of business;
(m) joint venture, partnership, cooperative arrangement or any other contract involving a sharing of profits;
(n) material contract with any Governmental Authority (including any conciliation agreement, consent decree or letter of commitment); or
(o) proposed arrangement or contract which the Company reasonably believes to be near consummation and of a type that if entered into would be a contract described in subsections (a) through (n) above. Accurate and complete copies of each such documents have been delivered by the Company and/or ▇▇▇▇▇ or ▇▇▇▇▇▇ to the Purchaser or made available to the Purchaser at the Company's offices. To the knowledge of ▇▇▇▇▇ and Suozzi, each material contract to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments is in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months full force and effect and is not cancellable without penalty enforceable by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group in accordance with its terms against all other parties thereto, subject as to enforceability to bankruptcy, insolvency and similar laws affecting creditors' rights generally. To the knowledge of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year▇▇▇▇▇ and ▇▇▇▇▇▇, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions not received any notice of a default under any such contract listed on Schedule 3.11 or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichSchedule 3.12 annexed hereto and, to the knowledge of the Company▇▇▇▇▇ and Suozzi, establishes a material joint venture no event or legal partnership;
(iv) any agreement (condition has happened or group of related agreements) under presently exists which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of constitutes a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with notice or lapse of time, time or otherwiseboth, would constitute a breach or default by the Company or, to the knowledge of the Company, under any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectcontract listed on Schedule 3.11 annexed hereto.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Safety Components International Inc), Stock Purchase Agreement (Safety Components International Inc)
Contracts. (a) Section 2.14 4.10(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the identifies each Company is Contract that constitutes a party Material Contract as of the date Agreement Date. Each of the following Company Contracts shall be deemed to constitute a “Material Contract” for purposes of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (Company Contract that requires by its terms or group is reasonably likely to require the payment or delivery of related agreements) for the lease of personal property from cash or other consideration by or to third parties (A) which provides for lease payments an Acquired Company in an amount having an expected value in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months 100,000 during the fiscal year ending December 31, 2021 and is cannot cancellable be canceled by such Acquired Company without penalty by the Company on sixty or further payment without more than ninety (6090) days or less prior written noticedays’ notice (other than payments for services rendered to date);
(ii) any agreement Company Contract pursuant to which any of the Acquired Companies have contingent obligations that upon satisfaction of certain conditions precedent will result in the payment by an Acquired Company of more than $100,000 in the aggregate over a twelve (12)-month period, in either milestone payments or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services royalties, upon (A) which calls for performance over a period the achievement of more than one year, is not cancellable without penalty by the Company on sixty (60) days regulatory or less prior written notice and involves more than the sum of $25,000 per annum, commercial milestones or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions receipt of revenue or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyincome based on product sales;
(iii) any agreement which, Company Contract relating to the knowledge Company’s material products containing terms, addressing or relating to (A) drug development, research services, pilot programs, clinical trials or other testing programs (other than clinical trial agreements entered into in the ordinary course), including any material collaboration, joint development or other similar agreement, (B) the marketing, supply, manufacturing, commercialization, purchase or sale of the Company’s material products (including any sole source supply, establishes co-promotion, sales representative, distribution, wholesaler, reseller or other similar agreement) or (C) the pricing or reimbursement terms for the Company’s material products, in each case, (1) that does not otherwise constitute a material joint venture Material Contract under another subclause of Section 4.10(a) and (2) that requires by its terms or legal partnershipis reasonably likely to require the payment or delivery of cash or other consideration by or to an Acquired Company in an amount having an expected value in excess of $100,000 in the fiscal year December 31, 2021;
(iv) any agreement Company Contract (A) prohibiting or limiting the right of any Acquired Company (1) to compete in any line of business, (2) to conduct business with any Person or in any geographical area, or (3) to develop or commercialize compounds with respect to any therapeutic area, class of drugs or mechanism of action or otherwise make use of any material Company IP, (B) obligating any Acquired Company to purchase or otherwise obtain any product or service exclusively from a single party, to purchase a specified minimum amount of goods or services, or sell any product or service exclusively to a single party, (C) under which any Person has been granted the right to manufacture, sell, market or distribute any product of any Acquired Company on an exclusive basis to any Person or group of related agreementsPersons or in any geographical area; or (D) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness containing any “most favored nations” terms and conditions (including capitalized lease obligationswith respect to pricing) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblegranted by an Acquired Company;
(v) any Company Contract that is a partnership, joint venture, limited liability company agreement that purports or similar Contract relating to limit in the formation, creation, operation, management or control of any material respect joint ventures, partnerships, co-development, co-promotion, collaborations or similar arrangements (other than any such Contract solely between and among the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationAcquired Companies);
(vi) any employment Company Contract that is a collective bargaining agreement or consulting agreement which provides for payments in excess of $50,000 per annum Contract with any labor union, trade organization or other employee representative body (other than employment or consulting agreements terminable on less than thirty (30) days’ noticeany statutorily mandated agreement in non-U.S. jurisdictions);
(vii) any agreement involving any officer, director or stockholder of the Company Employee Agreement or any affiliate Company Contract pursuant to which an Acquired Company is or may become obligated to (as defined A) make any severance, termination, or similar payment to any Company Associate or any spouse or heir of any such Company Associate, (B) make any bonus, change in Rule 12b-2 under control, retention, or similar payment or award to any Company Associate, or (C) grant or accelerate the Exchange Act) thereof (an “Affiliate”) vesting of, or otherwise modify, any Company Stock Award (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements accelerated vesting provided in the forms of which have been made available to ParentCompany Equity Plan);
(viii) any agreement or commitment for capital expenditures in excess of $25,000Company Contract with any Affiliate, for a single project director, executive officer (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 as such term is defined in the aggregate for all projectsExchange Act), holder of 5% or more of Shares, or to the Knowledge of the Company, any of their Affiliates (other than an Acquired Company) or immediate family members (other than offer letters that can be terminated at will without severance obligations and Company Contracts pursuant to Company Stock Awards);
(ix) any agreement under Company Contract (A) relating to the disposition or acquisition, directly or indirectly (by merger, sale of stock, sale of assets, or otherwise), by any Acquired Company of any material assets or any equity interests in any Person (1) after the date of this Agreement, other than the sale of inventory in the ordinary course of business consistent with past practice, or (2) prior to the date hereof, which the consequences contains any material ongoing liabilities (including sale of a default inventory, indemnification, “earn-out” or termination would reasonably be expected other contingent liabilities) or (B) pursuant to have a which any Acquired Company Material Adverse Effectwill acquire or dispose of any material ownership interest in any other Person other than any Acquired Company;
(x) any agreement which contains Company Contract with any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)Governmental Body;
(xi) any agreementCompany Contract with any payor, other than as contemplated by this Agreementwholesaler, relating to the future sales of securities of the Company; anddistributor, pharmacy or governmental payor;
(xii) any other Company Contract that is a settlement, conciliation, corporate integrity, deferred prosecution, consent decree or similar agreement (with or group of related agreements) approved by any Governmental Body pursuant to which (A) under which an Acquired Company will be required after the Agreement Date to pay any monetary obligations or (B) that contains material obligations or limitations on an Acquired Company’s conduct;
(xiii) any Company is obligated Contract relating to make payments or incur costs Indebtedness in excess of $25,000 100,000 (whether incurred, assumed, guaranteed or secured by any asset) of an Acquired Company;
(xiv) any Company Contract relating to the voting or registration of any securities;
(xv) any Company Contract containing a right of first refusal, right of first negotiation or right of first offer in favor of a party other than the Acquired Companies;
(xvi) any year Company Lease;
(xvii) any hedging, swap, derivative or similar Company Contract; and
(Bxviii) not entered into any other Company Contract that is currently in effect and has been filed (or is required to be filed) by an Acquired Company as an exhibit pursuant to Item 601(b)(10) of Regulation S-K under the Ordinary Course Securities Act or that would be required to be disclosed under Item 404 of Business, in each case which is not otherwise described in clauses (i) through (xi)Regulation S-K under the Securities Act.
(b) The As of the Agreement Date, the Company has either delivered or made available to the Parent a or Parent’s Representatives an accurate and complete and accurate copy of each agreement listed Material Contract or has publicly made available such Material Contract in Section 2.14 the Electronic Data Gathering, Analysis and Retrieval (E▇▇▇▇) database of the Company Disclosure ScheduleSEC on an unredacted basis. With respect to each agreement so listed, and except as set forth in Section 2.14 Neither any of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company Acquired Companies nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge Knowledge of the Company, any other party is in material breach of or material default under any Material Contract and, neither any of the Acquired Companies, nor, to the Knowledge of the Company, any other party has taken or failed to take any action that with or without notice, lapse of time or both would constitute a material breach of or material default under any Material Contract or permit termination, modification or acceleration, under such contractMaterial Contract. Each Material Contract is, with respect to the Company and, to the Knowledge of the Company, the other party, a valid agreement, binding, and in full force and effect. To the Knowledge of the Company, each Material Contract is enforceable by the applicable Acquired Company in accordance with its terms, subject to (i) Laws of general application relating to bankruptcy, insolvency and the relief of debtors and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. Since January 1, 2019 through the Agreement Date, no Acquired Company has received any written notice regarding any violation or breach or default under any Material Contract that has not since been cured, except for any breachviolations or breaches that are not, violation individually or default that has not had and would not in the aggregate, reasonably be anticipated expected to have a Material Adverse Effect. No Acquired Company has waived in writing any rights under any Material Contract, the waiver of which would have or be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Biodelivery Sciences International Inc), Merger Agreement (Collegium Pharmaceutical, Inc)
Contracts. (a) Section 2.14 Schedule 3.16(a) hereto sets forth a true and correct list of all the following Contracts to which, as of the date hereof, the Company Disclosure Schedule lists the following agreements (whether written is a party or oral) to which the Company is a party as of the date of this Agreement bound or subject and under which there are ongoing rights or obligations (other than customary confidentiality obligations with respect to which the Transaction DocumentationCompany is in compliance), true and complete copies of which (including, for clarity, any amendments, exhibits, annexes, appendices or attachments thereto) have been provided or made available to the Buyer prior to the Execution Date (each such Contract disclosed or required to be disclosed pursuant to clauses (i) through (xviii) below, and any such Contract entered into prior to the Closing, a “Material Contract”):
(i) any agreement all Material Network Agreements described in clauses (or group of related agreementsa) for and (c) in the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticedefinition thereof;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over non-customer Contract with a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyGovernmental Authority;
(iii) any agreement whichContract with an employee, to the knowledge director, or officer of the Company, establishes a material joint venture or legal partnership;
(iv) (A) any agreement Contract with any Person providing services on a full-time or consulting basis providing for annual base cash compensation in excess of $125,000 or pursuant to which there have been payments in excess of $125,000 to such Person in the last calendar year, or (B) providing for the payment of any cash or group other compensation or benefits upon the consummation of related agreements) under which it has created, incurred, assumed the transactions contemplated hereby or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on that limits the right of the Company to terminate the employment of such Person without notice for any reason and without the payment of its assets, tangible or intangibleseverance;
(v) any agreement that purports to limit Contract (or group of related Contracts) requiring payments by any party thereto of more than $800,000 in any material respect twelve (12) month period after the right date hereof or the performance of which involves expenditures by, or revenue to, the Company to engage in any line excess of business, or to compete with any person or operate in any geographical location$2,000,000 after the date hereof;
(vi) any employment agreement or consulting agreement which provides for payments Contract that relates to Indebtedness in excess of $50,000 per annum 100,000 or any other Contract that grants a Lien (other than employment a Permitted Lien) upon any material assets of the Company, or consulting agreements terminable on less any loan agreement, note, mortgage, indenture, security agreement, guaranty or pledge (other than thirty (30) days’ noticeintercompany indebtedness that is discharged in full at or prior to the Closing);
(vii) any agreement involving any officer, director lease or stockholder of other Contract under which the Company is lessee of or holds, uses or operates any affiliate (as defined in Rule 12b-2 under personal property owned by any other party, for which the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionannual rent exceeds $50,000, stock option, restricted stock, warrant excluding any such lease having a term of one month or stock purchase agreements the forms of which have been made available to Parent)less;
(viii) any agreement Contract relating to the acquisition or commitment for capital expenditures disposition of an equity interest in, or all or substantially all of the assets or business of, any Person or the disposition of assets or securities having a book value, in each case, in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)250,000;
(ix) any agreement under which Contract giving rise to amounts that would become payable upon a change of control of the Company or that otherwise include material rights or obligations triggered by the transactions contemplated hereby or by the other Transaction Documents which, if asserted, would result in adverse consequences of a default to the Company, Buyer or termination would reasonably be expected to have a Company Material Adverse Effectits Affiliates;
(x) any agreement which contains any provisions requiring Contract with the twenty (20) largest customers of the Company, taken as a whole (determined based on signed annual recurring revenues to the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchaseas of December 31, sale or license of products entered into in the Ordinary Course of Business2016);
(xi) any agreement, other than as contemplated by this Agreement, Contract relating to the future sales formation, creation, governance or control of securities of the Company; andany joint venture, partnership or similar Contract;
(xii) any Contract containing provisions that (A) restrict or limit the freedom of the Company to compete with any Person or in any line of business or in any area, including any non-competition, non-solicitation, right of first offer, right of first refusal, or most-favored nation pricing restrictions; (B) provide for the Company to be the exclusive or preferred provider or recipient of any product or service obligations, including, for the avoidance of doubt, any Contract obligating the Company to provide its products or services exclusively to a counterparty or other specified Persons; or (C) contain any minimum purchase or sale obligations (including any take-or-pay Contracts);
(xiii) any Affiliate Contract;
(xiv) any Contract providing for indemnification by the Company of (A) a third party, other than in connection with a commercial agreement in the ordinary course of business and consistent with the Company’s past practice or (B) a manager, officer or group of related agreementsemployee;
(xv) (A) any customer Contract that provides a customer an option to purchase Fiber of the Company or (B) any forward sale and purchase agreement;
(xvi) any Contract by which the Company is licensed or otherwise permitted to use the intellectual property of others (other than non-exclusive licenses for commercial off-the-shelf computer software that are generally available on nondiscriminatory pricing terms), or by which the Company has licensed or authorized others to use any intellectual property;
(xvii) all Contracts (other than customer Contracts) under which the Company is obligated lessor of or permits any third party to make hold, use or operate any tangible property (other than real property) owned or controlled by the Company, except for any Contract under which the aggregate annual rental payments or incur costs in excess do not exceed $100,000 and the total aggregate rental payments do not exceed $500,000; and
(xviii) any agreement to enter into any Contract of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise type described in clauses (isubsections (i) through (xi(xvii) of this Section 3.16(a).
(b) The Company has delivered or made available to the Parent a complete Each Material Contract and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: Material Network Agreement (i) the agreement is constitutes a legal, validvalid and binding obligation of the Company, (ii) assuming such Material Contract or Material Network Agreement, as applicable, is binding and enforceable obligation against the other parties thereto, is enforceable against the Company, (iii) to the knowledge of the Company Seller, is enforceable against the other party thereto except to the extent that enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding at law or in equity and (iv) is in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither . Neither the Company nor, to the knowledge of the CompanySeller, any other party, party thereto is in breach material default under any Material Contract and Material Network Agreement, nor has there occurred any event that with notice or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwiseboth, (A) would constitute a breach or material default by the Company or, to the knowledge of the CompanySeller, any other party thereunder, (B) would allow or give rise to the limitation, revocation, modification, or termination of any Material Contract or Material Network Agreement, or (C) would result in the impairment of the rights of the Company under any Material Contract or Material Network Agreement; nor has the Company or the Seller received any notice regarding the matters described in (A) through (C). There is no pending disagreement or dispute with any other party to any Material Contract or Material Network Agreement. From December 31, 2016 to the Execution Date, the Company has not received any notification that any party to a Material Contract or Material Network Agreement intends to cancel, terminate, materially modify, refuse to perform or refuse to renew such Contract.
(c) Except as set forth on Schedule 3.16(c) hereto, from and after December 31, 2016 to the Execution Date, none of the Top Customers or Top Vendors (collectively, the “Significant Counterparties”) (i) has ceased its purchases from or sales or provision of services to or from the Company or threatened in writing or to the knowledge of the Seller, threatened orally to cease such purchases or sales or provision of services, (ii) no Significant Counterparty has materially reduced its purchases from or sales or provision of services to or from, or has materially delayed or interrupted purchases from or provision of sales or services to or from, the Company, as applicable, other than in the ordinary course of business consistent with past practice, (iii) no Significant Counterparty has threatened in writing or to the knowledge of the Seller, threatened orally to cease or materially reduce its purchases from or sales or provision of services to or from the Company, and (iv) there have been no material disputes or controversies with any Significant Counterparty.
(d) The Company is not in violation or breach of the terms of any Government Contract. All representations, certifications and disclosures made by the Company with respect to any Government Contract were accurate and complete in all material respects as of their effective date. No reasonable basis exists to give rise to a claim for fraud in connection with any Government Contract including under the United States civil or criminal False Claims Act of 1863 (the “False Claims Act”). The Company has complied in all material respects with the terms and conditions of each Government Contract and related applicable Laws including all provisions and laws regarding small business subcontracting and utilization, subcontracting plans, affirmative action, protection and security of personal data or data of a Governmental Authority, kickbacks, illegal gratuities, pricing and other provisions. The Company has not received a cure notice, show cause notice, civil investigative demand or had a Government Contract terminated for default or convenience, have not been threatened with termination for default, or notified of a breach of contract. None of the Company, except its respective officers or employees or, to the knowledge of the Seller, their respective agents or Representatives, is or has been suspended or debarred, or to the knowledge of the Seller, proposed for suspension or debarment, from doing business with any Governmental Authority, and to the knowledge of the Seller, there are no circumstances that would reasonably be expected to become a basis for any breach, violation or default that has of the foregoing. The Company does not had have access to any classified information in connection with any Government Contract and would is not reasonably be anticipated required to have any personnel or facility security clearance.
(e) Since December 31, 2016 to the Execution Date, neither the Company nor the Seller has received any written or oral indication of an intention to terminate (including a termination for convenience or for cause) or, in the case of a Material Contract related to an ongoing relationship in the ordinary course of business with the other party thereto, fail to renew or extend on substantially similar terms, any Material Contract (including, for the avoidance of doubt, any purchase, sale or service order under any Material Contract) from any of the parties to any Material Contract. Since December 31, 2016 to the Execution Date, with respect to any Material Contract that, by its terms, would automatically renew or extend absent notice or other action by a party thereto, no such party has given any such notice or taken any such action. There is no Action pending against or threatened against the Company or Seller, any present or former officer, director or employee of any of the Companies or Seller, or any Person for whom any the Company may be liable with respect to a Material Adverse EffectContract that is by or before (or that would be by or before) any Governmental Authority or arbitrator.
Appears in 2 contracts
Sources: Membership Interests Purchase Agreement, Membership Interests Purchase Agreement (Uniti Group Inc.)
Contracts. (a) Each of the following is referred to herein as a “Company Material Contract”, whether or not set forth in Section 2.14 3.13(a) of the Company Disclosure Schedule lists Letter, in effect on the following agreements date of this Agreement, or disclosed in the Company SEC Documents: any contract, arrangement, commitment or understanding (whether written or oral) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound (excluding any Oil and Gas Lease), or under which the Company or any of its Subsidiaries has any responsibility or obligation:
(i) which is a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to be performed after the date of this Agreement (other than the Transaction Documentation):
(i) Agreement, including any agreement (or group of related agreements) for the lease of personal property from or exhibits to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeSEC Documents;
(ii) which is a natural gas transportation, gathering, treating, processing or other contract, a natural gas liquids fractionation, transportation, purchase, sales or storage contract, a natural gas purchase contract, a salt water disposal agreement or similar contract, that has a remaining term of greater than 12 months and does not allow the Company or such Subsidiary to terminate it without penalty to the Company or such Subsidiary within 60 days and that during the 12 months ended June 30, 2020 involved, or is reasonably expected in the future to involve, annual revenues received by or payments made by the Company and its Subsidiaries in excess of $500,000;
(iii) which contains a “take-or-pay” clause or any agreement similar obligation;
(or group of related agreementsiv) for which involves the purchase pending acquisition or sale of products (or option to purchase or sell) any material amount of the assets or properties of the Company or its Subsidiaries (including Oil and Gas Properties), taken as a whole, other than contracts involving the acquisition or sale of (or option to purchase or sell) Hydrocarbons in the ordinary course of business;
(v) which contains any “earn out” or other contingent payment obligations with respect to a prior or pending acquisition or sale of any business, assets or properties, or remaining indemnity or similar obligations under any acquisition or sale agreement, that could reasonably be expected to result in future payments by or to the Company or any of its Subsidiaries in excess of $1.0 million;
(vi) which is an agreement to acquire all or a substantial portion of the Capital Stock, business, property or assets of any other Person for an amount of cash (or value of non-cash consideration), in excess of $1.0 million;
(vii) which is an agreement that provides for the furnishing acquisition, disposition, license, use, distribution or receipt outsourcing of services assets, services, rights or properties (other than Oil and Gas Properties) with a value or requiring annual fees in excess of $1.0 million;
(viii) which is a material partnership, joint venture or limited liability company agreement, other than customary joint operating agreements, unit agreements or participation agreements affecting the Oil and Gas Properties of the Company or any of its Subsidiaries;
(ix) which is a joint development agreement, exploration agreement, participation, farmout, farmin or program agreement or similar contract requiring the Company or any of its Subsidiaries to make expenditures from and after January 1, 2020 that would reasonably be expected to be in excess of $1.0 million in the aggregate, other than customary joint operating agreements and continuous development obligations under Oil and Gas Leases;
(x) which is a mortgage, note, debenture, indenture, security agreement, guaranty, pledge or other agreement or instrument governing the terms of indebtedness owed by or guaranteed by the Company or any of its Subsidiaries in an amount in excess of $2.0 million;
(xi) which (A) which calls for performance over contains a non-compete or similar type of provision that, following the Closing, by virtue of the Merger or of the Buyer becoming affiliated with the Company’s Subsidiaries as a result of the Merger, would by its terms materially restrict the ability of the Buyer or any of its Subsidiaries to compete in any line of business or with any Person or in any geographic area during any period of more than one yeartime after the Effective Time, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which imposes any material restriction on the right or ability of the Company has granted manufacturing rights, or any of its Subsidiaries to compete with any other person or acquire or dispose of the securities of another person or (C) contains an exclusivity or “most favored nation” pricing provisions clause that restricts the business of the Company or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from of its Subsidiaries in a certain partymaterial manner;
(xii) which is a material partnership, joint venture or strategic alliance agreement or other similar contract or agreement involving a sharing of profits and expenses other than any customary joint operating agreements, unit agreements or participation agreements affecting the Oil and Gas Properties of the Company;
(xiii) which expressly limits or restricts the ability of the Company or any of its Subsidiaries to make distributions or declare or pay dividends in respect of their Capital Stock, partnership interests, membership interests or other equity interests, as the case may be;
(xiv) which is between the Company or any of its Subsidiaries, on the one hand, and any of their respective officers, directors or principals (or any such Person’s affiliates) or any Person that holds or owns five percent (5%) or more of the shares of the Company’s capital stock (or any affiliates of any such Person) on the other hand; or
(xv) which is a charge, order, writ, injunction, judgment, decree, ruling, determination, directive, award, settlement, settlement agreement, consent agreement or similar agreement with any Governmental Entity involving future performance by the Company or any of its Subsidiaries which is material to the Company and its Subsidiaries, taken as a whole. The Company has previously made available to the Buyer true, complete and correct copies of each Company Material Contract, including any amendments thereto, in effect on the date of this Agreement.
(i) Each Company Material Contract is valid and binding and in full force and effect, (ii) the Company and each of its Subsidiaries has performed all obligations required to be performed by it to date under each Company Material Contract in all material respects, (iii) no event or condition exists which constitutes or, after notice or lapse of time or both, would constitute, a material default on the part of the Company or any agreement whichof its Subsidiaries under any such Company Material Contract, (iv) to the knowledge of the Company, establishes a no other party to such Company Material Contract is in material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit default in any material respect the right of the Company to engage in any line of businessthereunder, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, except in each case which is not otherwise described where such failure or default, individually or in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedaggregate, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not be reasonably be anticipated likely to have a Material Adverse Effect on the Company and (v) neither the Company nor any of its Subsidiaries has received any notice of any material violation or breach of, material default under or intention to cancel, terminate, modify or not renew, any Company Material Adverse EffectContract.
Appears in 2 contracts
Sources: Merger Agreement (Montage Resources Corp), Merger Agreement (Southwestern Energy Co)
Contracts. (a) Except as set forth in Section 2.14 3.12(a) of the Company Disclosure Schedule lists Letter, neither the following agreements Company, nor any Subsidiary, nor any Affiliated PC is a party to, nor is any of their respective properties or assets bound or affected by, any agreements, contracts, commitments, licenses (or sublicenses) or other instruments or obligations, whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):, that:
(i) are or would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act or disclosed by the Company on a Current Report on Form 8-K;
(ii) with respect to a joint venture, partnership, limited liability or other similar agreement or arrangement, relate to the formation, creation, operation, management or control of any agreement partnership or joint venture that is material to the business of the Company and the Subsidiaries and Affiliated PCs, taken as a whole;
(iii) relate to indebtedness for borrowed money or any capitalized lease and having an outstanding principal amount, individually or in the aggregate, in excess of $200,000;
(iv) were entered into after December 31, 2007 or not yet consummated, and involve the acquisition from another person or disposition to another Person, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another Person for aggregate consideration under such Contract (or group series of related agreementsContracts), individually or in the aggregate, in excess of $250,000 (other than acquisitions or dispositions of inventory in the ordinary course of business);
(v) for relate to an acquisition, divestiture, merger or similar transaction that contains representations, covenants, indemnities or other obligations (including indemnification, “earn-out” or other contingent obligations), that are still in effect and, individually or in the lease of personal property from or aggregate, could reasonably be expected to third parties (A) which provides for lease result in payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location250,000;
(vi) other than an acquisition subject to clause (v) above, obligate the Company to make any employment agreement capital commitment or consulting agreement which provides for payments capital expenditure, other than acquisitions of inventory (including pursuant to any joint venture), individually or in the aggregate, in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)250,000;
(vii) any agreement involving any officerare guaranties, director indemnities, surety bonds, commitments, and other similar primary, direct or stockholder of contingent financial obligations whereby the Company or any affiliate its Subsidiaries or Affiliated PCs may be liable or obligated for a debt or obligation of another (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available including without limitation all guaranties with respect to ParentCompany Leases);
(viii) relates to the acquisition, transfer, development, licensing or sharing of any Intellectual Property or any other agreement affecting the ability of the Company or commitment any of its Subsidiaries or Affiliated PCs to use or disclose any Intellectual Property, other than license agreements for capital expenditures in excess of off the shelf software that is generally commercially available and less than $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)50,000;
(ix) provide for aggregate commitments by the Company and/or its Subsidiaries or Affiliated PCs of more than $500,000 over the remaining term of such contract;
(x) would prohibit or materially delay the consummation of the Merger;
(xi) are otherwise material to the Company and its Subsidiaries and Affiliated PCs, taken as a whole;
(xii) are agreements with any agreement under employee of any of the Company, a Subsidiary or an Affiliated PC creating severance, stock, stock option deferred compensation, severance or any similar obligations for the Company, a Subsidiary or an Affiliated PC, or requiring payment of total annual compensation in excess of $100,000;
(xiii) are collective bargaining agreements;
(xiv) are settlements, conciliation or similar agreements with any Governmental Authority or pursuant to which, after the execution date of this Agreement, the Company or any of its Subsidiaries or Affiliated PCs will be required to pay consideration in excess of $100,000;
(xv) relate to an Affiliate Transaction;
(xvi) are: (A) by and between or among the Company or any of its Subsidiaries on the one hand and any of the Affiliated PCs on the other; or (B) by and between or among the Company, any of its Subsidiaries, or any of the Affiliated PCs on the one hand, and any third party provider of all or any portion of the technical or professional component of healthcare services;
(xvii) are by and between or among the Company, any of its Subsidiaries, any of the Affiliated PCs, and any Qualified Shareholder; or
(xviii) are by and between or among the Company, any of its Subsidiaries, any of the Affiliated PCs, and any third party employer, pursuant to which Company, any of its Subsidiaries, and/or any Affiliated PC: (A) arranges for or provides for the consequences adequate staffing of physicians and other professional personnel at such third party employer’s-sponsored healthcare clinics; (B) agrees to assist such third party employer in the administration, management and/or operation of employee health programs; and/or (C) agrees to assist such third party employer in the administration, management and/or operation of any third party employer-sponsored pharmacy.
(b) Each Contract disclosed or required to be disclosed in Section 3.12(a) of the Company Disclosure Letter is referred to herein as a default “Company Material Contract.” The Company has made available to the Buyer a true, complete and correct copy of each Company Material Contract, including any amendments, supplements or termination modifications thereto.
(c) Except as set forth in Section 3.12(c) of the Company Disclosure Letter, each Company Material Contract is valid and binding on the Company and any of its Subsidiaries and any Affiliated PCs to the extent such Subsidiary or Affiliated PC is a party thereto, as applicable, and to the Knowledge of the Company, each other party thereto, and is in full force and effect and enforceable in accordance with its terms, except where the failure to be valid, binding, enforceable and in full force and effect, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of Neither the Company, except as such enforceability may be limited under applicable bankruptcynor any of its Subsidiaries, insolvency and similar lawsnor any Affiliated PC, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company’s Knowledge, any other party to any Company Material Contract is in violation of or in default under (nor does there exist any condition which, upon the passage of time or the giving of notice or both, would cause such contracta violation of or default under) or has failed to perform under any Company Material Contract, except for any breachviolations, violation defaults and failures to perform that, individually or default that has not had and in the aggregate, would not reasonably be anticipated expected to have a Company Material Adverse Effect. Each Company Material Contract fairly and accurately describes in all material respects all of the duties, obligations and responsibilities of the Company, each of its Subsidiaries and the Affiliated PCs with respect thereto.
(d) Except for employment-related Contracts filed or incorporated by reference as an exhibit to a Company SEC Document filed prior to the date hereof or Company Employee Plans, Section 3.12(c) of the Company Disclosure Letter sets forth a correct and complete list of the Contracts that are in existence as of the date of this Agreement under which the Company has any existing or future material liabilities between the Company or any of its Subsidiaries, on the one hand, and, on the other hand, any (i) present officer or director of either the Company or any of its Subsidiaries or any person that has served as such an officer or director or any of such officer’s or director’s immediate family members (excluding any person that served as a director or officer of any Subsidiary prior to its acquisition by the Company, and such person’s immediate family members, provided that such Person did not continue to serve as a director or officer after the date of such acquisition), (ii) record or beneficial owner of more than 5% of the Shares as of the date hereof, or (iii) to the Knowledge of the Company, any Affiliate of any such officer, director or owner (other than the Company or any of its Subsidiaries) (each, an “Affiliate Transaction”). The Company has provided to Buyer true, correct and complete copies of each Contract or other relevant documentation (including any amendments or modifications thereto) providing for each Affiliate Transaction.
Appears in 2 contracts
Sources: Merger Agreement (I Trax Inc), Merger Agreement (Walgreen Co)
Contracts. (a) Section 2.14 Schedule 4.14(a) is an accurate and complete list of all the Contracts (other than any Contract relating to any Benefit Plan) of the Company Disclosure Schedule lists the following agreements (whether written or oral) types to which the Company Seller or Marconi IP is a party as party, or by which either is bound, that relate primarily to, or are material to the operation or conduct of, the Access Business or to which any of the date of this Agreement (other than the Transaction Documentation):Assets is subject:
(i) each Contract which requires, on an annual basis, a payment by any agreement party in excess of, or a series of payments which in the aggregate exceed, $100,000 (as pertaining to the Access Business) or group of related agreements) provides for the lease delivery of personal property from goods or to third parties (A) which provides for lease payments performance of services, or any combination thereof, having a value in excess of $25,000 per annum or 100,000 (B) which has a remaining term longer than 12 months and is not cancellable without penalty by as pertaining to the Company on sixty (60) days or less prior written noticeAccess Business);
(ii) any agreement (each Contract with a sales representative, manufacturer's representative, distributor, dealer, broker, sales agency, advertising agency or group of related agreements) for the purchase other Person engaged in sales, distribution or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumpromotional activities, or (B) any Contract to act in which one of the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to foregoing specified capacities on behalf of any products or territory or has agreed to purchase goods or services exclusively from a certain partyPerson;
(iii) each Contract pursuant to which the Seller or Marconi IP has made or will make loans or advances, or has incurred, or is obligated to incur, indebtedness for borrowed money or has become a guarantor or surety or pledged its credit for or otherwise become responsible with respect to any agreement which, to undertaking of another Person ("Guarantees") (except for the knowledge negotiation or collection of negotiable instruments in transactions in the Company, establishes ordinary course of business) or any Contract granting a material joint venture or legal partnershipLien upon any Assets other than Permitted Liens;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness each Contract with suppliers (including capitalized lease obligationspurchase orders) involving which has a commitment of more than $25,000 or under which it has imposed (or may impose) a Security Interest 100,000 on any of its assets, tangible or intangiblean annual basis;
(v) any agreement that purports each covenant not to limit in any material respect the right compete or other covenant of the Company to engage in Seller or any line of businessits Affiliates restricting the development, manufacture, marketing or to compete with any person or operate in any geographical locationdistribution of the products and services of the Access Business;
(vi) each material Contract with any employment agreement or consulting agreement which provides for payments in excess Affiliate of $50,000 per annum the Seller (other than employment or consulting agreements terminable on less than thirty (30) days’ noticethe "Affiliate Contracts");
(vii) any agreement involving each Contract with any officer, director or stockholder employee of the Company Seller or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) of its Affiliates (other than stock subscription, stock option, restricted stock, warrant or stock purchase employment agreements the forms of which have been made available to Parentand "at will" arrangements);
(viii) each lease, sublease or similar Contract with any agreement Person under which the Seller is a lessor or commitment sublessor of, or makes available for capital expenditures in excess use to any Person, (A) any Assets or (B) any portion of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)Bedford Facility;
(ix) each license, sublicense, option or other Contract relating, in whole or in part, to any agreement Transferred Intellectual Property (including any license or other Contract under which the consequences Seller or any of a default or termination would reasonably be expected its Affiliates granted the right to have a Company Material Adverse Effectuse any Transferred Intellectual Property);
(x) each confidentiality agreement (other than (A) any confidentiality agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course ordinary course of business with a Person who (together with such Person's Affiliates) does not compete in any manner with the Access Business and (B) any confidentiality agreement entered into in connection with the sale of the Access Business);
(xi) each Contract with a customer (including sales order) that involves an obligation of the Seller to deliver products and services for payment of or having a fair market value of more than $100,000;
(xii) each Contract (A) for the sale of any agreement, Asset (other than as contemplated by this Agreementinventory sales in the ordinary course of business), relating (B) for the grant of any preferential rights to purchase any Asset (other than inventory in the future sales ordinary course of securities business) or (C) for the grant of the Companyany exclusive right to use any Asset;
(xiii) each Contract with any Governmental Authority;
(xiv) each Group Contract;
(xv) each Contract for any joint venture, partnership or similar arrangement; and
(xiixvi) any each written Contract other agreement (or group of related agreements) (A) under than as set forth above to which the Company Parent, the Seller or Marconi IP is obligated a party or by which it or any of its assets or business is bound or subject that is material to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Access Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company Except as set forth in Schedule 4.14(b), neither the Seller nor Marconi IP nor any Affiliate of the Seller or Marconi IP (as applicable) has since January 1, 2001 (with or without the lapse of time or the giving of notice, or both) materially breached the provisions of, or is in material default under, the terms of (i) any Contract listed on Schedule 4.14(a) that is a Purchased Contract or is material to the operation of the Access Business or (ii) any Material Personal Property Lease (collectively, the "Material Contracts"), and, to the Seller's knowledge, no other party to any Material Contract is in material breach of the provisions of, or is in material default under the terms of, any Material Contract. Except as set forth in Schedule 4.14(b), all Material Contracts are valid, binding and in full force and effect and are enforceable against the Seller or Marconi IP (as applicable) and, to Seller's knowledge, the other party thereto, in accordance with their terms, subject to the Enforceability Limitations. Neither the Seller nor Marconi IP nor any of their respective Affiliates has received any written notice of the intention of any party to terminate any Material Contract. Complete and correct copies of all Material Contracts have been delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of Purchaser by the Company Disclosure Schedule. With respect to each agreement so listedSeller, and except as set forth in Section 2.14 Schedule 4.10(b) or Schedule 4.14(a) (it being understood and agreed that certain pricing and product information related to the Other Businesses contained in the Material Contracts has not been made available or delivered to the Purchaser).
(c) Schedule 4.14(c) sets forth each Material Contract with respect to which the Consent of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may other party or parties thereto must be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result obtained by virtue of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease under the Related Agreements to be a legal, valid, binding and enforceable obligation avoid the invalidity of the Companytransfer of such Material Contract, except as such enforceability may be limited under applicable bankruptcythe termination thereof, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated thereunder or any other change or modification to have a Company Material Adverse Effectthe terms thereof.
Appears in 2 contracts
Sources: Asset Purchase and Sale Agreement (Advanced Fibre Communications Inc), Asset Purchase and Sale Agreement (Marconi Corp PLC)
Contracts. (a) Section 2.14 of the The Company Disclosure Schedule lists the following agreements has made available to Parent true, correct and complete copies of, all contracts, agreements, commitments, arrangements, leases (whether written or oralincluding with respect to personal property) and other instruments to which the Company or any of its Subsidiaries is a party as of the date hereof or by which the Company, any of this Agreement (other than its Subsidiaries or any of their respective properties or assets is bound as of the Transaction Documentation):date hereof which:
(i) any agreement (would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty disclosed by the Company on sixty (60) days or less prior written noticea Current Report on Form 8-K;
(ii) contains covenants that limit the ability of the Company or any agreement of its Subsidiaries (or group which, following the consummation of related agreementsthe Merger, could materially restrict the ability of the Surviving Corporation) for the purchase or sale to compete in any material line of products or for the furnishing or receipt business of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) or any of its Subsidiaries, except for any such contract that may be canceled without any penalty or other liability to the Company or any of its Subsidiaries upon notice of 60 days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyless;
(iii) any with respect to a joint venture, partnership, limited liability or other similar agreement which, or arrangement relating to the knowledge formation, creation, operation, management or control of any partnership or joint venture that is material to the business of the CompanyCompany and the Subsidiaries, establishes taken as a material joint venture or legal partnershipwhole;
(iv) involve any agreement (exchange-traded or group over-the-counter swap, forward, future, option, cap, floor or collar financial contract, or any other interest-rate or foreign currency protection contract, other than any such contracts entered into in the ordinary course of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblebusiness;
(v) any agreement that purports relate to limit (A) indebtedness for borrowed money and having an outstanding principal amount in any material respect excess of $50,000,000 or (B) conditional sale arrangements, the right sale, securitization or servicing of loans or loan portfolios, in each case in connection with which the aggregate actual or contingent obligations of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationand its Subsidiaries under such contract are greater than $50,000,000;
(vi) any employment agreement was entered into after December 31, 2005, involving the acquisition or consulting agreement which provides disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another person for payments aggregate consideration under such contract in excess of $50,000 per annum 50,000,000 (other than employment acquisitions or consulting agreements terminable on less than thirty (30) days’ noticedispositions of assets in the ordinary course of business, including acquisitions and dispositions of inventory);
(vii) any agreement involving any officer, director or stockholder of by its terms calls for aggregate payments by the Company and its Subsidiaries or any affiliate (as defined in Rule 12b-2 aggregate payments to the Company and its Subsidiaries under such contract of more than $25,000,000 over the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms remaining term of which have been made available to Parent)such contract;
(viii) with respect to any agreement acquisition by the Company or commitment for capital expenditures its Subsidiaries pursuant to which the Company or any of its Subsidiaries has continuing indemnification, “earn-out” or other contingent payment obligations, in each case, that could result in payments in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)25,000,000;
(ix) involve any agreement under which directors, executive officers or 5% stockholders of the consequences of a default Company that cannot be canceled by the Company within 30 days’ notice without liability, penalty or termination would reasonably be expected to have a Company Material Adverse Effectpremium;
(x) involve any agreement which contains labor union or other employee organization, including any provisions requiring the Company works council or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale foreign trade union or license of products entered into in the Ordinary Course of Business)trade association;
(xi) obligate the Company or any agreementof its Subsidiaries to provide indemnification or a guarantee, other than as contemplated by this Agreement, relating to obligations incurred in the future sales ordinary course of securities business or involve amounts in excess of the Company$25,000,000; andor
(xii) any other agreement (or group is an IP License. Each contract of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise type described in clauses (i) through (xi)xii) is referred to herein as a “Material Contract”.
(b) The Except as would not have a Material Adverse Effect, (i) each Material Contract is valid and binding on the Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 any Subsidiary of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement which is a legalparty thereto and, valid, binding and enforceable obligation of to the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation Knowledge of the Company, except as such enforceability may be limited under applicable bankruptcyeach other party thereto, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be is in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iiiii) neither the Company norand its Subsidiaries have performed and complied with all obligations required to be performed or complied with by them under each Material Contract. There is no default under any Material Contract by the Company or any of its Subsidiaries or, to the knowledge Knowledge of the Company, by any other party, is in breach or violation of, or default under, any such agreement, and no event has occurredoccurred that with the lapse of time or the giving of notice or both would constitute a default thereunder by the Company or any of its Subsidiaries, is pending or, or to the knowledge Knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contractparty, except for any breach, violation or default that has not had and which would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Freescale Semiconductor Inc), Merger Agreement (Freescale Semiconductor Inc)
Contracts. (ai) Section 2.14 Except as expressly contemplated by this Agreement, or as set forth in the Schedule of Exceptions, the Company and each of its Subsidiaries is not, and as of each of the Closings the Company and each of its Subsidiaries will not be, a party to, or bound by, and none of their respective assets is or will be subject to, any written or oral agreement, contract, commitment, order, license, lease or other instrument and arrangement of the types described below (the "Contracts"):
(A) any pension, profit sharing, stock option, employee stock purchase or other plan providing for deferred, incentive or other compensation to employees, any other employee benefit plan, or any contract with any labor union;
(B) any contract for the employment or personal services of any officer, individual employee or other person or entity on a full-time, part-time, consulting, advisory or other basis providing annual compensation in excess of $125,000 or which, in any way, restricts or limits the right of the Company Disclosure Schedule lists or any Subsidiary to terminate such contract at will;
(C) any loan agreement, indenture, letter of credit, security agreement, mortgage, pledge agreement, deed of trust, bond, note, or other agreement relating to the following agreements borrowing of money in excess of $125,000 or to the mortgaging, pledging, transferring of a security interest, or otherwise placing an Encumbrance on any material asset or material group of assets (whether written tangible or oralintangible) to which of the Company is a party as or any Subsidiary;
(D) any guarantee of the date payment or performance of this Agreement (any Person in excess of $125,000; any agreement to indemnify any Person or act as a surety for an amount in excess of $125,000; any other than agreement to be contingently or secondarily liable for the Transaction Documentation):obligations of any Person; or any "keep well" or similar credit support arrangements;
(iE) any lease or agreement (under which it is the lessee of or group of related agreements) for the lease of personal property from holds or to third parties (A) which provides for lease operates any property, real or personal, owned by any other party requiring annual payments in excess of $25,000 per annum 125,000;
(F) any contract or agreement or group of related agreements with the same party or any group of affiliated parties which requires or may in the future require an aggregate payment by or to the Company or any Subsidiary in excess of $125,000;
(BG) which has any contract or agreement prohibiting it from freely engaging in any business or competing anywhere in the world;
(H) any material licenses, licensing arrangements and other similar contracts providing in whole or in part for the use by a remaining term longer than 12 months and is not cancellable without penalty third party of, or limiting the use by the Company or any Subsidiary of, any Intellectual Property;
(I) any brokerage or finder's agreements relating to this Transaction;
(J) any joint venture, partnership and similar contracts involving a sharing of profits or expenses (including joint development and joint marketing contracts);
(K) any asset purchase agreements, stock purchase agreements and other acquisition or divestiture agreements, including any agreements relating to the sale, lease or disposal of any assets of the Company or any of its Subsidiaries for consideration in excess of $50,000 or involving continuing indemnity or other obligations;
(L) any material sales agency, marketing or distributorship agreements;
(M) any contracts which contain "take or pay" provisions;
(N) [Intentionally omitted];
(O) any contracts, agreements or arrangements regarding pre-emptive rights, rights of first refusal, put or call rights or obligations, anti-dilution rights or other restrictions on sixty or with respect to the issuance, sale or redemption of the capital stock of the Company or any of its Subsidiaries;
(60P) days any contracts, agreements or less prior written notice;arrangements regarding the rights, obligations, restrictions on or with respect to the voting of any of the capital stock of the Company or any of its Subsidiaries or the registration of such stock for offering to the public pursuant to the Securities Act; and/or
(Q) any other contract, agreement or commitment not the subject matter of clauses (A) through (P) above which is or could be reasonably expected to be material to the Company, any Subsidiary or the Business.
