{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "of-the-sellers", "type": "clause", "offset": [9, 23]}, {"key": "in-respect-of", "type": "clause", "offset": [47, 60]}, {"key": "to-the-buyer", "type": "clause", "offset": [73, 85]}, {"key": "permitted-leakage", "type": "definition", "offset": [103, 120]}, {"key": "period-from", "type": "definition", "offset": [133, 144]}, {"key": "locked-box-date", "type": "definition", "offset": [163, 178]}, {"key": "the-companies", "type": "clause", "offset": [223, 236]}, {"key": "to-or-for-the-benefit-of", "type": "definition", "offset": [276, 300]}, {"key": "return-of-capital", "type": "definition", "offset": [382, 399]}, {"key": "liability-for", "type": "clause", "offset": [601, 614]}, {"key": "in-favour-of", "type": "definition", "offset": [742, 754]}, {"key": "pay-when-due", "type": "clause", "offset": [988, 1000]}, {"key": "sum-due", "type": "definition", "offset": [1005, 1012]}, {"key": "no-payment", "type": "clause", "offset": [1042, 1052]}, {"key": "management-charge", "type": "definition", "offset": [1054, 1071]}, {"key": "management-fee", "type": "clause", "offset": [1289, 1303]}, {"key": "service-fee", "type": "clause", "offset": [1305, 1316]}, {"key": "no-liabilities", "type": "clause", "offset": [1455, 1469]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [1535, 1582]}, {"key": "other-commissions", "type": "clause", "offset": [1636, 1653]}, {"key": "repayment-of-principal", "type": "clause", "offset": [1736, 1758]}, {"key": "loan-notes", "type": "definition", "offset": [1773, 1783]}, {"key": "entered-into", "type": "clause", "offset": [1935, 1947]}, {"key": "agreement-or", "type": "definition", "offset": [1952, 1964]}, {"key": "give-effect-to", "type": "definition", "offset": [1980, 1994]}, {"key": "clauses-4", "type": "clause", "offset": [2029, 2038]}, {"key": "the-events", "type": "clause", "offset": [2084, 2094]}, {"key": "set-out", "type": "definition", "offset": [2095, 2102]}, {"key": "clause-4", "type": "clause", "offset": [2106, 2114]}, {"key": "before-completion", "type": "clause", "offset": [2123, 2140]}, {"key": "in-the-event-of", "type": "definition", "offset": [2217, 2232]}, {"key": "breach-of-any", "type": "clause", "offset": [2237, 2250]}, {"key": "the-warranties", "type": "clause", "offset": [2254, 2268]}, {"key": "seller-shall", "type": "clause", "offset": [2315, 2327]}, {"key": "pay-to", "type": "definition", "offset": [2328, 2334]}, {"key": "receipt-of-a", "type": "clause", "offset": [2372, 2384]}, {"key": "written-notice", "type": "definition", "offset": [2385, 2399]}, {"key": "from-the-buyer", "type": "definition", "offset": [2400, 2414]}, {"key": "setting-out", "type": "clause", "offset": [2415, 2426]}, {"key": "nature-of-the", "type": "clause", "offset": [2452, 2465]}, {"key": "equal-to", "type": "definition", "offset": [2492, 2500]}, {"key": "received-by", "type": "definition", "offset": [2558, 2569]}, {"key": "relevant-company", "type": "definition", "offset": [2630, 2646]}, {"key": "recoverable-vat", "type": "definition", "offset": [2707, 2722]}, {"key": "due-for-payment", "type": "clause", "offset": [2790, 2805]}, {"key": "relief-available", "type": "clause", "offset": [2903, 2919]}, {"key": "to-the-extent", "type": "clause", "offset": [2977, 2990]}, {"key": "a-relief", "type": "clause", "offset": [3022, 3030]}, {"key": "liability-to-tax", "type": "clause", "offset": [3047, 3063]}, {"key": "in-connection-with", "type": "clause", "offset": [3144, 3162]}, {"key": "provided-that", "type": "clause", "offset": [3177, 3190]}, {"key": "for-the-purposes-of-this-agreement", "type": "clause", "offset": [3355, 3389]}, {"key": "by-the-seller", "type": "clause", "offset": [3431, 3444]}, {"key": "connected-persons", "type": "definition", "offset": [3647, 3664]}, {"key": "to-determine", "type": "clause", "offset": [3695, 3707]}, {"key": "by-each-seller", "type": "clause", "offset": [3744, 3758]}, {"key": "pro-rata-basis", "type": "definition", "offset": [3764, 3778]}, {"key": "reference-to", "type": "definition", "offset": [3782, 3794]}, {"key": "holding-of-shares", "type": "clause", "offset": [3809, 3826]}, {"key": "number-of-shares-held", "type": "clause", "offset": [3853, 3874]}, {"key": "on-behalf-of", "type": "definition", "offset": [3882, 3894]}, {"key": "maximum-liability", "type": "clause", "offset": [3917, 3934]}, {"key": "locked-box-claim", "type": "definition", "offset": [3966, 3982]}, {"key": "under-clause", "type": "clause", "offset": [4126, 4138]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [4147, 4173]}, {"key": "individual-seller", "type": "clause", "offset": [4196, 4213]}, {"key": "the-buyer-shall", "type": "clause", "offset": [4268, 4283]}, {"key": "other-sellers", "type": "definition", "offset": [4347, 4360]}, {"key": "no-locked", "type": "clause", "offset": [4402, 4411]}, {"key": "notice-of-the", "type": "clause", "offset": [4468, 4481]}, {"key": "amount-claimed", "type": "definition", "offset": [4626, 4640]}, {"key": "in-writing", "type": "definition", "offset": [4667, 4677]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [4678, 4700]}, {"key": "date-of-completion", "type": "definition", "offset": [4832, 4850]}, {"key": "provided-always-that", "type": "clause", "offset": [4852, 4872]}, {"key": "the-liability-of", "type": "clause", "offset": [4873, 4889]}, {"key": "service-of", "type": "clause", "offset": [4953, 4963]}, {"key": "legal-proceedings", "type": "definition", "offset": [4976, 4993]}, {"key": "relevant-seller", "type": "definition", "offset": [5082, 5097]}, {"key": "other-provision-of-this-agreement", "type": "clause", "offset": [5243, 5276]}, {"key": "no-liability", "type": "definition", "offset": [5336, 5348]}, {"key": "nothing-in-this-clause", "type": "clause", "offset": [5396, 5418]}, {"key": "effect-of", "type": "definition", "offset": [5436, 5445]}, {"key": "a-party", "type": "clause", "offset": [5664, 5671]}, {"key": "to-the-maximum-extent-permitted-by-law", "type": "clause", "offset": [5753, 5791]}], "snippet": "4.1 Each of the Sellers warrants severally and in respect of itself only to the Buyer that, except for Permitted Leakage, during the period from and excluding the Locked Box Date up to and including Completion:\n(a) none of the Companies has declared, authorised, paid or made to or for the benefit of that Seller or any Connected Person of that Seller any dividend, distribution or return of capital;\n(b) none of the Companies has transferred or surrendered any asset to, or granted any Encumbrance over any asset in favour or for the benefit of, or assumed, indemnified or incurred any obligation or liability for the benefit of, that Seller or any Connected Person of that Seller;\n(c) none of the Companies has waived, released or forgiven in favour of that Seller or any Connected Person of that Seller any sum or obligation due by that Seller or any Connected Person of that Seller to any of the Companies and neither that Seller nor any Connected Person of that Seller