Common use of IT System Clause in Contracts

IT System. (a) The Company Systems are reasonably sufficient for the immediate and anticipated needs of the business of the Company and its Subsidiaries, including as to capacity, scalability, and ability to process current and anticipated peak volumes in a timely manner. The Company Systems are in sufficiently good working condition to perform all information technology operations and include sufficient licensed capacity (whether in terms of authorized sites, units, users, seats or otherwise) for all Software, in each case as necessary for the conduct of the business of the Company and its Subsidiaries as currently conducted or contemplated to be conducted. (b) There has been no unauthorized access, use, intrusion or breach of security, or failure, breakdown, performance reduction or other adverse event affecting any Company Systems, that has caused or could reasonably be expected to cause any: (i) substantial disruption of or interruption in or to the use of such Company Systems or the conduct of the business of the Company or any of its Subsidiaries; (ii) loss, destruction, damage or harm of or to the Company or any of its Subsidiaries or its operations, personnel, property or other assets; or (iii) material liability of any kind to the Company or any of its Subsidiaries. The Company and its Subsidiaries have taken all reasonable actions, consistent with applicable prevailing industry practices, to protect the integrity and security of the Company Systems and the data and other information stored thereon. (c) The Company and its Subsidiaries maintain commercially reasonable back-up and data recovery, disaster recovery and business continuity plans, procedures and facilities, act in compliance therewith, and test such plans and procedures on a regular basis, and such plans and procedures have been proven effective upon such testing.

Appears in 2 contracts

Sources: Stock Purchase Agreement, Stock Purchase Agreement