(ii) The Company and each of its Subsidiaries has performed all obligations required to be performed by it to date and is not in material default under, or in material breach of, or in receipt of any claim of material default under or material breach of, any agreement (to which it is a party or group to which any of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, its assets is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which subject; the Company has granted manufacturing rightsno present expectation or intention of not fully performing, “most favored nation” pricing provisions or exclusive marketing of permitting any of its Subsidiaries not to perform fully, all such obligations; and the Company does not have any knowledge of any material breach or distribution rights relating anticipated material breach by the other parties to any products contract or territory commitment to which it or has agreed any of its Subsidiaries is a party or to purchase goods which any of its or services exclusively from a certain party;their assets is subject.
(iii) any agreement which, to To the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right none of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder officers of the Company or any affiliate (Subsidiary is a party to any oral or written contract which prohibits, restricts or limits his or her performance of his or her duties or the fulfillment of his or her obligations as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms employee and an officer of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Subsidiary.
(biv) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Each Contract is a legal, valid, binding and enforceable obligation of the Company or a Subsidiary, and in full force and effectto the knowledge of the Company, except as such enforceability may be limited under the other parties thereto, subject to applicable bankruptcy, insolvency and insolvency, or other similar laws, rules or regulations laws affecting the enforceability of creditors’ ' rights and remedies generally and to general principles court decisions with respect thereto, and the discretion of equity whether applied courts in a court granting equitable remedies. Except as set forth in the Schedule of law or a court Exceptions, no Consent of equity; (ii) the agreement will not, any Person is required under any Contract as a result of or in connection with the execution and delivery by the Company or any of this Agreement its Subsidiaries or the Transaction Documentation, performance by the Company or any of its Subsidiaries of its obligations hereunder or under any of the Other Agreements or the consummation by the Company or any of its Subsidiaries of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Purchase Agreement (Ubs Capital Americas Iii Lp), Purchase Agreement (Ifx Corp)
Contracts. (a) Section 2.14 3.11 (a) of the Company Disclosure Schedule lists the following agreements (whether written identifies each material license agreement, development agreement, manufacturing agreement, distribution agreement, OEM agreement or oral) other agreement to which the Company is a party party.
(b) Except as set forth on Section 3.11(b) of the date of this Agreement (other than the Transaction Documentation):Company Disclosure Schedule:
(i) any agreement (The Company has no agreements, contracts or group of related agreements) commitments that call for the lease of personal property from prospective fixed and/or contingent payments or expenditures by or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeof more than $50,000 other than those entered into in the ordinary course of its business concerning the sale of Company Products;
(ii) any agreement (The Company has no purchase agreement, contract or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which commitment that calls for performance over a period of more than one year, is not cancellable without penalty fixed and/or contingent payments by the Company on sixty (60) days or less prior written notice that are in excess of the normal, ordinary and involves more than usual requirements of the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyCompany's business;
(iii) There is no outstanding sales contract, commitment or proposal (including, without limitation, development projects) of the Company that is reasonably likely to result, either individually or in the aggregate, in any agreement which, Material Adverse Change to the knowledge of the Company, establishes a material joint venture Company upon completion or legal partnershipperformance thereof;
(iv) The Company has no outstanding agreements, contracts or commitments with officers, employees, agents, consultants, advisors, salesmen, sales representatives, distributors or dealers that are not cancelable by it on notice of not longer than thirty days and without liability, penalty or premium exceeding $50,000 in any agreement (single instance or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible75,000 in the aggregate;
(v) The Company has not entered into any agreement employment, independent contractor or similar agreement, contract or commitment that purports to limit in is not terminable on not more than thirty days' notice without penalty or liability of any material respect the right of the Company to engage in any line of businesstype, including without limitation severance or to compete with any person or operate in any geographical locationtermination pay;
(vi) any employment agreement The Company has no collective bargaining or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment union agreements, contracts or consulting agreements terminable on less than thirty (30) days’ notice)commitments;
(vii) The Company is not restricted by agreement from competing with any agreement involving person, from carrying on its business anywhere in the world or otherwise operating its business in any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)manner it deems appropriate;
(viii) The Company has not guaranteed any agreement obligations of other Persons or commitment for capital expenditures in excess made any agreements to acquire or guarantee any obligations of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);other Persons; and
(ix) The Company has no outstanding loan or advance to any agreement under which Person; nor is it party to any line of credit, standby financing, revolving credit or other similar financing arrangement of any sort that would permit the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring borrowing by the Company or to indemnify of any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into sum not reflected in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Financial Statements.
(bc) The Company has delivered or made available to the Parent a Purchasers or their legal counsel accurate and complete and accurate copy copies of each agreement listed all written contracts identified in Section 2.14 3.11 (a) and (b) of the Company Disclosure Schedule, including all amendments thereto. With respect to each agreement so listed, Sections 3.1l (a) and except as set forth in Section 2.14 (b) of the Company Disclosure Schedule: (i) Schedule contain a complete list of all the agreement material contracts to which the Company is a legal, valid, binding party. The Company has not entered into any material oral contracts. Each contract identified in Sections 3.11 (a) and enforceable obligation (b) of the Company Disclosure Schedule (a "COMPANY MATERIAL CONTRACT") is valid and in full force and effect, except as such enforceability may be limited under applicable bankruptcyis enforceable by the Company in accordance with its terms, subject to (i) laws of general application relating to insolvency and similar laws, rules or regulations affecting creditors’ rights the relief of debtors and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) rules of law governing specific performance, injunctive relief and other equitable remedies, and will continue to be so immediately following the Closing Date. No such contract, agreement will notor instrument contains any liquidated damages, as a result of penalty or similar provision. To the execution and delivery by the Company's knowledge, no party to any such contract, agreement or instrument intends to cancel, withdraw, modify or amend such contract, agreement or instrument.
(i) The Company of this Agreement has not violated or the Transaction Documentationbreached, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, committed any other party, is in breach or violation of, or default under, any such agreementCompany Material Contract in any material respect, and and, to the Company's knowledge, no other Person has violated or breached, or committed any default under, any Company Material Contract in any material respect; and
(ii) to the Company's knowledge, no event has occurred, is pending orand no circumstance or condition exists, that (with or without notice or lapse of time) will, or could reasonably be expected to, (A) result in a material violation or breach of any of the provisions of any Company Material Contract, (B) give any Person the right to declare a default or exercise any remedy under any Company Material Contract, (C) give any Person the knowledge right to accelerate the maturity or performance of any Company Material Contract or (D) give any Person the right to cancel, terminate or modify any Company Material Contract.
(e) None of the Company's Material Contracts contains any provision which would require the consent of third parties to the sale and issuance of the Purchased Securities or the subsequent sale of any of the Preferred Shares, is threatenedConversion Shares and Warrant Shares, which, after the giving of notice, with lapse of timeabove, or otherwise, would constitute a breach or default by the Company or, to the knowledge any of the Company, other transactions as contemplated hereunder or under any other party under of the Related Agreements or which would be altered as a result of such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effecttransaction.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Beacon Power Corp), Securities Purchase Agreement (Satcon Technology Corp)
Contracts. (a) Section 2.14 Schedule 4.12(a) sets forth a list, as of the Company Disclosure Schedule lists date hereof, of all of the following contracts and agreements (whether written or oral) to which the Company is a party as party, or by which any of its properties or assets are bound or subject (the date of this Agreement (other than the Transaction DocumentationMaterial Contracts):
(i) any purchase order, agreement or other commitment obligating the Company to purchase or sell any products or services which (or group of related agreementsx) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty terminable by the Company on without payment or penalty upon sixty (60) days days' (or less prior written noticeless) notice and (y) provides for annual payments by the Company aggregating Two Hundred Fifty Thousand Dollars ($250,000) or more;
(ii) any loan agreement, promissory note, indenture or letter of credit that will continue to be in effect after Closing, any contract or agreement (or group of related agreements) for the deferred purchase or sale price of products or for the furnishing or receipt of services property (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumexcluding normal trade payables), or any instrument guaranteeing any indebtedness that will remain in effect after the Closing where the amount involved exceeds Two Hundred Fifty Thousand Dollars (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party$250,000);
(iii) any contract or agreement whichthat will remain in effect after the Closing by which the Company is guaranteeing any obligations of any person (other than Stella Holdings or one of the other Stella Companies), to the knowledge or any person is guaranteeing any obligations of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (joint venture, partnership or group other arrangement involving a sharing of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleprofits;
(v) any contract, agreement that purports to limit in any material respect the right of or license under which the Company to engage in any line of business, leases personal property (other than Intellectual Property) which (x) is not terminable by the Company without payment or to compete with any person penalty upon sixty (60) days' (or operate in any geographical locationless) notice by the Company and (y) provides for annual payments by the Company aggregating more than Two Hundred Fifty Thousand Dollars ($250,000);
(vi) any employment agreement sales agency, brokerage or consulting distribution agreement which provides for payments in excess of $50,000 per annum is not terminable by the Company without payment or penalty upon sixty (other than employment or consulting agreements terminable on less than thirty (3060) days’ ' (or less) notice);
(vii) any agreement involving any officer, director which includes provisions regarding minimum volumes or stockholder of volume discounts which are not accrued for on the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Interim Balance Sheet;
(viii) any agreement pursuant to which a rebate, discount, bonus, commission or commitment other payment with respect to the sale of any product of the Company will be payable or required after the Closing which is not accrued for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that on the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);Interim Balance Sheet; and
(ix) any consulting agreement under or arrangement which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring provides for annual payments by the Company aggregating Two Hundred Fifty Thousand Dollars ($250,000) or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)more.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except Except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company noron Schedule 4.12(b), to the knowledge of the CompanySeller: (i) all Material Contracts are in full force and effect; (ii) the Company is not, any other partyand none of the counterparties thereto is, is in breach or violation of, or default under, of any such agreement, material provision of any Material Contract; and (iii) no event has occurred, is pending or, to the knowledge of the Company, is threatened, occurred which, after the giving of notice, with lapse notice or passage of time, time or otherwiseboth, would constitute a breach or default under any Material Contract by the Company or, Company.
(c) With respect to the knowledge of Letter Agreement identified as Item 100 on Schedule 4.12(a), no payments (i) are due thereunder and (ii) will become due thereunder on or prior to the Company, any other party under Closing Date. The Seller agrees prior to the Closing Date to terminate such contract, except for any breach, violation Letter Agreement and to pay all amounts owing or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectwhich could become owing thereunder.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Specialty Foods Acquisition Corp), Stock Purchase Agreement (Specialty Foods Corp)
Contracts. (a) Section 2.14 Each Assignor has provided to Lone Star or has given Lone Star access to accurate and complete copies of the Company Disclosure Schedule lists all of the following agreements (whether written or oral) documents to which the Company such Assignor is a party as subject and each of the date of this Agreement (other than the Transaction Documentation):
which is listed on Schedule 3.1(m): (i) any agreement lease (whether of real or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
property); (ii) any agreement (or group of related agreements) for the purchase of materials, supplies, goods, services, equipment, or sale of products or for the furnishing or receipt of services other assets (A) which calls providing for performance over a period annual payments by such Assignor of more than one year$10,000 or more, is (B) providing for aggregate payments by such Assignor of $25,000 or more, or (C) not cancellable without penalty by the Company terminable on sixty thirty (6030) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
without penalty; (iii) any partnership, joint venture, or other similar agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
arrangement; (iv) any agreement (instruments or group documents evidencing the issuance of related agreements) under which it has createdany equity securities, incurredwarrants, assumed rights or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any options to purchase equity securities of its assets, tangible or intangible;
such Assignor; (v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
management agreements; (vi) any employment agreement instruments or consulting agreement which provides for payments in excess documents evidencing or relating to Indebtedness, or guarantees of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
Indebtedness by such Assignor, and any security interest granted by such Assignor with respect thereto; (vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stocklicense, warrant franchise, or stock purchase agreements the forms of which have been made available to Parent);
similar agreement; (viii) any agreement agency, dealer, sales representative, marketing, or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
other similar agreement; (ix) any agreement under which that limits the consequences freedom of a default any Assignor to compete in any line of business or termination with any Person or in any area that would reasonably be expected to have a Company Material Adverse Effect;
limit the freedom of Assignee or any Affiliate of Assignee after the Closing Date; (x) any agreement which contains with a holder of any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
Assignor's capital stock; (xi) any agreement, other than as contemplated by this Agreement, relating to the future sales agreement with any director or officer of securities of the Companyany Greenbriar Party; and
or (xii) any other agreement (agreement, commitment, arrangement, or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) plan not entered into made in the Ordinary Course ordinary course of Businessbusiness. All such agreements, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available arrangements, commitments, guarantees and other instruments are legal, valid and binding obligations of such Assignor, and to the Parent a complete and accurate copy of each agreement listed in Section 2.14 such Assignor's knowledge, of the Company Disclosure Schedule. With respect to each agreement so listedother parties thereto, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with their terms; all payments required to be made thereunder have been made by the terms thereof as in effect immediately prior parties required to do so, except to the Closingextent that any payments are being contested in good faith and are listed as such on Schedule 3.1(m); and (iii) neither the Company norno defenses, to the knowledge of the Companyoffsets or counterclaims thereto have been asserted in writing, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Companysuch Assignor's knowledge, is threatenedmay be made by any party thereto other than such Assignor, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, nor has such Assignor waived any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectsubstantial rights thereunder.
Appears in 2 contracts
Sources: Master Settlement Agreement (Greenbriar Corp), Master Settlement Agreement (Greenbriar Corp)
Contracts. (a) Except as set forth in Section 2.14 4.15(a) of the Company Disclosure Schedule lists or as set forth in the following agreements (whether written or oral) to which the SEC Reports, no Acquired Company is a party as to any of the date of this Agreement following (other than collectively, the Transaction Documentation“Material Contracts”):
(i) any agreement (contract that involves the performance of services or group delivery of related agreements) for the lease of personal property from goods or materials by any Acquired Company that is reasonably expected to third parties (A) which provides for lease payments result in revenue to such Acquired Company in excess of $25,000 per annum or 50,000 in the twelve (B12) which has a remaining term longer month period following the Closing Date (other than 12 months open purchase orders made in the ordinary course of business and is not cancellable without penalty distributor agreements that do not, by the Company on sixty (60) days or less prior written noticethemselves, generate revenue);
(ii) any agreement (or group of related agreements) for contract that involves the purchase or sale of products or for the furnishing or receipt performance of services (A) which calls for performance over a period for, or delivery of more than one yeargoods or materials to, any Acquired Company that is not cancellable without penalty reasonably expected to result in expenditures by the such Acquired Company on sixty (60) days or less prior written notice and involves more than the sum in excess of $25,000 per annum, or 50,000 in the twelve (B12) month period following the Closing Date (other than open sales orders made in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyordinary course of business);
(iii) any agreement whichor contract for the employment of any Person on a full-time, to part-time, consulting or other basis (A) providing annual cash or other compensation in excess of $100,000, or (B) providing for the knowledge payment of any cash or other compensation or benefits upon the consummation of the Company, establishes a material joint venture or legal partnershipContemplated Transactions;
(iv) any agreement agreement, promissory note, loan agreement, guaranty or indenture relating to Indebtedness of any Acquired Company or the mortgaging or pledging of any asset of or that evidences any Lien (or group other than Permitted Liens) on the assets of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleAcquired Company;
(v) any agreement that purports to limit restricts any Acquired Company from (A) engaging in any material respect the right aspect of the Company to engage Business, (B) participating or competing in any line of businessbusiness or market, (C) freely setting prices for its products, services or technologies (including most favored customer pricing provisions), (D) engaging in any business in any market or geographic area or that grants any exclusive rights, rights of refusal, rights of first negotiation or similar rights to any party, or to compete with any person (E) soliciting potential suppliers or operate in any geographical locationcustomers;
(vi) any employment joint venture or partnership agreement involving a sharing of profits, losses, costs or consulting agreement which provides for payments in excess of $50,000 per annum (liabilities by any Acquired Company with any other than employment or consulting agreements terminable on less than thirty (30) days’ notice)Person;
(vii) any agreement involving with any officerlabor union, director works council or stockholder similar labor organization, or any collective bargaining agreement or similar agreement with or regarding any of the Company or employees of any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Acquired Company;
(viii) any agreement between or commitment for capital expenditures in excess among any Acquired Company, on the one hand, and any of $25,000the Acquired Companies’ respective officers, directors, employees or stockholders or any member of their immediate families, on the other hand (excluding, for a single project (it being represented and warranted that the liability under all undisclosed avoidance of doubt, agreements and commitments for capital expenditures does not exceed $100,000 in relating to the aggregate for all projectsemployment, engagement or termination of employees of the Acquired Companies);
(ix) any agreement under which the consequences of with a default or termination would reasonably be expected to have a Company Material Adverse EffectGovernment Entity;
(x) any lease or agreement under which contains any provisions requiring the Acquired Company is (A) lessee of or to indemnify holds or operates any tangible personal property owned by any other party thereto Person in which the aggregate annual rental payments exceed $50,000, or (excluding indemnities contained B) lessor of or permits any other Person to hold or operate any tangible personal property owned by any Acquired Company in agreements for which the purchase, sale or license of products entered into in the Ordinary Course of Business)aggregate annual rental payments exceed $50,000;
(xi) any agreementagreement under which any Acquired Company licenses to or from another Person any Intellectual Property, other than as contemplated by this Agreement“shrink wrap” and agreements under which commercially available, relating off-the-shelf software is licensed to the future sales of securities of the such Acquired Company; andor
(xii) any other agreement (or group of related agreements) that (A) under is material to the conduct of the Business or the absence of which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or would have a Material Adverse Effect and (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses terminable by the Acquired Companies on sixty (i60) through (xi)days’ or less notice without penalty or cost to any Acquired Company.
(b) The Company Seller has delivered or made available provided to the Parent Purchaser a true, correct and complete and accurate copy of each agreement listed in Section 2.14 written Material Contract and a written description of the Company Disclosure Schedulematerial terms of each oral Material Contract. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Each Material Contract is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect and, assuming the due execution by the other parties thereto, is a valid and binding obligation of the applicable Acquired Company, except to the extent any such Material Contract has expired or has been terminated in accordance with the its terms thereof and except as in effect immediately prior to the Closing; may be limited by (i) applicable insolvency, bankruptcy, reorganization, moratorium or other similar laws affecting creditors’ rights generally and (iiiii) neither the applicable equitable principles (whether considered in a proceeding at law or in equity). No Acquired Company nor, to the knowledge of the Company, any other party, is in material violation or breach or violation of, of or default under, under any such agreementMaterial Contract, and no to Seller’s Knowledge, the other parties to each Material Contract are not in material violation or breach of or default thereunder. No event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of noticeoccurred that, with notice or lapse of time, time or otherwiseboth, would constitute a material breach of or material default under any Material Contract by the any Acquired Company or, to the knowledge of the CompanySeller’s Knowledge, by any other party under such contractthereto. None of the counterparties to any Material Contract has notified Seller or any Acquired Company in writing that it intends to terminate, except for cancel or not renew any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContract.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Communications Systems Inc), Securities Purchase Agreement (Lantronix Inc)
Contracts. (a) Section 2.14 Schedule 3.15(a) sets forth a complete list of each of the Company Disclosure Schedule lists the following agreements (whether written or oral) contracts to which the any Acquired Company is a party or by which any of them is bound as of the date of this Agreement (other than collectively, the Transaction Documentation“Material Contracts”):
(i) any agreement option, purchase and sale contract or lease (whether real or group of related agreementspersonal property) providing for the lease of personal property from or to third parties (A) which provides for lease annual payments in excess of $25,000 per annum 150,000 or more or that cannot be terminated on not more than thirty (B30) which has a remaining term longer than 12 months and is not cancellable days’ notice without penalty payment by the any Acquired Company on sixty (60) days or less prior written noticeof any penalty;
(ii) contracts involving the annual expenditure by any agreement (or group Acquired Company of related agreements) more than $150,000 in any instance for the purchase of materials, goods, supplies, equipment or sale of products or for services, excluding any such contracts that are terminable by the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable Acquired Companies without penalty by the Company on sixty (60) days or less prior written notice and involves not more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice;
(iii) contracts providing for payments to any Acquired Company of more than $150,000 in any instance for the sale of natural gas, materials, goods, supplies, equipment or services, excluding any such contracts that are terminable by the Acquired Companies without penalty on not more than thirty (30) days’ notice;
(iv) contracts involving the annual expenditure by any Acquired Company of more than $150,000 for the purchase, sale, transportation or storage of coal;
(v) any agreement relating to Indebtedness for borrowed money or the deferred purchase price of property (whether incurred, assumed, guaranteed or secured by any asset), including indentures, mortgages, loan agreements, security agreements, or other agreements for the incurrence of debt, other than (A) trade accounts payable incurred in the Ordinary Course of Business and (B) any such agreement relating to indebtedness owed to Sellers or any of their Affiliates to be repaid on or before the Closing Date or owed to any Acquired Company;
(vi) partnership, limited liability company, joint venture agreements or other agreements involving a sharing of profits or expenses by any Acquired Company;
(vii) any agreement involving under which (A) any officer, director Person (including any Seller) has directly or stockholder indirectly guaranteed any liabilities or obligations of the any Acquired Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionany such guarantee by any other Acquired Company) or (B) any Acquired Company has, stock optiondirectly or indirectly, restricted stock, warrant guaranteed any liabilities or stock purchase agreements the forms obligations of which have been made available to Parentany other Person (including any Seller but excluding any other Acquired Company);
(viii) any agreement prohibiting or commitment for capital expenditures limiting the ability of any Acquired Company to engage in excess any business activity or compete with any Person or prohibiting or limiting the ability of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)any Person to compete with any Acquired Company;
(ix) any agreement relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or otherwise), including any contract under which any Acquired Company will have Liabilities after the consequences date of a default this Agreement relating to the acquisition or termination would reasonably be expected to have a Company Material Adverse Effectsale of any business enterprise;
(x) distributor, dealer, sales agency, marketing or similar contracts under which any agreement which contains Acquired Company is obligated to pay after the date of this Agreement an amount in excess of $100,000 during any provisions requiring calendar year;
(xi) any other contract providing that any Acquired Company will receive future payments aggregating more than $100,000 per annum or $500,000 in the aggregate prior the expiration of such contract;
(xii) any contract with any current or former officer, director or employee of any Acquired Company or any of the Sellers involving annual consideration or payments in excess of $150,000, including offer letters with respect to indemnify employment scheduled to begin after the date hereof;
(xiii) any other party thereto consulting or similar agreement with an independent contractor providing for (A) annual payments by any Acquired Company in excess of $100,000 or (B) aggregate payments by any Acquired Company of $250,000, excluding indemnities contained any such contracts that are terminable by the Acquired Companies without penalty on not more than thirty (30) days notice;
(xiv) any outstanding power-of-attorney empowering any Person not a current employee of any Acquired Company to act on behalf of any Acquired Company;
(xv) any employee collective bargaining agreement with any labor union or employees covering former, current or future employees of any Acquired Company or work done, being done or to be done in agreements for the purchasefuture by any Acquired Company;
(xvi) any contract mining agreement; and
(xvii) any material agreement, sale commitment, arrangement or license of products entered into plan not made in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Each Material Contract is a valid and binding agreement of each Acquired Company has delivered or made available which is a party thereto and, to the Parent a complete Knowledge of IRP GP and accurate copy of Resource Partners, each agreement listed in Section 2.14 of the other parties thereto, enforceable by or against such Acquired Company Disclosure Schedule. With respect and, to the Knowledge of IRP GP and Resource Partners, each agreement so listed, and except as set forth of such other parties thereto in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effectaccordance with its terms, except as such enforceability may be limited under by applicable bankruptcy, insolvency insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws, rules Laws relating to or regulations affecting creditors’ rights and remedies generally and to general equitable principles of equity (whether applied considered in a court proceeding in equity or at law). Resource Partners has heretofore delivered to Buyer true and complete copies of all such written Material Contracts. Except as set forth in Schedule 3.15(b), none of the rights of the Acquired Companies under the Material Contracts have been assigned (including by an absolute assignment of rents or contracts) or collaterally assigned, assigned for the purpose of granting security, or are affected by any security interest or similar encumbrance. Except as set forth in Schedule 3.6, none of the Material Contracts require consent to consummate the Contemplated Transactions, whether by operation of law or a court otherwise.
(c) Except as set forth on Schedule 3.15(c), (i) the applicable Acquired Company is, and at all times has been, in compliance in all material respects with all applicable terms and requirements of equity; each Material Contract, (ii) to the agreement will notKnowledge of IRP GP and Resource Partners, as a result each other Person that has had any obligation or Liability under any Material Contract is, and at all times has been, in material compliance with all applicable terms and requirements of such Material Contract, (iii) to the execution Knowledge of IRP GP and delivery by the Company Resource Partners no event has occurred or circumstance exists that (with or without notice or lapse of this Agreement or the Transaction Documentationtime) may contravene, conflict with, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied result in a court of law violation or breach of, or give the Acquired Companies, or any other Person the right to declare a court of equity and willdefault or exercise any remedy under, or to be in full force and effect in accordance with accelerate the terms thereof as in effect immediately prior maturity or performance of, or to the Closing; cancel, terminate, or modify, any Material Contract, and (iiiiv) neither the no Acquired Company norhas been given or received from any Person at any time since January 1, 2009, any written notice or other written communication or, to the knowledge Knowledge of the CompanyIRP GP and Resource Partners, oral notice or other oral communication regarding any other partyactual, is in alleged, possible, or potential violation or breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContract.
Appears in 2 contracts
Sources: Purchase Agreement (Tortoise Capital Resources Corp), Purchase Agreement (James River Coal CO)
Contracts. (a) Section 2.14 Schedule 3.12 lists all of the Company Disclosure Schedule lists following Contracts (other than Employee Benefit Plans and the following agreements (whether written or oralOperating Agreements) in force that relate to the Business and the Acquired Assets to which the Company Seller is a party as of or a beneficiary (collectively, the date of this Agreement (other than the Transaction Documentation“Material Contracts”):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeLeases;
(ii) capital or operating leases or conditional sales agreements;
(iii) joint development agreements;
(iv) Intellectual Property license agreements or royalty agreements, whether Seller is the licensor or licensee thereunder, except Off-the-Shelf Software licenses;
(v) confidentiality and non-disclosure agreements (whether Seller is the beneficiary or the obligated party thereunder) entered into on or after January 1, 2011, other than those entered into in the Ordinary Course of Business;
(vi) customer orders, services or sales contracts under which the customer is to make a payment or under which the Business is required to perform after the Closing Date, in each case either (a) with any agreement customer listed on Schedule 3.21, or (b) with an annual contract value in excess of $1,000,000, or group (c) in which Seller has granted “most favored nation” or other preferential pricing provisions or marketing, performance, distribution, exclusivity or territory rights;
(vii) distributor, sales agency, sales representative and bureau agreements or similar agreements, in each case with an annual contract value in excess of related agreements$250,000;
(viii) other Contracts for the purchase or sale of products or for the furnishing or receipt of information or services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum Seller in each case with an annual contract value in excess of $25,000 per annum250,000, or (B) Contracts involving future expenditures or Liabilities with an annual contract value in excess of $250,000, or in which the Company Seller has granted manufacturing rights, “most favored nation” pricing provisions agreed to purchase a minimum quantity of goods or exclusive marketing or distribution rights relating to any products or territory services or has agreed to purchase goods or services exclusively from a certain party;
(iiiix) any agreement which, Contracts or commitments relating to the knowledge of the Company, establishes a material joint venture commission or legal partnershiprevenue sharing arrangements with others;
(ivx) any agreement (Contracts containing covenants limiting the freedom of Seller or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company Business to engage in any line of business, business or to compete with any person Person, or operate in any geographical locationcovenants which purport to be binding on or require compliance by Affiliates of Seller;
(vixi) any employment agreement Contracts for Debt, or consulting agreement which provides for payments in excess of $50,000 per annum (Contracts entered into other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) Business which require Seller to indemnify, hold harmless or guarantee the obligations of any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the CompanyPerson; and
(xii) any employment, consulting or other agreement (labor agreement, other than retention, separation or group of related similar agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) Schedule 2.1(a)(ii) lists all of the Assigned Contracts. The Company Assigned Contracts include all existing Contracts relating to the Business and the Acquired Assets to which Seller is a party, excluding any Contract relating to any agreements (including any intercompany agreements between Seller and one or more of its Affiliates) that will be retained by Seller or cancelled at the Closing and excluding the Operating Agreements, which will be cancelled at Closing. Seller has delivered or made available to the Parent Buyer correct and complete copies of all Material Contracts, including all currently effective amendments, extensions, renewals and modifications thereto (subject to certain redactions in certain cases), and Seller has made available to Buyer a complete and accurate representative copy of each agreement listed in Section 2.14 its standard form of customer Contract and reseller Contract. Except as set forth on Schedule 3.12(b), all of the Company Disclosure ScheduleMaterial Contracts are in full force and effect and binding upon Seller in accordance with their terms and, to the best of Seller’s Knowledge, the other parties thereto in accordance with their terms. With None of the Material Contracts has been terminated, except as set forth on Schedule 3.12(b), nor has current written notice of termination been given to Seller with respect to each agreement so listedany of the Material Contracts, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legalSchedule 3.12(b), valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in there exists no material breach or violation ofmaterial default (or event, circumstance or default undercondition, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after that with the giving of notice, with notice or the lapse of time, or otherwiseboth, would constitute a material breach or default by material default) on the Company orpart of Seller, or to Seller’s Knowledge, on the knowledge part of any other party, under any Material Contract. Except as set forth on Schedule 3.4, no Consent of any Person is required to assign any of the CompanyMaterial Contracts to Buyer and no right to terminate or rescind any Material Contract will be triggered by such assignment, any other party under such contract, except for any breach, violation the entrance into this Agreement or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectthe consummation of the transactions contemplated hereby.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Equifax Inc), Asset Purchase Agreement (Computer Sciences Corp)
Contracts. (a) Set forth in Section 2.14 of 3.13(a) to the Company Disclosure Schedule lists Letter or filed as exhibits to the Company SEC Documents (filed since January 1, 2004), is a true and complete schedule listing of all of the following agreements (whether written or oral) types of Contracts to which any of the Company Acquired Companies is a party or by which any of the Acquired Companies is bound as of the date of this Agreement (other than collectively, the Transaction Documentation):"SPECIFIED CONTRACTS"), grouped into the following categories:
(i) any agreement (Contracts with customers or group of related agreements) for clients pursuant to which the lease of personal property from customer or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by client pays the Company on sixty (60) days or less prior written noticean annual amount exceeding $250,000;
(ii) any agreement (or group of related agreements) Contracts for the purchase or sale purchase, license, lease and/or maintenance of products or for the furnishing or receipt of services (A) which calls for performance over a period of more any Software other than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyCommercially Available Software;
(iii) Contracts for the lease or sublease of Real Property owned or used by any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipAcquired Companies;
(iv) any agreement (or group of related loan agreements) under which it has created, incurredmortgages, assumed or guaranteed (or may createnotes, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleand guarantees;
(v) any agreement Contracts that purports to limit in any material respect the right of obligate the Company to engage make payments as a result of the transactions contemplated herein that are contingent on a "change in any line ownership or control," within the meaning of business, or to compete with any person or operate in any geographical locationSection 280G of the Code;
(vi) any employment agreement Contract and any amendment thereto required to be filed , or consulting agreement which provides filed, as an exhibit to any report of the Company (whether annual, quarterly or interim) filed pursuant to the Exchange Act of the type described in Item 601(b)(10) of Regulation S-K of the Securities Act entered into by the Company or any of its Subsidiaries since and including January 1, 2003;
(vii) joint venture, partnership and similar agreement;
(viii) Contracts that are not cancelable within 60 days without payment of a material (with respect to such contract) amount of money that, after the Effective Time, would have the effect of limiting the freedom of the Company or any of its Subsidiaries to compete in any line of business in any geographic area or to hire any individual or group of individuals, other than covenants relating to the non-solicitation or non-hiring of client personnel contained in client Contracts entered into in the ordinary course of business; EXECUTION VERSION
(ix) Contracts providing for "earn-outs," "savings guarantees," "performance guarantees," or other contingent payments by the Company or any of its Subsidiaries involving more than $250,000 over the term of such Contract;
(x) Contracts with or for the benefit of any of any Related Party of any Acquired Company other than those disclosed in the "Management Compensation" or "Certain Relationships and Related Transactions" sections of the Company's definitive proxy statement filed with the SEC on April 28, 2004;
(xi) Contracts that provide for the indemnification of any officer or director of any Acquired Company;
(xii) Contracts relating to the acquisition, transfer, development, sharing or licensing of any Intellectual Property by any Acquired Company; and
(xiii) other Contracts that requires payments in excess of $50,000 100,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)year.
(b) The Company has delivered or made available to the provided Parent a true, correct and complete and accurate copy copies of each agreement listed in Section 2.14 of the Company Disclosure Scheduleall Specified Contracts. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) Contracts to which any of the agreement Acquired Companies is a legalparty or is bound, valid, binding and enforceable obligation none of the Company and Acquired Companies is in full force and effectdefault thereunder, nor would be in default thereunder with the passage of time, the giving of notice, or both, and, to the Company's knowledge, none of the other parties to any Contract is in default thereunder or would be in default thereunder with the passage of time, the giving of notice or both, except as such enforceability may in each case for those defaults which, individually or in the aggregate, would not reasonably be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and expected to general principles of equity whether applied in have a court of law or a court of equity; (ii) the agreement will not, as a result Material Adverse Effect. Each Contract to which any of the execution and delivery by the Company of this Agreement Acquired Companies is a party or the Transaction Documentationis bound, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be is in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contractits terms, except for where the failure of any breachor all of such Contracts to be in full force and effect, violation individually or default that has not had and in the aggregate, would not reasonably be anticipated expected to have a Company Material Adverse Effect. No party to any Specified Contract to which any of the Acquired Companies is a party or is bound has made or threatened any claims or demands in writing against any Acquired Company for cancellation, termination or modification of the subcontracts or for other remedies or relief. Neither the Company nor any of its Subsidiaries have assigned or otherwise conveyed or transferred, or agreed to assign, convey or transfer to any Person, any right, title or interest in or to any of the Specified Contracts, or any account receivable relating thereto, whether as a security interest or otherwise.
Appears in 2 contracts
Sources: Merger Agreement (Superior Consultant Holdings Corp), Merger Agreement (Affiliated Computer Services Inc)
Contracts. (a) Section 2.14 Part 2.11 of the Company Disclosure Schedule lists contains a list as of the date of this Agreement of each of the following agreements Contracts (whether written or oralother than the Company Real Property Leases) to which the Company or a Company Subsidiary is a party (each such Contract (x) required to be listed in Part 2.11 of the Company Disclosure Schedule, (y) that is a Company IP License, or (z) that is required to be filed as a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Exchange Act) as an exhibit to the Most Recent Company 10-K under the Exchange Act prior to the date of this Agreement (other than any Company Plan), being referred to as a “Material Contract”):
(a) each Contract that restricts in any material respect the Transaction Documentation):ability of the Company, any Company Subsidiary or any Affiliate of any of them to (i) engage or compete in any geographic area or line of business, market or field, or to develop, sell, supply, manufacture, market, distribute, or support any material product or service, (ii) transact with any Person or (iii) solicit any client or customer (or that would so restrict Parent, any Parent Subsidiary or any Affiliate of any of them following the Closing), in each case, other than licenses of Intellectual Property;
(b) each joint venture agreement, partnership agreement or similar agreement with a third party;
(c) each Contract (other than any Organizational Document) between the Company or any Company Subsidiary, on the one hand, and any director, officer or Affiliate (other than a wholly owned Company Subsidiary) of the Company or any Company Subsidiary or any of their respective “associates” or “immediate family” members (as such terms are defined in Rule 12b-2 and Rule 16a-1 of the Exchange Act), on the other hand, including (but not limited to) any Contract pursuant to which the Company or any Company Subsidiary has an obligation to indemnify such director, officer, Affiliate or “associate” or “immediate family” member, but excluding any Company Plan;
(d) each material acquisition or divestiture Contract that contains any material indemnification obligations or any material “earnout” or other material contingent payment obligations that are outstanding obligations of the Company or any Company Subsidiary as of the date of this Agreement;
(e) each Contract evidencing indebtedness for money borrowed by the Company or any Company Subsidiary from a third party lender, and each Contract pursuant to which any such indebtedness for borrowed money is guaranteed by the Company or any Company Subsidiary, in each case in excess of $10,000,000;
(f) each Contract expressly limiting or restricting the ability of the Company or any Company Subsidiary (i) to make distributions or declare or pay dividends in respect of their capital stock, partnership interests, membership interests or other equity interests, as the case may be, (ii) to pledge their capital stock or other equity interests, (iii) to make loans to the Company or any Company Subsidiary, or (iv) to grant liens on the property of the Company or any Company Subsidiary;
(g) each Contract that obligates the Company or any Company Subsidiary to make any loans, advances or capital contributions to, or investments in, any Person, except for (i) loans or advances for indemnification, attorneys’ fees, or travel and other business expenses in the ordinary course of business, (ii) extended payment terms for customers in the ordinary course of business, (iii) prepayment of Taxes for repatriated employees of the Company or any Company Subsidiary or (iv) loans, advances or capital contributions to, or investments in, any Person that is not an Affiliate or Employee of the Company not in excess of $10,000,000 individually;
(h) each Contract that grants any right of first refusal, first notice, first negotiation or right of first offer or similar right with respect to any assets, rights or properties of the Company or any Company Subsidiary (i) for, or that would reasonably be expected to result in, total consideration of more than $10,000,000, (ii) with a fair market value in excess of $10,000,000 or (iii) that concerns material Company IP;
(i) any agreement (each Contract or group series of related agreementsContracts (excluding (i) for purchase orders given or received in the lease ordinary course of personal property from business and(ii) Contracts between the Company and any wholly owned Company Subsidiary or to third parties among any wholly owned Company Subsidiaries) under which the Company or any Company Subsidiary (A) paid in excess of $15,000,000 in fiscal year 2020, or is expected to pay in excess of $15,000,000 in fiscal year 2021 or (B) received in excess of $50,000,000 in fiscal year 2020, or is expected to receive in excess of $50,000,000 in fiscal year 2021;
(j) each Contract with any foundry, or any provider of semiconductor product assembly, testing, and manufacturing services containing any “take or pay” or minimum purchase commitments that have outstanding payment obligations of the Company or a Company Subsidiary in excess of $10,000,000;
(k) each written collective bargaining or other labor or works council agreement covering employees of the Company or a Company Subsidiary;
(l) each lease or rental Contract involving personal property (and not relating primarily to real property) pursuant to which provides for lease the Company or any Company Subsidiary is required to make rental payments in excess of $25,000 250,000 per annum month (excluding leases or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by rental Contracts for office equipment entered into in the Company on sixty (60) days or less prior written noticeordinary course of business);
(iim) each Contract relating to the acquisition, sale or disposition of any business unit or product line of the Company or any Company Subsidiary and with any outstanding obligations that are material to the Company and the Company Subsidiaries, taken as a whole, as of the date of this Agreement;
(n) any agreement material Government Contract that has not been closed out or that has been closed out within the last three (or group of related agreements3) for the purchase or sale of products or for the furnishing or receipt of services years;
(Ao) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, each material Contract with any “most favored nation” pricing provisions provision or that otherwise requires the Company or any Company Subsidiary (or, following the Closing, would require Parent or any Parent Subsidiary) to conduct business with any Person on a preferential or exclusive marketing basis, or distribution rights relating that includes a price protection or rebate provision in favor of the counterparty to any products or territory or has agreed to purchase goods or services exclusively from a certain partysuch Contract;
(p) each settlement agreement entered into since January 1, 2018 (i) with a Governmental Entity, (ii) that requires the Company or any Company Subsidiary to pay more than $10,000,000 after the date of this Agreement, (iii) that imposes any agreement whichmaterial restrictions on the business of the Company or any Company Subsidiary or (iv) that imposes any material restrictions on any Affiliate of the Company (including future Affiliates);
(q) each material Contract (excluding (i) ordinary course confidentiality or non-disclosure agreements, (ii) purchase orders given or received in the ordinary course of business, (iii) statements of work that were signed prior to the date that is twenty four (24) months prior to the date hereof or that have been substantially satisfied in full, (iv) standard form Contracts, provided that (A) the standard form has been made available to Parent and (B) any such Contract is materially similar to the standard form, and (v) except with respect to Contracts regarding material Company IP, Contracts under which the Company or any Company Subsidiary (A) paid less than $2,000,000 in fiscal year 2020, and is expected to pay less than $2,000,000 in fiscal year 2021 or (B) received less than $2,000,000 in fiscal year 2020, and is expected to receive less than $2,000,000 in fiscal year 2021) with any Top Customer, Top Distributor or Top Supplier of the Company and its Subsidiaries;
(r) each Contract relating to the creation of a Lien (other than Company Permitted Encumbrances) with respect to any material asset of the Company or any Company Subsidiary; and
(s) each employment or individual consulting Contract that both (i) is not terminable at will or for convenience by the Company on 30 days’ or less notice and (ii) obligates the Company or any Company Subsidiary to make payments or provide compensation in excess of $300,000 annually. There are no existing breaches or defaults on the part of the Company or any Company Subsidiary under any Material Contract, and, to the knowledge of the Company, establishes a material joint venture there are no existing breaches or legal partnership;
(iv) defaults on the part of any agreement (other Person under any Material Contract, in each case except where, individually or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default aggregate, such breaches or termination defaults have not constituted or resulted in and would not reasonably be expected to have constitute or result in a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company . No event has occurred or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of not occurred through the Company; and
(xii) ’s or any other agreement (Company Subsidiary’s action or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending inaction or, to the knowledge of the Company, is threatenedthrough the action or inaction of any third party, which, after the giving of noticethat, with notice or the lapse of time, time or otherwiseboth, would constitute a breach of or default by under the terms of any Material Contract, in each case except where, individually or in the aggregate, such breaches or defaults have not constituted or resulted in and would not reasonably be expected to constitute or result in a Company Material Adverse Effect. Each Material Contract (with the exception of Government Contracts that have been closed out) is valid, has not been terminated prior to the date of this Agreement, is enforceable against the Company or the applicable Company Subsidiary that is a party to such Material Contract, and, to the knowledge of the Company, is enforceable against the other parties thereto, in each case subject to: (i) laws of general application relating to bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors’ rights generally; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies, and, in each case, except as, individually or in the aggregate, has not constituted or resulted in and would not reasonably be expected to constitute or result in a Company Material Adverse Effect. Prior to the date of this Agreement, the Company has made available to Parent accurate and complete copies of each Material Contract in effect as of the date of this Agreement, together with all material amendments and supplements thereto in effect as of the date of this Agreement. Prior the date of this Agreement, no Top Customer, no Top Distributor and no Top Supplier to the Company or a Company Subsidiary has canceled, terminated or substantially curtailed its relationship with the Company or any Company Subsidiary, given written notice to the Company or any Company Subsidiary of any intention to cancel, terminate or substantially curtail its relationship with the Company or any Company Subsidiary, or, to the knowledge of the Company, threatened to do any other party under such contractof the foregoing or, except for any breachto the knowledge of the Company, violation been threatened with bankruptcy or default insolvency. All material representations, certifications and statements executed and submitted by the Company in connection with Material Contracts that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectare also Government Contracts were correct in all material respects as of their respective effective date.