has failed to pay when due any sum due to any of the Companies;\n(d) no payment, management charge or fee of any nature has been levied by, or for the benefit of, that Seller or any Connected Person of that Seller against any of the Companies and there has been no payment of any nature including any payment of any management fee, service fee or similar fee or compensation by any of the Companies to, or for the benefit of, that Seller or any Connected Person of that Seller;\n(e) no liabilities have been paid or incurred by any of the Companies in respect of the transactions contemplated by this Agreement, including any finders\u2019 fees, bonuses, brokerages or other commissions, or any advisers\u2019 fees, costs or expenses;\n(f) none of the Companies has made any repayment of principal on any of the Loan Notes for the benefit of that Seller or any Connected Person of that Seller; and\n(g) neither that Seller nor any Connected Person of that Seller has made or entered into any agreement or arrangement to give effect to any of the matters referred to in clauses 4.1(a) to 4.1(f).\n4.2 The occurrence of any of the events set out in clause 4.1 at or before Completion but after the Locked Box Date will constitute an incident of \u201cLeakage\u201d.\n4.3 In the event of any breach of any of the warranties in clauses 4.1(a) to 4.1(g) (inclusive), each Seller shall pay to the Buyer within 10 Business Days of receipt of a written notice from the Buyer setting out in reasonable detail the nature of the Leakage an amount in cash equal to the aggregate of:\n(a) the amount of any Leakage actually received by that Seller or any Connected Person of that Seller from the relevant Company as a result of such breach; and\n(b) all Taxation (excluding recoverable VAT) incurred and payable (whether or not such Taxation actually falls due for payment during the six-month period referred to in clause 4.5 and after taking into account any Sellers\u2019 Relief available in respect of the matter giving rise to the Leakage and, to the extent that the Leakage gives rise to a Relief which reduces a liability to Tax of a relevant Company, taking into account such Relief) by any of the Companies in connection with such Leakage, provided that, to the extent that Leakage falling within clauses 4.1(b), (c) or (e) is not directly received by a Seller or a Connected Person of that Seller, such Leakage shall for the purposes of this Agreement be deemed to have been \u201creceived\u201d by (a) by the Seller or Connected Person to whom it is referable (provided that if more than one Seller shall be deemed to have received such Leakage, that Seller shall only be liable for the amount referable to him or his Connected Persons) or (b) if it is not possible to determine to whom such Leakage was referable, by each Seller on a pro rata basis by reference to that Seller\u2019s holding of Shares compared to the aggregate number of Shares held by (or on behalf of) all Sellers.\n4.4 The maximum liability of each Seller in respect of a Locked Box Claim shall not exceed (i) the amount of Leakage giving rise to such claim actually received by it and its Connected Persons and (ii) any amount due under clause 4.3(b). For the avoidance of doubt, in the event that an individual Seller does not satisfy a Locked Box Claim made against him, the Buyer shall not be entitled to bring a Locked Box Claim against any of the other Sellers in respect of such non-satisfaction.\n4.5 No Locked Box Claim may be made against any of the Sellers unless notice of the Locked Box Claim, specifying in reasonable detail the specific matter in respect of which the Locked Box Claim is made and an indication of the amount claimed, is served on that Seller in writing as soon as practicable after the Buyer becomes aware of the circumstances giving rise to the Locked Box Claim and, in any event, within six months of the date of Completion, provided always that the liability of that Seller shall cease absolutely unless within six months of service of such notice legal proceedings in respect of such Locked Box Claim have been properly issued and validly served on the relevant Seller.\n4.6 The Buyer shall not be entitled to recover from the Sellers more than once for the same damage suffered (whether under this clause 4 or any other provision of this Agreement).\n4.7 If Completion does not occur, the Sellers shall have no liability to the Buyer under any of clauses 4 and 6.\n4.8 Nothing in this clause 4 shall have the effect of limiting, restricting or excluding the liability of a Seller in respect of a Locked Box Claim arising as a result of that Seller\u2019s own fraud, but the fraud of that Seller shall not prevent any other Seller who was not a party to that fraud from benefiting from any such limitation, restriction or exclusion to the maximum extent permitted by law.", "size": 21, "samples": [{"hash": "lazKcGZAlBc", "uri": "/contracts/lazKcGZAlBc#locked-box", "label": "Share Sale and Purchase Agreement", "score": 29.3408622742, "published": true}, {"hash": "lnz267EcwyX", "uri": "/contracts/lnz267EcwyX#locked-box", "label": "Share Sale and Purchase Agreement (Encore Capital Group Inc)", "score": 23.1505813599, "published": true}], "hash": "77d12fc9711486c03333fc3f1a56b037", "id": 1}, {"snippet_links": [{"key": "to-maintain", "type": "clause", "offset": [41, 52]}, {"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [53, 86]}, {"key": "post-office-box", "type": "definition", "offset": [91, 106]}, {"key": "the-us", "type": "clause", "offset": [110, 117]}, {"key": "from-time-to-time", "type": "clause", "offset": [268, 285]}, {"key": "borrower-shall", "type": "clause", "offset": [306, 320]}, {"key": "account-debtors", "type": "definition", "offset": [353, 368]}, {"key": "the-locked", "type": "clause", "offset": [442, 452]}, {"key": "notices-to", "type": "definition", "offset": [463, 473]}, {"key": "form-and-substance", "type": "clause", "offset": [485, 503]}, {"key": "immediately-upon-receipt", "type": "clause", "offset": [544, 568]}, {"key": "proceeds-of-receivables", "type": "clause", "offset": [611, 634]}, {"key": "loan-collateral", "type": "clause", "offset": [644, 659]}, {"key": "special-account", "type": "definition", "offset": [693, 708]}, {"key": "access-to-the", "type": "clause", "offset": [750, 763]}, {"key": "at-all-times", "type": "definition", "offset": [775, 787]}, {"key": "without-bank", "type": "clause", "offset": [928, 940]}, {"key": "prior-written-consent", "type": "clause", "offset": [943, 964]}, {"key": "to-pay", "type": "clause", "offset": [1027, 1033]}, {"key": "if-borrower", "type": "clause", "offset": [1117, 1128]}, {"key": "borrower-hereby", "type": "definition", "offset": [1286, 1301]}, {"key": "to-bank", "type": "definition", "offset": [1309, 1316]}, {"key": "irrevocable-power-of-attorney", "type": "definition", "offset": [1320, 1349]}, {"key": "coupled-with-an-interest", "type": "clause", "offset": [1351, 1375]}, {"key": "in-the-event", "type": "clause", "offset": [1545, 1557]}, {"key": "for-any-reason", "type": "clause", "offset": [1671, 1685]}, {"key": "upon-the-occurrence-of-an-event-of-default", "type": "clause", "offset": [1686, 1728]}], "snippet": "Borrower has obtained and shall continue to maintain during the term of this Agreement the post office box at the U.S. Post Office bearing the following address: P\u2587 \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587 \u2587\u2587\u2587\u2587\u2587-\u2587\u2587\u2587\u2587, or such other address as Bank may notify Borrower from time to time (the \u201cLocked Box\u201d). Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due Borrower (\u201cRemittances\u201d) to the Locked Box (such notices to be in such form and substance as Bank may require from time to time). Immediately upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined below). Bank shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank such sole access. At no time shall Borrower remove any item from the Locked Box without Bank\u2019s prior written consent, and Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank\u2019s prior written consent. If Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank shall be entitled to make such notification. Borrower hereby grants to Bank an irrevocable power of attorney, coupled with an interest, to take in Borrower\u2019s name all action necessary (a) to grant Bank sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.", "size": 10, "samples": [{"hash": "4VrEjShzJvw", "uri": "/contracts/4VrEjShzJvw#locked-box", "label": "Financing Agreement (EQM Technologies & Energy, Inc.)", "score": 23.6064338684, "published": true}, {"hash": "1sqyGZ4bEuJ", "uri": "/contracts/1sqyGZ4bEuJ#locked-box", "label": "Financing Agreement (EQM Technologies & Energy, Inc.)", "score": 23.4887065887, "published": true}], "hash": "8d298c63210565cc06cf806014e93137", "id": 2}, {"snippet_links": [{"key": "subject-to-completion", "type": "clause", "offset": [4, 25]}, {"key": "and-provided-that", "type": "clause", "offset": [36, 53]}, {"key": "the-relevant", "type": "clause", "offset": [54, 66]}, {"key": "pursuant-to-clause", "type": "clause", "offset": [115, 133]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [142, 159]}, {"key": "the-vendor-shall", "type": "clause", "offset": [169, 185]}, {"key": "on-demand", "type": "clause", "offset": [209, 218]}, {"key": "equal-to", "type": "definition", "offset": [258, 266]}, {"key": "other-benefit", "type": "clause", "offset": [358, 371]}, {"key": "tax-benefit", "type": "definition", "offset": [385, 396]}, {"key": "by-the-purchaser", "type": "clause", "offset": [405, 421]}, {"key": "group-company", "type": "clause", "offset": [429, 442]}, {"key": "related-to", "type": "definition", "offset": [443, 453]}, {"key": "promptly-notify", "type": "clause", "offset": [505, 520]}, {"key": "locked-box-date", "type": "definition", "offset": [818, 833]}, {"key": "the-pre", "type": "clause", "offset": [912, 919]}, {"key": "notice-to-be-delivered", "type": "clause", "offset": [931, 953]}, {"key": "consideration-cash", "type": "definition", "offset": [1039, 1057]}, {"key": "on-the-completion-date", "type": "clause", "offset": [1086, 1108]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [1110, 1136]}, {"key": "vendor-to", "type": "clause", "offset": [1157, 1166]}, {"key": "comply-with", "type": "definition", "offset": [1167, 1178]}, {"key": "with-respect-to", "type": "clause", "offset": [1283, 1298]}, {"key": "repayment-of", "type": "clause", "offset": [1299, 1311]}, {"key": "subject-to-clause", "type": "clause", "offset": [1357, 1374]}, {"key": "no-repayment", "type": "clause", "offset": [1405, 1417]}, {"key": "in-respect-of", "type": "clause", "offset": [1428, 1441]}, {"key": "written-claim", "type": "clause", "offset": [1518, 1531]}, {"key": "nine-months", "type": "definition", "offset": [1617, 1628]}, {"key": "details-of-the", "type": "clause", "offset": [1694, 1708]}, {"key": "relevant-facts", "type": "clause", "offset": [1709, 1723]}, {"key": "reference-to", "type": "definition", "offset": [1842, 1854]}, {"key": "in-the-agreement", "type": "clause", "offset": [1887, 1903]}, {"key": "supporting-evidence", "type": "definition", "offset": [1935, 1954]}, {"key": "the-claim", "type": "clause", "offset": [2009, 2018]}, {"key": "computation-of-the", "type": "clause", "offset": [2027, 2045]}, {"key": "legal-proceedings", "type": "definition", "offset": [2065, 2082]}, {"key": "relating-to", "type": "definition", "offset": [2152, 2163]}, {"key": "six-months", "type": "definition", "offset": [2245, 2255]}, {"key": "relevant-claim", "type": "definition", "offset": [2263, 2277]}, {"key": "in-accordance-with", "type": "definition", "offset": [2293, 2311]}, {"key": "notify-the", "type": "clause", "offset": [2454, 2464]}, {"key": "in-writing", "type": "definition", "offset": [2481, 2491]}, {"key": "of-the-purchaser", "type": "clause", "offset": [2580, 2596]}, {"key": "compliance-by-the", "type": "clause", "offset": [2633, 2650]}, {"key": "the-provisions-of-this", "type": "clause", "offset": [2666, 2688]}, {"key": "the-liability-of-the", "type": "clause", "offset": [2731, 2751]}, {"key": "in-relation-to", "type": "clause", "offset": [2759, 2773]}, {"key": "to-the-extent", "type": "clause", "offset": [2795, 2808]}, {"key": "amount-payable", "type": "definition", "offset": [2886, 2900]}, {"key": "reduction-of", "type": "clause", "offset": [2959, 2971]}, {"key": "reporting-purposes", "type": "clause", "offset": [3033, 3051]}, {"key": "to-reimburse", "type": "definition", "offset": [3120, 3132]}, {"key": "permitted-leakage", "type": "definition", "offset": [3165, 3182]}, {"key": "available-to", "type": "definition", "offset": [3344, 3356]}, {"key": "vendor-group", "type": "definition", "offset": [3372, 3384]}, {"key": "in-connection-with", "type": "clause", "offset": [3385, 3403]}, {"key": "in-this-clause", "type": "clause", "offset": [3427, 3441]}, {"key": "resulting-from", "type": "definition", "offset": [3476, 3490]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [3561, 3580]}, {"key": "the-group-companies", "type": "clause", "offset": [3609, 3628]}, {"key": "payment-of-the", "type": "clause", "offset": [3664, 3678]}], "snippet": "(a) Subject to Completion occurring and provided that the relevant Leakage has not already been taken into account pursuant to Clause 3.2(b), in the event of a Leakage, the Vendor shall repay to the Purchaser on demand on a dollar for dollar basis an amount equal to (i) the amount of such Leakage less (ii) the amount of any actual monetary gain, saving or other benefit, including a Tax Benefit, for or by the Purchaser or any Group Company related to or arising from such Leakage.