Common use of Fundamental Changes, Line of Business Clause in Contracts

Fundamental Changes, Line of Business. During the Reporting Period, the Company shall not, and shall not permit any of the Subsidiaries to, (i) except as contemplated by Section 4(z) of the Securities Purchase Agreement, amend its organizational documents or change its fiscal year unless (A) such actions could not reasonably be expected to have a Material Adverse Effect; (B) such actions would not adversely affect any Buyer or any Buyer’s rights and remedies under this Agreement and the other Transaction Documents; and (C) each Buyer has received at least ten (10) days prior written notice of such amendment or change; or (ii) engage in any business other than the business currently conducted by the Company and the Subsidiaries, as disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2007, and the business currently conducted by North Texas.

Appears in 2 contracts

Samples: Securities Exchange Agreement (Sonterra Resources, Inc.), Securities Exchange Agreement (Sonterra Resources, Inc.)

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Fundamental Changes, Line of Business. During the Reporting Period, the Company shall not, and shall not permit any of the Subsidiaries to, (i) except as contemplated by Section 4(z) of the Securities Purchase Agreement), amend its organizational documents or change its fiscal year unless (A) such actions could not reasonably be expected to have a Material Adverse Effect; (B) such actions would not adversely affect any Buyer or any Buyer’s rights and remedies under this Agreement and the other Transaction Documents; and (C) each Buyer has received at least ten (10) days prior written notice of such amendment or change; or (ii) engage in any business other than the business currently conducted by the Company and the Subsidiaries, as disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2007, and the business currently conducted by North Texas.

Appears in 2 contracts

Samples: Securities Purchase Agreement (Sonterra Resources, Inc.), Securities Purchase Agreement (Sonterra Resources, Inc.)

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