Appears in 2 contracts
Sources: Merger Agreement (Xilinx Inc), Merger Agreement (Advanced Micro Devices Inc)
Contracts. (a) Section 2.14 of the Company Disclosure Except as set forth on Schedule lists the following agreements (whether written or oral) to which the Company "G", neither Chem-Con nor its Subsidiaries is a party as of the date of this Agreement (to or bound by:
4.9.1.1 any collective bargaining agreements or any agreements that contain any severance pay liabilities or obligations;
4.9.1.2 any bonus, deferred compensation, pension, profit-sharing or retirement plans, programs or other than the Transaction Documentation):similar employee benefit arrangements;
(i) 4.9.1.3 any employment agreement, contract or commitment with an employee;
4.9.1.4 any agreement (of guaranty or group of related agreements) for the lease of personal property indemnification running from Chem-Con or its Subsidiaries to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate entity, including, but not limited to, any Affiliate, other than guarantees or indemnifications issued in any geographical locationthe ordinary course of Chem-Con's business relating solely to the indemnification of certain of its customers due to Chem-Con's disposal of waste generated by such customers at permitted disposal facilities not affiliated with Chem-Con;
(vi) 4.9.1.5 any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officeragreement, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement contract or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effectmaterial adverse impact on the business of Chem-Con or its Subsidiaries;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) 4.9.1.6 any agreement, indenture or other than as contemplated by this Agreementinstrument which contains restrictions with respect to payment of dividends or any other distribution in respect of Chem-Con or its Subsidiaries or any other outstanding securities of Chem-Con or its Subsidiaries;
4.9.1.7 any agreement, contract or commitment containing any covenant limiting the freedom of Chem-Con or its Subsidiaries to engage in any line of business or compete with any person;
4.9.1.8 any agreement, contract or commitment relating to capital expenditures in excess of ten thousand dollars ($10,000.00) and involving future payments;
4.9.1.9 any agreement, contract or commitment relating to the future sales acquisition of securities assets or capital stock of any business enterprise;
4.9.1.10 any contract with the Department of Defense or any other department or agency of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and willUnited States Government, or to be any subcontract under any such contract, which is subject to renegotiation under the Renegotiation Act of 1951, as amended; or
4.9.1.11 any agreement, contract or commitment not made in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and ordinary course of business which involves Ten Thousand Dollars (iii$10,000) neither the Company noror more or has a remaining term of one (1) year or more from December 31, to the knowledge of the Company, any other party, is in breach or violation of1998, or default under, any such agreementis not cancelable on thirty (30) days or less notice without penalty. Neither Chem-Con nor its Subsidiaries has breached, and no event has occurredthere is not any claim, is pending or, to the knowledge best of Chem-Con's or the Sullivans or the ▇▇▇▇▇▇▇▇ Trusts' knowledge, any claim that Chem-Con or its Subsidiaries have breached any of the Companyterms or conditions of any agreement, is threatenedcontract or commitment set forth in this Agreement or in any of the Schedules attached hereto or of any other agreement, whichcontract or commitment, after the giving of notice, with lapse of time, or otherwise, would constitute a if any such breach or default by breaches in the Company or, aggregate could result in the imposition of damages or the loss of benefits in an amount or of a kind material to the knowledge of the Company, any other party under such contract, except for any breach, violation Chem-Con or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectits Subsidiaries.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Perma Fix Environmental Services Inc), Stock Purchase Agreement (Sullivan Thomas P)
Contracts. (a) Section 2.14 4.13 of the Company Disclosure Schedule lists Schedules sets forth a complete and accurate list of all of the following agreements (whether written or oral) Contracts to which the any Company Entity is a party or by which it is bound as of the date hereof (such Contracts being “Material Contracts”):
(a) Contracts for the sale of this Agreement any of the assets of any Company Entity with a value in excess of $250,000 individually or $500,000 in the aggregate, other than in the ordinary course of business, or for the grant to any Person of any preferential rights to purchase any of such assets other than in the ordinary course of business;
(b) Contracts for joint ventures, partnerships or sharing of profits;
(c) Contracts containing covenants not to compete in any line of business or with any Person in any geographical area;
(d) Contracts containing covenants not to solicit or hire any Person with respect to employment, except for any such Contracts entered into in the ordinary course with suppliers;
(e) Contracts entered into during the past three (3) years relating to the acquisition or disposition (by merger, purchase of stock or assets or otherwise) by any Company Entity of any business or a material amount of stock or assets of any other Person;
(f) Contracts evidencing Indebtedness in excess of $500,000 (whether incurred, assumed, guaranteed or secured by any asset);
(g) except for standard indemnification provisions in Contracts entered in the ordinary course of business, any Contract under which any Company Entity is required to provide continuing indemnification or a guarantee of obligations of any Person (other than any other Company Entity) or the Transaction Documentation):assumption of any Tax, environmental or other Liability of any Person;
(h) any Contract under which any Company Entity has advanced or loaned any amount to any of its managers, directors or executive officers and such advance or loan remains outstanding;
(i) any agreement Contract between any Company Entity, on the one hand, and any of their respective managers, directors or executive officers, on the other hand, other than the Employment Contracts;
(j) the Employment Contracts;
(k) collective bargaining agreements or group Contracts;
(l) Contracts with suppliers of related agreements) for the lease of personal property from or any Company Entity that involve contractual commitments by a Company Entity to third parties (A) which provides for lease make annual payments in excess of $25,000 250,000 per annum or (B) which has year and that cannot be canceled by a remaining term longer than 12 months and is not cancellable Company Entity without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of without more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(viim) other than agreements with third-party paying agents that are owned by a Governmental Authority, any Contract with a Governmental Authority in excess of $100,000;
(n) any agreement involving Contract under which any officerCompany Entity is obligated to make any capital commitment or expenditure in excess of $250,000 in any twelve month period;
(o) Contracts with each of the Top Paying Agents and the Top Depository Institutions;
(p) Any Contract with a bank or other provider of transaction processing or settlement services for the funding of transfers initiated through services provided by the Company or its Subsidiaries; and
(q) other Contracts (other than those listed in clauses (a) through (p) of this Section 4.14 and other than the Employment Contracts) (A) that involve aggregate consideration in excess of $250,000 per year, director and (B) that cannot be canceled by the Company without penalty or stockholder without more than 30 days’ notice. Except as set forth in Section 4.13 of the Company Disclosure Schedules, each Material Contract is valid, binding and enforceable on the applicable Company Entity in accordance with its terms and, to the Company’s Knowledge, each other party thereto (assuming the valid execution by such party), and is in full force and effect, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or similar Laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). No Company Entity, nor to the Company’s Knowledge, any affiliate other party thereto is in breach of or default under in any material respect, or has provided or received any written notice of any intention to terminate, any Material Contract. To the Company’s Knowledge, as of the date hereof, no event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default in any material respect under any Material Contract by the Company Entity party thereto. Complete and correct copies of each Material Contract (as defined in Rule 12b-2 under the Exchange Actincluding all modifications, amendments and supplements thereto) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (International Money Express, Inc.), Merger Agreement (Fintech Acquisition Corp. II)
Contracts. (a) Section 2.14 of Except for Contracts between the Company Disclosure Schedule lists or its subsidiaries on the following agreements (whether written one hand and Parent or oral) to which a subsidiary of Parent on the other hand, neither the Company nor any of its subsidiaries is a party to or is bound by any of the following Contracts as of the date of this Agreement Agreement, except to the extent those Contracts are listed in Section 2.20(a) of the Company Disclosure Letter and are identified thereon using the numbering below, in each case listing (other than i) the Transaction Documentation):person(s) with whom such Contract is made and (ii) the date thereof:
(i) any agreement employment or consulting Contract with any officer or director, or any Employee (excluding offer letters for “at-will” Employees) or group any other type of related agreementsContract (whether or not such Contract is an Employment Agreement, as defined in Section 2.13(a)(vi)) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and with any Employee that is not cancellable without penalty terminable within thirty (30) days by the Company without Liability to the Company or Parent, including any Contract requiring it to make or accelerate a payment to any Employee on sixty (60) days account of the Merger, any Transaction or less prior written noticeany Contract that is entered into in connection with this Agreement;
(ii) any agreement (Contract or group of related agreements) for the plan, including any stock option plan, stock appreciation right plan or stock purchase or sale of products or for the furnishing or receipt of services plan (A) which calls for performance over a period relating to the sale, issuance, grant, exercise, award, purchase, repurchase or redemption of more than one year, is not cancellable without penalty by any shares of Company Common Stock or any other securities of the Company on sixty (60) days or less prior written notice and involves more than any of its subsidiaries or any options, warrants, convertible notes or other rights to purchase or otherwise acquire any such shares of stock, other securities or options, warrants or other rights therefor, except for the sum of $25,000 per annumCompany Stock Plans, or (B) in any of the benefits of which will be increased, or the Company has granted manufacturing rightsvesting of benefits of which will be accelerated, “most favored nation” pricing provisions by the occurrence of any of the Transactions or exclusive marketing or distribution rights relating to the value of any products or territory or has agreed to purchase goods or services exclusively from a certain partyof the benefits of which will be calculated on the basis of any of the Transactions;
(iii) any agreement whichContract requiring the Company to engage in ongoing research or development, to which obligations extend beyond January 1, 2007 and are not terminable by the knowledge of the Company, establishes a material joint venture Company (with or legal partnershipwithout penalty) on less than ninety (90) days prior notice;
(iv) any agreement Contract (whether non-compete or group otherwise) containing provisions which have or would reasonably be expected to have the effect of related agreements) under which it has created, incurred, assumed prohibiting or guaranteed (impairing any business practice of the Company or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assetssubsidiaries (including engaging in research and development or the development or commercialization of any Company Product), any acquisition of property (tangible or intangible) by the Company or any of its subsidiaries, any other conduct of business by the Company or any of its subsidiaries, or otherwise limiting the freedom of the Company or any of its subsidiaries to engage in any line of business in any geographical area or to compete with any person. Without limiting the generality of the foregoing, neither the Company nor any of its subsidiaries has entered into any Contract under which the Company or any of its subsidiaries is prohibited or impaired from engaging in any areas of research or development or from the licensing, manufacturing, selling or distributing any Company Intellectual Property or exploiting any Technology of the Company;
(v) any agreement that purports to limit in any material respect the right of Contract under which the Company has granted or is obligated to engage in any line of business, or to compete with grant any person any “opt-in” rights, exclusive rights, rights of refusal or operate in any geographical locationsimilar rights;
(vi) any employment Contract under which the Company is obliged to enter into any further agreement or consulting agreement license, under which provides the Company is obligated to accept or use manufacturing (including cell culture, bulk manufacturing or fill and finish) capacity or to pay for payments in excess of $50,000 per annum (other than employment manufacturing capacity not used or consulting agreements terminable on less than thirty (30) days’ notice)accepted, or under which the Company has any material “take or pay” commitment;
(vii) any agreement involving any officer, director or stockholder of Contract relating to the disposition by the Company or any affiliate (as defined of its subsidiaries of a material amount of assets not in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) ordinary course of business, or pursuant to which the Company or its subsidiaries has acquired a business or entity, or material assets of a person (other than stock subscriptionpurchases in the ordinary course of business that are customarily effected on a purchase order basis), stock optionwhether by way of merger, restricted consolidation, purchase of stock, warrant purchase of assets, exclusive license or stock purchase agreements otherwise, or any Contract pursuant to which the forms Company or any of which have been made available to Parent)its subsidiaries has any material ownership interest in any person other than the Company’s subsidiaries;
(viii) any agreement Contract currently in force under which the Company or commitment for capital expenditures in excess any of $25,000its subsidiaries has continuing obligations to provide to a third person information about any Company Research Program or any other scientific or clinical data produced by the Company, for a single project (it being represented including research, characterization, manufacturing, clinical, pre-clinical or other information and warranted that including information regarding the liability under all undisclosed agreements Company’s planned research and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)development activities;
(ix) any agreement joint venture Contract, collaboration Contract or any other Contract that involves a sharing of revenues, profits, cash flows, expenses (including development expenses) or losses with other persons;
(x) any Contract requiring the Company or any of its subsidiaries to undertake a clinical trial (or to have a third person undertake a clinical trial on the Company’s or its subsidiaries’ behalf) of an existing Company Product or the subject of a Company Research Program;
(xi) any Contract that authorizes any third person to sell, offer for sale, market or otherwise distribute any Company Products or results of any Company Research Programs;
(xii) any mortgages, indentures, guarantees, promissory notes, loans or credit agreements, security Contracts or other Contracts or instruments relating to the borrowing of money or extension of credit, or any currency exchange, commodities or other hedging arrangement or any leasing transaction of the type required to be capitalized in accordance with GAAP;
(xiii) any settlement or litigation “standstill” Contract;
(xiv) any Contract of guarantee, support, assumption or endorsement of, or any similar commitment with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other person;
(xv) any Contract (including open purchase orders) under which the Company has a commitment to purchase goods, capital equipment, services or other items in excess of $50,000 for any Contract or series of Contracts;
(xvi) any Contract (i) pursuant to which any third person is required to make payments to the Company in excess of $20,000 per annum, (ii) pursuant to which the Company or any of its subsidiaries is obligated to pay any royalty or similar payments, including but not limited to profit sharing or similar payments, or (iii) pursuant to which the Company or any of its subsidiaries is obligated to pay any milestone payment or similar payment, including any payment of a pre-determined amount in excess of $100,000, which payment is contingent on the occurrence of a future event, but excluding any fee-for-service Contract;
(xvii) any Contract pursuant to which the Company or any of its subsidiaries is a lessor or lessee of any equipment or other fixed assets, including machinery, equipment, motor vehicles, office furniture, fixtures or other personal property involving payments in excess of $20,000 per annum or involving any manufacturing equipment with a value in excess of $10,000;
(xviii) any Contract with any person with whom the Company or any of its subsidiaries does not deal at arm’s length;
(xix) any Contract with any investment banker, broker, advisor or similar party, or any accountant, legal counsel or other person retained by the Company, in connection with this Agreement and the Transactions;
(xx) any Contract with any Governmental Entity (a “Government Contract”) or any material federal, state, county, local or foreign governmental consent, license, permit, grant, or other authorization of a Governmental Entity (excluding Company Permits) that is required for the operation in all material respects of the Company’s or any of its subsidiaries’ businesses;
(xxi) any Contract entitling a third person (other than an Employee) to a commission or “finder’s fee” payable by the Company or any of its subsidiaries; or
(xxii) any Contract not otherwise disclosed in Section 2.20 of the Company Disclosure Letter (i) under which the consequences of a default or termination would could reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating be material to the future sales of securities Company, (ii) that is of the Companynature required to be filed by Company as an exhibit to an Annual Report on Form 10-K under the Exchange Act; and
(xiiiii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs involving in excess of $25,000 in any year 100,000 being paid by or to the Company over the term thereof, or (Biv) not entered into that is otherwise material to the Company or any of its subsidiaries or their respective businesses, operations, properties, assets, financial condition, results of operations or cash flows; any such Contract listed or required to be listed in Section 2.19(b)(iii) or Section 2.20(a) of the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Company Disclosure Letter being a “Company Contract”.
(b) Neither the Company nor any of its subsidiaries, nor, to the Company’s knowledge, any other person that is a party to a Company Contract, is in breach, violation or default under, and neither the Company nor any of its subsidiaries has received notice that it has breached, violated or defaulted under, any of the material terms or conditions of any Company Contract. The Company or the applicable Company subsidiary is entitled to all benefits under any Company Contract. Each of the Company Contracts is in full force and effect, and has not been amended in any material respect, except to the extent that such amendment is described in Section 2.20(a) of the Company Disclosure Letter. Except as noted in Section 2.20(b), the Company has delivered or made available to the Parent a or its representatives true, correct and complete and accurate copy copies of each agreement of the Company Contracts required to be listed in Section 2.14 2.20(a) of the Company Disclosure Schedule. With respect Letter; provided that, to each agreement so listedthe extent that third party confidentiality restrictions expressly prohibit disclosure of such Company Contract to Parent, and except as set forth in Section 2.14 2.20(b) of the Company Disclosure Schedule: (i) the agreement is Letter sets forth a legal, valid, binding and enforceable obligation description of the subject matter of each such Company Contract and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ a general indication of the nature of the rights and remedies generally and obligations granted thereunder. The Company is not a party to general principles of equity whether applied in a court of law or a court of equity; any Government Contract (ii) the agreement will not, as a result of the execution and delivery by the other than Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectPermits).
Appears in 2 contracts
Sources: Merger Agreement (Tanox Inc), Merger Agreement (Genentech Inc)
Contracts. (a) Section 2.14 6.14 of the Company Disclosure Schedule Schedules lists all of the following types of contracts and other agreements (whether written or oral) to which the Company or any of its Subsidiaries is a party as of the date of this Agreement (other than the Transaction Documentation):
party: (i) all contracts the performance of which by the Company or any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments Subsidiary thereof will involve consideration in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
100,000; (ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice all indentures and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights other agreements relating to any products the borrowing of money, the extension of credit, the granting of Liens or territory or has agreed to purchase goods or services exclusively from a certain party;
other Indebtedness; (iii) all agreements for the development or license of Company Intellectual Property; (iv) all joint venture agreements or agreements among any agreement which, to the knowledge members of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
; (v) any agreement that purports to limit in all agreements and licenses containing any material respect restriction or limitation on the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder ability of the Company or any affiliate of its Subsidiaries to compete, solicit customers or otherwise conduct any business anywhere in the world; (as defined in Rule 12b-2 under vi) all agreements relating to the Exchange Actacquisition or sale of any company, business, division or other enterprise executed within the last three years; (vii) thereof (an “Affiliate”) (other than stock subscriptionall hedging, stock optionderivative, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
swap and similar such agreements; (viii) all material contracts to which the Company and any agreement Seller, or commitment for capital expenditures in excess any of $25,000their respective employees, for officers or Affiliates is a single project (it being represented party; and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under contract or Employee Benefit Plan for which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (benefits, compensation or group payments will be increased, the vesting of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may benefits will be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law accelerated or a court of equity; (ii) the agreement payment will notbe required, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby by this Agreement. Sellers have delivered to Buyer a correct and complete copy of each contract or thereby, cease other agreement (as amended to be a legal, valid, binding and enforceable obligation date) listed in Section 6.14 of the CompanyDisclosure Schedules.
(b) With respect to each such contract listed in Section 6.14 of the Disclosure Schedules: (i) such contract is valid and binding upon the Company or the applicable Company Subsidiary, except as such enforceability may be limited under applicable bankruptcysubject to the Remedies Exceptions, insolvency and, to the Knowledge of Sellers, each other party thereto and similar lawsis in full force and effect; and (ii) subject to procurement of the Required Consents, rules or regulations affecting creditors’ rights and remedies generally and to general principles (A) upon consummation of equitythe transactions contemplated by this Agreement, whether applied in a court of law or a court of equity and will, or to be shall continue in full force and effect in accordance with on identical terms from and after the terms thereof as in effect immediately prior to the Closing; Closing without penalty or other adverse consequence and (iiiB) neither there is no material default, or claim by a contract counterparty of material default thereunder, by the Company noror the applicable Company Subsidiary, or, to the knowledge Knowledge of the CompanySellers, by any other party, is in breach or violation of, or default under, any such agreementparty thereto, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, occurred which, after with the passage of time or the giving of notice, with lapse of time, notice (or otherwiseboth), would constitute a breach or default thereunder by the Company oror the applicable Company Subsidiary, or to the knowledge Knowledge of the CompanySellers, by any other party under such contractthereto, except for or would permit modification, acceleration or termination thereof.
(c) Neither the Company nor any breachof its Subsidiaries is a party to, violation or default that has not had and would not reasonably be anticipated to have been a Company Material Adverse Effectparty to, any Government Contract or Government Bid.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement, Membership Interest Purchase Agreement (Intrexon Corp)
Contracts. (a) Section 2.14 2.13 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 50,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonths;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum50,000, or (BC) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material partnership or joint venture or legal partnershipventure;
(iv) other than the Bridge Notes and the Convertible Notes, any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 50,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, concerning confidentiality or to compete with any person or operate in any geographical locationnoncompetition;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)agreement;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (affiliate, as defined in Rule 12b-2 under the Exchange Act) , thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(x) any other agreement (or group of related agreements) either involving more than $50,000 or not entered into in the Ordinary Course of Business; and
(xi) any agreement, other than as contemplated by this AgreementAgreement and the Bridge Loan, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under Company to which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)a party.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.13 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.13 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company is not nor, to the knowledge of the Company, is any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Invivo Therapeutics Holdings Corp.), Merger Agreement (Invivo Therapeutics Holdings Corp.)
Contracts. (a) Section 2.14 As of the date hereof, except for this Agreement, none of the Company Disclosure Schedule lists or any of its subsidiaries is a party to or bound by any Contract:
(i) that would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act;
(ii) containing covenants binding upon the Company or any of its subsidiaries that materially restrict the ability of the Company or any of its subsidiaries (or which, following agreements the consummation of the Merger, could materially restrict the ability of the Surviving Corporation) to compete in any business or with any person or in any geographic area that could reasonably be expected to be material to the Company and its subsidiaries, taken as a whole, except for Real Property Leases and any such Contract that may be canceled without any penalty or other liability to the Company or any of its subsidiaries upon notice of 60 days or less;
(whether written iii) with respect to a joint venture, partnership, limited liability or oralother similar agreement or arrangement (excluding information technology Contracts) relating to the formation, creation, operation, management or control of any partnership or joint venture that is material to the business of the Company and the subsidiaries, taken as a whole;
(iv) other than among wholly-owned subsidiaries of the Company, relating to (A) indebtedness for borrowed money and having an outstanding principal amount in excess of $10,000,000 or (B) conditional sale arrangements or interest rate or currency hedging activities, in each case in connection with which the aggregate actual or contingent obligations of the Company and its subsidiaries under such Contract are greater than $10,000,000;
(v) entered into after July 31, 2004 or not yet consummated for the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another person for aggregate consideration under such Contract in excess of $20,000,000 (other than acquisitions or dispositions of assets in the ordinary course of business, including acquisitions and dispositions of inventory);
(vi) which by its terms calls for aggregate payments by the Company and its subsidiaries under such Contract of more than $20,000,000 over the remaining term of such Contract (other than this Agreement, purchase orders for the purchase of inventory in the ordinary course of business or Real Property Leases); or
(vii) with respect to any acquisition pursuant to which the Company is a party as or any of the date of this Agreement (its subsidiaries has continuing indemnification, “earn-out” or other than the Transaction Documentation):
(i) any agreement (or group of related agreements) for the lease of personal property from or contingent payment obligations, in each case, that would reasonably be expected to third parties (A) which provides for lease result in payments in excess of $25,000 per annum or 10,000,000. Each such Contract described in clauses (Bi) which has through (vii) is referred to herein as a remaining term longer than 12 months “Material Contract”.
(b) Each of the Material Contracts is valid and is not cancellable without penalty by binding on the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group and each of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichits subsidiaries party thereto and, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any each other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedthereto, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as for such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease failures to be a legal, valid, valid and binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect that would not, individually or in accordance with the terms thereof as in effect immediately prior aggregate, reasonably be expected to the Closing; and (iii) neither have a Material Adverse Effect. There is no default under any Material Contract by the Company nor, to the knowledge or any of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending its subsidiaries or, to the knowledge of the Company, is threatenedby any other party, which, after and no event has occurred that with the lapse of time or the giving of notice, with lapse of time, notice or otherwise, both would constitute a breach or default thereunder by the Company or any of its subsidiaries or, to the knowledge of the Company, by any other party under such contractparty, in each case except for any breachas would not, violation individually or default that has not had and would not in the aggregate, reasonably be anticipated expected to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Neiman Marcus, Inc.), Merger Agreement (Neiman Marcus, Inc.)
Contracts. (a) Except (x) for this Agreement, (y) for a Company Plan or the Company Share Plans and (z) as set forth in Section 2.14 3.8(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which Letter, neither the Company nor any of its subsidiaries is a party to or bound by, or has any property or asset bound by, any Contract, as of the date of this Agreement (other than the Transaction Documentation):Agreement, that:
(i) any agreement (would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K of the Securities Act or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty disclosed by the Company on sixty (60) days a Current Report on Form 8-K, Annual Report on Form 10-K or less prior written noticeQuarterly Report on Form 10-Q that has not been filed or incorporated by reference in the SEC Reports;
(ii) contains any agreement (covenant that materially restricts the ability of the Company or group any of related agreements) for the purchase or sale of products or for the furnishing or receipt of services its subsidiaries, taken as a whole, to (A) engage in any business, (B) compete in any business or with any Person, (C) operate in any geographic area or (D) solicit or hire any employee or consultant other than pursuant to non-disclosure agreements entered into in the ordinary course of business;
(iii) is a joint venture, partnership, limited liability or other similar agreement or arrangement or Contract relating to the formation, creation, operation, management or control of any partnership, joint venture, limited liability company or other similar agreements or arrangements or Contracts;
(iv) is an indenture, credit agreement, loan agreement, security agreement, guarantee, bond, mortgage or other Contract (including any swap or hedge agreements) relating to indebtedness of the Company or any of its subsidiaries (for the avoidance of doubt, other than Contracts related to vault cash arrangements), in each case, in excess of $1,000,000;
(v) is a Contract related to vault cash arrangements with any financial institution;
(vi) is a settlement, conciliation or similar Contract with any Governmental Entity;
(vii) requires the Company or any of its subsidiaries, directly or indirectly, to make any advance, loan, extension of credit or capital contribution to, or other investment in, any Person (other than the Company or any of its wholly owned subsidiaries) in any such case which calls for performance over a period is in excess of more than one year$500,000;
(viii) prohibits the payment of dividends or distributions in respect of the share capital of the Company or any of its subsidiaries, is not cancellable without penalty prohibits the pledging of the share capital of the Company or any subsidiary of the Company or prohibits the issuance of guarantees by the Company on sixty or by any subsidiary of the Company;
(60ix) days or less prior written notice and involves more than the sum of $25,000 per annum, or (BA) in which the Company has granted manufacturing rights, contains “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest impose obligations on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate of its subsidiaries with any third party, or (as defined in Rule 12b-2 under the Exchange ActB) thereof (an “Affiliate”) (grants exclusive rights, rights of first refusal, rights of first negotiation or offer or similar rights to any Person other than stock subscription, stock option, restricted stock, warrant the Company or stock purchase agreements the forms any of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effectits subsidiaries;
(x) any agreement which contains any provisions requiring has resulted in payments by the Company or and its subsidiaries to indemnify any other party thereto (excluding indemnities contained vendors of more than $2,000,000 in agreements the aggregate for the purchase12 month period ending June 30, sale or license 2020 (other than this Agreement, Contracts subject to clause (iv) above, purchase orders for the purchase of products entered into inventory and/or equipment in the Ordinary Course ordinary course of Businessbusiness or Leases);
(xi) any agreement, other has given rise to aggregate revenue (including termination fees) by the Company and its subsidiaries under such Contract(s) of more than as contemplated by this Agreement, relating to the future sales of securities of the Company; and$2,000,000 during fiscal year 2019;
(xii) with respect to any other agreement (or group of related agreements) (A) under acquisition and divestiture pursuant to which the Company is obligated or any of its subsidiaries has continuing indemnification, guarantee, “earn-out” or other contingent payment obligations, in each case, that would reasonably be expected to make result in payments or incur costs in excess of $25,000 in any year 2,000,000;
(xiii) involving the acquisition or disposition, directly or indirectly (B) not entered into by merger or otherwise), of assets or share capital or other equity interests for aggregate consideration under such Contract of at least $1,000,000 individually, or $2,000,000 in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).aggregate;
(bxiv) The is between the Company has delivered or made available to any of its subsidiaries, on the Parent a complete one hand, and accurate copy of each agreement listed in Section 2.14 any director or officer of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 or any Person beneficially owning five percent (5%) or more of the outstanding Company Disclosure Schedule: (i) Shares, on the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effectother hand, except as such enforceability may for any Company Plan and any Contracts entered into on arm’s-length terms in the ordinary course of business;
(xv) requires a consent to or otherwise contains a provision relating to a “change of control” or that would or could reasonably be limited under applicable bankruptcyexpected to prevent, insolvency and similar laws, rules delay or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or impair the consummation by the Company of the transactions contemplated hereby or therebyherein, cease to be a legal, valid, binding and enforceable obligation including the Acquisition;
(xvi) involves the payment of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and willroyalties to, or receipt of royalties from, any Person (other than the Company or any of its subsidiaries) of more than $1,000,000 in the aggregate pursuant to be in full force and effect in accordance with the terms thereof as in effect immediately prior a license that is material to the ClosingCompany and its subsidiaries taken as a whole; and or
(iiixvii) neither is a Contract pursuant to which any third party grants to the Company noror any of its subsidiaries a license, right or covenant not to ▇▇▇ with respect to any Licensed Intellectual Property that is material to the knowledge of the Company, any Company and its subsidiaries taken as a whole (other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by than (1) intercompany licenses between the Company orand any of its subsidiaries, to (2) licenses for Open Source Software or (3) licenses for Software that is generally commercially available on standard terms for less than $300,000 (based on the knowledge dollar value of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectexpenditures from fiscal year 2019)).
Appears in 2 contracts
Sources: Acquisition Agreement (NCR Corp), Acquisition Agreement (Cardtronics PLC)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) All contracts, agreements, commitments and other documents to which the Company or any of its subsidiaries is a party as or by which the Company, any subsidiary of the date Company, or any of this Agreement their assets is in any way affected or bound, including all amendments and supplements thereto and modifications thereof, excluding those that (other a) are terminable without premium or penalty upon no more than the Transaction Documentation):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days notice or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available involve in their entirety less than $50,000 and in cases of (a) and (b) are not otherwise material to the Parent a complete and accurate copy of each agreement business (collectively, except as otherwise set forth in this Section 3.16, “Contracts”), are listed in Section 2.14 3.16 of the Company Disclosure Schedule. With respect to each agreement so listed, are legally valid and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, and the Company and each of its subsidiaries is in compliance in all material respects with all such Contracts and neither the Company nor any subsidiary of the Company has received any notice that it is in default or breach of any of the terms thereof. The Company has previously made available for inspection by the Parent through the VDR all written Contracts, except those that are identified in Section 3.16 of the Company Disclosure Schedule as such enforceability may be limited under applicable bankruptcyavailable on the SEC's E▇▇▇▇ website. A summary of the terms of each oral Contract is set forth on Section 3.16 of the Company Disclosure Schedule. The Company has previously provided the Parent with copies of, insolvency and similar lawsSection 3.16 of the Company Disclosure Schedule identifies, rules any agreement with any executive officer or regulations affecting creditors’ rights and remedies generally and to general principles other key employee of equity whether applied in a court the Company or any subsidiary of law or a court of equity; the Company (iiA) the agreement will not, as a result benefits of the execution and delivery by the Company of this Agreement or the Transaction Documentationwhich are contingent, or the consummation by terms of which are materially altered, upon the occurrence of a transaction involving the Company or any subsidiary of the Company of the nature of any of the transactions contemplated hereby by this Agreement, (B) providing any compensation guarantee of more than $50,000 per year or thereby(C) providing severance benefits or other benefits after the termination of employment of such executive officer or key employee not comparable to benefits available to employees generally. Except as set forth in the engagement letter dated January 20, cease 2006 between the Company and F▇▇▇▇▇▇▇, B▇▇▇▇▇▇▇ and R▇▇▇▇▇, as amended by Amendment 1 to Engagement Letter, dated June 15, 2006, Amendment 2 to Engagement Letter, dated October 9, 2006, Amendment 3 to Engagement Letter, dated May 24, 2007 and Amendment No. 4 to Engagement Letter effective January 18, 2008, all expenses of the Company incurred and to be a legalincurred in connection with this Agreement and the transactions contemplated hereby, validincluding but not limited to legal and accounting fees are on normal terms and do not involve any success fees, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules bonuses or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectpremiums.
Appears in 2 contracts
Sources: Merger Agreement (Jekogian Iii Nickolas W), Merger Agreement (Wilshire Enterprises Inc)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 10,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonths;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum10,000, or (BC) in which the Company or any Subsidiary has granted manufacturing rights, “"most favored nation” " pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichestablishing a partnership or joint venture, to or any business arrangement for the knowledge distribution or development of the Company, establishes a material joint venture or legal partnershipproducts;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 10,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect concerning confidentiality or noncompetition, excluding the right Company's standard form of Nondisclosure and Noncompete Agreement entered into with each employee and consultant of the Company and provided to engage in any line of business, or the Buyer pursuant to compete with any person or operate in any geographical locationSection 2.19 hereof;
(vi) any employment agreement or consulting agreement which provides for payments in excess agreement, excluding the Company's standard form of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)Nondisclosure and Noncompete Agreement entered into with each employee and consultant of the Company and provided to the Buyer pursuant to Section 2.19 hereof;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (an "Affiliate"), as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act) thereof (an “Affiliate”) (other than stock subscription"), stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)thereof;
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiix) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments either involving more than $10,000 or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent Buyer a complete and accurate copy of each agreement listed in Section 2.13 or Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding, in full force and effect and enforceable by the Company in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency, the relief of debtors and rules of law governing injunctive relief and other equitable remedies; (ii) subject to the giving of notices and receipt of consents set forth in Section 2.4 of the Disclosure Schedule, the agreement will continue to be legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) effect immediately following the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect Closing in accordance with the terms thereof as in effect immediately prior to the Closing (unless the agreement would, by its express terms, expire prior to the Closing) and the consummation of the transactions contemplated hereby will not cause a default under or result in the acceleration of the obligations under the agreement; and (iii) neither the Company is not, nor, to the knowledge of the Company, is any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for subject to any breachconflicts, violation breaches, violations or default that defaults which, individually or in the aggregate, has not had and would not be reasonably be anticipated likely to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Unisphere Networks Inc), Merger Agreement (Unisphere Networks Inc)
Contracts. (a) Section 2.14 of Except for this Agreement, neither the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company nor any of its Subsidiaries is a party to or bound by any Contract (i) which is a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to be performed after the date of this Agreement that has not been filed or incorporated by reference in the Company SEC Documents; (ii) which constitutes a Contract or commitment relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset) in excess of $250,000; (iii) which contains any provision that would restrict or affect the conduct of business of any Affiliate of the Company (or any Affiliate of any such Affiliate of the Company); (iv) that (A) contains most favored customer pricing provisions or (B) grants any exclusive rights, rights of first refusal, rights of first negotiation or similar rights to any person, in each case under this clause (B) in a manner which is material to the business of the Company and its Subsidiaries, taken as a whole; (v) which was entered into after September 27, 2008 or not yet consummated for the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets or capital stock or other equity interests of another person for aggregate consideration in excess of $250,000 (other than acquisitions or dispositions of assets in the Transaction Documentation):
ordinary course of business); (i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (Avi) which provides by its terms calls for lease aggregate payments by the Company or its Subsidiaries of more than $250,000 over the remaining term; (vii) which the Company or any of its Subsidiaries has continuing indemnification, “earn-out” or other contingent payment obligations, in each case, that would reasonably be expected to result in payments in excess of $25,000 per annum 250,000; or (Bviii) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) grants any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum Intellectual Property (other than employment commercially available, off-the-shelf software). Each Contract, arrangement, commitment, agreement, license, permit, bond, mortgage, indenture or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder understanding of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise type described in clauses (i) through (xivii) of this Section 4.11, whether or not set forth in the Company Disclosure Letter or in the Company SEC Documents, is referred to herein as a “Company Contract” (for purposes of clarification, each “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to be performed after the date of this Agreement, whether or not filed with the SEC, is a Company Contract). A true and complete list of the Company Contracts is set forth in Section 4.11(a) of the Company Disclosure Letter.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) Each Company Contract is valid and binding on the agreement Company and any of its Subsidiaries that is a legalparty thereto, validas applicable, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency effect and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will notCompany, as a result each of the execution its Subsidiaries and delivery by the each other party to each Company of this Agreement or the Transaction DocumentationContract, or the consummation by the Company of the transactions contemplated hereby or thereby, cease has performed all obligations required to be a legal, valid, binding and enforceable obligation performed by it under each Company Contract. To the Knowledge of the Company, except as no event or condition exists which constitutes, or, after notice or lapse of time or both, will constitute, a default under any such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with Company Contract on the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge part of the Company, any other party, is in breach of its Subsidiaries or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectthereto.
Appears in 2 contracts
Sources: Merger Agreement (Naf Holdings Ii, LLC), Merger Agreement (Hampshire Group LTD)
Contracts.
(a) Section 2.14 4.8(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Letter contains an accurate and complete list, as of the date of this Agreement Agreement, of all Contracts (other than any Company Benefit Plan) in effect as of the Transaction Documentationdate hereof, of the following types to which the Company or any of its Subsidiaries is a party or bound (the “Company Material Contracts”):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and Contract that is not cancellable without penalty filed by the Company on sixty (60as a material Contract pursuant to Item 601(b)(10) days or less prior written noticeof Regulation S-K of the SEC, other than Contracts described in Item 601(b)(10)(iii) of Regulation S-K;
(ii) any agreement Contract that expressly imposes any restriction on the right or ability of the Company and its Subsidiaries, collectively, to compete with any other Person (or group in any line of related agreements) for the purchase business, market or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more geographical area), other than one year, is not cancellable any such Contracts that may be cancelled without penalty by material liability to the Company on sixty (60) or any of its Subsidiaries upon notice of 90 days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyless;
(iii) any agreement whichContract containing any (A) “most favored nation” or similar provisions, (B) exclusivity provisions or (C) rights of first refusal or first offer, other than any such Contracts that may be cancelled without material liability to the knowledge Company or any of its Subsidiaries upon notice of 90 days or less, (in each case, other than any agreement in which any of the Company, establishes a material joint venture foregoing provisions is solely for the benefit of the Company or legal partnershipany of its Subsidiaries);
(iv) any agreement Contract that in the year ended December 31, 2022 was (or group in the year ending December 31, 2023 is reasonably expected to be) one of related agreementsthe ten (10) under which it has created, incurred, assumed largest sources of revenues for the Company and its Subsidiaries for the applicable year based on amounts paid or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblepayable;
(v) any agreement Contract that purports in the year ended December 31, 2022 was (or in the year ending December 31, 2023 is reasonably expected to limit in any material respect the right be) one of the ten (10) largest sources of payment obligations for the Company to engage in any line of businessand its Subsidiaries, based on amounts paid or to compete with any person or operate in any geographical locationpayable;
(vi) any employment Contract that involves a (A) revenue or profit sharing or similar agreement under which the Company or consulting agreement which provides for payments any of its Subsidiaries has outstanding commitments (other than any Company Benefit Plan) or (B) “minimum purchase” requirement, “take or pay,” “ship or pay” or similar obligations, in each case with outstanding commitments in an amount in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)50,000, in any calendar year;
(vii) any agreement involving any officer, director Contract relating to indebtedness for borrowed money of (or stockholder of guarantees thereof by) the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) of its Subsidiaries (other than stock subscriptionany such indebtedness owed by the Company or any wholly owned Subsidiary of the Company to the Company or any wholly owned Subsidiary of the Company, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parentand guarantees thereof);
(viii) any agreement Contract that provides for the acquisition or commitment for capital expenditures disposition of any assets (other than acquisitions or dispositions of inventory or the purchase or sale of Hydrocarbons, in excess of $25,000each case, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)ordinary course of business consistent with past practice) or business (whether by merger, sale of stock, sale of assets or otherwise) or capital stock or other equity interests of any Person, in each case, with any material outstanding obligations as of the date of this Agreement;
(ix) any agreement under which the consequences of a default each partnership, joint venture or termination would reasonably be expected to have a Company Material Adverse Effectlimited liability company agreement;
(x) any agreement which contains Contract relating to any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)Derivative Transaction;
(xi) the Sealy Ranch Lease;
(xii) each joint development agreement, exploration agreement, participation, farmout, farming or program agreement or similar Contract that either (A) requires the Company or any agreementof its Subsidiaries to make expenditures from and after January 1, 2023 that would reasonably be expected to be in excess of Fifty Thousand Dollars ($50,000) in the aggregate or (B) is material to the operation of the Company and its Subsidiaries, taken as a whole;
(xiii) any Contract for the gathering, transportation, processing, treating or sale of Hydrocarbons, other than as contemplated by this Agreement, relating any such Contracts that may be cancelled without material liability to the future sales Company or any of securities its Subsidiaries upon notice of 30 days or less;
(xiv) any Contract pursuant to which the Company or any of its Subsidiaries has an obligation to make an investment in or loan to any other Person (other than in or to any wholly owned Subsidiary of the Company);
(xv) any Contract with any Governmental Authority, other than Contracts entered into in the ordinary course of business; and
(xiixvi) any other Contract involving the settlement, conciliation or similar agreement (of any Litigation or group of related agreements) threatened Litigation (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in with any year Governmental Authority or (B) not entered into pursuant to which the Company or any of its Subsidiaries are party thereto and that restricts in any material respect the Ordinary Course operations or conduct of Business, in each case which is not otherwise described in clauses (i) through (xi)the Company or any of its Subsidiaries after the date hereof.
(b) The Neither the Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 nor any Subsidiary of the Company Disclosure Schedule. With respect is in breach of or default under any Company Material Contract and, to each agreement so listedthe Knowledge of the Company, as of the date hereof, no other party to any Company Material Contract is in breach of or default under any Company Material Contract, and no event has occurred through the Company’s or any of its Subsidiaries’ action, that with notice or the lapse of time or both would constitute a breach of or default or result in the termination of or a right of termination or cancelation thereunder, accelerate the performance or obligations required thereby, or result in the loss of any benefit under any Company Material Contract, in each case except as set forth would not reasonably be expected to have, individually or in Section 2.14 of the aggregate, a Company Disclosure Schedule: Material Adverse Effect. Each Company Material Contract (i) the agreement is a legal, valid, valid and binding and enforceable obligation of the Company or the Subsidiary of the Company that is party thereto and, to the Knowledge of the Company, of each other party thereto, and (ii) is in full force and effect, subject to the Enforceability Exceptions, in each case except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated expected to have have, individually or in the aggregate, a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any written notice of any other party to a Company Material Contract to terminate for default, convenience or otherwise, or not renew, any Company Material Contract, in each case, except as would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.