\n(b) The Vendor shall promptly notify to the Purchaser any Leakage (as may be reduced by the amount of any actual monetary gain, saving or other benefit, including a Tax Benefit, for or by the Purchaser or any Group Company related to or arising from such Leakage) that has occurred, is occurring, or is expected to occur, between the Locked Box Date and the Completion Date. The Vendor shall reflect any and all such Leakage in the Pre-Completion Notice to be delivered to the Purchaser pursuant to Clause 3.4, and such Leakage shall be deducted from the Consideration Cash to be paid by the Purchaser on the Completion Date. For the avoidance of doubt, any failure by the Vendor to comply with its obligations under this Clause 3.2(b) shall not give rise to any liability of the Vendor (other than with respect to repayment of such Leakage pursuant to Clause 3.2(c)).\n(c) Subject to Clause 3.2(b), the Vendor shall have no repayment liability in respect of a Leakage under this Clause 3.2 unless:\n(i) Completion has occurred;\n(ii) a written claim has been notified by the Purchaser to the Vendor with respect to such Leakage within nine months of Completion, provided that such claim shall include sufficient details of the relevant facts and circumstances giving rise to the Leakage, the amount of the alleged Leakage, the category of Leakage concerned by reference to the Leakage definition provided in the Agreement as well as any other available supporting evidence as may reasonably be required to assess the merits of the claim and the computation of the Leakage; and\n(iii) legal proceedings have been validly initiated by the Purchaser in respect of the claim relating to such Leakage (and such proceedings have not been withdrawn or terminated) within six months of the relevant claim being notified in accordance with the above paragraph if such a claim has not been previously satisfied, settled or withdrawn.\n(d) The Purchaser hereby expressly undertakes to notify the Vendor promptly in writing of any Leakage of which it obtains knowledge, and in any event within ten Business Days of the Purchaser becoming aware of such Leakage. Non-compliance by the Purchaser with the provisions of this paragraph (d) shall only operate to limit the liability of the Vendor in relation to the relevant Leakage to the extent that such liability is increased as a result of such non-compliance.\n(e) Any amount payable by the Vendor under this Clause 3.2 shall be treated as a reduction of the Consideration Cash for all Tax, accounting and financial reporting purposes.\n(f) For the avoidance of doubt, (i) the Vendor shall not be liable to reimburse the Purchaser in respect of any Permitted Leakage and (ii) a Leakage may not be repaid more than once to the Purchaser.\n(g) For the avoidance of doubt, the Purchaser acknowledges and agrees that the only remedy available to it against the Vendor Group in connection with a Leakage is contained in this Clause 3.2 and to the extent any payment resulting from a Leakage is due to the Purchaser in accordance with this Clause 3.2, the Purchaser shall not, and shall procure that the Group Companies shall not, otherwise claim for the payment of the same from the Vendor Group.", "size": 6, "samples": [{"hash": "keDiSK3pmkk", "uri": "/contracts/keDiSK3pmkk#locked-box", "label": "Securities Sale Agreement (Martin Marietta Materials Inc)", "score": 35.4900752909, "published": true}], "hash": "165d25e57fcb933e00297bde71664bcb", "id": 3}, {"snippet_links": [{"key": "seller-covenants", "type": "definition", "offset": [10, 26]}, {"key": "the-buyers", "type": "definition", "offset": [55, 65]}, {"key": "december-2012", "type": "clause", "offset": [81, 94]}, {"key": "to-the-extent", "type": "clause", "offset": [125, 138]}, {"key": "permitted-leakage", "type": "definition", "offset": [154, 171]}, {"key": "distribution-of-profits", "type": "clause", "offset": [199, 222]}, {"key": "having-been", "type": "clause", "offset": [305, 316]}, {"key": "to-or-for-the-benefit-of", "type": "definition", "offset": [346, 370]}, {"key": "related-party", "type": "clause", "offset": [373, 386]}, {"key": "no-payments", "type": "clause", "offset": [392, 403]}, {"key": "by-or-on-behalf-of", "type": "definition", "offset": [417, 435]}, {"key": "for-avoidance-of-doubt", "type": "clause", "offset": [491, 513]}, {"key": "the-payment", "type": "clause", "offset": [532, 543]}, {"key": "with-respect-to", "type": "clause", "offset": [544, 559]}, {"key": "share-capital", "type": "clause", "offset": [591, 604]}, {"key": "agreement-or", "type": "definition", "offset": [710, 722]}, {"key": "obligation-to", "type": "clause", "offset": [723, 736]}, {"key": "a-member-of-the", "type": "clause", "offset": [755, 770]}, {"key": "no-amounts-owed", "type": "clause", "offset": [790, 805]}, {"key": "no-management", "type": "clause", "offset": [882, 895]}, {"key": "other-shareholder", "type": "definition", "offset": [921, 938]}, {"key": "payments-of", "type": "clause", "offset": [981, 992]}, {"key": "similar-nature", "type": "definition", "offset": [995, 1009]}, {"key": "no-changes", "type": "clause", "offset": [1101, 1111]}, {"key": "terms-of", "type": "clause", "offset": [1132, 1140]}, {"key": "indebtedness-of-any", "type": "clause", "offset": [1204, 1223]}, {"key": "accrued-interest", "type": "definition", "offset": [1244, 1260]}, {"key": "no-sale", "type": "definition", "offset": [1433, 1440]}, {"key": "other-disposal", "type": "clause", "offset": [1454, 1468]}, {"key": "waiver-of", "type": "clause", "offset": [1502, 1511]}, {"key": "other-benefits", "type": "clause", "offset": [1534, 1548]}, {"key": "no-encumbrance", "type": "clause", "offset": [1613, 1627]}, {"key": "the-assets", "type": "clause", "offset": [1678, 1688]}, {"key": "in-favour-of", "type": "definition", "offset": [1707, 1719]}, {"key": "no-liability", "type": "definition", "offset": [1767, 1779]}, {"key": "no-indemnity", "type": "clause", "offset": [1812, 1824]}, {"key": "will-be-given", "type": "clause", "offset": [1837, 1850]}, {"key": "third-party-costs", "type": "clause", "offset": [1930, 1947]}, {"key": "relating-to", "type": "definition", "offset": [1960, 1971]}, {"key": "the-sale-of-the-shares", "type": "clause", "offset": [1972, 1994]}, {"key": "assets-and-liabilities", "type": "clause", "offset": [2009, 2031]}, {"key": "other-transactions", "type": "clause", "offset": [2040, 2058]}, {"key": "professional-adviser", "type": "definition", "offset": [2105, 2125]}, {"key": "sale-bonuses", "type": "clause", "offset": [2156, 2168]}, {"key": "other-payments", "type": "clause", "offset": [2172, 2186]}, {"key": "in-connection-with", "type": "clause", "offset": [2213, 2231]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [2232, 2279]}, {"key": "management-incentive-payment", "type": "definition", "offset": [2361, 2389]}, {"key": "existing-management", "type": "definition", "offset": [2406, 2425]}, {"key": "incentive-programme", "type": "definition", "offset": [2426, 2445]}, {"key": "the-subsidiary", "type": "clause", "offset": [2483, 2497]}, {"key": "date-hereof", "type": "clause", "offset": [2520, 2531]}, {"key": "transaction-bonus", "type": "definition", "offset": [2536, 2553]}, {"key": "no-subsidiary", "type": "clause", "offset": [2705, 