(c) The Company has made available to Parent all joint operating agreements in effect as of the date hereof, to which the Company or any of its Subsidiaries is a party or bound (collectively, the “Joint Operating Agreements”).
Appears in 2 contracts
Sources: Merger Agreement (Battalion Oil Corp), Merger Agreement (Battalion Oil Corp)
Contracts. (a) Section 2.14 Schedule 4.10(a) sets forth a true, correct and complete list of the Company Disclosure Schedule lists the following agreements (all Contracts, commitments, licenses, agreements, obligations or binding arrangements, whether written oral or oral) written, to which the Company is a party as or by which any of the date of this Agreement (other than the Transaction Documentation):its assets or properties are bound:
(i) under which the Company is indemnified for or against any agreement liability, or under which the Company is or could be obligated to indemnify any Person and which involves a potential liability in excess of $10,000 or has a term of more than six months;
(or group of related agreementsii) for under which the lease of Company leases personal property from or to third parties (A) which provides for under capitalized leases or under operating leases if the term of such lease payments is more than six months or the financial obligation is in excess of $25,000 10,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeyear;
(ii) any agreement (or group of related agreementsiii) for the purchase or sale of products or other personal property or for the furnishing or receipt of services (A) which that calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, six months or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions agreed to purchase a minimum quantity of goods or exclusive marketing or distribution rights relating to any products or territory services or has agreed to purchase goods or services exclusively from any Person (in each case, with a certain party;
(iii) any agreement which, to value in excess of $10,000 in the knowledge of the Company, establishes a material joint venture or legal partnershipaggregate);
(iv) any agreement (A) granting representation, marketing or group of related distribution rights or (B) relating to Company Intellectual Property (including license, development or similar agreements);
(v) under which it the Company has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than for borrowed money in excess of $25,000 10,000, or under which it has imposed (there is or may impose) be imposed a Security Interest security interest or other Lien on any of its assets, whether tangible or intangible;
intangible (v) any agreement that purports to limit other than security interests or Liens granted in any material respect the right favor of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationBuyer);
(vi) establishing or maintaining any employment agreement partnership, joint venture or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)strategic alliance;
(vii) concerning any agreement involving any officer, director confidentiality or stockholder non-solicitation obligations of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Company;
(viii) under which the Company is restricted from carrying on its business or any agreement part thereof, or commitment for capital expenditures from competing in excess any line of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)business or with any Person;
(ix) with officers, directors, employees or consultants of the Company, in each case involving payments by the Company in excess of $10,000 per annum;
(x) involving any agreement Affiliates of the Company;
(xi) under which the consequences of a default or termination would reasonably be expected to have have, a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated will (A) receive aggregate payments from customers, (B) make aggregate payments to vendors or other suppliers or (C) make or receive aggregate payments to or incur costs from any other Persons, in each case in excess of $25,000 in any year 10,000 per annum;
(xiii) which is not terminable on sixty (60) or fewer days’ notice without cost or penalty; and
(Bxiv) not entered into in the Ordinary Course ordinary course of Business, in each case which is business and not otherwise described disclosed on Schedule 4.10(a) in clauses (i) through (xi)response to any of the foregoing clauses; and The Company has delivered to Buyer true, correct and complete copies of each Contract in existence as of the date hereof. To the extent that written Contracts do not exist, the Company has delivered to Buyer accurate summaries of the material terms and conditions of such oral Contracts.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedExcept as disclosed on Schedule 4.10(b), and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) each Contract existing as of the agreement date hereof is a legal, valid, valid and binding and enforceable obligation of the Company, enforceable against the Company in accordance with its terms (except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or conveyance or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability), and (ii) to the Knowledge of the Company, each Contract existing as of the date hereof is a legal, valid and binding obligation of the other parties thereto, enforceable against the other parties in accordance with its terms (except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or conveyance or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability) and is in full force and effect. The Company is and, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result Knowledge of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company each other party to each Contract existing as of the transactions contemplated hereby or therebydate hereof are, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance compliance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreementthereof, and no default or event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, or any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectthereto exists thereunder.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Real Goods Solar, Inc.), Stock Purchase Agreement (Real Goods Solar, Inc.)
Contracts. (a) Section 2.14 3.16 of the Company Disclosure Schedule lists of Exceptions contains a list of the following contracts and other agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (party, whether written or oral, other than the Transaction Documentation):those contracts and other agreements that have been fully performed by all parties thereto and under which no party thereto has any rights or obligations:
(ia) any agreement (or group of related agreements) for the lease of personal property to or from or to third parties (A) which provides any Person for lease payments over $50,000 in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeany 12-month period;
(iib) any agreement for the purchase, sale or lease of real property;
(c) any agreement (or group of related agreements) for the purchase or sale of products any raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rightswas paid (or paid) more than $50,000 in either 2013 or 2014 or is entitled to receive (or obligated to pay) more than $50,000 in any 12-month period commencing after December 31, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party2014;
(iiid) any agreement whichgranting any Person the exclusive right to market, to the knowledge sell or distribute any of the Company’s products, establishes whether in any geographic territory, to any customer or account, or otherwise;
(e) any agreement concerning a material partnership, joint venture or legal partnershipother similar arrangement involving a sharing of profits and losses with any Person;
(ivf) except for agreements relating to trade receivables entered into in the Ordinary Course of Business, any agreement (or group of related agreements) under which it has created, incurred, assumed assumed, or guaranteed (any Indebtedness, or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than $25,000 obligation or under which it has imposed a Lien (or may imposeother than a Permitted Lien) a Security Interest on any of its assets, tangible or intangible;
(vg) any agreement that purports to limit in any material respect the right of which materially restricts the Company to engage from competing in any line of business, business or to compete with any person or operate in any geographical locationgeographic area;
(vih) any profit-sharing, stock option, stock purchase, stock appreciation, deferred compensation, severance, or other material plan or arrangement for the benefit of its current or former directors, officers, and employees;
(i) any collective bargaining agreement;
(j) any agreement for the employment agreement of any individual on a full-time, part-time, consulting, or consulting agreement which provides for payments in excess of $50,000 per annum other basis (other than employment or consulting agreements terminable on less than thirty (30) days’ noticeincluding leased persons);
(viik) any agreement involving pertaining to the marketing, sale or distribution of any officer, director or stockholder of the Company Company’s products (including any agreements creating an agency relationship or providing for the resale of any affiliate (as defined in Rule 12b-2 under of the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to ParentCompany’s products);
(viiil) any agreement requiring the Company to pay to any Person a royalty, commission or commitment for capital expenditures other payment, the amount of which is based in excess whole or in part on the sales of $25,000, for a single project (it being represented and warranted that products by the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)Company;
(ixm) any agreement under which the consequences Company has advanced or loaned any amount to any of a default its directors, officers or termination would reasonably be expected to have a Company Material Adverse Effectemployees;
(xn) any agreement under which contains any provisions requiring the Company has advanced or loaned any amount to indemnify any other Person;
(o) any agreement that requires the Company to purchase its total requirements of any product or service from a third party thereto or that contains “take or pay” provisions;
(excluding indemnities contained in agreements for p) any agreement with any Company Stockholder or their Affiliates;
(q) any agreement that relates to the purchaseacquisition or disposition of any business division or material assets or properties (whether by merger, sale of stock, sale of assets or license of products entered into in the Ordinary Course of Businessotherwise);
(xir) any agreement, other than as contemplated by this Agreement, relating agreement that relates to the future sales compromise or settlement of securities of the Companyany litigation or arbitration or other proceeding; and
(xiis) any other agreement (or group of related agreements) (A) under the performance of which the Company is obligated to make payments or incur costs involves consideration in excess of $25,000 in any year 100,000 or that is otherwise material to the Company or the Business or the Company’s condition (Bfinancial or otherwise) not entered into in the Ordinary Course or results of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) operations. The Company has delivered or made available to the Parent a correct and complete and accurate copy of each such written agreement listed in Section 2.14 as amended to date and a written summary setting forth the material terms and conditions of the Company Disclosure Scheduleeach such oral agreement. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedulesuch agreement: (i) the agreement is a legal, valid, binding and binding, enforceable obligation of the Company and in full force and effectand, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation Knowledge of the Company, except as such enforceability may be limited under applicable bankruptcyeach other party thereto, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be is in full force and effect in accordance with the its terms thereof as in effect immediately prior all material respects, subject in each case to the ClosingEnforceability Limitations; and (iiiii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge Knowledge of the Company, any other party thereto is in breach or default, in any material respect, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration under such contract, except for the agreement; and (iii) no party has repudiated in writing any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectmaterial provision of the agreement.
Appears in 2 contracts
Sources: Merger Agreement (Globus Medical Inc), Merger Agreement
Contracts. (a) Except for this Agreement, the Asset Exchange Agreement and the Omnibus Termination Agreement, the other agreements executed contemporaneously herewith or therewith and Contracts listed on Section 2.14 3.15(a) of the Company Disclosure Schedule lists Letter, and except as filed with the following agreements (whether written or oral) to which the Company is a party SEC, as of the date hereof, neither the Company nor any of this Agreement (other than the Transaction Documentation):Company Subsidiaries is a party to or is bound by any Contract that:
(i) any agreement (is filed or group of related agreements) for the lease of personal property from or required to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty be filed by the Company on sixty as a “material contract” (60as such term is defined in Item 601(b)(10) days or less prior written noticeof Regulation S-K under the Securities Act);
(ii) relates to any partnership, joint venture, co-investment, limited liability, strategic alliance or similar agreement involving the Company or any Company Subsidiary (other than any such agreement solely between or group among the Company and its Subsidiaries);
(iii) contains any non-compete, exclusivity, “most favored nations” or other similar provision that limits or purports to limit, in any material respect, either the type of related agreementsbusiness in which the Company or any Company Subsidiary (or, after giving effect to the Mergers, Parent or its Subsidiaries) for may engage, the purchase terms or sale conditions the Company or any Company Subsidiary (or, after giving effect to the Mergers, Parent or its Subsidiaries) can offer to any other Person, or the geographic area in which the Company or any Company Subsidiary (or, after giving effect to the Mergers, Parent or its Subsidiaries) may so engage;
(iv) involves any pending or future acquisition or disposition of products or for the furnishing or receipt of services (A) which calls for performance over real property or real property interest or (B) except as in the ordinary course of business consistent with past practice, any material personal property, in each case, with a period fair market value in excess of more than one year$1,000,000;
(v) involves any pending or contemplated merger, is not cancellable without penalty by consolidation or similar business combination transaction with the Company on sixty or any of the Company Subsidiaries;
(60vi) days by its terms obligates the Company or less prior written notice and involves more any Company Subsidiary to make expenditures (other than principal and/or interest payments or the sum deposit of other reserves with respect to debt obligations) or entitled to payments (A) in excess of $25,000 per annum1,000,000, in any 12-month period or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)2,000,000 in the aggregate over the term of such Contract;
(vii) relates to the settlement or proposed settlement of any agreement involving dispute or Action in which the amount to be paid in settlement involves (A) the issuance of any officer, director or stockholder of securities by the Company or any affiliate Company Subsidiary or (as defined B) the payment of any cash or other consideration having a value, in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other each case, of more than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)$1,000,000;
(viii) contains a standstill or similar Contract pursuant to which the Company or any agreement Company Subsidiary has agreed not to acquire assets or commitment for capital expenditures in excess securities of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)any other Person;
(ix) any agreement is of the type that is or would be required to be disclosed under which Item 404 of Regulation S-K under the consequences of a default or termination would reasonably be expected to have a Company Material Adverse EffectSecurities Act;
(x) any agreement which contains any provisions requiring involves the lease by the Company or to indemnify any other party thereto Company Subsidiary (excluding indemnities contained in agreements for the purchase, sale or license as lessors) of products entered into in the Ordinary Course of Business)any Retained Assets;
(xi) was entered into with any agreementCompany Subsidiary or any other Person in which the Company holds, other than as contemplated by this Agreementdirectly or indirectly, relating any ownership interest which relates to the future sales of securities rights of the Company; andCompany with respect to voting, rights of first offer, rights of first refusal or other similar rights regarding equity interests in such Person;
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs evidences a capitalized lease obligation in excess of $25,000 5,000,000, or that is an indenture, credit agreement, loan agreement, security agreement, guarantee, note, mortgage, suretyship, “keep well” or other agreement providing for or guaranteeing indebtedness of any Person in any year excess of $5,000,000 (other than surety or (B) not performance bonds, letters of credit or similar agreements entered into in the Ordinary Course ordinary course of Business, business consistent with past practice in each case to the extent not drawn upon), except for any Contract solely among or between the Company and any Company Subsidiary;
(xiii) contains restrictions on the ability of the Company, the Partnership or any Company Subsidiary to pay dividends or other distributions (other than pursuant to the Company Charter, Company Bylaws, the Partnership Agreement or any Existing Loan Document);
(xiv) purports to bind Affiliates of the Company (other than any Company Subsidiary) in any material respect, excluding any Contracts where such Affiliates of the Company are also parties to such Contracts;
(xv) contains a put, call or similar right pursuant to which is not otherwise the Company or any Company Subsidiary could be required to purchase or sell, as applicable, any equity interests of any Person or assets that have a fair market value or purchase price of more than $1,000,000, or constitutes an interest rate cap, interest rate collar, interest rate swap or other Contract relating to a hedging transaction. Each such Contract described in clauses (i) through (xi)xv) above is referred to herein as a “Material Contract.”
(b) The Company has delivered or made available to the Parent a complete Each Material Contract is valid and accurate copy of each agreement listed in Section 2.14 of binding on the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of or the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company orSubsidiary party thereto and, to the knowledge of the Company, any other party under such contractthereto, and is in full force and effect, except for any breachsuch failures to be valid and binding or to be in full force and effect that would not, violation individually or default that has not had and in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as would not reasonably be anticipated expected to have a Material Adverse Effect, the Company, or the Company Subsidiary party thereto, has performed all obligations required to be performed under such Material Contracts prior to the date of this Agreement. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there is no default under any Material Contract by the Company or any Company Subsidiary party thereto or, to the knowledge of the Company, by any other party thereto, and no event has occurred that with the lapse of time or the giving of notice or both would constitute a default thereunder by the Company or any Company Subsidiary party thereto or, to the knowledge of the Company, by any other party thereto. Neither the Company nor any Company Subsidiary has given or received notice of any violation or default under any Material Contract, except for violations or defaults that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(c) The Company has made available to Parent prior to the date of this Agreement, accurate and complete copies of all written Material Contracts, including all amendments thereto as in effect as of the date of this Agreement.
(d) Neither the Company nor any of the Company Subsidiaries is a party to or bound by any material Government Contracts.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (InfraREIT, Inc.)
Contracts. (a) Section 2.14 Schedule 3.5(a) contains a true and complete list (organized by subclause) of all Contracts related to the Business to which Seller is a party, or by which any of its property or assets are bound, that fall into one (1) or more of the Company Disclosure Schedule lists following categories (the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation“Business Contracts”):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments all Contracts involving aggregate payment by Seller in excess of $25,000 per annum following the Closing Date or requiring unsatisfied performance by any party more than six (B6) which has a remaining term longer than 12 months and is from the Closing Date, which, in each case, cannot cancellable be cancelled without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of without more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(ii) all Contracts between or among the Seller, on the one hand, and any stockholders, officers, directors, members, managers or Affiliate of Seller, on the other hand;
(iii) all Contracts providing product or service warranties to third parties;
(iv) all Contracts that require Seller to purchase or sell a material stated portion of the requirements or outputs of the Business;
(v) all Contracts the primary purpose of which is to indemnify any Person or the assumption of any Tax or other Liability of any Person;
(vi) all Contracts (excluding, for the avoidance of doubt, any Permit) with any Governmental Authority including any county or local recording office;
(vii) all Contracts that limit or purport to limit the ability of Seller to compete in any agreement involving line of business or with any officer, director Person or stockholder in any geographic area or during any period of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)time;
(viii) any agreement all joint venture, partnerships or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)similar Contracts;
(ix) any agreement under which all powers of attorney related to the consequences of a default or termination would reasonably be expected to have a Company Material Adverse EffectPurchased Assets;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)all Intellectual Property Agreements;
(xi) any agreement, other than as contemplated by this all Contracts governing the Excluded Intellectual Property (the “Excluded Intellectual Property Agreements”);
(xii) except for Contracts relating to trade receivables and the Loan Agreement, all Contracts relating to Encumbrances against the future sales of securities of the CompanyPurchased Assets; and
(xiixiii) any all other agreement (or group Contracts related to the Purchased Assets. Seller has furnished accurate and complete copies of related agreements) (A) under which all of the Company is obligated Business Contracts to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Buyer.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of Business Contracts include each agreement listed in Section 2.14 of the Company Disclosure ScheduleAssigned Contracts. With respect to each agreement so listed, and except as set forth in Section 2.14 Each of the Company Disclosure Schedule: (i) the agreement Business Contracts that is a legal, valid, Purchased Asset is a valid and binding and enforceable obligation of Seller and, to Seller’s Knowledge, the Company and other parties thereto, enforceable in full force and effectaccordance with its terms, except as such enforceability may be limited under subject to applicable bankruptcy, and insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles the exercise of equity whether applied judicial discretion in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to accordance with general principles of equity. Except as set forth on Schedule 3.5(b), whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, there have not been any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending material defaults by Seller or, to the knowledge Knowledge of Seller, material defaults or any claims of material default or claims of material non-enforceability by the other party or parties under or with respect to any of the CompanyBusiness Contracts that is a Purchased Asset, is threatenedand to the Knowledge of Seller, there are no facts or conditions that have occurred or, as to assignability, except for the transaction contemplated by this Agreement, which, after with the passage of time or the giving of notice, with lapse of time, or otherwiseboth, would constitute a breach or material default by the Company orSeller, or to the knowledge Knowledge of Seller, by the other party or parties, under any of the Company, Business Contracts that is a Purchased Asset or would cause a creation or imposition of any other party under such contract, except for Encumbrance upon any breach, violation of the Purchased Assets or default that has not had otherwise would materially and would not reasonably be anticipated to have a Company Material Adverse Effectadversely affect the Purchased Assets.
Appears in 2 contracts
Sources: Asset Purchase Agreement, Asset Purchase Agreement (Nutri System Inc /De/)
Contracts. (a) Section 2.14 3.12 of the Company Disclosure Schedule lists contains a list of the following agreements (contracts, agreements, leases and other legally binding instruments, whether written or oral) oral to which the Company is is, or after the consummation of the transactions contemplated by the Contribution Agreement and the related transfer agreements will be, a party as or by which it is, or after the consummation of the date of this transactions contemplated by the Contribution Agreement and the related transfer agreements will be, otherwise bound (other than the Transaction Documentationeach such contract, a “Material Contract”):
(a) contracts with respect to Benefit Plans sponsored by the Company;
(b) collective bargaining agreements and any other contracts with any labor unions;
(c) agreements for the employment or engagement of any officer or employee (not including at-will employment or offer letters) that (i) provide annual cash or other compensation in excess of $50,000 per year, (ii) provide for Change of Control Payments, or (iii) restrict the ability of the Company to terminate the employment of any agreement Person at any time for any lawful reason or for no reason without liability (including severance obligations);
(d) agreements or group arrangements with any individual serving as an independent contractor who works for or supports the Business;
(e) loan or credit agreements, promissory notes, bonds, debentures, security agreements, pledge agreements, mortgages, indentures, factoring agreements, guarantees, letters of related credit, performance bonds, completion bonds, surety agreements, or similar financing arrangements;
(f) for the lease leases, subleases or licenses, either as lessee, sublessee or licensee or as lessor, sublessor or licensor, of any personal property from or to third parties (A) property, including capital leases, which provides for lease agreements involve annual payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is 200,000, cannot cancellable without penalty be cancelled by the Company on sixty (60) without payment or penalty upon notice of 30 days or less prior written noticeless, or have unexpired terms as of the Closing Date that exceed one year;
(iig) any agreement (agreements or group series of related agreements) agreements with customers, suppliers and vendors of the Company for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment 100,000 in the aggregate, which cannot be cancelled by the Company without payment or consulting agreements terminable on less than thirty (30) days’ notice)penalty upon notice of 30 days or less, or have unexpired terms as of the Closing Date that exceed one year, in each case in effect as of the date hereof;
(viih) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating with respect to the future sales acquisition or disposition of any business, assets or securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in outside the Ordinary Course of Business, or any equity or debt investment in each case which is not otherwise described in clauses or any loan to any Person;
(i) through limited liability company agreements, partnership agreements, joint venture agreements and all other similar contracts (xi).however named) that involve a sharing of profits, losses, costs or liabilities by the Company with any other Person;
(bj) The Company has delivered all agreements by which the Company, Seller or made available Holdings licenses any Business Intellectual Property to any Person and all agreements for Licensed Intellectual Property, other than agreements for commercial “off-the-shelf” Software or Open Source Software;
(k) agreements with Seller or any current or former officer, director, stockholder or Affiliate of the Parent a complete and accurate copy of each agreement listed in Section 2.14 Company;
(l) agreements containing covenants of the Company Disclosure Schedule. With not to compete in any line of business or with any person in any geographical area or covenants of any other Person not to compete with the Company in any line of business or in any geographical area;
(m) outstanding agreements of guaranty, surety or indemnification, direct or indirect, by the Company;
(n) any Tax Sharing Agreement; and
(o) each amendment, supplement and modification in respect to each agreement so listed, and except as set forth in Section 2.14 of any of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation foregoing. All of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and Material Contracts to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by which the Company of this Agreement or the Transaction Documentationis, or after the consummation by the Company of the transactions contemplated hereby or therebyby the Contribution Agreement and the related transfer agreements will be, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be party are in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norare legal, to the knowledge valid and binding obligations of the Company, any enforceable against it in accordance with their terms, and, to the Company’s Knowledge, each other partyparty thereto, except to the extent enforcement may be affected by Enforceability Exceptions. The Company is in breach or violation ofcompliance in all material respects with the terms and requirements of such Material Contract and, or default underto the Company’s Knowledge, any each other Person that is party to such agreementMaterial Contract is in compliance in all material respects with the terms and requirements of such Material Contract, and no event has occurred, is pending or, to occurred that with the knowledge lapse of the Company, is threatened, which, after time or the giving of notice, with lapse of time, notice or otherwise, both would constitute a breach or material default by the Company or, thereunder. No party to the knowledge any of the CompanyMaterial Contracts has exercised any termination rights with respect thereto. The Company has made available to Purchaser true, any other party under such contractcorrect and complete copies of all of the Material Contracts, except for any breachtogether with all amendments, violation modifications or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectsupplements thereto.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Autoliv Inc), Stock Purchase Agreement (M/a-Com Technology Solutions Holdings, Inc.)
Contracts. (a) Section 2.14 Schedule 3.11(a) is a correct and complete list (by reference to the applicable subsection hereof) of each of the Company Disclosure Schedule lists the following agreements (whether written or oral) Contracts to which the Company is a party as following completion of the date of this Agreement Restructuring (other than the Transaction Documentation):
“Material Contracts”): (i) any agreement (or group of related agreements) each continuing Contract for the lease purchase of personal property from goods or the supply of services that requires the Company, or is reasonably likely to third parties (A) which provides for lease payments result in excess the Company being obligated, to pay an annual amount of $25,000 per annum 50,000 or more in the aggregate after the Agreement Date (B) which has a remaining term longer than 12 months and is not cancellable without penalty excluding Contracts with publishers), or that entitles the Company to receive an annual amount of $50,000 or more in the aggregate after the Agreement Date, excluding insertion orders entered into by the Company on sixty (60) days with advertisers or less prior written notice;
marketers in the ordinary course of business, (ii) all Contracts that restrict the Company or any agreement of its Affiliates from competing with or engaging in any business activity anywhere in the world or soliciting for employment, hiring or employing any Person, (iii) all Contracts pursuant to which the Company has acquired or group disposed of, or is obligated to acquire or dispose of, a business or an entity, or a material portion of related agreements) for the assets of a business or entity, whether by way of merger, consolidation, purchase or sale of products stock, purchase or for the furnishing sale of assets, license or receipt of services (A) which calls for performance over a period of more than one yearotherwise, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in as to which the Company has granted manufacturing continuing material obligations or material rights, (iv) all Contracts concerning joint venture or partnership agreements, or the sharing of profits, (v) all Contracts whereby the Company leases, subleases, licenses, or otherwise holds any rights to use or occupy any interest in real property (the “most Real Property Leases”), (vi) all Contracts with respect to Indebtedness, (vii) all Contracts with any Governmental Authority, (viii) all Contracts listed on Schedule 3.10(b)(i), (ix) all Contracts listed on Schedule 3.10(b)(ii), (x) all Contracts that contain any “most-favored nation” pricing or similar pricing terms or provisions regarding minimum volumes, or exclusive marketing rebates, excluding any Contracts with such provisions that are for the benefit of Company, (xi) any collective bargaining agreements, (xii) all Contracts with respect to the employment of any individual on a full-time, part-time, consulting, or distribution rights relating other basis involving annual payments of more than $100,000 and that, in each case, is not immediately terminable by the Company without cost or Liability, (xiii) each Contract with any publisher that resulted in the payment by the Company to such publisher of an amount of $50,000 or more in the aggregate during the twelve month period ended December 31, 2013, and (xiv) all Contracts not made in the ordinary course of the Business consistent with past practice and that are material to the Business.
(b) Except as set forth on Schedule 3.11(b), correct and complete copies of the Material Contracts listed on Schedule 3.11(a), together with all modifications and amendments thereto, have previously been delivered or made available to Buyer. Except as set forth on Schedule 3.11(b), each of the Material Contracts is in full force and effect, is valid and enforceable in accordance with its terms, and is not subject to any products claims, charges, set-offs or territory defenses in connection with the enforcement by the Company of any rights thereunder. Except as set forth on Schedule 3.11(b), the Company is not in material default under, nor has any event occurred which with the giving of notice or has agreed the passage of time or both would constitute a material default by the Company under, or which would give rise to purchase goods any right of notice, modification, acceleration, payment, cancellation or services exclusively termination of or by another party under, or in any manner release any party thereto from a certain party;
(iii) any agreement whichmaterial obligation under, any Material Contract and, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any no other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreementmaterial default, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after occurred which with the giving of notice, with lapse notice or the passage of time, time or otherwise, both would constitute a breach material default by any other party, or default which would give rise to any right of notice, modification, acceleration, payment, cancellation or termination of or by the Company orunder, to the knowledge of the Companyor in any manner release any party thereto from any obligation under, any other party under such contractMaterial Contract. Except as set forth on Schedule 3.11(b), except for neither Seller nor the Company has been notified in writing by any breach, violation counterparty to any Material Contract that such counterparty is terminating or default that has not had and would not reasonably be anticipated intends to have a Company Material Adverse Effectterminate such Contract.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Lin Television Corp), Stock Purchase Agreement (LIN Media LLC)
Contracts. (a) Section 2.14 4.03 of the Company Disclosure Schedule lists Schedules sets forth a true and complete list of all Contracts of the following agreements types (whether written or oralx) to which the Company Seller is a party as or by which it is bound and (y) which are used or held for use in, or relate to, in whole or in part, the Business, or to which any of the date of this Agreement Purchased Assets is subject (other than the Transaction Documentationeach such Contract, a “Material Contract”):
(i) any agreement (Contract of any kind with any director, officer, or group employee of related agreements) for the lease Seller or any of personal property from its Affiliates, and any Assigned Contract or to third parties (A) which provides for lease payments in excess arrangement of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeany kind with any Affiliate of Seller;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt Contract that involves performance of services (A) which calls for performance over a period or delivery of more than one year, is not cancellable without penalty goods or materials by the Company on sixty (60) days or less prior written notice and involves more than the sum to Seller of an amount or value in excess of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party75,000;
(iii) any agreement which, to Contract providing for capital expenditures after the knowledge Effective Date in an amount in excess of $150,000 individually or in the Company, establishes a material joint venture or legal partnershipaggregate;
(iv) any agreement (Contract with a sales representative, dealer, broker, sales agency, advertising agency or group of related agreements) under other Person engaged in sales, distributing or promotional activities, or any Contract pursuant to which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on Seller acts as any of its assets, tangible or intangiblethe foregoing on behalf of any Person;
(v) any agreement that purports to limit Contract affecting the ownership of, leasing of, title to, use of or any material leasehold or other interest in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationreal property;
(vi) any employment agreement Contract that contains a lease, sublease or consulting agreement other contractual arrangement under which provides for payments in excess Seller is lessee of $50,000 per annum (any equipment or other tangible property, other than employment or consulting agreements terminable Contracts that may be terminated on less than thirty (30) days’ notice)days or less notice (without penalty or premium) or involve payments of less than $75,000 in any year;
(vii) except with respect to the Pipeline Loans, any agreement involving Contract pursuant to which Seller has made or will make loans or advances, or has or will have incurred debts or become a guarantor or surety or pledged its credit on or otherwise become responsible with respect to any officer, director Liability of another Person (except for the negotiation or stockholder collection of negotiable instruments in transactions in the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms ordinary course of which have been made available to Parentbusiness);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)Contract relating to material Indebtedness;
(ix) any agreement under which the consequences Contract involving a partnership, joint venture or any other cooperative undertaking involving a sharing of a default profits, losses, costs or termination would reasonably be expected to have a Company Material Adverse Effectliabilities between or among Seller and any other Person;
(x) any agreement which contains Contract that (A) materially limits the freedom of Seller to engage in any provisions requiring the Company line of business or to indemnify compete with any other party thereto Person; or (excluding indemnities contained B) restrains, restricts, limits or impedes the ability of Seller to compete with or conduct any business or line of business in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)any geographic area;
(xi) any agreementContract that is or contains a power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Seller, other than as contemplated by this Agreement, relating or Seller is granted the authority to the future sales act for or on behalf of securities of the Company; andany Person;
(xii) any Contract, whether or not fully performed, relating to any acquisition or disposition of any stock of, or any material portion of the assets of, Seller or any other agreement Person, or any acquisition or disposition of any subsidiary, division or line of business of Seller or any other Person;
(xiii) any Contract pursuant to which Seller has the right or group obligation to sell to any Person any Mortgage Loan;
(xiv) any Contract to which any In-Scope Employee is bound which in any manner purports to restrict such In-Scope Employee’s freedom to engage in any line of related agreementsbusiness or to compete with any other Person;
(xv) any Contract that grants to Seller a license or sublicense in any material Intellectual Property (Aother than for the use of commercially available, non-customized software);
(xvi) any Contract under which the Company is obligated Seller grants to make payments or incur costs in excess of $25,000 any third party a license in any year or material Intellectual Property; and
(Bxvii) not entered into in any other Contract necessary to operate the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to To Seller’s Knowledge, each Assigned Contract is binding against the Parent a complete other parties thereto in accordance with its respective terms and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed(assuming due power and authority of, and due execution and delivery by, the other party or parties thereto) is valid and binding on Seller in accordance with its terms (except as set forth in Section 2.14 may be limited by Laws applicable to receivership, bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar Laws relating to, or affecting generally, the enforcement of the Company Disclosure Schedule: (iapplicable creditors’ rights and remedies or by general principles of equity) the agreement and is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending . Neither Seller or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the CompanySeller’s Knowledge, any other party under such contract, except for any breach, violation thereto is in material breach of or default that under (or is alleged to be in breach of or default under), or has not had and provided or received any written notice of any intention to terminate, any Assigned Contract. No event or circumstance has occurred with respect to Seller that, with or without notice or lapse of time or both, would not reasonably be anticipated constitute an event of default under any Assigned Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder. To Seller’s Knowledge, no event or circumstance has occurred with respect to have any other party thereto that, with or without notice or lapse of time or both, would constitute an event of default under any Assigned Contract or result in a Company Material Adverse Effecttermination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Impac Mortgage Holdings Inc), Asset Purchase Agreement (Impac Mortgage Holdings Inc)
Contracts. (a) Section 2.14 Schedule 3.11 contains a complete and accurate list of the Company Disclosure Schedule lists the following agreements (whether written all existing Contracts and all amendments thereto and waivers thereunder of Seller or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):Subsidiary that:
(i) any agreement (or group of related agreements) for the lease of personal property from involve payments by or to third parties (A) which provides for lease payments Seller or a Subsidiary either of more than $100,000 per year or more than $250,000 in excess of $25,000 per annum or (B) which has a remaining the aggregate over the full term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticethereof;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyare with Business Employees;
(iii) contain any agreement which, to provision or covenant prohibiting or limiting the knowledge ability of Seller or a Subsidiary or a purchaser of the CompanyCATV Business to engage in any activity relating to or involving the CATV Business (including geographical restrictions) or to compete, establishes a material joint venture directly or legal partnershipindirectly, with any Person;
(iv) create or obligate Seller or a Subsidiary or a purchaser of the CATV Business to (i) provide funds to make any agreement investment in any Person (in the form of a loan, capital contribution, purchase of securities or group of related agreementsotherwise) under which it has created, incurred, assumed or guaranteed (ii) to participate in any joint venture or may create, incur, assume similar arrangement with respect to or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 affecting the CATV Business or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblethe Purchased Assets;
(v) any agreement that purports relate to limit in any material respect license affecting the right of CATV Business or the Company to engage in any line of business, or to compete with any person or operate in any geographical location;Purchased Assets; and
(vi) constitute any employment agreement other agreement, commitment, arrangement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been plan not made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences ordinary course of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating business that is material to the future sales of securities of the Company; and
CATV Business (xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xivi) collectively, the "Material Contracts").
(b) The Company has delivered aggregate remaining payment obligations under non-cancelable without premium or made available penalty (according to their terms) Assumed Contracts that are not required to be listed because they do not meet the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as dollar threshold amounts or other criteria set forth in Section 2.14 of the Company Disclosure Schedule: 3.11(a) will not exceed $100,000 for their remaining existing term (inot including any extensions or renewals thereof).
(c) the agreement Each Material Contract is a legal, valid, binding and enforceable obligation of against Seller or the Company applicable Subsidiary and, to Seller's knowledge, the other parties thereto in accordance with its terms and is in full force and effect. Except as set forth on Schedule 3.11, except as such enforceability may be limited neither Seller nor any Subsidiary has received any notice that it is in material default under applicable bankruptcyor in breach of or is otherwise delinquent in any material manner in performance under any Material Contract, insolvency and similar lawsand, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will notSeller's knowledge, as a result each of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease other parties thereto has performed all material obligations required to be a legalperformed by it under, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied is not in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or material default under, any such agreement, Material Contract and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of noticeoccurred that, with notice or lapse of time, or otherwiseboth, would constitute such a breach material default. Seller or default by the Company or, a Subsidiary has made available to the knowledge Buyer true and complete copies of the Company, any other party under such contract, except for any breach, violation or default that has not had all Material Contracts and would not reasonably be anticipated to have a Company Material Adverse Effectamendments thereto.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Emcore Corp), Asset Purchase Agreement (Agere Systems Inc)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral4.14(a) to which the Company is sets forth a party true, complete and accurate list, as of the date of this Agreement Agreement, of all of the following Contracts as amended to date which are currently in effect (other than the Transaction Documentationcollectively, “Material Contracts”):
(i) any agreement (all Contracts that require annual payments or group of related agreements) for the lease of personal property from expenses incurred by, or to third parties (A) which provides for lease annual payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by income to, the Company on sixty Group of US$200,000 or more (60other than standard purchase and sale orders entered into in the ordinary course of business consistent with past practices) days including sales, advertising, agency, sales promotion, market research, marketing or less prior written noticesimilar contracts;
(ii) each Contract with any agreement (or group current employee of related agreements) for the purchase or sale of products or for the furnishing or receipt of services Company Group (A) which calls has continuing obligations for performance over a period payment of more than one yearan annual compensation of at least US$200,000, and which is not cancellable terminable for any reason or no reason upon reasonable notice without penalty by the Company on sixty (60) days payment of any penalty, severance or less prior written notice and involves more than the sum of $25,000 per annum, or other obligation; (B) providing for severance or post-termination payments or benefits to such employee in which excess of US$60,000 (other than COBRA obligations or similar requirements under applicable local Law); or (C) providing for a payment or benefit in excess of US$60,000 upon the Company has granted manufacturing rights, “most favored nation” pricing provisions consummation of the transactions contemplated by this Agreement or exclusive marketing any Ancillary Agreement or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from as a certain partyresult of a change of control of the Company;
(iii) any agreement whichall Contracts creating a joint venture, strategic alliance, limited liability company or partnership arrangement to the knowledge which a member of the Company, establishes Company Group is a material joint venture or legal partnershipparty;
(iv) all Contracts relating to any agreement acquisitions or dispositions of assets of value in excess of US$100,000 by the Company Group (other than acquisitions or group dispositions of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any inventory in the ordinary course of its assets, tangible or intangiblebusiness consistent with past practices);
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of businessall IP Contracts, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under separately identifying all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) such IP Contracts under which the Company is obligated to make pay royalties thereunder and all such IP Contracts under which the Company is entitled to receive royalties thereunder;
(vi) all Contracts limiting the freedom of the Company Group to compete in any line of business or industry, with any Person or in any geographic area;
(vii) all Contracts providing for guarantees, indemnification arrangements and other hold harmless arrangements made or provided by the Company, including all ongoing agreements for repair, warranty, maintenance, service, indemnification or similar obligations, other than Standard Contracts;
(viii) all Contracts with or pertaining to the Company Group to which any Affiliate of the Company Group is a party, other than any Contracts relating to such Affiliate’s status as a Company Securityholder or Contracts entered into on arms’ length terms by which any Company Group company provides goods or services to any other Company Group company;
(ix) all Contracts relating to property or assets (whether real or personal, tangible or intangible) in which the Company Group holds a leasehold interest (including the Lease) and which involve payments or incur costs to the lessor thereunder in excess of $25,000 in any year US$200,000 per year;
(x) all Contracts creating or otherwise relating to outstanding Indebtedness (Bother than intercompany Indebtedness) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through aggregate that are valued at US$250,000 or greater;
(xi).
(b) The Company has delivered or made available all Contracts relating to the Parent a complete and accurate copy voting or control of each agreement listed in Section 2.14 the equity interests of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 Group or the election of directors of the Company Disclosure Schedule: Group (i) other than the agreement is a legal, valid, binding and enforceable obligation organizational or constitutive documents of the Company and Group);
(xii) all Contracts not cancellable by the Company Group with no more than ninety (90) days’ notice if the effect of such cancellation would result in full force and effect, except as monetary penalty to the Company Group in excess of US$200,000 per the terms of such enforceability Contract;
(xiii) all Contracts that may be limited under applicable bankruptcyterminated, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles the provisions of equity whether applied in a court of law or a court of equity; (ii) the agreement will notwhich may be altered, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby by this Agreement or thereby, cease to be a legal, valid, binding any Ancillary Agreement and enforceable obligation which constitute Material Contracts as defined by the other subsections of this Section 4.14(a);
(xiv) all Contracts under which any of the Companybenefits, except as such enforceability may compensation or payments (or the vesting thereof) will be limited under applicable bankruptcy, insolvency and similar laws, rules increased or regulations affecting creditors’ rights and remedies generally and to general principles accelerated by the consummation of equity, whether applied in a court of law the transactions contemplated by this Agreement or a court of equity and willany Ancillary Agreement, or to the amount or value thereof will be calculated on the basis of, the transactions contemplated by this Agreement or any Ancillary Agreement; and
(xv) all collective bargaining agreements or other agreement with a labor union, labor organization or works council or other representative of a group of employees.
(b) Each Material Contract is (i) a valid and binding agreement, (ii) in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither enforceable by and against the Company Group and, to the Company’s Knowledge, each counterparty that is party thereto, subject, in the case of this clause (iii), to the Enforceability Exceptions. Neither the Company Group nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company’s Knowledge, any other party under such contract, except for any breach, violation to a Material Contract is in material breach or default that (whether with or without the passage of time or the giving of notice or both) under the terms of any such Material Contract. The Company Group has not had assigned, delegated or otherwise transferred any of its rights or obligations under any Material Contract or granted any power of attorney with respect thereto.
(c) The Company Group is in compliance in all material respects with all covenants, including all financial covenants, in all notes, indentures, bonds and would other instruments or Contracts establishing or evidencing any Indebtedness. The consummation and closing of the transactions contemplated by this Agreement shall not reasonably be anticipated to have a Company Material Adverse Effectcause or result in an event of default under any instruments or Contracts establishing or evidencing any Indebtedness.
Appears in 2 contracts
Sources: Merger Agreement (Aerkomm Inc.), Merger Agreement (IX Acquisition Corp.)
Contracts. (a) Except as listed in Section 2.14 3.19(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which Letter, neither the Company nor any Company Subsidiary is a party as of the date of this Agreement (other than the Transaction Documentation):to or bound by:
(i) any agreement relating to Indebtedness (other than agreements among direct or group of related agreementsindirect wholly owned Company Subsidiaries) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice10,000;
(ii) any agreement (joint venture, partnership, limited liability company or group other similar agreements or arrangements relating to the formation, creation, operation, management or control of related agreements) for the purchase any partnership or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by joint venture material to the Company on sixty (60) days or less prior written notice and involves more than the sum any of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyits Subsidiaries;
(iii) any agreement whichor series of related agreements, including any option agreement, relating to the knowledge acquisition or disposition of the Companyany business or material real property (whether by merger, establishes a material joint venture sale of stock, sale of assets or legal partnershipotherwise);
(iv) except as set forth under the caption “Related Party Revenue” in footnote 2 and in footnotes 6 and 7 to the financial statements contained in the Company’s Form 10-Q for the quarter ending September 30, 2007, except as set forth under the caption “Certain Relationships and Related Transactions” in the Company’s definitive proxy statement on Form 14A for the Company’s June 20, 2007 annual meeting of stockholders, and except for Warrants disclosed in Section 3.3(a) of the Company Disclosure Letter, any agreement entered into with (A) any Person directly or group indirectly owning, controlling or holding with power to vote, 5% or more of related agreementsthe outstanding voting securities of the Company or any Company Subsidiary, (B) under any Person 5% or more of the outstanding voting securities of which it has createdare directly or indirectly owned, incurred, assumed controlled or guaranteed held with power to vote by the Company or any Company Subsidiary or (C) any current or may create, incur, assume former director or guaranteeofficer of the Company or any Company Subsidiary or any “associates” or members of the “immediate family” (as such terms are respectively defined in Rule 12b-2 and Rule 16a-1 of the Exchange Act) indebtedness (including capitalized lease obligations) involving more than $25,000 of any such director or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleofficer;
(v) any agreement (including any exclusivity agreement) that purports to limit or restrict in any material respect either the right type of business in which the Company or the Company Subsidiaries (or, after the Effective Time, the Surviving Corporation or its Subsidiaries) may engage or the manner or locations in which any of them may so engage in any business (including any covenant not to compete or not to solicit employees) or which could require the disposition of any material assets or line of business of the Company to engage in any line of businessor the Company Subsidiaries or, after the Effective Time, the Surviving Corporation or to compete with any person or operate in any geographical locationits Subsidiaries;
(vi) any employment sales, distribution, agency, commission-based or other similar agreement providing for the sale by the Company or consulting agreement which provides for any Company Subsidiary of materials, supplies, goods, services, equipment or other assets involving payments to or by the Company or any Company Subsidiary in excess of $50,000 per annum (other than employment 100,000 in the aggregate or consulting agreements terminable on less than thirty (30) days’ notice)that are otherwise material to the Company and the Company Subsidiaries taken as a whole;
(vii) other than agreements with content suppliers and agreements pursuant to which the Company received or made, or reasonably expects to receive or make, payment of less than $50,000 in any calendar year, any agreement involving with a term longer than one year that cannot be cancelled upon 60 days notice without any officermaterial penalty, director premium or stockholder other liability or that provides for continuing indemnification obligations of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)its Subsidiaries;
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)with any Governmental Entity;
(ix) any agreement under which the consequences of a default relating to any interest rate, currency or termination would reasonably be expected to have a Company Material Adverse Effectcommodity derivatives or hedging transaction;
(x) any agreement (including keepwell agreement) under which contains (A) any provisions requiring Person has directly or indirectly guaranteed any liabilities or obligations of the Company or to indemnify any Company Subsidiary or (B) the Company or any Company Subsidiary has directly or indirectly guaranteed liabilities or obligations of any other party thereto Person (excluding indemnities contained in agreements each case other than endorsements for the purchase, sale or license purpose of products entered into collection in the Ordinary Course ordinary course of Businessbusiness);
(xi) any agreement, “take-or-pay” agreements or agreements with “most-favored nations” pricing or other than as contemplated by this Agreement, relating to the future sales of securities of the Companyterms; andor
(xii) any other agreement (the termination or group breach of related agreements) (A) under which or the Company is obligated failure to make payments or incur costs obtain consent in excess respect of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described reasonably likely to result in clauses (i) through (xi)a Company Material Adverse Effect.
(b) The Company has delivered agreements, commitments, arrangements and plans listed or made available required to the Parent a complete and accurate copy of each agreement be listed in Section 2.14 3.19(a) of the Company Disclosure Schedule. With respect to each agreement so listedLetter, and except as set forth together with the Intellectual Property Licenses listed in Section 2.14 3.18(j), are referred to herein as the “Company Contracts”. Each Company Contract is a valid and binding agreement of the Company Disclosure Schedule: (i) or a Company Subsidiary, as the agreement case may be, and is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable by bankruptcy, insolvency insolvency, moratorium and other similar laws, rules or regulations laws affecting creditors’ the enforcement of creditors rights and remedies generally and to by general principles of equity (regardless of whether applied enforceability is considered in a court of proceeding at law or a court of in equity; (ii) the agreement will not), as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge none of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company Subsidiary or, to the knowledge of the Company, any other party thereto is in default or breach in any material respect under the terms of, or has provided any notice of any intention to terminate, any such contractCompany Contract and, except for to the knowledge of the Company, no event or circumstance has occurred, or will occur by reason of this Agreement or the consummation of any breachof the Transactions contemplated hereby, violation that, with notice or lapse of time or both, would constitute any event of default that has not had thereunder or would result in a termination thereof. True, correct and would not reasonably be anticipated complete copies of (i) each such Company Contract (including all modifications and amendments thereto and waivers thereunder) and (ii) all form contracts, agreements or instruments used in and material to the Business have a Company Material Adverse Effectbeen made available to Parent.
Appears in 2 contracts
Sources: Merger Agreement (Amazon Com Inc), Merger Agreement (Audible Inc)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction DocumentationDocumentation (as hereinafter defined)):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 75,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum75,000, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes is a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 75,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xix) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the CompanyCompany other than outstanding stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent ; and
(xiixi) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 75,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity equity, whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to will be in full force and effect immediately following the Effective Time in accordance with the terms thereof as in effect immediately prior to the ClosingEffective Time; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Enumeral Biomedical Holdings, Inc.), Merger Agreement (Enumeral Biomedical Holdings, Inc.)
Contracts. (a) As of the Agreement Date, none of the Company or any Company Subsidiary is a party to any Contract required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act (a “Filed Company Contract”) that has not been so filed.
(b) Section 2.14 3.17(b) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Letter sets forth, as of the date Agreement Date, a true and complete list of this Agreement the following Contracts of the Company or any Company Subsidiary, and (other than any Filed Company Contract that has been filed with the Transaction Documentation):SEC in unredacted form prior to the Agreement Date) the Company has Made Available true and complete copies of each such Contract:
(i) any agreement (Contract under which the Company or group any of related agreements) for the lease of personal property from or Company Subsidiaries is contractually obligated to third parties (A) which provides for lease make payments in excess of $25,000 per annum or (B) which has a 5,000,000 over the remaining term longer than 12 months and is not cancellable without penalty by of such Contract or after the Company on sixty (60) days or less prior written notice;Agreement Date;
(ii) any agreement material In-bound License or Out-bound License;
(iii) all research and development Contracts, Clinical Trial agreements, clinical research agreements, manufacture or group supply agreements, distribution agreements, or similar Contracts, in each case (x) relating to a Product Candidate and (y) that is material to the Company and its Subsidiaries taken as a whole;
(iv) all leases, subleases, sub-subleases and licenses to which the Company or any Company Subsidiary is a party with respect to real property (“Real Estate Leases”);
(v) all leases of related agreementspersonal property involving annual payments in excess of $1,500,000;
(vi) for any Contract pursuant to which the purchase Company or any Company Subsidiary has continuing obligations or interests involving (1) the achievement of regulatory or commercial milestones or other similar contingent payments in excess of $3,000,000 or (2) payment of royalties or other amounts calculated based upon any revenues or income of the Company or a Company Subsidiary that cannot be terminated by the Company or a Company Subsidiary without penalty or further payment without more than three (3) months’ notice;
(vii) any Contract relating to the disposition of any material business or material assets pursuant to which the Company or any Company Subsidiary has continuing obligations, other than the sale of products or for services in the furnishing ordinary course of business (whether by merger, sale of stock, sale of assets or receipt otherwise) by the Company or any of services the Company Subsidiaries;
(viii) any Contract relating to the acquisition of any material business or material assets (whether by merger, sale of stock, sale of assets or otherwise), other than purchases of supplies, inventory and equipment in the ordinary course of business, that (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumany Company Subsidiary has entered into since December 27, 2019 or (B) contains any outstanding non-competition, earn-out or other contingent payment obligations or any other outstanding material obligation of the Company or any of the Company Subsidiaries;
(ix) to the extent not contemplated by Section 3.17(b)(ii) or Section 3.17(b)(x) or any exceptions thereto or the exceptions to the definitions of In-Bound License or Out-Bound License, any Contract that imposes licensing, co-promotion or collaboration obligations with respect to a Product Candidate, which obligations are material to the Company and any Company Subsidiary, taken as a whole;
(x) any Contract for a material joint venture, partnership, strategic alliance or similar agreement or arrangement (excluding licensing and collaboration agreements);
(xi) any Contract that would constitute a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K promulgated under the Securities Act);
(xii) any Contract pursuant to which any amount of Indebtedness of the Company or any of the Company Subsidiaries in excess of $10,000,000 is outstanding or may be incurred by its terms, other than any such agreement solely between or among the Company and the wholly owned Company Subsidiaries or between or among wholly owned Company Subsidiaries;
(xiii) any Contract granting a Lien (other than a Permitted Lien) over the material property or assets of the Company or any of the Company Subsidiaries;
(xiv) other than with Parent or any of its Affiliates, any shareholders’, investors rights’, registration rights or similar Contract that provides for voting obligations, registration rights, sale restrictions or transfer restrictions with respect to any equity securities or voting interests in the Company or a Company Subsidiary, providing any Person with any preemptive right, right of participation, information right or similar right with respect to any equity securities or voting interests in the Company or a Company Subsidiary, or providing the Company or a Company Subsidiary with any right of first refusal with respect to, or right to repurchase or redeem, any equity securities or voting interests in the Company or a Company Subsidiary, other than, with respect to any right to repurchase or redeem equity securities in the Company, in connection with any Company Share Award issued under the Company Share Plans;
(xv) any material Contract to which the Company has granted manufacturing rightsor any Company Subsidiary is a party, “most favored nation” pricing provisions or exclusive marketing by which any of them are bound, the ultimate contracting party of which is a Governmental Entity (including any subcontract with a prime contractor or distribution rights relating other subcontractor who is a party to any such Contract);
(xvi) any material Contract: (A) containing any provision or covenant that limits the freedom of the Company or any of the Company Subsidiaries to: (x) sell any products or territory services of or has agreed to purchase goods any other Person or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to geographic region; (y) engage in any line of business; or (z) compete with or to obtain products or services from any Person or limiting the ability of any Person to provide products or services to the Company or any Company Subsidiary other than Contracts containing customary provisions restricting solicitation or hiring of employees or contractors and agreements with recruiting agencies pursuant to which such agencies are granted the exclusive right to identify candidates for employment; (B) requiring the Company or a Company Subsidiary to deal exclusively with, or to compete with purchase its total requirements of any person product or operate in service from, a third party or that contains “take or pay” provisions or that provides rights of first refusal, first offer or similar preferential rights to any geographical location;supplier, distributor or contractor; or (C) containing a “most-favored-nation,” or best pricing or other similar term or provision; and
(vixvii) any employment agreement material Contract between the Company or consulting agreement which provides for payments in excess any of $50,000 per annum the Company Subsidiaries, on the one hand, and, on the other hand, any (A) present executive officer or director of either the Company or any of the Company Subsidiaries (other than employment customary indemnification agreements with the Company’s directors and officers that are substantially consistent with the form of indemnification agreement with directors and officers filed as an exhibit to the Company SEC Documents prior to the Agreement Date); (B) record or consulting agreements terminable on less beneficial owner of more than thirty five percent (305%) days’ notice);
of the Company Common Shares outstanding as of the Agreement Date (viiother than Parent, SMP or any of their respective Affiliates) or (C) to the Knowledge of the Company, any agreement involving Affiliate or “associate” or any member of the “immediately family” (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any such officer, director or stockholder beneficial owner (other than Parent, SMP or any of their respective Affiliates); provided that the following Contracts will not be required to be listed on Section 3.17(b) of the Company Disclosure Letter, will not be required to be Made Available to Parent pursuant to this Section 3.17(b), and will not be deemed a “Material Contract” for any purposes hereunder (whether or not a Filed Company Contract): (1) any Company Benefit Plan, (2) any Contract between the Company, on the one hand, and one or more wholly owned Company Subsidiaries, on the other hand, or between one or more wholly owned Company Subsidiaries or (3) any Contract between the Company or any affiliate Company Subsidiary, on the one hand, and SMP, Parent or any of their respective Affiliates, on the other hand (as defined any such Contract in Rule 12b-2 under the Exchange Actclauses (1), (2) thereof or (3), an “AffiliateExcluded Contract”). Each Contract described in this Section 3.17(b) (and each Filed Company Contract, in each case, other than stock subscriptionany Excluded Contract, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available is referred to Parent);herein as a “Material Contract.”
(viiic) any agreement Except for matters which, individually or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company each Material Contract is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and legally enforceable obligation of the Company or one of the Company Subsidiaries, as the case may be, and, to the Knowledge of the Company, of the other parties thereto, except, in each case, as enforcement may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity, and (ii) in full force and effect, except as such enforceability may be limited under applicable bankruptcyexcept, insolvency and similar laws, rules in the case of clauses (i) or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not), with respect to any Material Contract which expires by its terms (as a result in effect as of the execution and delivery by the Company of this Agreement Date) or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect which is terminated in accordance with the terms thereof (other than as a result of a breach) by any party thereto in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge ordinary course of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, business. Except for matters which, after individually or in the giving of noticeaggregate, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has have not had and would not reasonably be anticipated expected to have a Company Material Adverse Effect, none of the Company or any Company Subsidiary is (with or without notice or lapse of time, or both) in breach of or default under any such Material Contract and no event has occurred that gives any third party to a Material Contract the right to accelerate the maturity or performance of any Material Contract or the right to cancel, terminate or materially modify any Material Contract. Except for matters which, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company, no other party to any such Material Contract is (with or without notice or lapse of time, or both) in breach thereof or default thereunder (and neither the Company nor any Company Subsidiary has waived or failed to enforce any material rights or material benefits under any Material Contract).
Appears in 2 contracts
Sources: Merger Agreement (Myovant Sciences Ltd.), Agreement and Plan of Merger (Myovant Sciences Ltd.)
Contracts. (a) Section 2.14 Section 3.17(a) of the Company Disclosure Schedule lists sets forth a true and complete list, and the following agreements (whether written or oral) Company has made available to the Subscriber prior to the date hereof true and complete copies, of each Contract to which any member of the Company Group is a party as of the date of this Agreement that (other than than, in each case, any Contract between the Transaction DocumentationCompany or any wholly owned Company Subsidiary, on the one hand, and any other wholly owned Company Subsidiary, on the other hand):
(i) is an Affiliate Contract;
(ii) is a lease, sublease, license, occupancy agreement, concession or other Contract with respect to any agreement Leased Real Property (or group of related agreementsthe “Real Property Leases”) for the lease of personal property from or to third parties (A) which provides for lease that involves aggregate annual payments in excess of $25,000 500,000;
(iii) is a Contract involving aggregate consideration in excess of $3,000,000 per annum year (whether payable or (B) which has a remaining term longer than 12 months and is not cancellable without penalty receivable by the Company on sixty Group) and that cannot be cancelled by the Company Group without penalty or without more than ninety (6090) days or less prior written days’ notice;
(iiiv) any agreement is a partnership, joint venture or similar arrangement;
(or group of related agreementsv) for the purchase or sale of products or for the furnishing or receipt of services contains (A) which calls for performance over a period covenants of more than one year, is not cancellable without penalty by the Company on sixty (60) days Group purporting to limit either the type or less prior written notice and involves more than the sum line of $25,000 per annum, or (B) business in which the Company has granted manufacturing rightsGroup may engage or the geographic area in which any of them may so engage, (B) “take or pay,” “requirements” or other similar provisions obligating a Person to provide the quantity of goods or services required by another Person or (C) pricing or margin provisions that provide “most favored nation” pricing or similar provisions or exclusive marketing or distribution rights relating with respect to any products or territory or has agreed to purchase goods or services exclusively from a certain partypricing;
(iiivi) evidences the creation, incurrence, assumption or guarantee of Indebtedness of the Company Group in an amount in excess of $1,000,000, or creation or incurrence of any Lien on any material property or asset of the Company Group;
(vii) grants any rights of first refusal, rights of first negotiation or other similar rights to any Person with respect to the sale, transfer, pledge or disposition of any business, property or asset, or any Equity Security, of the Company Group;
(viii) provides for the acquisition or disposition of any business (or material properties or assets) of or by the Company Group (including Equity Securities) (whether by merger, sale of Equity Securities, sale of assets, or otherwise), other than (1) Contracts entered prior to March 31, 2020 with no remaining material obligations, (2) any agreement whichContract that provides for the acquisition or disposition of inventory or supplies of or by the Company or any Company Subsidiary in the ordinary course of business and (3) nonexclusive licenses of Intellectual Property to any customer of the Company or any Company Subsidiary in the ordinary course of business;
(ix) is a settlement Contract which materially affects the conduct of the Company Group’s businesses;
(x) imposes exclusivity (other than non-competition covenants, which are addressed by clause (v) above) or non-solicitation obligations on the Company Group, except for Contracts entered into in the ordinary course of business which impose exclusivity or non-solicitation obligations that are not material to the Company Group;
(xi) requires the Company Group to make any capital commitment or capital expenditure in excess of $1,000,000 during any twelve -month period;
(xii) is (A) a Contract pursuant to which the Company Group is granted rights under Intellectual Property of a third party that is material to the conduct of businesses of the Company Group other than Excluded Inbound Licenses, (B) a Contract pursuant to which the Company Group has granted rights under any Company Owned IP that is material to the business of the Company Group to any third parties, excluding Excluded Outbound Licenses, or (C) a Contract to which the Company Group is a party or bound, which restricts, in any material respect, the right of the Company Group to use or exploit any Company Owned IP which is material to the businesses of the Company Group, excluding Excluded Inbound Licenses and Excluded Outbound Licenses; or
(xiii) is a Contract with a Significant Supplier, Significant Customer or Significant Distributor (each, as defined below) or a Governmental Entity, other than (A) purchase orders entered into in the ordinary course of business or (B) requests for quotations or development Contracts with Significant Customers entered into in the ordinary course of business.
(b) Each Contract listed (or required to be listed) on Section 3.17(a) of the Company Disclosure Schedule (and any Contract entered into after the date hereof in accordance with, and not in violation of, the provisions of Section 5.01 that would have been listed (or required to be listed) on Section 3.17(a) of the Company Disclosure Schedule if it was entered into prior to the date hereof) is referred to herein as a “Company Material Contract.” No member of the Company Group is in breach of or default under the terms of any Company Material Contract (and the Company Group has not received any written notice regarding any such breach or default), and, to the knowledge of the Company, establishes no event has occurred that with notice or lapse of time or both would constitute a material joint venture breach or legal partnership;
(iv) default thereunder by any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right member of the Company to engage in any line of businessGroup, where such breach or to compete default, individually or together with any person other such breaches or operate in any geographical location;
(vi) any employment agreement defaults, has been or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring be material to the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for Group, taken as a whole. To the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities knowledge of the Company; and
(xii) , no other party to any Company Material Contract is in breach of or in default under the terms of any Company Material Contract where such breach or default, individually or together with other agreement (such breaches or group of related agreements) (A) under which defaults, has been or would reasonably be expected to be material to the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of BusinessGroup, in each case which is not otherwise described in clauses (i) through (xi).
(b) The taken as a whole. Each Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Material Contract is a legal, valid, valid and binding and enforceable obligation of the Company Group and is in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior subject to the Closing; Bankruptcy and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectEquity Exception.
Appears in 2 contracts
Sources: Sale and Subscription Agreement (Allegro Microsystems, Inc.), Sale and Subscription Agreement (Allegro Microsystems, Inc.)
Contracts. (a) Section 2.14 2.12 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company or any Company Subsidiary is a party as of the date of this Agreement (other than the Transaction DocumentationDocumentation (as hereinafter defined)):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 250,000 per annum or (B) and which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum250,000, or (B) in which the Company or any Company Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(viiv) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viiivi) any agreement or commitment for capital expenditures in excess of $25,000250,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 1,000,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiivii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 250,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)year.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.12 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.12 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; and (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor any Company Subsidiary nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or any Company Subsidiary or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (ViewRay, Inc.), Merger Agreement (ViewRay, Inc.)
Contracts. (a) Section 2.14 SECTION 5.13 of the Company ▇▇▇▇▇▇▇▇ and Acquisition Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is contains a party complete and correct list as of the date hereof of this Agreement all material agreements, contracts and commitments of the following types (other than the Transaction Documentation):and all amendments thereto), written or oral, to which ▇▇▇▇▇▇▇▇ or Acquisition are a party or by which any of its properties is bound:
(i) notes, agreements, mortgages, indentures, security agreements and other instruments relating to the borrowing of money or evidence of credit or the deferred purchase price of property, or the direct or indirect guarantee by such entities of any agreement (such indebtedness or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticedeferred purchase price;
(ii) any agreement leases of real property and material personal property (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more other than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyLeases);
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipJoint Venture agreements;
(iv) management, employment and consulting agreements or other contracts for personal services that are not terminable by any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving such entities on not more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleone month's notice without penalty;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of businessagreements providing for liability for severance pay, collective bargaining agreements, labor contracts, or to compete with any person labor or operate in any geographical locationpersonnel policies;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)material surety, performance and maintenance bonds;
(vii) any agreement involving plan, contract or arrangement providing for bonuses, pensions, deferred compensation, retirement plan payments, profit sharing, incentive pay, or for any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)employee benefit plan;
(viii) any agreement brokerage or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)finder's agreements;
(ix) any agreement under which that (a) restricts the consequences right of a default such entities to engage in any place in any line of business, other than in the ordinary course of business or termination (b) would reasonably be expected restrict the right of ▇▇▇▇▇▇▇▇ or any subsidiary of ▇▇▇▇▇▇▇▇ to have a Company Material Adverse Effect;engage in any line of business after the Closing Date, other than in the ordinary course of business; and
(x) any contract, commitment or agreement which contains any provisions requiring the Company that individually or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreementaggregate is material to ▇▇▇▇▇▇▇▇ and Acquisition, other than as except contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (Agreement or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course ordinary course of Business, in each case which is not otherwise described in clauses (i) through (xi)business and consistent with past practice.
(b) The Company has delivered or ▇▇▇▇▇▇▇▇ and Acquisition have made available to the Parent a Citadel complete and accurate copy correct copies of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedall material written agreements, contracts and commitments, together with all amendments thereto, and except as set forth accurate (in Section 2.14 all material respects) descriptions of the Company Disclosure Schedule: (i) the agreement is a legalall material oral agreements. Such agreements, valid, binding contracts and enforceable obligation of the Company and commitments are in full force and effect, except as and all of such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norentities and, to the knowledge best of the Company▇▇▇▇▇▇▇▇'▇ and Acquisition's knowledge, all other parties to such agreements, contracts and commitments have performed all obligations required to be performed by them to date thereunder in all material respects and are not in default thereunder in any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectmaterial respect.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Lonestar Hospitality Corp /Tx/), Merger Agreement (Lonestar Hospitality Corp /Tx/)
Contracts. (a) Section 2.14 2.15 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company or any Company Subsidiary is a party as of the date of this Agreement (other than the Transaction DocumentationDocumentation (as hereinafter defined)):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 100,000 per annum or and (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 100,000 per annum, or (B) in which the Company or any Company Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 100,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 250,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000100,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 500,000 in the aggregate for all projects);
(ix) any other agreement under which required to be filed as an exhibit to the consequences of a default or termination would reasonably be expected to have a Company Material Adverse EffectSuper 8-K;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the CompanyCompany or any Company Subsidiary; and
(xiixi) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 100,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.15 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.15 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and willequity, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor any Company Subsidiary nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or any Company Subsidiary or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Miramar Labs, Inc.), Merger Agreement (Miramar Labs, Inc.)
Contracts. (aSection 3.3(o) Section 2.14 of the Company Disclosure Schedule lists contains a complete list of the following agreements (whether undischarged written or oral) contracts, agreements, leases and other instruments to which the Company is a party as of the date of this Agreement (other than the Transaction Documentationeach, a “Contract” and collectively, “Contracts”):
(i1) any agreement employment agreements;
(or group of related 2) consulting agreements;
(3) collective bargaining agreements;
(4) agreements for the lease payment of severance benefits, retention bonuses or sale bonuses to any employee;
(5) contracts for the purchase of equipment, inventory, or other personal property or intangibles having a purchase price under any such contract in excess of $100,000;
(6) contracts for the sale of any equipment, inventory or other personal property or intangibles, except for sales of inventory in the ordinary course of business;
(7) leases or subleases, either as lessee or sublessee, lessor or sublessor, of personal property from or to third parties (A) which intangibles, where the lease or sublease provides for lease payments an annual rent in excess of $25,000 per annum or has an unexpired term as of the Closing Date in excess of one (1) year;
(8) agreements restricting in any manner the Company’s right to compete with any other Person, restricting the Company’s right to sell to or purchase from any other Person, restricting the right of any other party to compete with the Company or the ability of such Person to employ any of the Company’s employees;
(9) agreements between (A) the Company and any of its Affiliates, (B) the Company and any Seller or Affiliate of such Seller or (C) the Sellers;
(10) agreements of agency, representation, distribution, or franchise which has a remaining term longer than 12 months and is cannot cancellable without penalty be canceled by the Company on without payment or penalty upon notice of sixty (60) days or less prior written noticeless;
(ii11) service agreements relating to the Business or any of the Company’s assets under which the annual amounts payable by the Company exceeds $25,000 or which have an unexpired term as of the Closing Date in excess of one (1) year;
(12) loan or credit agreements, pledge agreements, notes, security agreements, mortgages, debentures, indentures, factoring agreements or letters of credit;
(13) guaranties, performance, bid or completion bonds, or surety or indemnification agreements;
(14) foreign exchange, commodity, interest rate, derivative, hedging or similar agreements;
(15) settlement agreements or similar compromises relating to outstanding obligations;
(16) partnership agreements or joint venture agreements or other contracts (however named) involving a sharing of profits, losses, costs, or liabilities by the Company and another Person;
(17) any agreement (other agreements which provide for the receipt or group expenditure of related agreements) more than $50,000 on an annual basis, except agreements for the purchase or sale of products goods or for the furnishing or receipt rendering of services in the ordinary course of business; or
(A18) which calls for performance over a period any commitment to enter into any of more than one yearthe foregoing. All Contracts are binding upon the Company, is not cancellable without penalty and, to Sellers’ knowledge, the other parties thereto. No material default by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichoccurred thereunder and, to the knowledge of the CompanySellers’ knowledge, establishes a no material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be other contracting parties has occurred thereunder. Each Contract is in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to it being understood that this sentence shall not limit the knowledge of qualifiers set forth in the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effecttwo immediately preceding sentences).
Appears in 2 contracts
Sources: Equity Purchase Agreement (Craft Brewers Alliance, Inc.), Equity Purchase Agreement (Anheuser-Busch Companies, Inc.)
Contracts. (a) Section 2.14 of All material Contracts (collectively herein called the “Company Disclosure Schedule lists the following agreements (whether written or oralContracts” and individually a “Company Contract”) to which the a Target Company is a party as party, that are used in the Business are listed on Section 4.12(a) of the date Disclosure Schedule. In addition, Section 4.12(a) of this Agreement (other than the Transaction Documentation):Disclosure Schedule includes:
(i) any agreement Contracts with customers pursuant to which a Target Company gathers, processes, treats, fractionates, transports, stores, sells or purchases Hydrocarbons or the products therefrom or water, or provides services related thereto;
(or group of related agreementsii) any Contracts for the lease construction of personal property from gathering or to third parties (A) other pipeline systems or processing, fractionation or storage facilities other than any such Contracts requiring aggregate payments of less than $250,000 or which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty are terminable by the applicable Target Company on sixty (60) days days’ notice or less prior written noticewithout payment by any Target Company or any penalty;
(iiiii) each Contract that constitutes a pipeline interconnect agreement or a facility operating agreement;
(iv) any agreement Contracts (or group of related agreementsA) for the purchase or sale of products any asset, equipment, supplies, goods or property or provision of any service or (B) that grant a right or option to purchase or sell any asset or property or receive services other than, in each case, any such Contracts requiring aggregate payments of less than $250,000;
(v) any Contracts providing for the furnishing lease of any item or receipt items of services (A) personal property with annual rental expense under such lease in excess of $250,000 other than any such Contracts which calls for performance over a period of more than one year, is not cancellable without penalty are terminable by the applicable Target Company on sixty (60) days days’ notice or less prior written notice and involves more than the sum of $25,000 per annum, without payment by a Target Company or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partypenalty;
(iiivi) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) Contracts under which it a Target Company has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleoutstanding Debt;
(vvii) any agreement that purports to limit in Contracts between (A) a Target Company, on the one hand, and any material respect current or former employee, officer, manager, member or Affiliate of a Target Company, on the right other hand, (B) a Target Company and any Employee, or (C) a Target Company and one or more of the Company to engage in Members or any line of business, or to compete with any person or operate in any geographical locationtheir respective Employees;
(viviii) any employment collective bargaining Contracts;
(ix) any outstanding futures, swap, collar, put, call, floor, cap, option, hedging, forward sale or other derivative Contracts involving Hydrocarbons or other commodity sales or trading;
(x) any partnership, joint venture, strategic alliance or limited liability company agreements;
(xi) except as contemplated by clauses (i) and (ii) above, any sales, distribution or other similar agreement providing for the sale by any Target Company of materials, supplies, goods, services, equipment or consulting agreement which other assets that provides for annual payments in excess to such Target Company of $50,000 per annum 250,000 or more;
(xii) Contracts relating to the acquisition (by merger, purchase of stock or assets or otherwise) by a Target Company of any operating business or equity interests of any other Person other than employment the MHA Acquisition;
(xiii) any Contract under which a Target Company has made advances or consulting agreements terminable loans or payments to any other Person;
(xiv) any material management Contract or any material Contract with independent contractors or consultants (or similar arrangements) that are not cancelable without penalty or further payment and on less not more than thirty (30) days’ notice);
(viixv) any agreement involving any officer, director employment or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any consulting agreement or commitment for capital expenditures in excess of $25,000indemnification agreement with any officers, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default managers, equityholders, employees or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Companyagents; and
(xiixvi) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) Contract not entered into described in the Ordinary Course of Business, in each case which is not otherwise described in foregoing clauses (i) through (xi)xvi) pursuant to which the Company has future liability in excess of $250,000 for any year or $1,000,000 in the aggregate and that cannot be terminated by the Company on not more than sixty (60) days’ notice without payment or penalty.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except Except as set forth in Section 2.14 4.12(b) of the Company Disclosure Schedule: (i) the agreement is a legal, validall Company Contracts are valid and binding, binding and enforceable obligation of the Company and in full force and effecteffect and enforceable against the parties thereto in accordance with their respective terms, except as such enforceability may be limited under applicable by bankruptcy, insolvency and insolvency, moratorium or other similar laws, rules laws affecting or regulations affecting relating to the enforcement of creditors’ rights and remedies generally and to the application of general principles of equity (regardless of whether applied that enforceability is considered in a court of Proceeding at law or in equity). Except as set forth in Section 4.12(b) of the Disclosure Schedule, each Target Company has performed, in all material respects, all obligations and is not in breach or default, in any material respect, under any Company Contract. Except as set forth in Section 4.12(b) of the Disclosure Schedule, to the Company’s Knowledge, no event has occurred, which after notice or lapse of time, or both, would constitute a court material default by a Target Company under any Company Contract or, to the Company’s Knowledge, any other party to any Company Contract.
(c) Except as set forth in Section 4.12(c) of equity; the Disclosure Schedule, and except for this Agreement, no Target Company is a party to, and the Properties are not subject to any Contract that:
(i) prohibits a Target Company from competing in any line of business or in any geographic area or from soliciting or hiring any person with respect to employment;
(ii) requires a Target Company to acquire (by merger, purchase of stock or assets or otherwise) any operating business or material assets or equity interests of any Person;
(iii) provides for the agreement will notdeferred payment of any purchase price including any “earnout” or other contingent fee management;
(iv) grants to a third Person a right of first refusal, option, preferential right or similar right to acquire Properties or the Business or any portion thereof;
(v) grants “most favored nation” pricing to a customer or counterparty;
(vi) would require a payment to be made by a Target Company at or following the Closing as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease hereby;
(vii) involves a prepayment by a counterparty to a Target Company for services to be a legal, valid, binding and enforceable obligation of the Company, except as performed by such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to Target Company following the Closing; and or
(iiiviii) neither creates Debt for which a Target Company could have liability following the Company nor, to the knowledge Closing Date.
(d) Except as set forth in Section 4.12(d) of the CompanyDisclosure Schedule, and except for this Agreement, no Target Company is a party to, and the Properties are not subject to, any other party, is in breach Contract between a Target Company and a Member or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectits Affiliates.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Crestwood Midstream Partners LP)
Contracts. (a) Section 2.14 2.15 of the Company Disclosure Schedule lists the following agreements written arrangements (whether including without limitation written or oralagreements) to which the Company Seller is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any agreement written arrangement (or group of related agreementswritten arrangements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of involving more than $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeyear;
(ii) any agreement written arrangement (or group of related agreementswritten arrangements) for the purchase or sale of raw materials, commodities, supplies, products or for the furnishing or receipt of services other personal property (A) which calls for performance over a period of more than one year, is not cancellable including without penalty by the Company on sixty (60) days or less prior limitation any written notice and involves more than the sum of $25,000 per annum, or (B) arrangement in which the Company Seller has granted manufacturing rights, “"most favored nation” " pricing provisions or exclusive marketing or distribution rights relating to any products or territory territory, has agreed to purchase a minimum quantity of goods or has agreed to purchase goods exclusively from a certain party), involving more than $100,000 during the most recent twelve months or involving an obligation in excess of $100,000 to be performed after the Closing;
(iii) any written arrangement involving more than $100,000 (or group of related written arrangements) for the furnishing or receipt of services (including without limitation any written arrangement in which the Seller has agreed to purchase a minimum quantity of services or has agreed to purchase services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership);
(iv) any agreement written arrangement establishing a partnership or joint venture;
(v) any written arrangement (or group of related agreementswritten arrangements) under which it has created, incurred, assumed assumed, or guaranteed (or may create, incur, assume assume, or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 per year or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement written arrangement concerning confidentiality or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)noncompetition;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement written arrangement under which the consequences of a default or termination would reasonably be expected termination, any director, officer or member of management of the Seller has reason to believe, could have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring material adverse effect on the Company assets, business, financial condition, results of operations or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities prospects of the CompanySeller; and
(xiiviii) any other agreement written arrangement (or group of related agreementswritten arrangements) (A) under which the Company is obligated not described (without regard to make payments or incur costs dollar amount) in excess of $25,000 in any year or paragraphs (i) through (vii) above and (B) either involving more than $50,000 or not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company Seller has delivered or made available to the Parent Buyer a correct and complete and accurate copy of each agreement written arrangement (as amended to date) listed in Section 2.14 2.15 of the Company Disclosure Schedule. With respect to each agreement written arrangement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement written arrangement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, written arrangement is assignable by the Seller to the Buyer without the consent or approval of any party (except as a result set forth in Section 2.15 of the execution Disclosure Schedule) and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease will continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the CompanySeller, any other party, no party is in breach or violation of, or default under, any such agreementdefault, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, occurred which with notice or lapse of time, or otherwise, time would constitute a breach or default by or permit termination, modification, or acceleration, under the Company orwritten arrangement. The Seller is not a party to any oral contract, agreement or other arrangement which, if reduced to the knowledge written form, would be required to be listed in Section 2.15 of the Company, any other party Disclosure Schedule under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectthe terms of this Section 2.15.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Dynatech Corp), Asset Purchase Agreement (Telxon Corp)
Contracts. (a) Section 2.14 3.11(a) of the Company Merger Partner Disclosure Schedule lists the following agreements (whether written or oral) to which the Company Merger Partner or any of its Subsidiaries is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 150,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticesix months;
(ii) any agreement (or group of related agreements) that is not terminable without cause by Merger Partner with less than 120 days notice without penalty, including the payment of any termination fee or refund of amounts previously received, and that is for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) which involves an aggregate of more than $150,000 or (C) in which the Company Merger Partner or any of its Subsidiaries has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain particular party;
(iii) any agreement whichconcerning the establishment or operation of a partnership, to the knowledge of the Company, establishes a material joint venture or legal partnershiplimited liability company;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 150,000 or under which it has imposed (or may impose) a Security Interest Lien on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in for the disposition of any material respect the right significant portion of the Company to engage assets or business of Merger Partner or any of its Subsidiaries (other than sales of products in the Ordinary Course of Business) or any line agreement for the acquisition of business, the assets or to compete with business of any person other entity (other than purchases of inventory or operate components in any geographical locationthe Ordinary Course of Business);
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)agreement;
(vii) any agreement involving any current or former officer, director or stockholder of the Company Merger Partner or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)Affiliate thereof;
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected likely to have a Company Merger Partner Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company Merger Partner or any of its Subsidiaries to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(x) any agreement that could reasonably be expected to have the effect of prohibiting or impairing the conduct of the business of Merger Partner or any of its Subsidiaries or Public Company or any of its Subsidiaries as currently conducted and as currently proposed to be conducted;
(xi) any agreementagreement under which Merger Partner or any of its Subsidiaries is restricted from selling, other than as contemplated licensing or otherwise distributing any of its technology or products, or providing services to, customers or potential customers or any class of customers, in any geographic area, during any period of time or any segment of the market or line of business;
(xii) any agreement under which Merger Partner or any of its Subsidiaries has licensed any material Intellectual Property to or from any third party (excluding currently-available, off-the-shelf software programs that are licensed by this Agreement, relating Merger Partner or any of its Subsidiaries pursuant to “shrink wrap” licenses under which aggregate fees and royalties paid to the future sales licensor do not exceed $50,000 annually);
(xiii) any agreement that would entitle any third party to receive a license or any other right to intellectual property of securities Public Company or any of Public Company’s Affiliates following the CompanyClosing; and
(xiixiv) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of involving more than $25,000 in any year 150,000 or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company Merger Partner has delivered provided or made available to the Parent Public Company a complete and accurate copy of each agreement listed in Section 2.14 3.10 or Section 3.11 of the Company Merger Partner Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company Merger Partner nor any of its Subsidiaries nor, to the knowledge of the CompanyMerger Partner, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the CompanyMerger Partner, is threatened, which, after the giving of notice, with or without notice or lapse of time, or otherwiseboth, would constitute a breach breach, violation or default by the Company Merger Partner or any of its Subsidiaries or, to the knowledge of the CompanyMerger Partner, any other party under such contractagreement, except for any breachbreaches, violation violations or default that has defaults that, individually or in the aggregate, have not had had, and would are not reasonably be anticipated likely to have, a Merger Partner Material Adverse Effect. Neither Merger Partner nor any of its Subsidiaries has received any notice in writing from any other party, and, to the knowledge of Merger Partner, no party has threatened, to terminate, cancel, fail to renew or otherwise materially modify any such agreements the loss of which, individually or in the aggregate, is reasonably likely to have a Company Merger Partner Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Cornerstone BioPharma Holdings, Inc.), Merger Agreement (Critical Therapeutics Inc)
Contracts. (a) Section 2.14 Schedule 3.16 sets forth (with paragraph references corresponding to those set forth below) a true and complete list of the Company Disclosure Schedule lists the following written contracts, plans, licenses, undertakings, commitments, instruments or agreements (whether written or oral"Contracts") to which the Company Triton is a party or is bound as of the date of this Agreement (other than the Transaction Documentation):hereof, as follows:
(i) any agreement all Contracts (excluding Triton Benefit Plans) providing for a commitment of employment for a specified or group unspecified term or otherwise relating to employment, the termination of related agreements) employment, severance, personal services, consulting or indemnification for officers, directors or the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticelike;
(ii) all Contracts containing any agreement (provision or group covenant prohibiting or materially limiting the ability of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company Triton to engage in any line of business, business activity or to compete with any person or operate entity or prohibiting or materially limiting the ability of any person or entity to engage in any geographical locationbusiness activity or to compete with Triton;
(iii) all material partnership, joint venture, shareholders' or other similar Contracts with any person or entity;
(iv) all Contracts providing for the lending of money, whether as borrower, lender or guarantor that, individually or in the aggregate, exceed $50,000 and all related security agreements or similar agreements associated therewith that survive Closing;
(v) all Contracts (including so-called take-or-pay or keepwell agreements), under which Triton has directly or indirectly guaranteed indebtedness, liabilities or obligations of any person or entity (in each case other than endorsements for the purpose of collection in the Ordinary Course of Business) that, individually or in the aggregate, exceed $50,000;
(vi) any employment agreement all Contracts pending for the acquisition or consulting agreement which provides for payments in excess disposition, directly or indirectly (by merger or otherwise) of $50,000 per annum assets (other than employment or consulting agreements terminable on less than thirty (30coal) days’ notice)that individually exceed $1,000,000;
(vii) any agreement involving any officerall continuing Contracts for the future purchase or lease of materials, director supplies or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) equipment (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements contracts and orders for inventory in the forms Ordinary Course of which Business) that individually have been made available to Parent)an aggregate future liability that exceeds $1,000,000;
(viii) all Contracts pertaining to the ownership, operation or maintenance of any agreement or commitment for capital expenditures in excess and all facilities of $25,000Triton having a term greater than 90 days, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not which individually exceed $100,000 in the aggregate for all projects)4,000,000;
(ix) any other agreement under which (not expressly covered by one of the consequences other clauses of a default this Section 3.16(a)) of Triton (other than financing agreements and coal contracts) that requires annual payments to be made or termination would reasonably be expected to have a Company Material Adverse Effectreceived in excess of $50,000 and that is not cancelable with ninety (90) days notice;
(x) all Contracts between Triton, on one hand, and either Contributor or any agreement which contains any provisions requiring affiliate of such Contributor, on the Company or other hand;
(xi) all material Contracts relating to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license transport of products entered into coal and all agreements with coal brokers (in the Ordinary Course of Businesseach case, other than purchase orders);
(xixii) any agreementall Contracts for coal treatment and tippling;
(xiii) all material Contracts relating in whole or in part to the intellectual property of Triton;
(xiv) all collective bargaining or similar labor Contracts;
(xv) all guarantees, indemnities, letters of credit, letters of comfort, surety bonds, self-bonds, other bonds, including reclamation bonds, financial guaranty bonds, performance bonds and other obligations obtained or issued by the Contributors or Triton or their affiliates for the benefit of Triton or otherwise in force with respect to Triton (collectively, the "Guarantees");
(xvi) all Contracts (other than as contemplated by this AgreementAgreement and its governing documents) that survive the Closing and that (A) limit or contain restrictions on the ability of Triton to declare or make distributions with respect to, relating or to issue or purchase, redeem or otherwise acquire, its Triton Interests, to incur indebtedness, to incur or suffer to exist any Lien, to purchase or sell any assets and properties, to change the future sales lines of securities business in which it participates or engages or to engage in any merger or other business combination or (B) require Triton to maintain specified financial ratios or levels of the Companynet worth or other indicia of financial condition; and
(xiixvii) to the extent not otherwise set forth on Schedule 3.16, any other agreement (or group Contract the primary purpose of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not to indemnify or otherwise described in clauses (i) through (xi)make whole any person or entity with an indemnification or make whole obligation having a value that exceeds $50,000.
(b) The Company has delivered or True copies of the written Contracts identified in Schedule 3.16 have been made available to the Parent a complete and accurate copy MLP prior to the execution of each agreement listed in Section 2.14 of the Company Disclosure Schedulethis Agreement. With respect to each agreement so listed, and except Except as set forth in Section 2.14 on Schedule 3.16, Triton is not and, to the knowledge of the Company Disclosure Schedule: Contributors, no other party is in default under, or in breach or violation of (iand no event has occurred which, with notice or the lapse of time or both, would constitute a default under, or a breach or violation of) any term, condition or provision of any Contract identified on Schedule 3.16, except for defaults, breaches, violations or events which, individually or in the agreement is aggregate, are not reasonably likely to have a legalTriton Material Adverse Effect.
(c) Other than Contracts that have terminated or expired in accordance with their terms, each of the Contracts identified on Schedule 3.16 constitutes valid, binding and enforceable obligation obligations of Triton to the extent it is a party thereto and, to the knowledge of the Company Contributors, enforceable obligations of any other party thereto, in accordance with its terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general equitable principles (whether considered on a proceeding in equity or at law) and an implied covenant of good faith and fair dealing) and is in full force and effect, except as where such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, failure is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated likely to have a Company Triton Material Adverse Effect.
(d) No event has occurred that either entitles, or would, upon notice or lapse of time or both, entitle the holder of any indebtedness for borrowed money affecting Triton to accelerate, or that does accelerate, the maturity of any indebtedness affecting Triton.