2718]}, {"key": "set-out", "type": "definition", "offset": [2764, 2771]}, {"key": "no-tax", "type": "clause", "offset": [2819, 2825]}, {"key": "security-charges", "type": "clause", "offset": [2893, 2909]}, {"key": "value-added-tax", "type": "clause", "offset": [2925, 2940]}, {"key": "other-withholding-taxes", "type": "clause", "offset": [2956, 2979]}, {"key": "provided-however", "type": "clause", "offset": [3069, 3085]}, {"key": "other-entitlements", "type": "clause", "offset": [3191, 3209]}, {"key": "each-case", "type": "definition", "offset": [3236, 3245]}, {"key": "consistent-with-past-practice", "type": "clause", "offset": [3246, 3275]}, {"key": "payable-to", "type": "definition", "offset": [3277, 3287]}, {"key": "an-employee", "type": "definition", "offset": [3312, 3323]}, {"key": "in-accordance-with", "type": "definition", "offset": [3386, 3404]}, {"key": "consultancy-agreement", "type": "definition", "offset": [3438, 3459]}, {"key": "relevant-subsidiary", "type": "definition", "offset": [3469, 3488]}, {"key": "of-employment", "type": "clause", "offset": [3514, 3527]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [3558, 3584]}, {"key": "representation-and-warranty", "type": "definition", "offset": [3616, 3643]}, {"key": "schedule-vii", "type": "definition", "offset": [3673, 3685]}, {"key": "for-purposes-of-the", "type": "clause", "offset": [3732, 3751]}, {"key": "the-seller-shall", "type": "clause", "offset": [3777, 3793]}, {"key": "notify-the", "type": "clause", "offset": [3803, 3813]}, {"key": "in-writing", "type": "definition", "offset": [3837, 3847]}, {"key": "breach-of-clause", "type": "clause", "offset": [3943, 3959]}, {"key": "to-indemnify", "type": "clause", "offset": [4001, 4013]}, {"key": "double-counting", "type": "clause", "offset": [4144, 4159]}, {"key": "closing-statements", "type": "definition", "offset": [4235, 4253]}, {"key": "adjustment-of-the-purchase-price", "type": "clause", "offset": [4271, 4303]}, {"key": "this-clause", "type": "clause", "offset": [4382, 4393]}], "snippet": "6.9.1 The Seller covenants, undertakes and warrants to the Buyers that between 1 December 2012 and Closing (inclusive) (save to the extent it constitutes Permitted Leakage):\n(a) no dividend or other distribution of profits or assets will be declared, paid or made by any Subsidiary or would be treated as having been paid or made by a Subsidiary to or for the benefit of a Related Party;\n(b) no payments will be made by or on behalf of a Subsidiary to or for the benefit of a Related Party (for avoidance of doubt, including making the payment with respect to the \u2018Caribou\u2019 payable);\n(c) no share capital of a Subsidiary will be redeemed, repurchased, reduced, waived or repaid or result in a payment to or an agreement or obligation to make a payment to a member of the Related Party;\n(d) no amounts owed to a Subsidiary by a Related Party will be reduced, waived or forgiven;\n(e) no management, advisory, monitoring or other shareholder or director\u2019s fees, charges or bonuses or payments of a similar nature will be paid by or on behalf of a Subsidiary to or for the benefit of a Related Party;\n(f) no changes will be made to the terms of any borrowing between a Related Party and a Subsidiary;\n(g) no indebtedness of any kind (including all accrued interest thereon) due or owing to (or for the benefit of) any Related Party by (or on behalf of) any Subsidiary will be created, incurred, increased, repaid, reduced or waived;\n(h) no sale, transfer or other disposal (whether in whole or in part) or waiver of any assets, rights or other benefits or value of a Subsidiary will be made to any Related Party;\n(i) no Encumbrance will be created or permitted to exist over any of the assets of any Subsidiary in favour of (or for the benefit of) any Related Party;\n(j) no liability will be assumed or incurred and no indemnity has been or will be given by a Subsidiary in favour of (or for the benefit of) any Related Party;\n(k) no Third Party costs or expenses relating to the sale of the Shares or the Atento Assets and Liabilities and the other transactions contemplated by this Agreement (including any professional adviser\u2019s fees and any transaction or sale bonuses or other payments payable as a result of or in connection with the transactions contemplated by this Agreement) have been or will be paid or incurred by or on behalf of any Subsidiary;\n(l) no management incentive payment (other than the existing management incentive programme in which certain of the employees of the Subsidiary participate as at the date hereof) or transaction bonus will be paid by any Subsidiary to any Related Party as an incentive to complete, or triggered by, the transactions contemplated by this Agreement;\n(m) no Subsidiary will agree or commit to do any of the things set out in sub-Clauses (a) to (I) (inclusive); and\n(n) no Tax whatsoever will become payable by any Subsidiary (including social security charges, irrecoverable value added tax or payroll and other withholding taxes) as a consequence of any of the matters described in sub-Clauses (a) to (m) (inclusive), provided however, sub-Clauses (a) to (n) (inclusive) shall not be deemed to include any ordinary course emoluments and/or other entitlements, fees and/or expenses (in each case consistent with past practice) payable to a Related Party that is an employee, director, consultant or officer of any Subsidiary under, and in accordance with, such Related Party\u2019s service or consultancy agreement with the relevant Subsidiary by virtue and in respect of employment, directorship or consultancy. For the avoidance of doubt, the payments described in the Representation and Warranty set out in paragraph 21.2 of Schedule VII shall not constitute ordinary course payments for purposes of the preceding proviso.\n6.9.2 The Seller shall promptly notify the Buyers\u2019 Representative in writing if it becomes aware of a payment, event or transaction which constitutes or might constitute a breach of Clause 6.9.1.\n6.9.3 The Seller hereby covenants to indemnify, defend and hold each of the Buyers harmless for all Leakage. For the avoidance of doubt, the Buyers shall not be entitled to any double counting of the same item. To the extent that an amount forming part of Debt in the Closing Statements gives rise to an adjustment of the Purchase Price, the Buyers shall not be permitted to also make a claim for such amount under this Clause 6.9.3.", "size": 4, "samples": [{"hash": "5IoU1mt5CSc", "uri": "/contracts/5IoU1mt5CSc#locked-box", "label": "Sale and Purchase Agreement (Atento S.A.)", "score": 25.4955501556, "published": true}], "hash": "066fe6abd6fe68c7ec46e1f4bedbd526", "id": 5}, {"snippet_links": [{"key": "the-sellers", "type": "clause", "offset": [0, 11]}, {"key": "to-parent", "type": "definition", "offset": [74, 83]}, {"key": "no-leakage", "type": "clause", "offset": [109, 119]}, {"key": "at-any-time", "type": "clause", "offset": [120, 131]}, {"key": "the-locked", "type": "clause", "offset": [137, 147]}, {"key": "agreement-date", "type": "definition", "offset": [181, 195]}, {"key": "permitted-leakage", "type": "definition", "offset": [208, 225]}, {"key": "on-schedule", "type": "definition", "offset": [242, 253]}, {"key": "seller-disclosure-letter", "type": "definition", "offset": [271, 295]}, {"key": "the-closing", "type": "definition", "offset": [388, 399]}], "snippet": "The Sellers, severally and not jointly, represent, warrant and undertake, to Parent that:\n(i) there has been no Leakage at any time from the Locked-Box Date up to and including the Agreement Date, other than Permitted Leakage or as set forth on Schedule 6.9(a)(i) of the Seller Disclosure Letter; and\n(ii) there shall be no Leakage at any time from the Agreement Date up to and including the Closing, other than Permitted Leakage or as set forth on Schedule 6.9(a)(ii) of the Seller Disclosure Letter. following:", "size": 3, "samples": [{"hash": "9eb8NIHPFnv", "uri": "/contracts/9eb8NIHPFnv#locked-box", "label": "Share Purchase Agreement", "score": 32.9513473511, "published": true}, {"hash": "5Ekjjxa15D3", "uri": "/contracts/5Ekjjxa15D3#locked-box", "label": "Share Purchase Agreement", "score": 32.9294471741, "published": true}], "hash": "0e6d62059999b52771f04d7295936ed4", "id": 6}, {"snippet_links": [{"key": "seller-covenants", "type": "definition", "offset": [8, 24]}, {"key": "period-from", "type": "definition", "offset": [41, 52]}, {"key": "accounts-date", "type": "clause", "offset": [57, 70]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [82, 104]}, {"key": "save-as", "type": "clause", "offset": [110, 117]}, {"key": "schedule-4", "type": "definition", "offset": [131, 141]}, {"key": "permitted-leakage", "type": "definition", "offset": [143, 160]}, {"key": "member-of-the-group", "type": "definition", "offset": [170, 189]}, {"key": "dividend-or-distribution", "type": "definition", "offset": [233, 257]}, {"key": "retained-group", "type": "definition", "offset": [279, 293]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [402, 420]}, {"key": "in-favour-of", "type": "definition", "offset": [505, 517]}, {"key": "liability-to-pay", "type": "clause", "offset": [555, 571]}, {"key": "when-due-and-payable", "type": "clause", "offset": [628, 648]}, {"key": "no-payment", "type": "clause", "offset": [749, 759]}, {"key": "management-charge", "type": "definition", "offset": [761, 778]}, {"key": "payment-by", "type": "clause", "offset": [904, 914]}, {"key": "made-pursuant-to", "type": "clause", "offset": [999, 1015]}, {"key": "trading-contract", "type": "definition", "offset": [1018, 1034]}, {"key": "entered-into", "type": "clause", "offset": [1035, 1047]}, {"key": "ordinary-course", "type": "definition", "offset": [1055, 1070]}, {"key": "payment-of", "type": "definition", "offset": [1127, 1137]}, {"key": "ordinary-trading-items", "type": "definition", "offset": [1142, 1164]}, {"key": "no-group", "type": "definition", "offset": [1171, 1179]}, {"key": "members-of-the-group", "type": "clause", "offset": [1239, 1259]}, {"key": "agreement-or", "type": "definition", "offset": [1526, 1538]}, {"key": "give-effect-to", "type": "definition", "offset": [1554, 1568]}, {"key": "table-of-contents", "type": "definition", "offset": [1636, 1653]}, {"key": "to-the-extent", "type": "clause", "offset": [1658, 1671]}, {"key": "the-events", "type": "clause", "offset": [1684, 1694]}, {"key": "set-out", "type": "definition", "offset": [1695, 1702]}, {"key": "clause-6", "type": "definition", "offset": [1710, 1718]}, {"key": "covenants-to-pay", "type": "clause", "offset": [1747, 1763]}, {"key": "the-purchaser", "type": "clause", "offset": [1764, 1777]}, {"key": "tax-basis", "type": "definition", "offset": [1790, 1799]}, {"key": "equal-to", "type": "definition", "offset": [1810, 1818]}, {"key": "returns-of-capital", "type": "clause", "offset": [1866, 1884]}, {"key": "the-value", "type": "clause", "offset": [1886, 1895]}, {"key": "in-respect-of", "type": "clause", "offset": [1956, 1969]}, {"key": "pursuant-to-an-agreement", "type": "definition", "offset": [2138, 2162]}, {"key": "the-foregoing", "type": "clause", "offset": [2191, 2204]}, {"key": "in-this-clause", "type": "clause", "offset": [2210, 2224]}, {"key": "references-to-the-company", "type": "clause", "offset": [2279, 2304]}, {"key": "existing-subsidiary", "type": "definition", "offset": [2314, 2333]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [2343, 2369]}, {"key": "customer-services", "type": "definition", "offset": [2419, 2436]}, {"key": "private-limited", "type": "clause", "offset": [2437, 2452]}, {"key": "by-the-seller", "type": "clause", "offset": [2475, 2488]}, {"key": "consideration-for-the-shares", "type": "clause", "offset": [2577, 2605]}, {"key": "the-payment", "type": "clause", "offset": [2623, 2634]}], "snippet": "6.1 The Seller covenants that during the period from the Accounts Date and to the date of this Agreement, and save as permitted by Schedule 4 (Permitted Leakage):\n(A) no member of the Group has declared, authorised, made or paid any dividend or distribution to any member of the Retained Group;\n(B) no member of the Group has transferred any asset to, or assumed, indemnified or incurred any liability for the benefit of any member of the Retained Group;\n(C) no member of the Group has waived or released in favour of any member of the Retained Group any liability to pay, nor has any member of the Retained Group failed to pay when due and payable, any sum or obligation due by any such member of the Retained Group to any member of the Group;\n(D) no payment, management charge or fee has been or will be levied by any member of the Retained Group against any member of the Group, and there has been no payment by any member of the Group to any member of the Retained Group, other than any payment made pursuant to a trading contract entered into in the ordinary course and on arm\u2019s length terms (including, for this purpose, payment of any Ordinary Trading Items);\n(E) no Group recharges by and between members of the Retained Group and members of the Group have been made other than any payment made pursuant to a trading contract entered into in the ordinary course and on arm\u2019s length terms (including, for this purpose, payment of any Ordinary Trading Items); and\n(F) no member of the Group has made or entered into any agreement or arrangement to give effect to any of the matters referred to in sub-clauses 6.1(A) to (E) above. Table of Contents\n6.2 To the extent that any of the events set out in sub-clause 6.1 have occurred, the Seller covenants to pay the Purchaser on an after-Tax basis an amount equal to such payments, dividends, distributions, other returns of capital, the value of any asset transferred, liability assumed or incurred (or in respect of which an indemnity has been given) or loss or liability incurred or sum or obligation waived, or which will be paid, returned, transferred, assumed, waived or incurred pursuant to an agreement or arrangement to do any of the foregoing.