Appears in 2 contracts
Sources: Contribution Agreement (Atlas Pipeline Partners Lp), Contribution Agreement (Resource America Inc)
Contracts. (a) Section 2.14 of the Company Disclosure Except as set forth in Schedule lists the following agreements (whether written 5.14 or oral) to which the Company is a party any other Schedule hereto, as of the date of this Agreement Agreement, neither the Company nor any of the Subsidiaries is a party to or bound by:
(a) any contract for the purchase by the Company or such Subsidiary of supplies or equipment or services which the Company or such Subsidiary reasonably anticipates will involve the annual payment of more than $500,000 or $2,000,000 in the aggregate after the date hereof;
(b) any contract for the sale by the Company or such Subsidiary of any services or products of their business which involved gross written premium and fees in fiscal 2006 of, or which is reasonably anticipated to involve in the year ending December 31, 2007, more than $2,000,000;
(c) any loan agreements, promissory notes, indentures, bonds, security agreements, guarantees or obligations for borrowed money or other instruments involving indebtedness (excluding intercompany (i.e., solely between one or more of the Company or any Subsidiary) indebtedness and non-trade accounts);
(d) any partnership, joint venture or other similar agreement or arrangement with any entity other than the Company or one of the Subsidiaries;
(e) any agreement containing any covenant or provision prohibiting the Company or such Subsidiary from engaging in any line or type of business, in each case excluding agreements that would not bind the Companies or the Subsidiaries following the Closing;
(f) any reinsurance, retrocessional or similar agreement;
(g) any agreement with Aon or any Affiliate of Aon (other than the Transaction Documentation):Company or a Subsidiary) that (i) contains obligations that extend beyond the Closing and (ii) is not terminable by Buyer or its Affiliates after the Closing upon not greater than 30 days’ notice and without payment or penalty;
(h) any agreement for the employment of any individual (excluding agents) on a full-time, part-time, consulting, or other basis providing annual compensation in excess of $175,000 or providing severance benefits;
(i) any agreement under which any of the Company or a Subsidiary has advanced or loaned any amount to any of its directors, officers, and employees outside the ordinary course of business;
(or group of related agreementsj) any agreement providing for the lease of personal property from or to third parties (A) which provides for lease payments the acquisition of any interest in excess another entity (whether by purchase of $25,000 per annum assets, purchase of stock, merger, consolidation, recapitalization, share exchange or otherwise) or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days sale or less prior written notice;
(ii) other divestiture of any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge part of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder business of the Company or any affiliate a Subsidiary (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionwhether by sale of assets, stock option, restricted sale of stock, warrant merger, consolidation, recapitalization, share exchange or stock purchase otherwise), other than, in the case of clause (A) or (B), this Agreement and agreements relating to the forms acquisition or disposition of which have been made available to Parent)investment assets in the ordinary course;
(viiik) any agreement or commitment for capital expenditures in excess relating to the maintenance and/or development of and/or consulting services with respect to Software that involves the payment of $25,000, for a single project 175,000 or more in any calendar year (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projectscommencing with 2008);; or
(ixl) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to maintenance with respect to the future sales of securities of Computer Hardware that involves the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess payment of $25,000 175,000 or more in any calendar year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xicommencing with 2008).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Aon Corp), Stock Purchase Agreement (Ace LTD)
Contracts. (a) Section 2.14 3.14(a) of the Company Disclosure Schedule lists the following agreements (whether written other than those agreements which have been terminated with no ongoing obligations other than confidentiality or oralpublicity) in favor of the Company (each a “Contract”) to which the Company or any Subsidiary is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess involves more than the sum of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice100,000;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum100,000, or (BC) in which the Company or any Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any services, products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichproviding for any royalty, milestone or similar payments by the Company with respect to the knowledge development or sale of the Companyany product or use of Intellectual Property, establishes a material joint venture or legal partnershipin each case providing for payments of more than $50,000;
(iv) any agreement concerning the establishment or operation of a partnership, joint venture or limited liability company;
(v) any agreement (or group of related agreements) under which it the Company or any Subsidiary has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(vvi) any agreement that purports to limit in for the disposition of any material respect significant portion of the right assets or business of the Company to engage in or any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum Subsidiary (other than employment sales of products in the Ordinary Course of Business) or consulting agreements terminable on less any agreement for the acquisition of the assets or business of any other Person (other than thirty (30) days’ noticepurchases of inventory or components in the Ordinary Course of Business);
(vii) any agreement concerning confidentiality, noncompetition or non-solicitation (excluding any confidentiality agreements with consultants, service providers, suppliers or employees of the Company or any Subsidiary containing terms and conditions set forth in the Company’s or the applicable Subsidiary’s standard form of agreement, copies of which have previously been, or in the case of those Contracts indicated in Section 3.14(a)(vii) of the Disclosure Schedule, will prior to the Closing Date be, delivered or made available to the Buyer);
(viii) any employment agreement, consulting agreement, severance agreement (or agreement that includes provisions for the payment of severance) or retention agreement, other than offer letters with employees (the form of which has been made available to the Buyer) providing for “at will” employment in the form used by the Company or any Subsidiary in the Ordinary Course of Business;
(ix) any settlement agreement or settlement-related agreement (including any agreement in connection with which any employment-related claim is settled);
(x) any agreement involving any current or former officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (Affiliate thereof, other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)as mentioned under (viii) above;
(viiixi) any agreement or commitment for capital expenditures not otherwise listed in excess Section 3.14(a) of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement Disclosure Schedule under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xxii) any agency, distributor, sales representative, franchise or similar agreements to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound;
(xiii) any agreement which contains any provisions requiring the Company or any Subsidiary to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products or services entered into in the Ordinary Course of Business);
(xixiv) any agreement, other than as contemplated by this Agreement, agreements relating to grants, funding or other forms of assistance, including loans with interest at below market rates, received by the future sales Company or any of securities its Subsidiaries from any Governmental Entity;
(xv) any agreement that would reasonably be expected to have the effect of prohibiting or impairing the conduct of the Companybusiness of the Company or any of the Subsidiaries or the Buyer or any of its subsidiaries as currently conducted and as currently proposed to be conducted;
(xvi) the agreements listed in Sections 3.13(h) and 3.13(i) of the Disclosure Schedule; and
(xiixvii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments either involving more than $100,000 or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent Buyer a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure ScheduleContract (as amended to date). With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure ScheduleContract: (i) the agreement Contract is a legal, valid, binding and enforceable obligation of the Company enforceable, subject to Applicable Bankruptcy Laws, and in full force and effecteffect against the Company or the Subsidiary that is the party thereto, except as such enforceability may be limited under applicable bankruptcyapplicable, insolvency and similar lawsand, rules or regulations affecting creditorsto the Warrantors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equityKnowledge, against each other party thereto; (ii) the agreement Contract will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Companyenforceable, except as such enforceability may be limited under applicable bankruptcysubject to Applicable Bankruptcy Laws, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect against the Company or the Subsidiary that is the party thereto, as applicable, and, to the Warrantors’ Knowledge, against each other party thereto immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither none of the Company norCompany, any Subsidiary or, to the knowledge Knowledge of the CompanyWarrantors, any other party, is in breach or violation of, or default under, any such agreementContract, and no event has occurred, is pending or, to the knowledge Knowledge of the CompanyWarrantors, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company Company, any Subsidiary or, to the knowledge Knowledge of the CompanyWarrantors, any other party under such Contract.
(c) Neither the Company nor any Subsidiary is a party to any oral contract, except agreement or other arrangement which, if reduced to written form, would be required to be listed in Section 3.14(a) of the Disclosure Schedule under the terms of Section 3.14(a). Neither the Company nor any Subsidiary is a party to any written or oral arrangement (i) to perform services or sell products which is expected to be performed at, or to result in, a loss, (ii) that is of an onerous or unusual nature, or (iii) for any breach, violation which the customer has already been billed or default paid that has have not had and would not reasonably be anticipated to have a Company Material Adverse Effectbeen fully accounted for on the Most Recent Balance Sheet.
Appears in 2 contracts
Sources: Share Purchase Agreement, Share Purchase Agreement (Medicines Co /De)
Contracts. (a) Section 2.14 Schedule 3.09(a) sets forth a correct and complete list of the Company Disclosure Schedule lists the following agreements (whether written or oral) Contracts to which any of the Company Group Companies is a party or bound as of the date of this Agreement (hereof, other than the Transaction Documentationthose that have terminated or have been fully performed in accordance with their terms or that have no material, continuing rights or obligations thereunder (each, as amended to date, a “Material Contract”):
(i) each lease or agreement under which a Group Company is lessee of, or holds or operates any agreement (or group of related agreements) for the lease of personal property from owned by any other party, for which the annual rental exceeds $250,000, which lease or to third parties agreement cannot be cancelled by such Group Company upon thirty (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (6030) days or less prior written noticenotice without penalty to any Group Company;
(ii) any agreement (each Contract or group of related agreements) for Contracts that involves future payments, performance or services or delivery of goods or materials to or by any of the purchase Group Companies of any amount or sale of products value reasonably expected to exceed $250,000 in the 2018 fiscal year or for the furnishing or receipt of services (A) which calls for performance over a period of more than one 2019 fiscal year, is which Contract or group of related Contracts cannot cancellable without penalty be cancelled by the applicable Group Company on sixty upon thirty (6030) days or less prior written notice and involves more than without penalty to any Group Company;
(iii) each Contract requiring or providing for any capital expenditure by the sum Group Companies in excess of $25,000 per annum250,000;
(iv) each joint venture, partnership or strategic alliance with a third party;
(Bv) each Contract that prohibits any Group Company from competing in any line of business, in any field of use or in any geographic area or that restricts any Group Company’s ability to solicit or hire any person as an employee;
(vi) each Contract with any Affiliate or current or former director, officer, employee or equity holder of any Group Company (other than Contracts relating to any person’s employment with a Group Company, Company Employee Benefit Plans and Contracts solely among Group Companies);
(vii) each Contract under which the any Group Company has granted manufacturing rightsmade advances or loans to another Person, other than with respect to employee advances for business expenses in the Ordinary Course of Business;
(viii) each Contract relating to the incurrence, assumption or guarantee of any Indebtedness;
(ix) each Contract for the sale of products by any Group Company that (A) contains “most favored nation” pricing provisions or similar pricing terms or any exclusive marketing or distribution preferential rights relating to provide, sell or distribute any product of such Group Company to any products Person or territory any other exclusive provisions running in favor or has agreed to purchase goods or services exclusively from a certain party;
(iii) against any agreement which, to the knowledge of the Company, establishes a material joint venture Group Companies or legal partnership;
(ivB) contains any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, terms providing for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default special or termination would reasonably be expected to have a Company Material Adverse Effectextended warranty;
(x) each Contract relating to an acquisition, sale, merger or divestiture, by any agreement which Group Company, of all or substantially all of the equity interests or assets of any Person or business that contains any provisions requiring the Company ongoing covenants or to indemnify any other party thereto (excluding indemnities contained in agreements indemnification obligation by or for the purchase, sale or license benefit of products entered into in the Ordinary Course of Businessa Group Company (an “M&A Contract”);
(xi) each Contract with a Governmental Authority;
(xii) each Contract with a physician owned distributorship;
(xiii) each Contract with a Material Customer or Material Supplier (excluding standard confidentiality agreements and purchase orders);
(xiv) each Contract with any agreementlabor union or collective bargaining association representing any employee of a Group Company, other than as contemplated by this Agreement, relating to the future sales of securities of the Companyincluding any foreign equivalent thereof; and
(xiixv) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Real Property Lease.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedMaterial Contract, and except as set forth in Section 2.14 of the Company Disclosure Schedule: Schedule 3.09(b), (i) such Material Contract is the agreement is a legal, valid, binding legal and enforceable valid obligation of the Group Company and party thereto, and, to the Knowledge of the Company, of each other party thereto, enforceable against each of the Group Companies party thereto and, to the Knowledge of the Company, each other party thereto, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other Legal Requirements relating to or affecting creditors’ rights generally or by equitable principles (regardless of whether enforcement is sought at law or in equity), (ii) such Material Contract is in full force and effect, except as such enforceability may be limited and the Group Company party thereto has performed all material obligations required to have been performed by it under applicable bankruptcy, insolvency the Material Contracts and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the no Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreementMaterial Contract in any material respect, and no event has occurred, is pending or, to the knowledge Knowledge of the Company, Company no other party to any Material Contract is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a in breach or default by thereunder in any material respect, and (iii) no Group Company has received or given a written notice of its intent to terminate, modify, amend or otherwise materially alter the terms and conditions of any Material Contract or has received any written claim of default under any Material Contract. The Company orhas furnished or made available to Parent true and complete copies of all Material Contracts, including any amendments, waivers or other changes to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContracts.
Appears in 2 contracts
Sources: Master Transaction Agreement (RTI Surgical Holdings, Inc.), Master Transaction Agreement (Rti Surgical, Inc.)
Contracts. (ass.4(o) Section 2.14 of the Company Disclosure Schedule lists the following contracts and other agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any agreement (or group of related agreements) as of June 30, 1997 for the lease of personal property from or to third parties (A) which provides for lease involves annual payments in excess of $25,000 per annum or (B) 10,000 and which has a remaining term longer than 12 months and is may not cancellable without penalty be terminated by the Company on sixty for any reason and without payment of any premium or penalty upon thirty (6030) days days' notice to or less prior written noticefrom any Person;
(ii) any agreement (or group of related agreements) as of June 30, 1997 for the purchase or sale of products raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services (A) services, the performance of which calls for performance will extend over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice year and involves more than the sum payment or receipt of any amount in excess of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party10,000;
(iii) any agreement which, to the knowledge of concerning the Company, establishes 's investments or equity participation in a material partnership or joint venture or legal partnershipventure;
(iv) any agreement (or group of related agreements) as of June 30, 1997 under which it has created, incurred, assumed assumed, or guaranteed (any indebtedness for borrowed money, or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than obligation which involves the payment of any amount in excess of $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible10,000;
(v) any agreement that purports concerning confidentiality, noncompetition or other commitment limiting the ability of a party to limit in any material respect the right of the Company to engage compete in any line of business, or to compete with any person or operate in any geographical locationgeographic area, whether for the benefit of the Company or of a third party;
(vi) any employment agreement or consulting agreement which provides for payments in excess as of $50,000 per annum June 30, 1997 with any of the Sellers and their Affiliates (other than employment or consulting agreements terminable on less than thirty (30) days’ noticethe Company);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionprofit sharing, stock option, restricted stockstock purchase, warrant stock appreciation, deferred compensation, severance, or stock purchase agreements other plan or arrangement for the forms benefit of which have been made available to Parent)the Company's current or former directors, officers, and employees;
(viii) any collective bargaining agreement or commitment for capital expenditures in excess as of $25,000June 30, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)1997;
(ix) any agreement as of June 30, 1997 for the employment of any individual on a full-time, part-time, consulting, or other basis;
(x) any agreement as of June 30, 1997 under which it has advanced or loaned any amount to any of its directors, officers, and employees;
(xi) any agreement under which the consequences of a default or termination would reasonably be expected to could have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under the performance of which the Company is obligated to make payments or incur costs involves consideration in excess of $25,000 in 10,000 and may not be terminated by the Company for any year reason and without penalty or premium upon thirty (B30) not entered into days' notice;
(xiii) a list of all of the Customer Contracts and the status thereof including specifically the combined job cost analysis in the Ordinary Course form of Business, in each case which is not otherwise described in clauses Exhibit ss.4(o)(c) to ss.4(o) of the Disclosure Schedule (i) through (xithe "Contract Statement").;
(bxiv) a list of all of the Subcontracts and the status thereof including specifically the following information with respect to each such Subcontract: contract number, name and address of subcontractor, vendor or supplier, a description of work to be performed thereunder, original Subcontract price, value and description of all approved change orders, the value and description of all unapproved change order requests by any such subcontractor, vendor or supplier, subcontract ▇▇▇▇▇▇▇▇ to date by any such subcontractor, vendor or supplier, and payments made by the Company to such subcontractor, vendor or supplier to date (the "Subcontract Statement");
(xv) each other agreement, contract, or commitment (other than Customer Contracts not listed on ss.4(o)(xv) of the Disclosure Schedule) which contain terms providing for the termination, default, loss of rights or privileges, acceleration of payment, or any other change in the terms or conditions of such document upon the sale or exchange of a majority of the common stock of the Company or upon any change in control of the Company, except where any such termination, default, loss of rights or privileges, acceleration of payment or other change in terms or conditions would not have a Material Adverse Effect. The Company has Sellers have delivered or made available provided to the Parent Buyer (or its representatives) a correct and complete and accurate copy of each written agreement listed in Section 2.14 ss.4(o) of the Company Disclosure Schedule (as amended to date) that was in existence as of June 30, 1997 and a written summary, contained in ss.4(o) of the Disclosure Schedule, setting forth the terms and conditions of each oral agreement referred to in ss.4(o) of the Disclosure Schedule and, for such contracts entered into after June 30, 1997, will make available a copy of each such agreement, or a written summary thereof in the case of oral agreements. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedulesuch agreement: (iA) the agreement is a legal, valid, binding and enforceable obligation of the Company binding, enforceable, and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (iiB) the agreement will notcontinue to be legal, as a result of the execution valid, binding, enforceable, and delivery by the Company of this Agreement or the Transaction Documentation, or in full force and effect on identical terms following the consummation by the Company of the transactions contemplated hereby (except for breaches or thereby, cease to be a legal, valid, binding and enforceable obligation modifications involving acts or conduct of the CompanyCompany after the Closing Date); (C) the Company is not, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equitySeller's knowledge, whether applied in a court of law or a court of equity and willno other party thereto is, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreementdefault, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, occurred which with notice or lapse of time, or otherwise, time would constitute a breach or default by default, or permit termination, modification, or acceleration, under the agreement; and (D) the Company orhas not, and to the knowledge Seller's Knowledge, no other party has, repudiated any provision of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectagreement.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Eif Holdings Inc), Stock Purchase Agreement (Eif Holdings Inc)
Contracts. (a) Section 2.14 3.15 of the Company Disclosure Schedule lists Letter identifies each note, bond, mortgage, indenture, contract, agreement, lease, license, permit or other instrument or obligation (each, a “Contract”) that constitutes a Company Material Contract (as defined below), an accurate and complete copy of each of which has been provided or made available to Parent by the Company. For purposes of this Agreement, each of the following agreements Contracts, other than those set forth in clause (whether written or oralix) to which the Company below, that is a party unexpired and effective as of the date of this Agreement and under which the Company or any of its Subsidiaries has ongoing rights or obligations will be deemed to constitute a “Company Material Contract” (other than it being understood that the Transaction DocumentationContracts set forth in clause (ix) shall not be deemed to be Company Material Contracts solely by virtue of being listed in Section 3.15(a)(ix) of the Company Disclosure Letter):
(i) any agreement (Contract that is or group would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of related agreements) for Regulation S-K under the lease of personal property from Securities Act or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty disclosed by the Company on sixty (60) days or less prior written notice;a Current Report on Form 8-K;
(ii) any agreement (Contract that, by its terms, requires payments by the Company or group any of related agreements) its Subsidiaries in excess of $2,500,000 on an annual basis in the aggregate for the purchase or sale remainder of products or for the furnishing or receipt stated term of services such Contract, other than (A) which calls for performance over a period of more than one year, is not cancellable without penalty those that are terminable by the Company or any of its Subsidiaries on sixty no more than ninety (6090) days or less prior written days’ notice and involves more than without any liability or financial obligation to the sum Company or any of $25,000 per annumits Subsidiaries, or (B) purchase orders or quotations that are entered into in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyordinary course of business;
(iii) any agreement whichmortgages, indentures, guarantees, loans, credit agreements, security agreements or other Contracts relating to the knowledge borrowing of money or extension of credit where the Company or one of its Subsidiaries is the borrower or receipt of credit, in excess of $1,000,000, other than (A) accounts receivables and payables, (B) loans by the Company or any of its direct or indirect Subsidiaries to, or guarantees by any of the Companyforegoing for, establishes a material joint venture direct or legal partnership;indirect wholly-owned Subsidiaries of the Company or (C) letters of credit or bonds or agreements related thereto issued by or for the benefit of the Company or one of its Subsidiaries to Governmental Entities in connection with workers compensation Laws, in each case, in the ordinary course of business;
(iv) any agreement Contract (A) limiting or group purporting to limit, in any respect, the freedom of related agreements) under which it has created, incurred, assumed the Company or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assetsSubsidiaries to engage or participate, tangible or intangiblecompete with any other Person, in the business currently conducted by the Company and its Subsidiaries or in any market or geographic area, or to make use of any material Intellectual Property owned by the Company or any of its Subsidiaries; (B) prohibiting the Company or any of its Subsidiaries from engaging in any business with any Person or levying a fine, charge or other payment for doing so; (C) in which the Company or its Subsidiaries provides “most favored nation,” “exclusivity,” preferential pricing, priority or similar provisions; (D) containing a purchase option; or (E) containing any non-solicit or non-hire provision restricting the Company or its Subsidiaries, other than any Contracts entered into in the ordinary course of business by the Company or any of its Subsidiaries with consultants pursuant to which the Company or its Subsidiary has agreed not to solicit or hire any employees of the consultant, provided that such Contract does not bind Affiliates of the Company that are not Subsidiaries of the Company;
(v) any agreement that purports to limit in Contract with any material respect the right of the Company to engage in Company’s or any line of businessits Subsidiaries’ Affiliates, officers, directors, employees, or principal stockholders (and their respective Affiliates), or any immediate family member of, or Person who, to compete the Knowledge of the Company, is controlled by, any such Persons, other than (A) any written employment, agreement or other benefit plan with the Company, (B) the Company’s or its Subsidiaries’ written employee policies and procedures or (C) any person Contracts that were sourced by Insight Portfolio Group, LLC but were entered into directly by the Company or operate in any geographical locationone of its Subsidiaries;
(vi) any employment agreement Contract pursuant to which any Third Party is licensed (including pursuant to a covenant not to ▇▇▇) to use any Owned Company Intellectual Property, and all Contracts pursuant to which the Company or consulting agreement which provides any of its Subsidiaries is licensed (including pursuant to a covenant not to ▇▇▇) to use any Intellectual Property owned by another Person, other than Contracts for payments (A) commercially available off-the-shelf Software licensed to the Company or any of its Subsidiaries through a “clickwrap” or “shrinkwrap” license or other similar standard terms and conditions for a one-time payment amount or aggregate yearly fee not in excess of $50,000 per annum 300,000 in any case and (other than employment B) the non-exclusive licensing or consulting agreements terminable on less than thirty (30) days’ notice);cross-licensing of Intellectual Property to customers in the ordinary course of business.
(vii) any agreement involving Contract obligating the Company to manage any officer, director assets on behalf of a Third Party or stockholder pursuant to which any Third Party manages any assets or properties of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)its Subsidiaries;
(viii) any agreement Contract that, by its terms, is reasonably expected to result in payments by the Company or commitment for capital expenditures any of its Subsidiaries in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for the remainder of the stated term of such Contract and (A) is with a sole source supplier of material products or services which products or services are not available from an alternative supplier on commercially reasonable terms and upon reasonable notice or (B) requires the purchase of all projects)or a material portion of the Company’s or any of its Subsidiaries’ requirements for a given product or service from a given Third Party, in either case, which product or service is material to the Company and its Subsidiaries, taken as a whole;
(ix) any agreement under which Contract relating to the consequences Company’s railcar backlog, as such backlog exists as of a default the date of this Agreement, other than Contracts entered into in the ordinary course of business for the storage of railcars or termination would reasonably be expected to have a Company Material Adverse Effectrolling stock that are not material;
(x) any agreement which contains any provisions requiring Contract entered into since January 1, 2017 (A) relating to the disposition or acquisition of assets, other than inventory or supplies in the ordinary course of business, the aggregate value of which, in each case, is not in excess of $500,000 by the Company or any of its Subsidiaries; or (B) pursuant to indemnify which the Company or any of its Subsidiaries has or may acquire any ownership interest in any other party thereto (excluding indemnities contained in agreements for Person or other business enterprise other than any Subsidiary of the purchase, sale or license of products entered into in the Ordinary Course of Business)Company;
(xi) any agreementContract not in the ordinary course of business that is a settlement or similar agreement to resolve a dispute that (A) imposes solely monetary obligations on the Company or any of its Subsidiaries after the date of this Agreement reasonably expected to be in excess of $1,000,000, other than as contemplated by (B) imposes any non-monetary obligations on the Company or any of its Subsidiaries after the date of this Agreement, relating to or (C) where a claim was made against the future sales of securities Company, does not include a full and complete release of the Company; andCompany without admission of any liability;
(xii) any Contract between the Company or its Subsidiaries, on the one hand, and any third Person, on the other hand, that creates a joint venture, limited liability company or partnership;
(xiii) any Contract providing for indemnification or guarantee of the obligations of any other Person that would be material to the Company and its Subsidiaries, taken as a whole, other than any such Contracts involving railcar purchase, leasing, management, service, storage or warranty agreements or entered into in the ordinary course of business;
(xiv) any Contract entered into with a federal Governmental Entity, but excluding any Contract with a counterparty that may be a subcontractor to a Governmental Entity;
(xv) any financial derivatives master agreement or confirmation, or futures account opening agreements and/or brokerage statements, evidencing financial hedging or similar trading activities;
(xvi) any voting agreement or registration rights agreement relating to any securities of the Company;
(xvii) any mortgage, pledge, security agreement, deed of trust or other Contract granting a Lien, other than a Permitted Lien, on any material property or assets of the Company or any of its Subsidiaries;
(xviii) any customer or client Contract (or group series of related agreementsContracts) (Aother than Lease Agreements) that involved revenues in fiscal year 2017 in excess of US$5,000,000 or that is reasonably likely to involve revenues in fiscal year 2018 in excess of US$5,000,000;
(xix) any supply or vendor Contract (or series of related Contracts) that involved payments by the Company or any of its Subsidiaries in fiscal year 2017 in excess of US$5,000,000 or that is reasonably likely to involve payments by the Company or any of its Subsidiaries in fiscal year 2018 in excess of US$5,000,000;
(xx) any Contract that restricts or otherwise limits the payment of dividends or other distributions on equity securities by the Company or any Subsidiary; and
(xxi) any Contract under which the Company is obligated or any Subsidiary grants any right of first refusal, right of first offer or similar right with respect to make payments any material assets, rights or incur costs in excess properties of $25,000 in the Company or any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)its Subsidiaries.
(b) The Each Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Material Contract is a legal, valid, binding and enforceable obligation of the Company valid and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights is enforceable against the Company and remedies generally its Subsidiaries (and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result Knowledge of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and is enforceable obligation of the Companyagainst each other party thereto) in accordance with its terms, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or if the failure to be in full force and effect would not, individually or in accordance with the terms thereof as in effect immediately prior aggregate, reasonably be expected to be material to the Closing; Company and its Subsidiaries taken as a whole, subject in all cases to: (i) Laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) Laws governing specific performance, injunctive relief and other equitable remedies.
(i) Neither the Company nor its Subsidiaries has materially violated or materially breached, or committed any material default under, any Company Material Contract; (ii) to the Knowledge of the Company, no other Person has materially violated or materially breached, or committed any material default under, any Company Material Contract; and (iii) neither the Company nornor its Subsidiaries has received any written notice or, to the knowledge Knowledge of the Company, other communication regarding any other party, is in actual or possible material violation or material breach or violation of, or material default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectContract.
Appears in 2 contracts
Sources: Merger Agreement (Icahn Enterprises Holdings L.P.), Merger Agreement (American Railcar Industries, Inc.)
Contracts. (a) Section 2.14 Schedule 4.14 lists all of the Company Disclosure Schedule lists the following agreements contracts, agreements, arrangements, and understandings (whether written oral or oralin writing) including all amendments thereto, to which the Company is a party as (or by which any of its properties or assets are bound) (the date “Contracts”); provided, however, that an agreement need not be disclosed on Schedule 4.14 and shall not be deemed a “Contract” if it requires the Company to pay, or authorizes the Company to receive, aggregate payments of twenty-five thousand dollars ($25,000) or less in any given year, except that this Agreement limitation shall not apply to subparagraphs (other than the Transaction Documentationii), (iv), (v), (vi), (vii), (x), (xi), (xii), (xiv), (xv), (xvi) or (xvii):
(i) any agreement Contracts, agreements, arrangements and understandings (whether oral or group of related agreementsin writing) for the lease of personal property from involving capital leases or to third parties (A) which provides for lease payments in excess of $25,000 per annum capital expenditures or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by requiring the Company on sixty (60) days to make, or less prior written noticeauthorizing the Company to receive, payments;
(ii) any agreement (or group Loans, lines of related credit, letters of credit, indentures, promissory notes, security agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumpledges, mortgages, hypothecations, loan agreements, guaranties, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions other payment or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partycollateral obligations;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnershipAgreements with vendors;
(iv) any agreement (Agreements of guaranty or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleindemnification;
(v) Agreements, contracts, and commitments containing any agreement that purports to limit in any material respect covenant, condition, or promise limiting the right of the Company to engage in any line of business, business or to activity or compete with any person or operate in any geographical locationPerson;
(vi) Employment agreements, contracts, policies, and commitments with or between the Company and any employment agreement of its employees, directors, or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)officers, including without limitation, those relating to severance;
(vii) Agreements with employees as a group or individually;
(viii) Contracts with subcontractors and other service providers;
(ix) Contracts (including rebate programs) with suppliers and vendors of parts, equipment, consumables and other items used by the Company in the ordinary course of the Business;
(x) Contracts with any agreement involving any officerpresent or former stockholder, director or stockholder employee or any Affiliate of the foregoing;
(xi) Profit sharing, stock option, stock purchase, stock appreciation, deferred compensation or other equity-based or profit sharing plan or arrangement for the benefit of the Company’s current or former directors, officers and employees;
(xii) Contracts that include minimum purchase conditions or requirements or other terms that restrict or limit the purchasing relationships of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptioncustomer, stock option, restricted stock, warrant licensee or stock purchase agreements the forms of which have been made available to Parent)lessee thereof;
(viiixiii) Agreements to sell, lease or otherwise dispose of any agreement assets or commitment for capital expenditures in excess properties of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 Company other than in the aggregate for all projects)ordinary course of the Business;
(ixxiv) any agreement under which the consequences of a default Joint venture, partnership or termination would reasonably be expected to have a Company Material Adverse Effectother similar agreements;
(xxv) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)Shareholder agreements;
(xixvi) any agreement, Any other than as contemplated by this Agreement, relating agreement that is material to the future sales of securities of the Company; and
(xiixvii) All commitments to enter into any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)foregoing.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 All of the Company Disclosure Schedule. With respect to each agreement so listed, Contracts are valid and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation obligations of the Company, are enforceable in accordance with their respective terms except as such enforceability may would not be limited under applicable bankruptcyreasonably expected to have a Material Adverse Effect on the Company, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be are in full force and effect and, except as otherwise specified on Schedule 4.14, will continue in accordance with full force and effect after the terms thereof Closing without the consent of any other party. Except as in effect immediately prior to set forth on Schedule 4.14, none of the ClosingContracts contain any provision that is triggered by a change of control of the Company or by any transactions contemplated by this Agreement. Except as set forth on Schedule 4.14, (i) none of the Contracts contain a provision imposing a penalty if any of the amounts due thereunder are prepaid; and (iiiii) neither there is no existing default by the Company norand, to the knowledge Knowledge of the Sellers and to the Knowledge of the Company, there is no existing default by any other party, is in breach third party or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with or without notice or lapse of time, or otherwiseboth, would constitute a breach default or default result in a right to accelerate or loss of rights under or with respect to any of the Contracts. The Company is not a party to, or bound by the Company orprovisions of, to the knowledge any contract (including purchase orders, blanket purchase orders and agreements and delivery orders) with any Governmental Entity. Correct and complete copies of all of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated Contracts in written form have been delivered to have a Company Material Adverse EffectInvestor.
Appears in 2 contracts
Sources: Merger Agreement (Hhgregg, Inc.), Merger Agreement (HHG Distributing, LLC)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule 4.12 lists the following contracts and other agreements (whether written or oral) to which the Company or any Subsidiary is a party as of or by which the date of this Agreement (other than the Transaction Documentation):Company or any Subsidiary is bound:
(ia) any agreement (or group of related agreements) for the lease of personal property to or from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeany Person;
(iib) any agreement (or group of related agreements) for the purchase or sale of supplies, products or other personal property, or for the furnishing or receipt of services (A) services, the performance of which calls for performance will extend over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days year or less prior written notice and involves more than the sum involve consideration or performance having a value in excess of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party£5,000;
(iiic) any agreement which, to the knowledge agreements and licenses in respect of the Company, establishes a material joint venture or legal partnershipIntellectual Property;
(ivd) any partnership, joint venture, operating or similar agreement;
(e) any agreement (or group of related agreements) under which it the Company or any Subsidiary has created, incurred, assumed or guaranteed (any indebtedness or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than $25,000 obligation or under which it a Lien has been imposed (or may impose) a Security Interest on any of the Company’s or its Subsidiaries’ assets, tangible or intangible;
(vf) any confidentiality or noncompetition agreement or any other agreement that purports to limit in any material respect limits the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder freedom of the Company or any affiliate Subsidiary (as defined i) to compete in Rule 12b-2 under the Exchange Actany line of business with any Person or in any area or (ii) thereof (an “Affiliate”) (other than stock subscriptionto own, stock optionoperate, restricted stocksell, warrant transfer, pledge or stock purchase agreements the forms otherwise dispose of which have been made available to Parent)or encumber any of its assets;
(viiig) any agreement under which the Company or any Subsidiary has advanced or loaned any amount of money to a Seller or any Shareholder, officer or employee of the Company or any Subsidiary;
(h) any other agreement (or group of related agreements) (i) material to the Business of the Company and its Subsidiaries that is not cancelable by the Company or any Subsidiary on notice of not longer than thirty (30)-days without liability, penalty or premium of any kind, except liability that arises as a matter of Law upon termination of employment, or (ii) any agreement or commitment arrangement providing for capital expenditures in excess the payment of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)any bonus or commission based on sales or earnings;
(ixi) any agreement (or group of related agreements) under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xj) any agreement for which contains any provisions requiring the Company or any Subsidiary is obligated to indemnify obtain the consent of any other party thereto (excluding indemnities contained in agreements for upon consummation of the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as transactions contemplated by this Agreement;
(k) any contract, relating agreement or other arrangement entitling any Person to the future sales any severance or other benefits upon a change of securities control of the Company; and
(xiil) any other agreement (that is material to the Business or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) Company’s operations. The Company has delivered or made available to the Parent Buyer a true, correct and complete and accurate copy of each written agreement listed in Section 2.14 on Schedule 4.12 (as amended to date) and a brief written summary setting forth the terms and conditions of the Company Disclosure Scheduleany oral agreement referred to on Schedule 4.12. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedulesuch agreement: (i) the agreement is a legal, valid, binding and enforceable obligation against the Company or its Subsidiaries, as applicable, in accordance with its terms and, to the Company’s Knowledge, each other party thereto and will continue to be so on identical terms immediately after giving effect to the consummation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equitytransactions contemplated hereby; (ii) the agreement will not, as a result of the execution and delivery by neither the Company of this Agreement nor any Subsidiary is in material breach or the Transaction Documentationdefault and, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company’s Knowledge, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules no other party is in material breach or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closingdefault; and (iii) neither the Company nor, to the knowledge Company’s Knowledge, no party has repudiated any provision of the Company, any other party, is agreement. MEM Consumer Finance Limited has complied in breach or violation of, or default under, any such agreement, all material respects with the terms and no event has occurred, is pending or, to the knowledge conditions of the Companyagreement for an overdraft facility with the Bank of Scotland dated 16 March 2006, is threatenedincluding, whichbut not limited to, after the giving pre-conditions to be met prior to utilisation of notice, with lapse such facility and the ongoing obligations of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectfacility.
Appears in 2 contracts
Sources: Share Purchase Agreement (Purpose Financial Holdings, Inc.), Share Purchase Agreement (Purpose Financial Holdings, Inc.)
Contracts. (a) Section 2.14 3.10(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Contracts, in effect as of the date of this Agreement Agreement, to which any Seller is a party that is Principally Related to the Outlet Business (each Contract so listed and each Real Property Lease is a “Major Contract”):
(1) each employment agreement (other than those that are terminable at will by any Seller without any Liability or other obligation to any Seller, except any Liability or other obligation with respect to services rendered before the Transaction Documentation):termination thereof);
(i2) each covenant not to compete that restricts the Outlet Business as presently conducted;
(3) each operating lease (as lessor or lessee) of tangible personal property (other than any such lease calling for payments of less than $10,000 per 12-month period);
(4) each Contract to pay or receive any royalty or license fee or to license (either as licensor or licensee) any agreement Intellectual Property (or group of related agreements) for the lease of personal property from or to third parties other than any (A) license with any Seller or any Affiliate of any Seller, but no other Person, that terminates at the Effective Time, (B) license for Intellectual Property embedded in any equipment or fixture, (C) non-exclusive implied license of Intellectual Property or (D) non-exclusive license for the use of any commercially available off-the-shelf software);
(5) each Contract regarding any management, personal service or consulting or other similar type of Contract under which provides for lease there exists aggregate future payments in excess of $25,000 10,000 per annum Contract (other than those (A) that are terminable at will or upon not more than 90 days’ notice by any Seller without any Liability or other obligation to any Seller, except any Liability or other obligation with respect to services rendered before the termination thereof, or (B) which has entered into in connection with a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticelicense);
(ii6) any agreement (or group of related agreements) each Contract for the purchase by any Seller of any supply or sale of products or for the furnishing or receipt of services (A) which product that calls for performance over a period of more than one year, is 12 months (other than those that are terminable at will or upon not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than 90 days’ notice by any Seller without any Liability or other obligation to any Seller, except any Liability or other obligation with respect to any supply or product purchased before the sum termination thereof);
(7) each mortgage agreement, deed of trust, security agreement, purchase money agreement, conditional sales contract or capital lease created or assumed by, or permitted to be created by written document made or accepted by, any Seller (other than any (A) purchase money agreement, conditional sales contract or capital lease evidencing any Encumbrance only on tangible personal property under which there exists aggregate future payments less than $25,000 10,000 per annum, Contract or (B) in which protective filing of any financing statement under the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ noticeUniform Commercial Code);
(vii8) each Contract under which any Seller is obligated to repay or has guaranteed any outstanding indebtedness for borrowed money or remains obligated to lend to or make any investment in (in the form of a loan, capital contribution or otherwise) any agreement involving other Person, other than any officerother Seller;
(9) each Contract under which any Seller has advanced or loaned any other Person, director or stockholder other than any other Seller, outstanding amounts in the aggregate for such Person exceeding $10,000;
(10) each outstanding power of the Company or attorney with respect to any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) Seller (other than stock subscription, stock option, restricted stock, warrant those entered into in its Ordinary Course of Business in connection with any Intellectual Property or stock purchase agreements the forms of which have been made available to ParentTax matter);
(viii11) each Contract with any agreement distributor or commitment broker of any product or service offered by any Seller;
(12) each Contract for capital expenditures in excess any advertising or promotional service or website design or hosting;
(13) each Contract for the sale of $25,000, any product or service offered by any Seller that calls for performance over a single project period of more than six months (it being represented and warranted other than those that are terminable at will or upon not more than 90 days’ notice by any Seller without any Liability or other obligation to any Seller except any Liability or other obligation with respect to products or services ordered before the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projectstermination thereof);
(ix14) agreements of any agreement under which the consequences of a default Seller for mergers, consolidations or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company reorganizations or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, purchase or sale or license of products entered into material assets (other than in the its Ordinary Course of Business)) or all or substantially all of a Person’s business and assets;
(xi15) any agreementeach Contract with finders, brokers or underwriters (other than as contemplated by this Agreement, relating to the future sales of securities of the Companyunder which Buyer will have no obligation); and
(xii16) any each other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) Contract not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses Business of the applicable Seller (i) through (xiother than any Contract calling for payments by or to any Seller of less than $10,000 per 12-month period).
(b) The Company has delivered Exhibit 1.1(a)(1) sets forth a true and complete list of all Contracts to which any Seller is a party that is Principally Related to the Outlet Business, other than Excluded Contracts and Contracts that are terminable at will or upon not more than 90 days’ notice by the applicable Seller without any Liability or other obligation of such Seller (other than with respect to actions before the termination thereof) or which involve aggregate future payments of less than $10,000 (and other than any (A) license with any Seller or any Affiliate of any Seller, but no other Person, that terminates at the Effective Time, (B) license for Intellectual Property embedded in any equipment or fixture, (C) non-exclusive implied license of Intellectual Property (D) non-exclusive license for the use of any commercially available off-the-shelf software or (E) order described in Section 1.1(a)(1)(iv)). Sellers have made available to the Parent Buyer a true, correct and complete and accurate copy of each agreement such Contract required to be so listed in Section 2.14 of (or, to the Company Disclosure Scheduleextent that such an Assumed Contract is oral, an accurate summary thereof). With respect to each agreement so listedMajor Contract (and with the following assuming that each Consent has been obtained, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement which, for any Consent that is a filing or notice, means the making of such filing or notice), (1) such Major Contract is legal, validvalid and binding, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect and enforceable (except to the extent enforceability may be limited by any Enforceability Limitation) in accordance with its terms against the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norSeller that is a party thereto and, to the knowledge of the Companysuch Seller’s Knowledge, any against each other partyparty thereto, (2) such Seller is not and, to such Seller’s Knowledge, no other party thereto is in material breach of or default under such Major Contract, (3) no event, occurrence or condition exists or has occurred that (with or without the passage of time or giving of notice) would constitute a material breach or violation default of, or default underpermit termination, modification, acceleration or cancellation of, such Major Contract or of any material right, Liability or other obligation thereunder, (4) such agreementSeller has not waived any material right under such Major Contract and (5) no party to such Major Contract has terminated, and no event modified, accelerated or canceled such Major Contract or any material right, Liability or other obligation thereunder or communicated in writing such party’s intent to do so. Seller has occurred, not granted any release or waiver in writing or that is pending or, otherwise material under or with respect to the knowledge any of the Company, is threatened, which, after the giving Major Contracts. Seller has not assigned or otherwise transferred any of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge its rights under any of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectMajor Contracts.