\n6.3 In this clause 6, references to the \u201cGroup\u201d are to be interpreted as references to the Company, to each Existing Subsidiary and not (for the avoidance of doubt) to the EXL Pune SPV, the Chennai SPV or NTrance Customer Services Private Limited.\n6.4 Any payment made by the Seller pursuant to this clause 6 shall (so far as possible) be treated as an adjustment to the consideration for the Shares to the extent of the payment.", "size": 3, "samples": [{"hash": "e6MqsbuA6cj", "uri": "/contracts/e6MqsbuA6cj#locked-box", "label": "Share Sale and Purchase Agreement (WNS (Holdings) LTD)", "score": 19.0, "published": true}], "hash": "60c5b280ec05fb9f5666fc43bc32993e", "id": 7}, {"snippet_links": [{"key": "for-the-purposes-of-this-agreement", "type": "clause", "offset": [4, 38]}], "snippet": "5.1 For the purposes of this Agreement, \u201cLeakage\u201d means the following:", "size": 2, "samples": [{"hash": "aURSZv2K7ot", "uri": "/contracts/aURSZv2K7ot#locked-box", "label": "Share Purchase Agreement (Nbty Inc)", "score": 24.8754272461, "published": true}, {"hash": "852YSxmGgSY", "uri": "/contracts/852YSxmGgSY#locked-box", "label": "Share Purchase Agreement (Alphabet Holding Company, Inc.)", "score": 24.8754272461, "published": true}], "hash": "fe7de376ea22c846dd71d6ebeded70b1", "id": 9}, {"snippet_links": [{"key": "the-consideration", "type": "clause", "offset": [6, 23]}, {"key": "taking-into-consideration", "type": "clause", "offset": [38, 63]}, {"key": "locked-box-date", "type": "definition", "offset": [163, 178]}, {"key": "execution-date", "type": "clause", "offset": [213, 227]}, {"key": "no-leakage", "type": "clause", "offset": [229, 239]}, {"key": "interim-period", "type": "clause", "offset": [428, 442]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [531, 553]}, {"key": "pursuant-to-the", "type": "clause", "offset": [669, 684]}, {"key": "cash-consideration", "type": "definition", "offset": [800, 818]}, {"key": "related-party", "type": "clause", "offset": [882, 895]}, {"key": "order-of-priority", "type": "clause", "offset": [982, 999]}, {"key": "payable-to", "type": "definition", "offset": [1069, 1079]}, {"key": "sole-discretion", "type": "definition", "offset": [1215, 1230]}, {"key": "in-accordance-with", "type": "definition", "offset": [1337, 1355]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [1356, 1380]}, {"key": "the-note", "type": "clause", "offset": [1394, 1402]}, {"key": "to-the-company", "type": "clause", "offset": [1504, 1518]}, {"key": "provided-that", "type": "clause", "offset": [1520, 1533]}, {"key": "in-case-of-a", "type": "clause", "offset": [1535, 1547]}, {"key": "related-parties", "type": "clause", "offset": [1607, 1622]}, {"key": "seller-shall", "type": "clause", "offset": [1629, 1641]}, {"key": "liability-for", "type": "clause", "offset": [1779, 1792]}, {"key": "of-the-sellers", "type": "clause", "offset": [1870, 1884]}, {"key": "on-behalf-of", "type": "definition", "offset": [1891, 1903]}, {"key": "other-seller", "type": "definition", "offset": [1908, 1920]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [1964, 1986]}, {"key": "nature-of-the", "type": "clause", "offset": [2115, 2128]}, {"key": "the-relevant-amount", "type": "clause", "offset": [2164, 2183]}, {"key": "notified-leakage-amount", "type": "definition", "offset": [2238, 2261]}, {"key": "the-parties-acknowledge", "type": "clause", "offset": [2337, 2360]}, {"key": "after-the-closing-date", "type": "clause", "offset": [2555, 2577]}, {"key": "pursuant-to-paragraph", "type": "clause", "offset": [2578, 2599]}, {"key": "not-included", "type": "clause", "offset": [2706, 2718]}, {"key": "period-from", "type": "definition", "offset": [2811, 2822]}, {"key": "the-case", "type": "definition", "offset": [2935, 2943]}, {"key": "subject-to-the", "type": "clause", "offset": [2996, 3010]}, {"key": "application-of", "type": "clause", "offset": [3128, 3142]}, {"key": "other-limitations", "type": "clause", "offset": [3161, 3178]}, {"key": "consideration-paid", "type": "definition", "offset": [3439, 3457]}, {"key": "relevant-sellers", "type": "definition", "offset": [3500, 3516]}, {"key": "timing-and-procedure", "type": "clause", "offset": [3541, 3561]}, {"key": "subsidiary-shall", "type": "definition", "offset": [3705, 3721]}, {"key": "in-writing", "type": "definition", "offset": [3755, 3765]}, {"key": "following-the-closing-date", "type": "clause", "offset": [3805, 3831]}, {"key": "reasonably-necessary", "type": "clause", "offset": [4103, 4123]}, {"key": "supporting-evidence", "type": "definition", "offset": [4146, 4165]}, {"key": "leakage-claim", "type": "definition", "offset": [4180, 4193]}, {"key": "receipt-of", "type": "clause", "offset": [4245, 4255]}, {"key": "pay-to", "type": "definition", "offset": [4333, 4339]}, {"key": "in-case-of-disagreement", "type": "clause", "offset": [4451, 4474]}, {"key": "deliver-to", "type": "definition", "offset": [4499, 4509]}, {"key": "notice-of-disagreement", "type": "clause", "offset": [4548, 4570]}, {"key": "in-respect-of", "type": "clause", "offset": [4642, 4655]}, {"key": "disagreement-notice", "type": "definition", "offset": [4764, 4783]}, {"key": "accepted-by", "type": "definition", "offset": [4986, 4997]}, {"key": "in-order-to", "type": "clause", "offset": [5190, 5201]}, {"key": "the-dispute", "type": "clause", "offset": [5218, 5229]}, {"key": "agreement-regarding", "type": "clause", "offset": [5245, 5264]}, {"key": "disputed-matters", "type": "definition", "offset": [5269, 5285]}, {"key": "final-and-binding", "type": "clause", "offset": [5371, 5388]}, {"key": "if-no-agreement", "type": "clause", "offset": [5452, 5467]}, {"key": "date-of", "type": "clause", "offset": [5522, 5529]}, {"key": "meeting-between-the-parties", "type": "clause", "offset": [5540, 5567]}, {"key": "relevant-dispute", "type": "clause", "offset": [5573, 5589]}, {"key": "the-expert", "type": "clause", "offset": [5610, 5620]}, {"key": "to-act", "type": "definition", "offset": [5687, 5693]}, {"key": "pursuant-to-article", "type": "clause", "offset": [5760, 5779]}, {"key": "first-paragraph", "type": "definition", "offset": [5786, 5801]}, {"key": "civil-code", "type": "clause", "offset": [5836, 5846]}, {"key": "based-on", "type": "clause", "offset": [5882, 5890]}, {"key": "applicable-rule", "type": "definition", "offset": [6140, 6155]}, {"key": "in-dispute", "type": "definition", "offset": [6214, 6224]}, {"key": "assessment-of-the", "type": "clause", "offset": [6439, 6456]}, {"key": "the-issues", "type": "clause", "offset": [6483, 6493]}, {"key": "procedure-to-be-followed", "type": "clause", "offset": [6549, 6573]}, {"key": "determination-of-the", "type": "clause", "offset": [6581, 6601]}, {"key": "submit-to", "type": "definition", "offset": [6713, 6722]}, {"key": "submitted-by", "type": "clause", "offset": [6863, 6875]}, {"key": "relevant-party", "type": "definition", "offset": [6886, 