Appears in 2 contracts
Sources: Asset Purchase Agreement (G Iii Apparel Group LTD /De/), Asset Purchase Agreement (PreVu, INC)
Contracts. (aSection 4(m) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether contracts, agreements, Customer Contracts or Agreements and other written or oral) arrangements to which the Company Sigma6 is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any written agreement (or group of related written agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 15,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeannum;
(ii) other than as referenced in paragraph (i) immediately preceding, any written agreement (or group of related written agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves Sigma6 reasonably projects will involve more than the sum of $25,000 30,000 per annum, annum or (B) in which $50,000 over the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partylife of such agreement;
(iii) any written agreement which, to the knowledge of the Company, establishes concerning a material partnership or joint venture or legal partnershipventure;
(iv) any written agreement (or group of related written agreements) under which it has created, incurred, assumed assumed, or guaranteed (or may create, incur, assume assume, or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 15,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit written arrangement requiring confidentiality or noncompetition other than agreements with customers, employees, licensors, vendors or subcontractors in any material respect the right Ordinary Course of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationBusiness;
(vi) any employment agreement written arrangement with any of its directors, officers, or consulting agreement which provides for payments in excess employees, or any of $50,000 per annum (its Affiliates other than employment standard contracts for service as employees or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into subcontractors in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiivii) any other agreement written arrangement (or group of related agreementswritten arrangements) (A) under which the Company is obligated to make payments or incur costs in excess of either involving more than $25,000 in any year per annum or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company . Sigma6 has delivered or made available to the Parent Buyer a correct and complete and accurate copy of each agreement written arrangement listed in Section 2.14 4(m) of the Company Disclosure ScheduleSchedule (as amended to date). With respect to each agreement written arrangement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (iA) the agreement written arrangement is a legal, valid, binding binding, enforceable against Sigma6 and, to Sigma6 and enforceable obligation of Seller's Knowledge, the Company other parties thereto and in full force and effect, subject to the Equitable Exceptions; (B) except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied set forth in a court of law or a court of equity; (iiSection 4(m) the agreement will not, as a result of the execution and delivery by Disclosure Schedule, the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease written arrangement will continue to be a legal, valid, binding binding, enforceable and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with on identical terms immediately following the terms thereof as in effect immediately prior Closing, subject to the Closing; Equitable Exceptions and if Newco performs thereunder and does not breach such agreement after the Closing Date, (iiiC) neither the Company norSigma6 is not, nor to the knowledge Knowledge of the Company, Sellers and Sigma6 is any other party, is in breach or violation of, or default under, any such agreementdefault, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, occurred which with notice or lapse of time, or otherwise, time would constitute a breach or default by or except in the Company orOrdinary Course of Business permit termination, modification, or acceleration, under the written arrangement; and (D) Sigma6 has not, nor to the knowledge Knowledge of the Company, Sellers and Sigma6 has any other party, repudiated any provision of the written arrangement. Sigma6 is not a party under such to any oral contract, except for any breachagreement, violation or default that other arrangement which, if reduced to written form, would be required to be listed in Section 4(m) of the Disclosure Schedule under the terms of this Section 4(m). No unfilled Customer Contract or Agreement obligating Sigma6 to perform services will result in a Material loss to Sigma6 upon completion of performance. Except as set forth in Section 4(m) of the Disclosure Schedule, Sigma6 has not had and would not reasonably be anticipated been notified that any of its customers intends either to have dispute charges under or to terminate early a Company Material Adverse EffectCustomer Contract or Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Appnet Systems Inc), Merger Agreement (Appnet Systems Inc)
Contracts. Section 3.12 of the VCI Disclosure Schedule lists all material written agreements to which VCI or any of its Subsidiaries is a party or by which it is bound, including but not limited to:
(a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether any written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):
(i) any agreement (or group of related agreements) arrangement for the lease provision of personal property from products or services to customers or other third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeparties;
(iib) any agreement (or group of related agreements) written arrangement for the purchase of raw materials, commodities, supplies, products or sale of products other personal property or for the furnishing or receipt of services consulting or other services;
(Ac) which calls for performance over any written arrangement establishing a period of more than one yearpartnership, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumjoint venture development, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyarrangement;
(iiid) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) written arrangement under which it has created, incurred, assumed assumed, or guaranteed (or may create, incur, assume assume, or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(ve) any agreement that purports to limit in any material respect the right of the Company to engage in any line of businesswritten arrangement concerning confidentiality or noncompetition (other than standard confidentiality agreements with employees, consultants or to compete with any person or operate in any geographical locationdirectors);
(vif) any employment agreement written agreement, contract or consulting agreement commitment that calls for fixed and/or contingent payments or expenditures (including without limitation any advertising or revenue sharing arrangement);
(g) any written outstanding sales or advertising contract, commitment or proposal (including, without limitation, insertion orders, slotting agreements or other agreements under which provides for payments VCI or any of its Subsidiaries has allowed third parties to advertise on or otherwise be included in excess World Wide Web sites of $50,000 per annum VCI or any of its Subsidiaries)
(other than employment h) any written agreements, contracts or consulting agreements commitments with officers, employees, agents, consultants, advisors, salesmen, sales representatives, distributors or dealers that are not cancelable "at will" and without liability, penalty or premium.
(i) any written employment, independent contractor or similar agreement, contract or commitment that is not terminable on less than thirty (30) days’ notice);
(vii) ' notice or less without penalty, liability or premium of any agreement involving any officertype, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionincluding, stock optionwithout limitation, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default severance or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)pay.
(bj) The Company has delivered any written arrangement involving any VCI shareholders or made available their Affiliates. Neither VCI nor any of its Subsidiaries is a party to the Parent a complete and accurate copy of each any oral contract, agreement or other arrangement which, if reduced to written form, would be required to be listed in Section 2.14 3.12 of the Company VCI Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 All of the Company agreements listed in the VCI Disclosure Schedule: (i) the agreement Schedule to which VCI or any of its Subsidiaries is a legal, party are valid, binding and enforceable obligation of the Company and binding, in full force and effecteffect and enforceable in accordance with their respective terms, except as such enforceability may be limited under by applicable bankruptcy, insolvency and insolvency, reorganization or other similar laws, rules or regulations laws affecting the enforcement of creditors’ ' rights and remedies generally and except that the availability of equitable remedies is subject to general principles the discretion of equity the court before which any proceeding therefor may be brought (whether applied in a court of at law or a court of in equity; (ii) the agreement will not, ). Except as a result set forth in Section 3.12 of the execution and delivery by the Company of this Agreement VCI Disclosure Schedule, no such contract contains any liquidated damages, penalty or the Transaction Documentationsimilar provision. To VCI's knowledge, no party to any such contract intends to cancel, withdraw, modify or the consummation by the Company amend such contract, agreement or arrangement. Except as set forth in Section 3.12 of the transactions contemplated hereby VCI Disclosure Schedule, neither VCI nor any of its Subsidiaries is in default under or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, nor, to VCI's knowledge, is there any valid basis for any claim of default by VCI or default any of its Subsidiaries under, or breach or violation by VCI or any such agreementof its Subsidiaries of, and no event has occurred, is pending orany material provision of any contract listed on the VCI Disclosure Schedule. Except as set forth in Section 3.12 of the VCI Disclosure Schedule, to the VCI's knowledge of the Company, no other party is threatened, which, after the giving of notice, with lapse of time, in default under or otherwise, would constitute a in breach or violation of, nor is there any valid basis for any claim of default by the Company or, to the knowledge of the Company, any other party under or any breach or violation by any other party of, any such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Agreement and Plan of Reorganization and Merger (Healthcentral Com), Merger Agreement (Healthcentral Com)
Contracts. (a) Section 2.14 2.13 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonths;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum25,000, or (BC) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material partnership or joint venture or legal partnershipventure;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, concerning confidentiality or to compete with any person or operate in any geographical locationnoncompetition;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)agreement;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (affiliate, as defined in Rule 12b-2 under the Exchange Act) , thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(x) any other agreement (or group of related agreements) either involving more than $25,000 or not entered into in the Ordinary Course of Business; and
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under Company to which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)a party.
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.13 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.13 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company is not nor, to the knowledge of the Company, is any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Cromwell Uranium Corp.), Merger Agreement (WaferGen Bio-Systems, Inc.)
Contracts. (a) Except for this Agreement and the contracts filed with the Company Reports, Section 2.14 5.15(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Letter sets forth, as of the date of this Agreement Agreement, each contract (other than Company Real Property Leases) to which the Transaction Documentation):Company or any Company Subsidiary is a party or by which it is bound:
(i) any agreement which is a “material contract” (or group as such term is defined in Item 601(b)(10) of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty Regulation S‑K promulgated by the Company on sixty (60) days or less prior written noticeSEC);
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services that (A) which calls for performance over a period of more than one yearlimits, is not cancellable without penalty by restricts or prohibits the Company on sixty or any Company Subsidiary (60or, after giving effect to the transactions contemplated by this Agreement, would limit, restrict or prohibit Parent or any of its Affiliates) days from conducting any material business or less prior written notice and involves more than the sum of $25,000 per annumdoing material business with any Person in any geographical area, or (B) in which the Company has granted manufacturing rights, grants “most favored nation” pricing provisions or exclusive marketing or distribution rights relating status to any products Person other than Medicaid participation agreements, or territory (C) could require the disposition of any material assets or has agreed to purchase goods line of business of the Company or services exclusively from a certain partyany Company Subsidiary (or, after the Effective Time, Parent or any of its subsidiaries), in the case of each of sub-clauses (A), (B) and (C), except for any such contract that may be canceled without any material payment by the Company or any Company Subsidiary upon notice of ninety (90) days or less;
(iii) (A) pursuant to which the Company or any agreement whichCompany Subsidiary may be required to pay in excess of Fifty Million Dollars ($50,000,000) during calendar year 2015, (B) to the knowledge extent a contract was entered into in calendar year 2015, pursuant to which the Company or any Company Subsidiary may be required to pay in excess of Fifty Million Dollars ($50,000,000) during the first twelve (12) months of the Companyterm, establishes a and (C) pursuant to which the Company or any Company Subsidiary is required to pay in excess of Fifty Million Dollars ($50,000,000) during any twelve (12) month period during the term of such contract, in the case of each of sub-clauses (A), (B) and (C), other than such contracts that may be canceled without any material joint venture payment by the Company or legal partnershipany Company Subsidiary upon notice of ninety (90) days or less;
(iv) relating to indebtedness, in each case with respect to a principal amount in excess of Fifty Million Dollars ($50,000,000) other than any agreement (such contract solely between or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangibleamong the Company and the Company Subsidiaries;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to which is with an executive officer and contains a non-compete with any person or operate in any geographical locationprovision;
(vi) relating to the creation, formation, operation, management or control of any employment agreement partnerships, joint ventures or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)similar arrangements;
(vii) is currently in effect and contains a put, call right of first refusal, right of first offer or other right pursuant to which the Company or any agreement involving any officerCompany Subsidiary could be required to acquire, director dispose of, purchase or stockholder sell, as applicable, substantially all of the capital stock, substantially all of the assets or material line of business of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant current or stock purchase agreements the forms of which have been made available to Parent)former Company Subsidiary;
(viii) that obliges the Company or any agreement Company Subsidiary to make any earn-out payments or commitment for capital expenditures other contingent payments (but not indemnification payments) in excess connection with the acquisition or divestment of $25,000a business or Person by the Company or any Company Subsidiary, for a single project (it being represented and warranted that which have not been paid in full as of the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)date hereof;
(ix) containing any standstill or similar agreement under pursuant to which the consequences Company or any Company Subsidiary has agreed not to acquire assets or securities of another Person where such commitment remains in effect as of the date hereof;
(x) (x) obligates the Company or any Company Subsidiary to make a default loan or termination capital contribution to, or investment in excess of Ten Million Dollars ($10,000,000) in any Person other than loans to any Company Subsidiary and advances to employees in the ordinary course of business consistent with past practice or (y) obligates the Company or any Company Subsidiary to provide a guarantee that would reasonably be expected to result in payments in excess of Ten Million Dollars ($10,000,000) other than guarantees by the Company or any Company Subsidiary of another Company Subsidiary’s obligations;
(xi) which is with any Governmental Entity and contains any continuing obligations that are material to the Company or any Company Subsidiary;
(xii) with any third-party service providers for the provision of billing and collection services to the Company or any Company Subsidiary that is material to the Company or any Company Subsidiary;
(xiii) pursuant to which the Company or any Company Subsidiary received during calendar year 2014 or expects to receive during calendar year 2015 payments in excess of Fifty Million Dollars ($50,000,000); and
(xiv) which commits the Company or any Company Subsidiary to enter into any of the foregoing. Each of the contracts of the type described in this Section 5.15 is referred to in this Agreement as a “Company Contract.”
(b) Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The neither the Company has delivered or made available nor any Company Subsidiary is and, to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation Knowledge of the Company, except as such enforceability may be limited under applicable bankruptcyno other party is, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or in default under, any such agreementCompany Contract, and (ii) no event has occurredoccurred which would result in a breach or violation of, is pending or a default under, any Company Contract by the Company or any Company Subsidiary or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge Knowledge of the Company, any other party under such contractthereto (in each case, with or without notice or lapse of time or both), (iii) each Company Contract is valid, binding and enforceable in accordance with its terms, except for any breachas may be limited by applicable bankruptcy, violation insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or default that has not had affecting creditors’ rights or by general equity principles and would not reasonably be anticipated (iv) each Company Contract is in full force and effect with respect to have a the Company Material Adverse Effector the Company Subsidiaries, as applicable, and, to the Knowledge of the Company, with respect to the other parties thereto.
Appears in 2 contracts
Sources: Merger Agreement (CVS HEALTH Corp), Merger Agreement (CVS HEALTH Corp)
Contracts. (a) Section 2.14 of the Company Disclosure Schedule lists the following agreements (whether written or oral3.6(a) to which the Company is a party sets forth, as of the date of this Agreement Agreement, a list of each Contract that is (other than x) included in the Transaction Documentation):Assigned Contracts or (y) of the type set forth below to the extent primarily used in or primarily related to the Acquired Business:
(i) any agreement a Contract (or group of related agreementsContracts with respect to a single transaction or series of related transactions) for the lease that involves payments, performance or services or delivery of personal property from goods or materials to third parties (A) which provides for lease payments or by any Seller of any amount or value in excess of of, or reasonably expected to exceed, $25,000 per annum or 100,000 in any twelve (B12) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonth period;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or a Contract for the furnishing or receipt of services (A) services, the performance of which calls for performance will extend over a period of more than one year, twelve (12) months;
(iii) a Contract that is not cancellable without penalty by a joint venture agreement or similar agreement involving the Company on sixty sharing of profits and losses;
(60iv) days or less prior written notice and involves more than the sum of $25,000 per annum, or a Contract that contains any (Bi) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating in favor of any customer of the Acquired Business in a manner material to any products or territory or has agreed to the Acquired Business, (ii) a provision expressly requiring the purchase of goods or services exclusively from a certain party;
another Person or (iii) express restriction on the ability to compete in any agreement which, line of business or with any Person or to the knowledge of the Company, establishes a material joint venture provide services generally or legal partnership;
(iv) in any agreement (market segment or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblegeographic area ;
(v) a Contract granting an option to acquire, sell, lease or license any agreement that purports to limit in Acquired Asset or granting any material respect the right of the Company to engage first offer, right of first refusal or right of first negotiation in respect of any line of business, or to compete with any person or operate in any geographical locationAcquired Asset;
(vi) a Contract with or for the benefit of any employment agreement present officer, director, employee or consulting agreement which provides for payments in excess Affiliate of $50,000 per annum a Seller (other than employment or consulting agreements terminable on less than thirty (30) days’ noticeeach, a “Related Party” and each such Contract, a “Related Party Contract”);
(vii) any agreement involving any officer, director or stockholder a power of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)attorney that is currently effective and outstanding;
(viii) any settlement, conciliation or similar agreement with any Governmental Body, or commitment for capital expenditures that will require a Seller to pay consideration after the date hereof in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);100,000; and
(ix) any agreement under which the consequences of a default endorsement or termination would reasonably be expected influencer Contract related to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (Transferred Trademarks or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)E-Commerce Platform.
(b) The Company has delivered or made available Subject to requisite Bankruptcy Court approvals, and assumption by the Parent a complete and accurate copy of each agreement listed in Section 2.14 applicable Seller of the Company Disclosure Schedule. With respect to each agreement so listed, applicable Contract in accordance with applicable Law (including satisfaction of any applicable Cure Costs) and except as set forth in Section 2.14 a result of the Company Disclosure Schedule: (i) commencement of the agreement Bankruptcy Case, each of the Assigned Contracts is in full force and effect and is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norits Subsidiaries and, to the knowledge of the Company, each of the other parties thereto, except as may be limited by the Enforceability Exceptions. Except as a result of the commencement of the Bankruptcy Case, neither the Company nor any other partyof its Subsidiaries, as applicable, is in breach or violation ofmaterial default, or default underis alleged in writing by the counterparty thereto to have materially breached or to be in material default, under any such agreementAssigned Contract, and no event has occurred, is pending orand, to the knowledge of the Company, the other party to each Assigned Contract is threatenednot in material default thereunder. The Company has made available to Purchaser complete and correct copies of all Assigned Contracts, whicheach as amended to the date hereof. None of the Assigned Contracts has been canceled or otherwise terminated, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by and neither the Company ornor its Subsidiaries has received any written notice from any Person regarding any such cancellation or termination.
(c) Except for normal employment relationships between an employer and employee, no Related Party directly or indirectly is a party to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectAssigned Contract.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Pier 1 Imports Inc/De), Asset Purchase Agreement
Contracts. (aSection 4(p) Section 2.14 of the Company Disclosure Schedule lists the following contracts and other agreements (whether written or oral) to which the Company any Target is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(i) any agreement (or group of related agreements) for the lease of personal property to or from or to third parties (A) which provides any Person providing for lease payments in excess of $25,000 50,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeannum;
(ii) any agreement (or group of related agreements) for the purchase or sale of products raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services (A) services, the performance of which calls for performance will extend over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days 1 year or less prior written notice and involves more than the sum involve consideration in excess of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party50,000;
(iii) any agreement which, to the knowledge of the Company, establishes concerning a material partnership or joint venture or legal partnershipthat is currently in force;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed assumed, or guaranteed (any indebtedness for borrowed money, or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligations) involving more than obligation, in excess of $25,000 50,000 or under which it has imposed (or may impose) a Security Interest Lien on any of its assets, tangible or intangible;
(v) any material agreement that purports to limit in any material respect restricts the right ability of the Company Targets to freely engage or compete in any line of business, or to compete with any person or operate business anywhere in any geographical locationthe world;
(vi) any employment material agreement between any Target, on the one hand, and any Seller or consulting agreement which provides for payments in excess an Affiliate of $50,000 per annum Seller (other than employment or consulting agreements terminable Targets), on less the other hand, other than thirty (30) days’ notice)any Employee Benefit Plan;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscriptionprofit sharing, stock option, restricted stockstock purchase, warrant stock appreciation, deferred compensation, severance, or stock purchase agreements other material plan or arrangement for the forms benefit of which have been made available to Parent)its current or former directors, officers, and employees with outstanding obligations in place;
(viii) any collective bargaining agreement or commitment for capital expenditures in excess with a labor organization relating to employees of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)Targets;
(ix) any agreement under which for the consequences employment of any individual on a default full-time or termination would reasonably be expected to have a Company Material Adverse Effectpart-time basis or, consulting of an individual, or other basis providing annual compensation in excess of $150,000 or providing material severance benefits;
(x) any agreement under which contains it has advanced or loaned any provisions requiring amount to any of its directors, officers, and employees (other than the Company or advancement of expenses to indemnify any employees and other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into service providers in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to agreement under which the future sales consequences of securities of the Company; anda default or termination could have a Material Adverse Effect;
(xii) any agreement under which it has granted any Person any registration rights (including, without limitation, demand and piggyback registration rights);
(xiii) any settlement, conciliation or similar agreement with any Governmental Authority or which will involve payment after the execution date of this Agreement of consideration in excess of $50,000 ;
(xiv) any agreement under which any Target has advanced or loaned any other Person amounts in the aggregate exceeding $50,000 (other than the advancement of expenses to employees and other service providers in the Ordinary Course of Business); or
(xv) any other agreement (or group of related agreements) (A) under the performance of which the Company is obligated to make payments or incur costs involves consideration in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company 50,000. Sellers has delivered or made available to the Parent Buyer a correct and complete and accurate copy of each written agreement (as amended to date) listed in Section 2.14 4(p) of the Company Disclosure Schedule and a written summary setting forth the material terms and conditions of each oral agreement referred to in Section 4(p) of the Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedulesuch agreement: (iA) the agreement is a legal, valid, binding binding, enforceable, and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as all material respects; (B) no Target is in effect immediately prior material breach or default, to the ClosingKnowledge of Sellers, no other party is in material breach or default, and, to the Knowledge of Sellers, no event has occurred that with notice or lapse of time would constitute a material breach or default, or permit termination, modification, or acceleration, under the agreement; and (iiiC) neither the Company nor, to the knowledge Knowledge of Sellers, no party has repudiated any material provision of the Company, any other party, is in breach or violation of, or default under, any such agreement, except in each of clauses (B) and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and (C) as would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Securities Purchase and Exchange Agreement (TerrAscend Corp.), Securities Purchase and Exchange Agreement
Contracts. (a) Section 2.14 4.14(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party lists, as of the date of this Agreement Agreement, each Contract that (other than i) is of a type that would be required to be filed with the Transaction Documentation):SEC as an exhibit to the SEC Documents pursuant to Paragraph (2), (4) or (10) of Item 601(b) of Regulation S-K under the Securities Act, or (ii) is of a type described below:
(i) any agreement Contract (x) to which the Company or group any of related agreements) the Company Subsidiaries is a party relating to indebtedness for the lease of personal property from or to third parties (A) which provides for lease payments borrowed money in excess of $25,000 per annum 50,000 or (By) pursuant to which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeany of the Company Subsidiaries is a guarantor of any indebtedness for borrowed money in excess of $50,000;
(ii) any agreement (Contract, whether by lease or group any similar agreement, under which the Company or any of related agreements) the Company Subsidiaries is the lessor of, or makes available for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one yearuse by any third Person, is not cancellable without penalty any tangible personal property owned by the Company on sixty (60) days or less prior written notice and involves more than any of the sum Company Subsidiaries for an annual rent in excess of $25,000 per annum10,000, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyeach case;
(iii) any agreement which, Contract relating to any outstanding loan or advance by the knowledge Company or any of the CompanyCompany Subsidiaries to, establishes a material joint venture or legal partnershipinvestment by the Company or any of the Company Subsidiaries in, any Person (excluding trade receivables and advances to employees for normally incurred business expenses each arising in the ordinary course of business consistent with past practice);
(iv) any partnership, joint venture or profit sharing agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on with any of its assets, tangible or intangiblePerson;
(v) any agreement that purports Contract to limit in which the Company or any material respect the right of the Company Subsidiaries is a party granting a right of first refusal, right of first offer or similar preferential right to engage in purchase or acquire any line of business, the Company’s or to compete with any person of the Company Subsidiaries’ capital stock or operate in any geographical locationassets;
(vi) any employment agreement Contract for the purchase, sale, exchange, disposition, gathering, treatment, processing, refining, handling, storage or consulting agreement which provides for payments in excess transportation of $50,000 per annum Hydrocarbons that is not terminable without penalty upon sixty (other than employment or consulting agreements terminable on less than thirty (3060) calendar days’ notice)notice or less;
(vii) any agreement involving any officer, director Contract for the use or stockholder sharing of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)drilling rigs;
(viii) any Contract for purchase, farmin or farmout agreement, exploration agreement, participation agreement, agreement of development or similar agreement providing for the earning of an ownership interest;
(ix) any Contract to which the Company or any of the Company Subsidiaries is a party with respect to any partnership entity or other joint venture entity in which the Company or any Company Subsidiary has an ownership interest (other than a Contract solely between the Company or a Company Subsidiary, on the one hand, and one or more Company Subsidiaries, on the other hand);
(x) any Contract pursuant to which the Company or any of the Company Subsidiaries has an option or right to purchase the assets or securities of another Person;
(xi) any Contract between the Company or any of the Company Subsidiaries and any employee, officer, director or consultant thereof, or between the Company and any Affiliate of the Company;
(xii) any Contract related to areas of mutual interest;
(xiii) any Contract related to the operation, exploration or development of any Oil and Gas Interests of the Company or the Company Subsidiaries;
(xiv) any Contract with any owner of subsurface rights other than Oil and Gas Interests, including owners of rights with respect to coal;
(xv) any Contract between the Company or any of its Affiliates and any third party operator of any ▇▇▇▇▇, production from which is holding any of the Oil and Gas Interests of the Company or any Company Subsidiary;
(xvi) any Contract relating to the disposition or acquisition by the Company or any of the Company Subsidiaries after the date of this Agreement of assets having a book value or fair market value in excess of $100,000;
(xvii) any Contract relating to any outstanding commitment for capital expenditures in excess of $25,000100,000;
(xviii) any Contract containing provisions applicable upon a change of control of the Company or any of the Company Subsidiaries;
(xix) any Contract with former or present directors or officers;
(xx) any confidentiality or standstill agreements with any Person that restrict the Company or any of the Company Subsidiaries in the use of any information or the taking of any actions that were entered into in connection with the consideration by the Company or any of the Company Subsidiaries of any acquisition of assets or equity securities;
(xxi) any Contract to which the Company or any of the Company Subsidiaries is a party which involve payments by or to a third party of more than $50,000 during the fiscal year ending December 31, for a single project 2016 or which could reasonably be expected to involve such payments during the fiscal year ending December 31, 2016;
(it being represented xxii) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other agreements or instruments relating to the borrowing of money or extension of credit involving amounts in excess of $100,000;
(xxiii) any non-competition agreement or any Contract that purports to restrict, limit or prohibit the manner in which, or the localities in which, the Company or the Company Subsidiaries conduct their business;
(xxiv) any Contract between the Company or any of the Company Subsidiaries on the one hand, and warranted that Republic or any of its Affiliates, on the liability under all undisclosed agreements and commitments for other hand;
(xxv) any Contract expressly limiting or restricting the ability of the Company or any of the Company Subsidiaries (A) to make distributions or declare or pay dividends in respect of their capital expenditures does not exceed stock or other equity interests, (B) to make loans to the Company or any of the Company Subsidiaries or (C) to grant Liens on the assets or property of the Company or any of the Company Subsidiaries;
(xxvi) any financial risk management Contract, including currency, commodity or interest related derivative or hedge Contracts in excess of $100,000 in the aggregate for all projects)aggregate;
(ixxxvii) except for Contracts the subject matter of which are subject to any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(bxxvi) The Company has delivered above, any Contract involving payments by or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 Company or any of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth Subsidiaries in Section 2.14 excess of $100,000; and
(xxviii) any Contract which commits the Company or any of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation Subsidiaries to enter into any of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectforegoing.
Appears in 2 contracts
Sources: Merger Agreement (EQT Corp), Agreement and Plan of Merger (Trans Energy Inc)
Contracts. Except as set forth on Schedule 5.16, neither Company nor Purchased Subsidiary is a party to or bound by any Contract that (i) contains a minimum annual purchase requirement or minimum annual expenditure requirement of $50,000 or more, (ii) has a term of more than one (1) year and (iii) cannot be canceled on less than ninety (90) days’ notice. Schedule 5.16 also sets forth a true, accurate and complete list of all:
(a) Section 2.14 Contracts that restrain, limit or impede Company’s ability to compete with or conduct any business or line of the business;
(b) Contracts involving Indebtedness of Company Disclosure Schedule lists the following agreements or Purchased Subsidiary;
(whether written or oralc) to which the Company is a party as of the date of this Agreement Contracts (other than this Agreement and any agreement or instrument entered into pursuant to this Agreement) with (i) any Seller or any Affiliate of any Seller or (ii) any current or former officer or director of Company;
(d) Contracts evidencing partnerships, franchises, joint ventures or minority equity interests or that obligate Company or Purchased Subsidiary with respect to contingent payments;
(e) Contracts relating to any material legal proceedings or other actions involving Company or Purchased Subsidiary at any time during the Transaction Documentation):last two (2) years;
(f) Contracts relating to the licensing of any Intellectual Property owned by third parties;
(g) Contracts of indemnification or guaranty entered into outside the Ordinary Course of Business;
(h) Contracts containing performance or revenue standards or purchase or revenue minimums, which, if not met, have payment, reimbursement or forfeiture provisions;
(i) any agreement Contracts containing joint marketing or development agreements;
(j) Contracts or group of related agreements) for the lease of personal property from or commitments relating to third parties (A) which provides for lease capital expenditures and involving future payments in excess of $25,000 per annum 50,000;
(k) Contracts or (B) which has a remaining term longer than 12 months and is not cancellable without penalty commitments entered into by the Company on sixty or Purchased Subsidiary relating to (60i) days the disposition of a Previous Location that was owned (and not leased) by the Company or less prior written notice;
Purchased Subsidiary in the last twenty (20) years or (ii) the disposition or acquisition of any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit interest in any material respect business enterprise pursuant to which there may be an executory obligation on the right part of the Company or Purchased Subsidiary to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for make additional payments in excess of $50,000 per annum (other than employment including under any Law or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the CompanyEnvironmental Law; and
(xiil) any other agreement (Contracts relating to the acquisition, disposition, sale or group lease of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into Previous Locations in the Ordinary Course of Business, in each case which is not otherwise described in clauses last twenty (i20) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Scheduleyears. With respect to each agreement so listed, and except as Each Contract set forth in Section 2.14 of the Company Disclosure Schedule: on Schedule 5.16 (ieach a “Material Contract”) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with and is the terms thereof as in effect immediately prior to the Closing; legal, valid and (iii) neither the binding obligation of Company nor, to the knowledge of the Company, any other party, or Purchased Subsidiary. Neither Company nor Purchased Subsidiary is in breach or violation of, or default under, under any such agreementMaterial Contract in any material respect, and there has been no event has occurred, is pending or, to the knowledge occurrence nor exists any condition or circumstance of the Company, is threatened, which, after the giving of noticewhich Sellers are aware that, with lapse either notice or passage of time, time or otherwiseboth, would result in or constitute a breach or default by the Company or, to the knowledge of the Company, under any other party under such contract, except for any breach, violation or default that has not had and Material Contract which would not reasonably be anticipated to have a Company Material Adverse Effect. There have been no written amendments to any of the Material Contracts except as set forth on Schedule 5.16.
Appears in 2 contracts
Sources: Stock Purchase Agreement, Stock Purchase Agreement (CrossAmerica Partners LP)
Contracts. (a) Section 2.14 of the Company Disclosure Except as set forth on Schedule lists the following agreements 3.11, LTC is neither a party to, nor bound by, any material lease, agreement, contract, commitment or other legally binding contractual right or obligation (whether written or oral) to which the Company that is of a party as of the date of this Agreement type described below (other than the Transaction Documentationcollectively, "Contracts"):
(i) any agreement lease (whether of real or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeproperty);
(ii) any agreement (or group of related agreements) for the purchase of materials, supplies, goods, services, equipment or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partyother assets;
(iii) any sales, distribution or other similar agreement whichproviding for the sale by LTC of materials, to the knowledge of the Companysupplies, establishes a material joint venture goods, services, equipment or legal partnershipother assets;
(iv) any partnership, joint venture or other similar agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblearrangement;
(v) any agreement that purports Contract pursuant to limit in which any third party has rights to own or use any material respect the right asset of the Company to engage in LTC, including, without limitation, any line Intellectual Property Right of business, or to compete with any person or operate in any geographical locationLTC;
(vi) any employment agreement relating to the acquisition or consulting agreement which provides for payments in excess disposition of $50,000 per annum any business (whether by merger, sale of stock, sale of assets or otherwise) or granting to any Person a right of first refusal, first offer or other than employment or consulting agreements terminable on less than thirty (30) days’ notice)right to purchase any of LTC's assets;
(vii) any agreement involving relating to Indebtedness (in any officercase, director whether incurred, assumed, guaranteed or stockholder of the Company or secured by any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parentasset);
(viii) any agreement license, franchise or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)similar agreement;
(ix) any agreement under which the consequences of a default agency, dealer, sales representative, marketing or termination would reasonably be expected to have a Company Material Adverse Effectother similar agreement;
(x) any agreement which contains any provisions requiring the Company Contract that may not be terminated by LTC without payment of penalty or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale on 90 days' or license of products entered into in the Ordinary Course of Business)less prior notice;
(xi) any agreementagreement that limits the freedom of LTC to compete in any line of business, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; andgeographic area or with any Person;
(xii) any other agreement (or group of related agreements) with (A) under which the Company is obligated to make payments any stockholder of LTC or incur costs in excess any other Affiliate of $25,000 in any year LTC, or (B) not any director or officer of LTC or with any "associate" or any member of the "immediate family" (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any such director or officer;
(xiii) any management service, consulting or any other similar type of agreement;
(xiv) any warranty, guaranty or other similar undertaking with respect to any product or contractual performance (or LTC's standard forms of any of the foregoing) or agreement to indemnify any Person;
(xv) any employment, deferred compensation, severance, bonus, retirement or other similar agreement or plan in effect as of the date hereof entered into or adopted by LTC;
(xvi) any other agreement, commitment, arrangement or plan not made in the Ordinary Course of Business, in each case which Business of LTC that is not otherwise described in clauses (i) through (xi)material to LTC.
(b) The Company has delivered Each Contract disclosed in or made available required to be disclosed in Schedule 3.11 is a valid and binding agreement of LTC and, to the Parent a complete and accurate copy knowledge of LTC, each agreement listed other party thereto, enforceable in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effectaccordance with its respective terms, except as such to the extent that its enforceability may be limited under subject to applicable bankruptcy, insolvency insolvency, reorganization, moratorium and similar laws, rules or regulations laws affecting the enforcement of creditors’ ' rights and remedies generally and to by general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company equitable principles. Neither LTC nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the CompanyLTC, any other party to any such Contract is in default or breach (with or without due notice or lapse of time or both) in any material respect under the terms of any such contractContract. To the knowledge of LTC, except for there is no event, occurrence, condition or act which, with the giving of notice or the passage of time or both, or the happening of any breachother event or condition, violation or default that has not had and would not reasonably be anticipated expected to have become a Company Material Adverse Effectmaterial default or breach or event of default under any such Contract.
Appears in 2 contracts
Sources: Agreement (Lithium Technology Corp), Agreement (Lithium Technology Corp)
Contracts. (ai) Schedule 6.02(w)(i) sets forth a true and complete list of the following Contracts (excluding any Company Leases and Company Employee Plans) (each, together with the Contracts identified in Section 2.14 6.02(w)(ii) and on Schedules 6.02(j)(ii), 6.02(l)(v), 6.02(l)(vi), 6.02(o) and 6.02(x), a “Company Material Contract” and collectively, the “Company Material Contracts”):
(A) each Contract that involves performance of services or delivery of goods or materials by or to the Company of an amount or value in excess of $500,000 determined on an annual basis;
(B) each Contract that was not entered into in the Ordinary Course of Business and that involves expenditures or receipts of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party as in excess of the date of this Agreement (other than the Transaction Documentation):$500,000 determined on an annual basis;
(iC) any agreement (or group of related agreements) for the lease of personal property from leases and installment and conditional sales agreements having a value per item or to third parties (A) which provides for lease aggregate payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company 500,000 determined on sixty (60) days or less prior written noticean annual basis;
(iiD) each Contract containing covenants that in any agreement (or group way purport to restrict the business activity of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum any Affiliate of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to limit the knowledge freedom of the Company, establishes a material joint venture Company or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right Affiliate of the Company to engage in any line of business, business or to compete with any person or operate in any geographical locationPerson;
(viE) any employment agreement or consulting agreement which provides all drilling, fracing and saltwater disposal Contracts and compressor leases that call for payments in excess of $50,000 per annum 500,000 over a period of 12 months;
(F) all Contracts that concern the purchase and sale, exchange, marketing, gathering, transportation, compression, processing or treating of Hydrocarbons or similar Contracts relating to or included in the Company Properties that are operated by the Company and that are (1) not terminable without penalty on 60 or less days’ notice or (2) can be reasonably expected to result in aggregate monthly revenues to the Company of more than $500,000 (based solely on the terms thereof and without regard to any expected increase in volumes or revenues) during the current or any subsequent calendar year;
(G) all leases (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (ALease) under which the Company is obligated a lessor or lessee of real or personal property, which lease (1) cannot be terminated by the Company without penalty or payment upon sixty or fewer days notice or (2) involves an annual base rental of more than $500,000;
(H) all Contracts (other than the Organizational Documents of the Company) granting any Person registration, purchase or sale rights with respect to make payments the Owned Company Stock or incur other equity securities of the Company;
(I) all bonds, letters of credit, guaranties and similar instruments issued by the Company, Contributors or their Affiliates and required by contract or applicable Law to be posted or otherwise tendered in order to own/and or operate any of the Company Assets;
(J) all written employment Contracts of the Company that cannot be terminated at will;
(K) any Contract or commitment to which the Company is a party or is bound containing a “right of first refusal,” “right of first offer,” “buy/sell right,” “put or call right,” “tag-along or drag-along” rights or other preferential purchase or sale right that is applicable to the transactions contemplated hereby;
(L) any Contract between a Contributor or an Affiliate of such Contributor (other than the Company) and the Company (“Company Affiliate Contracts”); and
(M) each amendment, supplement and modification (whether oral or written) in respect of any of the foregoing.
(ii) Although not listed for purposes of Section 6.02(w)(i), each of the following Contracts shall be included in the definition of “Company Material Contracts”:
(A) each joint venture agreement, partnership agreement and other Contract (however titled) involving a sharing of profits, losses, costs in excess or Liabilities by the Company with any other Person and Contracts providing for commissions based on sales or purchases of $25,000 in any year or by the Company;
(B) not entered into in all area of mutual interest, farmout, farmin, joint operating, unit, pooling, communitization or development agreements or similar Contracts; and
(C) all Contracts that pertain to the Ordinary Course acquisition of Business, in each case which is not otherwise described in clauses (i) through (xi)material property by the Company.
(biii) The Each Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Material Contract is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect and is valid and enforceable in accordance with its terms, except as may be limited by the Enforceability Exceptions.
(iv) Except as set forth in Schedule 6.02(w)(iv):
(A) the Company and Contributors, if applicable, are in compliance in all material respects with all applicable terms thereof as in effect immediately prior and requirements of each Company Material Contract under which such Person has any Liability or by which such entity or any of the assets owned or used by such entity is bound;
(B) to the Closing; and (iii) neither the Company nor, to the knowledge Knowledge of the Company, each other Person (other than Company and Contributors) that has any other party, Liability under any Company Material Contract is in compliance with all applicable terms and requirements of such Company Material Contract;
(C) no event has occurred or circumstance exists that (with or without notice or lapse of time) contravenes, conflicts with or results in a violation or breach of, or gives the Company or other Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate or modify, any Company Material Contract; and
(D) the Company has not given to or, to the Knowledge of the Company, received from any Person any notice or other communication (whether oral or written) regarding any actual, alleged, possible, or potential violation or breach of, or default under, any such agreementCompany Material Contract.
(v) There are no Contracts that could materially restrict the ability of Laredo to own, use and no event has occurredoperate the business and Company Assets and the Company as historically owned, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default used and operated by the Company or, to the knowledge and Contributors.
(vi) True and complete copies (including all amendments thereto) of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a each Company Material Adverse EffectContract have been made available to Laredo.
(vii) The Company Material Contracts together with the other Company Assets are sufficient in all material respects to operate the Company Properties in the Ordinary Course of Business.
(viii) Except as set forth on Schedule 6.02(w)(viii), there are no Contracts by which the Company is bound by any future hedge, swap, collar, put, call, floor, cap, option or other contract that is intended to benefit from, relate to or reduce or eliminate the risk of fluctuations in the price of commodities, including Hydrocarbons, interest rates, currencies or securities.
Appears in 2 contracts
Sources: Contribution Agreement (Laredo Petroleum - Dallas, Inc.), Contribution Agreement (Laredo Petroleum Holdings, Inc.)
Contracts. (a) Section 2.14 Schedule 6.18 of the Company Disclosure Schedule lists Statement sets forth the following oral or written contracts and other agreements (whether written or oral) to which the Company or any of its Subsidiaries is a party as of the date of this Agreement (other than the Transaction Documentation):party:
(ia) any agreement (or group of related agreements, with the same third party or any of its Affiliates) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of One Hundred Thousand Dollars ($25,000 100,000) per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticeannum;
(iib) any agreement (or group of related agreements for the purchase or sale of supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which involve consideration in excess of One Hundred Thousand Dollars ($100,000) per annum; PROVIDED, HOWEVER, that this clause (b) shall not include any employment agreement included pursuant to clause (e) below or excluded from clause (e) below by virtue of the monetary threshold set forth therein;
(c) any agreement concerning a partnership or joint venture;
(d) any agreement (or group of related agreements, with the same third party or any of its Affiliates) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in under which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it its Subsidiaries has created, incurred, assumed assumed, or guaranteed (any indebtedness for borrowed money, or may create, incur, assume or guarantee) indebtedness (including any capitalized lease obligationsobligation, in excess of One Hundred Thousand Dollar ($100,000) involving more than $25,000 per annum or under which it has imposed (or may impose) a Security Interest lien on any of its material assets, tangible or intangible;
(ve) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder an employee of the Company or any affiliate of its Subsidiaries, providing for a base salary per annum in excess of One Hundred Thousand Pounds Sterling (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parentpound)100,000);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiif) any other agreement (or group of related agreementsagreements with the same third party) (A) under the performance of which the Company is obligated to make payments or incur costs involves consideration in excess of One Hundred Thousand Dollars ($25,000 in 100,000) per annum; PROVIDED HOWEVER, that this clause (f) shall not include any year or employment agreement excluded from clause (Be) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 above by virtue of the Company Disclosure Schedulemonetary threshold set forth therein. The foregoing are referred to hereafter as the "Material Contracts". With respect to each agreement so listedthe Material Contracts, and except as set forth in Section 2.14 Schedule 6.18 of the Company Disclosure ScheduleStatement: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be all are in full force and effect against the Company or any of its Subsidiaries in accordance with their terms, except that such enforceability may be subject to bankruptcy, insolvency and other similar laws effecting debtors' rights or creditors' rights generally and except that the terms thereof as in effect immediately prior remedies of specific performance, injunction and other forms of equitable relief may not be available; (ii) neither the Company nor any of its Subsidiaries and to the ClosingCompany's knowledge no other party thereto is, in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration, under the agreement; and (iii) neither the Company nornor any of its Subsidiaries has assigned any of its rights or obligations under any of the Material Contracts; (iv) neither the Company nor any of its Subsidiaries has received any outstanding notice of cancellation or termination in connection with any of them; and (v) neither the Company nor any of its Subsidiaries is, and to the Company's knowledge no party thereto is the subject of the Companybankruptcy proceedings, any other party, nor has had a trustee appointed on its behalf or is in breach or violation of, or default under, any such agreement, and no event insolvent. The Company has occurred, is pending or, delivered to the knowledge Parent and Merger Sub a correct and complete copy of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, each written Material Contract (as amended to the knowledge date of the Company, any other party under such contractthis Agreement), except for any breachthe Coop Agreements and Conduit Agreements listed on Schedule 6.11 of the Company Disclosure Statement, violation or default that has not had and would not reasonably be anticipated a written summary setting forth the terms and conditions of each oral agreement constituting a Material Contract referred to have a in Schedule 6.18 of the Company Material Adverse EffectDisclosure Statement.
Appears in 2 contracts
Sources: Merger Agreement (Bison Acquisition Corp), Merger Agreement (Entertainment Inc)
Contracts. (a) Section 2.14 Schedule 3.13(a) identifies each of the Company Disclosure Schedule lists following Contracts used in connection with the following agreements (whether written or oral) Pipelogic Business to which the Company Pipelogic is a party or by which it or its properties is bound (each such identified Contract, a “Material Contract”):
(i) any Contract that provides for the payment or potential payment by Pipelogic of more than $50,000 in any consecutive 12-month period or more than $50,000 over the remaining life of such Contract other than a Contract that (A) is terminable by any party thereto giving notice of termination to the other party thereto not more than sixty (60) days in advance of the proposed termination date and (B) even if so terminable, contains no post-termination obligations, termination penalties, buy-back obligations or similar obligations;
(ii) any Contract that constitutes a purchase order or other Contract relating to the sale, purchase, lease or provision by Pipelogic of goods or services in excess of $50,000 in any 12-month period;
(iii) any Contract that grants any Person the exclusive right to sell products or provide services within any geographical region other than a Contract that (A) is terminable by any party thereto giving notice of termination to the other party thereto not more than sixty (60) days in advance of the proposed termination date and (B) even if so terminable, contains no post-termination obligations, termination penalties, buy-back obligations or similar obligations;
(iv) any Contract that purports to limit the freedom of Pipelogic to compete in any line of business or with any Person or to conduct business in any geographic location;
(v) any Contract relating to the acquisition or disposition by Pipelogic of the equity or assets of any company or any operating business or Interest of another Person (by asset sale, stock sale, merger or otherwise);
(vi) any Contract relating to the payment of any Tax or the filing of Tax Returns;
(vii) any Contract that is for the sale of goods or services and has not been substantially completed by Pipelogic as of the date of this Agreement (other than the Transaction Documentation):
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties and which (A) which provides for lease payments in excess of $25,000 per annum was entered into by Pipelogic on terms known at the time the Contract was entered into not to be commercially reasonable or (B) which has was entered into with the expectation that Pipelogic would incur a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)loss;
(viii) any agreement or commitment for capital expenditures in excess Contract that was entered into outside of $25,000the Ordinary Course of Business of Pipelogic since December 31, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)2017;
(ix) any agreement under which the consequences of Contract constituting a default partnership, joint venture or termination would reasonably be expected to have a Company Material Adverse Effectother similar Contract;
(x) any agreement which contains Contract relating to indebtedness for borrowed money, any provisions requiring Contract creating a capital lease obligation, any Contract for the Company sale or to indemnify factoring of accounts receivable, any Contract constituting a guarantee of debt of any other party thereto Person or any Contract requiring Pipelogic to maintain the financial position of any other Person;
(excluding indemnities contained in xi) any Contract under which Pipelogic has made advances or loans to any other Person;
(xii) any outstanding agreements for the purchaseof guaranty, sale surety or license of products indemnification (other than master services agreements entered into in the Ordinary Course of BusinessBusiness of Pipelogic), direct or indirect, by Pipelogic, in each case where the annual obligations under such agreement are more than $10,000;
(xiii) any Contract pursuant to which (A) Intellectual Property Rights that are material to the Pipelogic Business or involving consideration in excess of $5,000 is licensed to Pipelogic (other than license agreement for unmodified “off-the-shelf” software on generally standard terms and conditions involving total consideration of less than $10,000) or (B) Pipelogic has granted a right with respect to Intellectual Property Rights that are material to the Pipelogic Business or involving consideration in excess of $5,000;
(xiv) any Contract that provides for (A) the purchase or sale of real property or (B) the lease (including any master lease covering multiple items of personal property) of any item or items of personal property with a rental expense under such lease (whether for a single item or multiple items);
(xixv) any agreementContract providing for the deferred payment of any purchase price including any “earn out” or other contingent fee arrangement;
(xvi) any Contract creating a Lien on any of the Pipelogic Assets that will not be discharged at or prior to the Closing;
(xvii) any Contract between Pipelogic, on the one hand, and any Affiliate of Pipelogic, on the other than as hand (including any Contract providing for (A) compensation, the acceleration of benefits or the loss of any rights in connection with the consummation of the transactions contemplated by this AgreementAgreement or (B) the indemnification of such Affiliate by Pipelogic);
(xviii) any Contract with any Seller or any current or former officer, relating to the future sales director, member, manager, partner, equityholder, consultant or employee of securities Pipelogic or any of the Companyforegoing;
(xix) any Contract providing for the employment or engagement of any Person on a full time, part time, consulting or other basis;
(xx) any Contract with any labor union or association or other Person representing or seeking to represent any employee of Pipelogic or any other individual who provides services to Pipelogic;
(xxi) any Contract between Pipelogic and any Governmental Authority;
(xxii) any Contract involving interest rate swaps, cap or collar agreements, commodity or financial future or option contracts or similar derivative or hedging Contracts;
(xxiii) any Contract granting to any Person a right of first refusal, first offer or other right to purchase any of the Pipelogic Assets;
(xxiv) any Contract requiring Pipelogic to make a payment as a result of the consummation of the transactions contemplated hereby;
(xxv) any Contract containing a “most favored nation” clause or similar provision; and
(xiixxvi) any Contract with any professional employer organization, personnel staffing organization, employee leasing organization or other agreement (entity that provides personnel services or group of other employment related agreements) (A) under which the Company is obligated or employee benefit related services to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi)Pipelogic.
(b) The Company has delivered or made available True and complete copies (including all amendments) of each Material Contract have been furnished to Buyer. Each Material Contract is the legal, valid and binding obligation of Pipelogic, and, to the Parent a complete and accurate copy Knowledge of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedSellers, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, validany other Person party thereto, binding and enforceable obligation against Pipelogic and, to the Knowledge of the Company and in full force and effectSellers, except as such enforceability may be limited under applicable bankruptcyany other Person party thereto, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the its terms thereof as in effect immediately prior subject to the Closing; Creditors’ Rights. No Material Contract has been terminated, and (iii) neither the Company Pipelogic nor, to the knowledge Knowledge of the CompanySellers, any other party, Person is in material breach or violation of, or default under, any such agreementthereunder, and to the Knowledge of Sellers no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, occurred that with notice or lapse of time, or otherwiseboth, would constitute a material breach or default default, or permit termination, modification in any manner adverse to Pipelogic or acceleration thereunder. No party has asserted or has (except by the Company oroperation of Legal Requirements) any right to offset, discount or otherwise ▇▇▇▇▇ any amount owing under any Material Contract except as expressly set forth in such Material Contract. There are no Material Waivers regarding any Material Contract that have not been disclosed in writing to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse EffectBuyer.
Appears in 2 contracts
Sources: Purchase and Contribution Agreement, Purchase and Contribution Agreement (Sentinel Energy Services Inc.)
Contracts. (a) Section 2.14 of Except for the Company Disclosure Contracts disclosed on Schedule lists 3.06(a), with respect to the following agreements (whether written or oral) to which the Company Business, Seller is not a party as of the date of this Agreement (other than the Transaction Documentation):to or bound by:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides any agreement for lease payments in excess the sale of $25,000 per annum advertising or other purposes for cash ("ADVERTISING AGREEMENTS") and (B) which has a remaining term longer any agreement with any College other than 12 months and is not cancellable without penalty by the Company any College set forth on sixty (60) days or less prior written noticeSchedule 2.12(a)(i);
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over with a period term of more than one year, is not cancellable without penalty by three (3) months from the Company on sixty (60) days or less prior written notice and involves more than the sum date of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain partythis Agreement;
(iii) as of the date of this Agreement, any agreement which, involving payments or receipts over the remaining term of such agreement (other than Advertising Agreements) of (A) $15,000 or more with respect to any single agreement or (B) $100,000 or more in the knowledge aggregate for all agreements not required to be disclosed under clause (a)(iii)(A) of the Company, establishes a material joint venture or legal partnershipthis Section 3.06;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangiblefor Program Rights;
(v) any agreement that purports to limit in any material respect involving the right purchase, sale or lease of real property other than the St. Louis Lease and the leases for each of the Company to engage in any line of business, or to compete with any person or operate in any geographical locationOffice Spaces;
(vi) any employment lease, sublease or similar agreement under which Seller is a lessor or consulting agreement which provides sublessor of, or makes available for payments in excess use to any third party, any portion of $50,000 per annum (other than employment the Real Property or consulting agreements terminable on less than thirty (30) days’ notice)any premises otherwise occupied by Seller;
(vii) any agreement involving any officer, director lease for personal property providing for annual rentals of $30,000 or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent)more;
(viii) any agreement for the purchase or commitment license of, or provision by Seller of, materials, supplies, goods, equipment or other assets providing for capital expenditures in excess payments by Seller of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)15,000 or more;
(ix) any agreement under which relating to the consequences acquisition or disposition of a default any business (whether by merger, sale of stock, sale of assets or termination would reasonably be expected to have a Company Material Adverse Effectotherwise);
(x) any partnership, joint venture or other similar agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business)arrangement;
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; andagreement that is a Capital Lease Obligation;
(xii) any agreement pursuant to which Seller has, directly or indirectly, made any loan, extension of credit or capital contribution to, or investment in, any third party;
(xiii) any agreement relating to Indebtedness of Seller or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset);
(xiv) any agreement for any mortgage, pledge or security agreement, deed of trust or other instrument granting a Lien (other than Permitted Liens) upon any asset or property of the Business;
(xv) any agency, dealer, sales representative, marketing or other similar agreement;
(xvi) any agreement (or group that limits the freedom of related agreements) (A) under which the Company is obligated Seller to make payments or incur costs in excess of $25,000 compete in any year line of business or with any Person or in any area or to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any Purchased Asset or that would so limit the freedom of Buyer or any of its Affiliates upon or as a result of the consummation of the transactions contemplated by this Agreement;
(Bxvii) any agreement for any guarantee or indemnification obligation that may bind Buyer or any of its Affiliates upon or as a result of the consummation of the transactions contemplated by this Agreement;
(xviii) any agreement with or for the benefit of any Affiliate of Seller or any stockholder thereof;
(xix) any agreement involving compensation to any employee or consultant;
(xx) any agreement involving any labor agreement or collective bargaining agreement; or
(xxi) any other agreement, commitment, arrangement or plan not entered into made in the Ordinary Course ordinary course of business that is material to the Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered Except as disclosed on Schedule 3.06(b), no material default (with the lapse of time or made available giving of a notice or both) on the part of Seller and, to the Parent a complete and accurate copy Knowledge of each agreement listed in Section 2.14 Seller, any other party thereto, exists under any of the Company Disclosure Schedule. With respect to Contracts identified on Schedule 3.06(a)(iii) and Seller has not received any notice of termination, cancellation, breach or default under any such Contract.
(c) Except as disclosed on Schedule 3.06(c), each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, Contract included as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be Purchased Asset is in full force and effect and constitutes the legal and binding obligation of, and is legally enforceable against, Seller in accordance with the its terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norand, to the knowledge Knowledge of the Company, any other partySeller, is legally enforceable against the other parties thereto. Each Contract identified on Schedule 3.06(a)(iii) shall continue in breach full force and effect without penalty or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectadverse consequence.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Stein Avy H), Asset Purchase Agreement (CTN Media Group Inc)
Contracts. (a) Section 2.14 Except as listed Schedule 3.7(a), there are no licenses, contracts, agreements, commitments or undertakings to which Holdings is a party or by which any of its assets or properties is bound.
(b) Except as listed or described on Schedule 3.7(b) or as included (except to the extent redacted) as an exhibit to any publicly available submission or filing made by the Company under the Exchange Act or the Securities Act, neither the Company nor any of its Subsidiaries is a party to any contract, agreement, arrangement or understanding, written or oral, with the Sellers or any of their Affiliates: (a) for the sale, lease, licensing or provision of materials, supplies, goods, services, equipment, facilities or other assets to the Company or its Subsidiaries (other than as described in clause (b) below) that (i) provides for (or would reasonably be expected to result in) a payment by the Company or its Subsidiaries in any year of US$ 250,000 or more or (ii) which provides (or would reasonably be expected to result in) aggregate payments by the Company or its Subsidiaries during the term of such contract, agreement, arrangement or understanding (without giving effect to any renewal or extension thereof, except to the extent such renewal or extension can be effected without the consent or agreement of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which and the Company has no right to terminate such contract, agreement, arrangement or understanding within ninety (90) days without penalty) of US$ 1,000,000 or more; (b) which relates to the provision of any interconnection, settlement or other material telecommunications services, other than pursuant to publicly filed tariffs or entered into in the ordinary course of business; (c) which provides for (or would reasonably be expected to result in) payments by or to the Company or its Subsidiaries in any year of US$ 1,000,000 or more or aggregate payments by or to the Company or its Subsidiaries during the term of such contract, agreement, arrangement or understanding of US$ 5,000,000 or more (without giving effect to any renewal or extension thereof, except to the extent such renewal or extension can be effected without the consent of the Company and the Company has no right to terminate such contract, agreement, arrangement or understanding within ninety (90) days without penalty); or (d) which is a party otherwise material to the Company or in any manner restricts (or would restrict, after the consummation of the transactions contemplated by this Agreement) the business of the Company or its Subsidiaries. All contracts and agreements among the Sellers or their Affiliates on the one hand and the Company or its Subsidiaries on the other were entered into on commercially reasonable terms as of the date of this Agreement such contract or agreement. The Sellers agree to (other than the Transaction Documentation):
(iand agree to cause any of their Affiliates who are parties to any contract, agreement arrangement or understanding not listed on Schedule 3.7(b) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by with the Company on sixty (60or its Subsidiaries to) days waive any termination penalties or less prior written notice;
(ii) any agreement (or group of related agreements) for fees in the purchase or sale of products or for event that after the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annum, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of Closing the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will notits Subsidiaries, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentationcase may be, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the knowledge of the Company, terminates any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breachagreement, violation arrangement or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectunderstanding.
Appears in 2 contracts
Sources: Stock Purchase Agreement (America Movil Sa De Cv/), Stock Purchase Agreement (Verizon Communications Inc)
Contracts. (a) Section 2.14 2.13 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company or any Subsidiary is a party as of the date of this Agreement (other than the Transaction Documentation):Agreement:
(i) any agreement (or group of related agreements) for the lease of personal property from or to third parties (A) which provides providing for lease payments in excess of $25,000 per annum or (B) which has having a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticemonths;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60B) days or less prior written notice and which involves more than the sum of $25,000 per annum25,000, or (BC) in which the Company or any Subsidiary has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material partnership or joint venture or legal partnershipventure;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, concerning confidentiality or to compete with any person or operate in any geographical locationnoncompetition;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)agreement;
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (affiliate, as defined in Rule 12b-2 under the Securities Exchange Act of 1934 (the “Exchange Act) ”), thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(xix) any agreement which contains any provisions requiring the Company or any Subsidiary to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xiix) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of either involving more than $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 2.13 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 2.13 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease continue to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor any Subsidiary nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or any Subsidiary or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Ethanex Energy, Inc.), Merger Agreement (Kreido Biofuels, Inc.)
Contracts. (a) Section 2.14 4.16(a) of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Letter sets forth each contract that, as of the date of this Agreement, that would constitute a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Securities Act), with respect to the Company (assuming the Company were subject to the requirements of the Exchange Act) (all such contracts, in addition to those set forth in Section 4.16(b) of the Company Disclosure Letter, but excluding any Company Plans, “Company Material Contracts”).
(b) Section 4.16(b) of the Company Disclosure Letter lists the following contracts, in effect as of the date of this Agreement, which for the purposes of this Agreement (other than the Transaction Documentation):shall be considered Company Material Contracts:
(i) each Contract relating to any agreement (of indemnification or group guaranty not entered into in the ordinary course of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticebusiness;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services each Contract containing (A) which calls for performance over a period any covenant limiting the freedom of more than one year, is not cancellable without penalty by the Company on sixty or the Surviving Company to engage in any line of business or compete with any Person, or limiting the development, manufacture or distribution of the Surviving Company’s products or services, (60B) days or less prior written notice and involves more than the sum any most-favored pricing arrangement, (C) any exclusivity provision in favor of $25,000 per annuma third party, or (BD) any non-solicitation provision applicable to the Company, in the case of the foregoing clause (D), which are material to the Company has granted manufacturing rightsCompany, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from taken as a certain partywhole;
(iii) each Contract relating to capital expenditures and requiring payments after the date of this Agreement pursuant to its express terms and not cancelable without penalty;
(iv) each Contract relating to the disposition or acquisition of material assets or any agreement whichownership interest in any Person;
(v) each Contract relating to any mortgages, indentures, loans, notes or credit agreements, security agreements or other agreements or instruments relating to the borrowing of money or extension of credit or creating any material Liens with respect to any assets of the Company or any loans or debt obligations with officers or directors of the Company;
(A) any Contract involving supply or distribution (identifying any that contain exclusivity provisions), (B) any Contract involving provision of services or products with respect to any pre-clinical or clinical development activities of the Company, (C) any Contract involving a dealer, distributor, joint marketing, alliance, joint venture, cooperation, development or other Contract currently in force under which the Company has continuing obligations to develop or market any product, technology or service, or any Contract pursuant to which the Company has continuing obligations to develop any Intellectual Property that will not be owned, in whole or in part, by the Company or (D) any Contract to license any patent, trademark registration, service mark registration, trade name or copyright registration to or from any third party to manufacture or produce any product, service or technology of the Company or any Contract to sell, distribute or commercialize any products or service of the Company, in each case, except for Contracts entered into in the ordinary course of business;
(vii) each Contract with any Person, including any financial advisor, broker, finder, investment banker or other Person, providing advisory services to the Company in connection with the transactions contemplated hereby;
(viii) each Contract relating to leases of real properties with respect to which the Company directly or indirectly holds a valid leasehold interest as well as any other real estate that is in the possession of or leased by the Company; and
(ix) any other Contract that is not terminable at will (with no penalty or payment) by the Company, and that is material to the business or operations of the Company.
(c) (i) Each Company Material Contract is valid and binding on the Company, and to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any each other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedthereto, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect and enforceable in accordance with the terms thereof as in effect immediately prior to the Closingits terms; and (iiiii) neither as of the date of this Agreement, the Company norhas not receive any written notice of any material default under any Company Material Contract by the Company or of any event or condition that has occurred that constitutes, to or, after notice or lapse of time or both, would constitute, a material default on the knowledge part of the Company. The Company has made available, any other party, is in breach on or violation of, or default under, any such agreement, and no event has occurred, is pending orbefore the Due Diligence Contingency Deadline, to the knowledge Parent true and complete copies of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a all Company Material Adverse EffectContracts, including all amendments thereto. There are no Company Material Contracts that are not in written form.
Appears in 2 contracts
Sources: Merger Agreement (20/20 Biolabs, Inc.), Merger Agreement (Longevity Health Holdings, Inc.)
Contracts. (a) Except (v) for this Agreement, (w) for the Contracts filed as exhibits to the Company SEC Reports filed prior to the date of this Agreement, (x) for the Company Plans and Company Stock Plans, (y) for any contracts that are terminable (and will continue to be terminable after the Effective Time) by the Company or any of its subsidiaries party thereto on no more than sixty (60) days’ notice without material penalty or other liability or (z) as set forth in Section 2.14 3.10 of the Company Disclosure Schedule, neither the Company nor any of its subsidiaries, as of the date hereof, is party to or bound by any legally binding note, bond, mortgage, indenture, contract, agreement, lease, license, Permit or other instrument, obligation or arrangement (each, a “Contract”) that:
(i) is required to be filed by the Company as a “material contract” pursuant to Item 601 of Regulation S-K under the Securities Act;
(ii) contains covenants binding upon the Company or any of its subsidiaries, in each case, that are material to the Company and its subsidiaries, taken as a whole, that (A) restrict the ability (other than to the extent described in clause (C)(1) below) of the Company (or, following the Effective Time, Parent or its subsidiaries or the Surviving Company) or any of its subsidiaries or Affiliates to engage or compete in any business or sell, supply, acquire, license or distribute any product or service, in each case, in any market or geographic area, with any Person or during any period of time, or that would require the disposition of any material assets or line of business of the Company or its subsidiaries, or, in each case, after the Effective Time, Parent or its subsidiaries, (B) (1) grant “most favored nation” status to another Person and (2) pursuant to such Contract the Company or any of its subsidiaries collectively received, during the twelve (12) month period ended December 2, 2017, more than $50,000,000 or (C) (1) include exclusive or preferred purchasing arrangements or similar provisions expressly obligating the Company or any of its subsidiaries to obtain all of its requirements for, or a minimum quantity of, certain merchandise exclusively from any vendor for merchandise resold by the Company or any of its subsidiaries, except, in each case, any purchase orders entered into in the ordinary course of business, and (2) pursuant to such Contract the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended December 2, 2017, more than $50,000,000;
(iii) is a services agreement, equipment lease, logistics agreement, information technology agreement or agreement related to software (other than any architectural or construction-related Contract) in connection with which or pursuant to which the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended December 2, 2017, more than $50,000,000 to any Person;
(iv) other than with respect to any partnership or limited liability company that is wholly owned by the Company or any of its wholly-owned subsidiaries, is a joint venture, partnership, limited liability company or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any joint venture, partnership, limited liability company or other similar Person, in each case, that is material to the Company and its subsidiaries, taken as a whole;
(v) is an indenture, credit agreement, loan agreement, security agreement, guarantee, bond or any other Contract relating to indebtedness for borrowed money or the deferred purchase price for property, in each case having an outstanding amount in excess of $2,500,000 individually, other than any such Contract between or among any of the Company and any of its wholly-owned subsidiaries;
(vi) prohibits the payment of dividends or distributions in respect of the capital stock of the Company or any of its subsidiaries, prohibits the pledging of the capital stock of the Company or any subsidiary of the Company, prohibits the issuance of guarantees by the Company or any subsidiary of the Company or grants any rights of first refusal or rights of first offer or similar rights or that limits or proposes to limit the ability of the Company or any of its subsidiaries or Affiliates to sell, transfer, pledge or otherwise dispose of any assets or businesses, in each case, that is material to the Company and its subsidiaries, taken as a whole;
(vii) is an agreement under which the Company or any of its subsidiaries has any obligations to make a capital contribution to, or other investment in the securities of, any Person (other than (A) to the Company or any of its wholly-owned subsidiaries, (B) extensions of credit in the ordinary course of business consistent with past practice and (C) investments in marketable securities in the ordinary course of business), in each case, that is material to the Company and its subsidiaries, taken as a whole;
(viii) is an agreement with respect to any acquisition or divestiture (other than, for the avoidance of doubt, for acquisitions or dispositions of inventory, merchandise, products, services, properties and assets in the ordinary course of business) pursuant to which the Company or any of its subsidiaries has continuing indemnification, “earn-out” or other contingent payment obligations, in each case, that would reasonably be expected to result in payments in excess of $5,000,000;
(ix) is between the Company or any of its subsidiaries, on the one hand, and any director or officer of the Company or any Person beneficially owning five percent (5%) or more of the outstanding Company Shares or any of their respective Affiliates, on the other hand, except for any Company Plan;
(x) contains a standstill or similar agreement that will be in effect as of the Closing pursuant to which the Company or any of its subsidiaries has agreed not to acquire assets or securities of another Person;
(xi) contains a put, call or similar right pursuant to which the Company or any of its subsidiaries could be required to purchase or sell, as applicable, any equity interests of any Person or assets, in each case with a value in excess of $5,000,000;
(xii) is a Company Material Real Property Lease;
(xiii) is a Contract (including purchasing agreements, group purchasing agreements and excluding work orders, statements of work, purchase orders and similar contracts) pursuant to which the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended December 2, 2017, more than $50,000,000 to any Person; or
(xiv) is with any of the Company’s top ten (10) commercial payors (measured by prescription revenue of the Company after giving pro forma effect to the transactions contemplated by the WBA Asset Purchase Agreement during the twelve (12) month period ended on December 2, 2017) (the “Company Key Payors”).
(b) Each Contract set forth or required to be set forth in Section 3.10 of the Company Disclosure Schedule lists the following agreements or filed as an exhibit (whether written or oralincorporated by reference) to which the Company is a party as of SEC Reports filed prior to the date of this Agreement as a “material contract” pursuant to Item 601 of Regulation S-K under the Securities Act (other than and to the Transaction Documentation):
(iextent so disclosed as a “material contract” under Regulation S-K in force as of the date hereof) any agreement (or group is referred to herein as a “Company Material Contract.” Each of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable without penalty by the Company Material Contracts is valid and binding on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumits subsidiaries party thereto, or (B) in which the Company has granted manufacturing rightsas applicable, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichand, to the knowledge of the Company, establishes a material joint venture or legal partnership;
each other party thereto, and is in full force and effect, subject to the Bankruptcy and Equity Exception, except (ivi) to the extent that any agreement Company Material Contract expires in accordance with its terms and (or group of related agreementsii) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports for such failures to limit in any material respect the right of the Company to engage in any line of business, be valid and binding or to compete with any person be in full force and effect that have not had and would not, individually or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would aggregate, reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company . Except as has not had and would not, individually or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreementaggregate, other than reasonably be expected to have a Company Material Adverse Effect, as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) date hereof, (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and its subsidiaries have in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease all material respects performed all obligations required to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited performed by them under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the each Company norMaterial Contract and, to the knowledge of the Company, each other party to each Company Material Contract has in all material respects performed all obligations required to be performed by it under such Company Material Contract, (B) neither the Company nor any of its subsidiaries have received written notice from any other party, is in breach or violation of, or default under, party to a Company Material Contract that such other party intends to terminate any such agreement, Company Material Contract (except in accordance with the terms thereof) and (C) there is no event has occurred, is pending ordefault under any Company Material Contract by the Company or any of its subsidiaries and, to the knowledge of the Company, is threatenedno event has occurred that, which, after with the lapse of time or the giving of notice, with lapse of time, notice or otherwiseboth, would constitute a breach or default thereunder by the Company or, to the knowledge or any of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectits subsidiaries.
Appears in 2 contracts
Sources: Merger Agreement (Albertsons Companies, LLC), Merger Agreement (Rite Aid Corp)
Contracts. 3.16.1 Except (aw) Section 2.14 for this Agreement, (x) for the Contracts filed prior to the date of this Agreement as exhibits to the Company SEC Documents, (y) for the Company Plans and (z) as set forth in Schedule 3.16.1 of the Company Disclosure Schedule lists the following agreements (whether written or oral) to which the Company is a party Letter, as of the date of this Agreement (other than neither the Transaction Documentation):Company nor any of its Subsidiaries is party to or bound by any Contract that:
(i) contains covenants that materially restrict the ability of the Company or any agreement of its Subsidiaries to (a) engage in any business or group of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments compete in excess of $25,000 per annum any business with any Person or (Bb) which has a remaining term longer operate in any geographic area (other than 12 months and is not cancellable without penalty by the Company on sixty (60) days or less prior written noticefranchise agreements);
(ii) is an indenture, credit agreement, loan agreement, security agreement, guarantee, bond, mortgage or similar Contract pursuant to which any agreement (indebtedness of the Company or group any of related agreements) for the purchase or sale its Subsidiaries, in each case in excess of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year$2,000,000, is not cancellable outstanding or secured, other than any such Contract between or among any of the Company and any of its Subsidiaries or guaranties of lease agreements;
(iii) by its terms is reasonably expected to result in future payments to or by the Company in excess of $2,000,000 per annum, except for Contracts that are terminable on less than 90 days’ notice without penalty material penalty;
(iv) is between the Company or any of its Subsidiaries, on the one hand, and any director or officer of the Company or any Person beneficially owning five percent or more of the outstanding Company Common Stock, on the other hand, except for any employment or similar agreements, confidentiality agreements, noncompetition agreements in favor of the Company or its Subsidiaries, indemnification agreements with directors and officers of the Company, Contracts in connection with Company Plans, or any other Contracts entered into on arm’s length terms in the ordinary course of business and except for material Company Plans; or
(v) would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K of the Securities Act or disclosed by the Company on sixty (60) days a Current Report on Form 8-K that has not been filed or less prior written notice and involves more than the sum of $25,000 per annum, or (B) incorporated by reference in which the Company has granted manufacturing rightsSEC Documents.
3.16.2 Each Contract of the type described in Section 3.16.1(i) through 3.16.1(v), and any Contract that (i) contains “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder favor of the Company or any affiliate of its subsidiaries with any third party or pursuant to which the Company or any of its subsidiaries is granted exclusive rights, rights of first refusal, rights of first negotiation or offer or similar rights, (ii) has a remaining term of at least 6 months and (iii) under which the Company and its Subsidiaries are expected to make payments of at least $2,000,000 over such 6 month period, is referred to herein as defined in Rule 12b-2 under a “Material Contract”. For the Exchange Act) thereof (an purposes of Section 3.16.1, “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant Contract” shall mean a Contract or stock purchase agreements the forms group or series of which have been related Contracts.
3.16.3 The Company has made available to Parent);
(viii) any agreement Parent a true and complete copy of each Material Contract in effect as of the date of this Agreement. Except as would not, individually or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would aggregate, reasonably be expected to have a Company Material Adverse Effect;
, (xi) any agreement which contains any provisions requiring each Material Contract is valid and binding on the Company or to indemnify and/or any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating its Subsidiaries to the future sales of securities extent such Person is a party thereto, as applicable, and to the Knowledge of the Company; and
(xii) any , each other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedparty thereto, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will notCompany and each of its Subsidiaries, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company norand, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the knowledge Knowledge of the Company, any other party thereto, has performed all obligations required to be performed by it under such contracteach Material Contract, except for (iii) neither the Company nor any breachof its Subsidiaries has received, violation since July 1, 2015, written notice of the existence of any breach or default on the part of the Company or any of its Subsidiaries under any Material Contract that has not had since been cured, (iv) to the Knowledge of the Company, there are no events or conditions which constitute, or, after notice or lapse of time or both, will constitute a default on the part of any counterparty under such Material Contract that has not since been cured, (v) to the Knowledge of the Company, no other party to a Material Contract is in breach of or default under such Material Contract, and would (vi) as of the date of this Agreement and since July 1, 2015, the Company has not reasonably be anticipated received any written notice in writing from any Person that such Person intends to have a Company terminate, or not renew, any Material Adverse EffectContract, or seek negotiation of terms of any “Material Contract”.
Appears in 2 contracts
Sources: Merger Agreement (Steinhoff International Holdings N.V.), Merger Agreement (Mattress Firm Holding Corp.)
Contracts. (a) Section 2.14 5.11(a) of the Company Disclosure Schedule lists Letter lists, as of the date hereof, the following agreements (whether written or oral) Contracts that are in effect and to which the Company is a party as or to which it, or any of its assets and properties, is bound (each such Contract and each Contract required to be listed in Section 5.11(a) of the date Disclosure Letter, whether or not set forth in such section of this Agreement (other than the Transaction DocumentationDisclosure Letter, a “Material Contract”):
(i) any agreement (or group of related agreements) for employment and consulting Contracts with current and former Company Personnel, other than employment offer letters issued to Company Personnel on the lease of personal property from or Company’s standard form made available to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months and is not cancellable Buyer without penalty by the Company on sixty (60) days or less prior written noticematerial deviation;
(ii) Contracts that limit the freedom of the Company or any agreement Affiliate to compete in any line of business or geographic area;
(iii) Contracts with or group involving (A) any Seller or any Affiliate (other than the Company) of related agreementsthe Company or of any Seller or (B) any former holder of Company Capital Stock or any Affiliate (other than the Company) thereof;
(iv) Contracts for the purchase or sale of products or for the furnishing or receipt of services (other than employment) (A) which calls calling for performance over a period of more than one year, is not cancellable without penalty (B) requiring or otherwise involving payment by or to the Company on sixty (60) days or less prior written notice and involves of more than the sum an aggregate of $25,000 per annumUS$[***], or (BC) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or (D) in which the Company has agreed to purchase a minimum quantity of goods or services or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement which, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) Contracts for any agreement that purports to limit in any material respect the right of the Company to engage in any line of businessjoint venture, partnership, joint product development, strategic alliance or to compete with any person or operate in any geographical locationco-marketing arrangement;
(vi) Contracts under which the Company has borrowed (or may borrow) any employment agreement money from, or consulting agreement which provides for payments in excess issued (or may issue) any note, bond, debenture or other evidence of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice)Indebtedness to, any Person;
(vii) any agreement Contracts involving any officer, director mortgage or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other Lien other than stock subscription, stock option, restricted stock, warrant Permitted Liens upon any real property or stock purchase agreements the forms of which have been made available to Parent)other assets;
(viii) Contracts involving any agreement resolution or commitment for capital expenditures in excess settlement of $25,000any Action, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects)investigation or other dispute;
(ix) any agreement under which the consequences of a default engagement letter or termination would reasonably be expected to have a Company Material Adverse Effectsimilar Contract with any broker, finder or investment banker;
(x) any agreement which contains any provisions requiring all Contracts listed in Section 5.12(b)(i) of the Company or to indemnify any other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);Disclosure Letter; and
(xi) any agreement, other than as contemplated by this Agreement, relating to the Contracts involving future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) US$50,000 and not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listed, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement Each Material Contract is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, except as such enforceability may be limited under and is valid and binding and enforceable in accordance with its terms against the Company and, to the Company’s knowledge, the other parties thereto, subject to applicable bankruptcy, insolvency and insolvency, reorganization, fraudulent transfer, moratorium or similar laws, rules or regulations Laws affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease to be a legal, valid, binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied and has been negotiated in good faith on an “arm’s length” transaction basis. A true, correct and complete copy of each written Material Contract and a court true, correct and complete summary of law each oral Material Contract have been made available to Buyer. There is no material violation, breach (including anticipatory breach) or a court of equity and will, or to be in full force and effect in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither default under any Material Contract by the Company nor, to the knowledge of the Company, any other party, is in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the knowledge of the Company, is threatenedby any other party thereto, which, after and no event has occurred or condition exists that with the lapse of time or the giving of notice, with lapse of time, notice or otherwise, both would constitute a breach or default thereunder by the Company or, to the knowledge of the Company, any other party under such contractthereto, except for any breach, violation or default that and the Company has not had received or given notice of any default or claimed or purported or alleged default or state of facts which, with notice or lapse of time or both, would constitute a default on the part of any party in the performance or payment of any Material Contract. No notice, waiver, consent or approval is required (or the lack of which would give rise to a right of termination, cancellation or acceleration of, or entitle any party to accelerate, whether after the giving of notice or lapse of time or both, any obligation under the Material Contracts) under or relating to any Material Contract in connection with the execution, delivery and would not reasonably be anticipated to have a Company Material Adverse Effectperformance of this Agreement or the consummation of the transactions contemplated hereby and thereby.
Appears in 2 contracts
Sources: Share Purchase Agreement (Odyssey Therapeutics, Inc.), Share Purchase Agreement (Odyssey Therapeutics, Inc.)
Contracts. (a) Except (i) for this Agreement, (ii) for the Contracts filed as exhibits to the SEC Reports filed prior to the date of this Agreement, (iii) for the Company Plans and Company Stock Plans, (iv) for any contracts (other than, with respect to clauses (xii) and (xv) of this Section 2.14 3.8, any contracts with Key Payors or Significant Partners) that are terminable (and will continue to be terminable after the Effective Time) by the Company or any of its subsidiaries party thereto on no more than sixty (60) days’ notice without material penalty or other liability and (v) as set forth in Section 3.8 of the Company Disclosure Schedule, neither the Company nor any of its subsidiaries, as of the date hereof, is party to or bound by any legally binding note, bond, mortgage, indenture, contract, agreement, lease, license, Permit or other instrument, obligation or arrangement (each, a “Contract”) that:
(i) is required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act;
(ii) contains covenants binding upon the Company or any of its subsidiaries, in each case that are material to the Company and its subsidiaries, taken as a whole, that (A) restrict the ability (other than to the extent described in clause (C)(1) below) of the Company (or, following the Effective Time, the Surviving Corporation) or any of its subsidiaries or Affiliates to engage or compete in any business or sell, supply, acquire, license or distribute any product or service, in each case, in any market or geographic area, with any Person or during any period of time, or that would require the disposition of any material assets or line of business of the Company or its subsidiaries, or, in each case, after the Effective Time, Parent or its subsidiaries, (B) (1) grant “most favored nation” status to another Person and (2) pursuant to such Contract the Company or any of its subsidiaries collectively received, during the twelve (12) month period ended September 26, 2015, more than $50,000,000 or (C) (1) include exclusive or preferred purchasing arrangements or similar provisions expressly obligating the Company or any of its subsidiaries to obtain all of its requirements for, or a minimum quantity of, certain merchandise exclusively from any vendor for merchandise resold by the Company or any of its subsidiaries, except, in each case, any purchase orders entered into in the ordinary course of business and (2) pursuant to such Contract the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended September 26, 2015, more than $50,000,000;
(iii) is a services agreement, equipment lease, logistics agreement, information technology agreement or agreement related to software (other than any architectural or construction-related Contract) in connection with which or pursuant to which the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended September 26, 2015, more than $50,000,000 to any Person;
(iv) other than with respect to any partnership or limited liability company that is wholly owned by the Company or any of its wholly owned subsidiaries, is a joint venture, partnership, limited liability company or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any joint venture, partnership, limited liability company or other similar Person, in each case, that is material to the Company and its subsidiaries, taken as a whole;
(v) is an indenture, credit agreement, loan agreement, security agreement, guarantee, bond or any other Contract relating to indebtedness for borrowed money or the deferred purchase price for property, in each case having an outstanding amount in excess of $5,000,000 individually, other than any such Contract between or among any of the Company and any of its subsidiaries;
(vi) prohibits the payment of dividends or distributions in respect of the capital stock of the Company or any of its subsidiaries, prohibits the pledging of the capital stock of the Company or any subsidiary of the Company, prohibits the issuance of guarantees by the Company or any subsidiary of the Company or grants any rights of first refusal or rights of first offer or similar rights or that limits or proposes to limit the ability of the Company or any of its subsidiaries or Affiliates to sell, transfer, pledge or otherwise dispose of any assets or businesses, in each case, that is material to the Company and its subsidiaries, taken as a whole;
(vii) is an agreement under which the Company or any of its subsidiaries has any obligations to make a capital contribution to, or other investment in the securities of, any Person (other than (x) to the Company or any of its wholly owned subsidiaries, (y) extensions of credit in the ordinary course of business consistent with past practice and (z) investments in marketable securities in the ordinary course of business), in each case, that is material to the Company and its subsidiaries, taken as a whole;
(viii) is an agreement with respect to any acquisition or divestiture (other than, for the avoidance of doubt, for acquisitions or dispositions of inventory, merchandise, products, services, properties and assets in the ordinary course of business) pursuant to which the Company or any of its subsidiaries has continuing indemnification, “earn-out” or other contingent payment obligations, in each case, that would reasonably be expected to result in payments in excess of $10,000,000;
(ix) is between the Company or any of its subsidiaries, on the one hand, and any director or officer of the Company or any Person beneficially owning five percent (5%) or more of the outstanding Company Shares or any of their respective Affiliates, on the other hand, except for any Company Plan;
(x) contains a standstill or similar agreement that will be in effect as of the Closing pursuant to which the Company or any of its subsidiaries has agreed not to acquire assets or securities of another Person;
(xi) contains a put, call or similar right pursuant to which the Company or any of its subsidiaries could be required to purchase or sell, as applicable, any equity interests of any Person or assets, in each case with a value in excess of $10,000,000;
(xii) is with a Significant Partner;
(xiii) is a Company Material Real Property Lease;
(xiv) is a Contract (including purchasing agreements, group purchasing agreements and excluding work orders, statements of work, purchase orders and similar contracts) pursuant to which the Company or any of its subsidiaries collectively paid, during the twelve (12) month period ended September 26, 2015, more than $50,000,000 to any Person; or
(xv) is with any of the Company’s top twenty (20) commercial payors (measured by prescription revenue of the Company during the twelve (12) month period ended on September 26, 2015) (the “Key Payors”).
(b) Each Contract set forth or required to be set forth in Section 3.8 of the Company Disclosure Schedule lists the following agreements or filed as an exhibit (whether written or oralincorporated by reference) to which the Company is a party as of SEC Reports filed prior to the date of this Agreement as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act (other than and to the Transaction Documentation):
(iextent so disclosed as a “material contract” under Regulation S-K in force as of the date hereof) any agreement (or group is referred to herein as a “Material Contract”. Each of related agreements) for the lease of personal property from or to third parties (A) which provides for lease payments in excess of $25,000 per annum or (B) which has a remaining term longer than 12 months Material Contracts is valid and is not cancellable without penalty by binding on the Company on sixty (60) days or less prior written notice;
(ii) any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one yearits subsidiaries party thereto, is not cancellable without penalty by the Company on sixty (60) days or less prior written notice and involves more than the sum of $25,000 per annumas applicable, or (B) in which the Company has granted manufacturing rights, “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or has agreed to purchase goods or services exclusively from a certain party;
(iii) any agreement whichand, to the knowledge of the Company, establishes a material joint venture or legal partnership;
(iv) any agreement (or group of related agreements) under which it has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) involving more than $25,000 or under which it has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible;
(v) any agreement that purports to limit in any material respect the right of the Company to engage in any line of business, or to compete with any person or operate in any geographical location;
(vi) any employment agreement or consulting agreement which provides for payments in excess of $50,000 per annum (other than employment or consulting agreements terminable on less than thirty (30) days’ notice);
(vii) any agreement involving any officer, director or stockholder of the Company or any affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof (an “Affiliate”) (other than stock subscription, stock option, restricted stock, warrant or stock purchase agreements the forms of which have been made available to Parent);
(viii) any agreement or commitment for capital expenditures in excess of $25,000, for a single project (it being represented and warranted that the liability under all undisclosed agreements and commitments for capital expenditures does not exceed $100,000 in the aggregate for all projects);
(ix) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material Adverse Effect;
(x) any agreement which contains any provisions requiring the Company or to indemnify any each other party thereto (excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business);
(xi) any agreement, other than as contemplated by this Agreement, relating to the future sales of securities of the Company; and
(xii) any other agreement (or group of related agreements) (A) under which the Company is obligated to make payments or incur costs in excess of $25,000 in any year or (B) not entered into in the Ordinary Course of Business, in each case which is not otherwise described in clauses (i) through (xi).
(b) The Company has delivered or made available to the Parent a complete and accurate copy of each agreement listed in Section 2.14 of the Company Disclosure Schedule. With respect to each agreement so listedthereto, and except as set forth in Section 2.14 of the Company Disclosure Schedule: (i) the agreement is a legal, valid, binding and enforceable obligation of the Company and in full force and effect, subject to the Bankruptcy and Equity Exception, except as such enforceability may be limited under applicable bankruptcy, insolvency (i) to the extent that any Material Contract expires in accordance with its terms and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity whether applied in a court of law or a court of equity; (ii) the agreement will not, as a result of the execution and delivery by the Company of this Agreement or the Transaction Documentation, or the consummation by the Company of the transactions contemplated hereby or thereby, cease for such failures to be a legal, valid, valid and binding and enforceable obligation of the Company, except as such enforceability may be limited under applicable bankruptcy, insolvency and similar laws, rules or regulations affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and will, or to be in full force and effect that would not, individually or in accordance with the terms thereof aggregate, reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in effect immediately prior the aggregate, reasonably be expected to have a Material Adverse Effect, as of the Closing; and date hereof (iiix) neither the Company norand its subsidiaries have in all material respects performed all obligations required to be performed by them under each Material Contract and, to the knowledge of the Company, each other party to each Material Contract has in all material respects performed all obligations required to be performed by it under such Material Contract, (y) neither the Company nor any of its subsidiaries have received written notice from any other party, is in breach or violation of, or default under, party to a Material Contract that such other party intends to terminate any such agreement, Material Contract (except in accordance with the terms thereof) and (z) there is no event has occurred, is pending ordefault under any Material Contract by the Company or any of its subsidiaries and, to the knowledge of the Company, is threatenedno event has occurred that, which, after with the lapse of time or the giving of notice, with lapse of time, notice or otherwiseboth, would constitute a breach or default thereunder by the Company or, to the knowledge or any of the Company, any other party under such contract, except for any breach, violation or default that has not had and would not reasonably be anticipated to have a Company Material Adverse Effectits subsidiaries.
Appears in 2 contracts
Sources: Merger Agreement (Walgreens Boots Alliance, Inc.), Merger Agreement (Rite Aid Corp)