6900]}, {"key": "information-and-assistance", "type": "clause", "offset": [7081, 7107]}, {"key": "such-information", "type": "definition", "offset": [7190, 7206]}, {"key": "the-accounting", "type": "clause", "offset": [7221, 7235]}, {"key": "records-of-the-company", "type": "clause", "offset": [7253, 7275]}, {"key": "written-explanations", "type": "clause", "offset": [7316, 7336]}, {"key": "with-respect-to", "type": "clause", "offset": [7358, 7373]}, {"key": "acceptance-of", "type": "definition", "offset": [7545, 7558]}, {"key": "such-determination", "type": "definition", "offset": [7575, 7593]}, {"key": "the-determination-of", "type": "definition", "offset": [7656, 7676]}, {"key": "fees-and-disbursements", "type": "clause", "offset": [7893, 7915]}, {"key": "in-connection-with", "type": "clause", "offset": [7950, 7968]}, {"key": "the-subject", "type": "clause", "offset": [8052, 8063]}, {"key": "in-the-aggregate", "type": "definition", "offset": [8108, 8124]}, {"key": "the-relevant-parties", "type": "clause", "offset": [8166, 8186]}, {"key": "disputed-items", "type": "clause", "offset": [8208, 8222]}, {"key": "allocation-of", "type": "clause", "offset": [8336, 8349]}, {"key": "allocation-principle", "type": "definition", "offset": [8476, 8496]}, {"key": "business-days-of", "type": "clause", "offset": [8739, 8755]}, {"key": "agreement-of-the-parties", "type": "clause", "offset": [8760, 8784]}, {"key": "the-final-determination", "type": "definition", "offset": [8810, 8833]}, {"key": "expiry-of", "type": "clause", "offset": [8877, 8886]}, {"key": "received-by", "type": "definition", "offset": [9000, 9011]}, {"key": "payments-due", "type": "clause", "offset": [9087, 9099]}, {"key": "without-duplication", "type": "clause", "offset": [9173, 9192]}, {"key": "to-sellers", "type": "clause", "offset": [9206, 9216]}, {"key": "indemnification-obligations", "type": "definition", "offset": [9218, 9245]}, {"key": "paragraph-10", "type": "definition", "offset": [9259, 9271]}, {"key": "to-the-maximum-extent-permitted-by-law", "type": "clause", "offset": [9366, 9404]}, {"key": "reduction-of", "type": "clause", "offset": [9410, 9422]}, {"key": "it-is-agreed-that", "type": "clause", "offset": [9558, 9575]}, {"key": "obligations-of-the", "type": "clause", "offset": [9588, 9606]}, {"key": "sole-and-exclusive-remedy", "type": "clause", "offset": [9668, 9693]}, {"key": "for-the-purchaser", "type": "clause", "offset": [9694, 9711]}, {"key": "in-the-event-of", "type": "definition", "offset": [9712, 9727]}, {"key": "available-to", "type": "definition", "offset": [9872, 9884]}, {"key": "in-relation-to", "type": "clause", "offset": [9899, 9913]}, {"key": "to-this-agreement", "type": "clause", "offset": [9937, 9954]}, {"key": "applicable-law", "type": "clause", "offset": [9966, 9980]}], "snippet": "5.3.1 The Consideration is determined taking into consideration that the Sellers jointly:\n(i) represent and warrant to Nuburu and Nuburu Subsidiary that, from the Locked Box Date (excluded) to (and including) the Execution Date, no Leakage, other than any Notified Leakages (as defined below) has occurred; and\n(ii) undertake to procure that, from (and excluding) the Execution Date until (and including) the Closing Date (the \u201cInterim Period\u201d), there will be no Leakage, other than any Notified Leakages (as defined below).\n5.3.2 The Parties agree that the amount of any possible Leakage - other than the Notified Leakages as defined below - (definitively ascertained pursuant to the following provisions) shall be exclusively:\n(i) deducted from the portion of the Consideration (including both the Cash Consideration and Deferral Consideration) due to the Seller(s) who (or whose Related Party(ies)) has benefitted of the relevant Leakage (the \u201cRelevant Seller\u201d) in the following order of priority:\n(a) first, as far as it is possible, against the Cash Consideration payable to such Relevant Seller on a USD per USD basis until such Cash Consideration is reduced to 0 (zero); and any remaining Leakage amount, at sole discretion of Nuburu and Nuburu Defense:\n(b) shall reduce the Deferral Consideration payable to such Relevant Seller in accordance with the terms and conditions set forth in the Note;\n(c) shall be paid by the Relevant Seller to the Purchaser,\n(d) shall be paid by the Relevant Seller to the Company, provided that, in case of a Leakage is not attributable to a specific Seller or to its Related Parties, each Seller shall be deemed to have benefitted from any such Leakage pro quota and hence all the Sellers shall be deemed to be a \u201cRelevant Seller\u201d and the liability for any such Leakage shall be allocated pro quota between the Sellers.\n5.3.3 One of the Sellers (also on behalf of the other Seller) shall notify Nuburu and Nuburu Subsidiary as soon as practicable upon becoming aware that any Leakage has occurred from the Locked Box Date until and including the Closing Date, specifying the nature of the Leakage (the \u201cNotified Leakages\u201d), the relevant amount and the amount of the relevant Notified Leakage (the \u201cNotified Leakage Amount\u201d and the \u201cNotified Leakage Communication\u201d).\n5.3.4 For the sake of clarity, the Parties acknowledge that Nuburu and/or Nuburu Subsidiary will in any case be entitled to challenge the contents of the Notified Leakage Communication (thus the Notified Leakages and/or the Notified Leakage Amount) after the Closing Date pursuant to Paragraph 5.3.6 below.\n5.3.5 If any Leakage (including \u2013 for the avoidance of any doubt \u2013 those Leakages which were not included for their full amount in the Notified Leakage Communication), has occurred or occurs in the period from (and excluding) the Locked Box Date until (and including) the Closing Date but was not deducted or withheld (as the case may be) from the Consideration as Notified Leakage, subject to the Closing having taken place, each Relevant Seller shall pay, by way of indemnification on a USD per USD basis with no application of de minims, cap or other limitations, to Nuburu or, if so instructed by Nuburu, the Company the full amount of any Leakage so benefitted by the same Relevant Seller (or by any of their Related Party, as the case may be) that has not already been deducted or withheld (as the case may be) from the Consideration paid by Nuburu on the Closing Date to the same Relevant Sellers, in accordance with the timing and procedure set forth in Paragraph 5.3.6 below (any such Leakage not so deducted, an \u201cOutstanding Leakage\u201d).\n5.3.6 Following the Closing, Nuburu or Nuburu Subsidiary shall notify to the Relevant Seller(s) in writing \u2013 by and not later than 6 (six) months following the Closing Date under penalty of forfeiture \u2013 (i) any challenge to the Notified Leakages and Notified Leakage Amount; and (ii) if any Outstanding Leakage has occurred in the period from (and excluding) the Locked Box Date up to the Closing Date and the relevant amount(s), including all reasonably necessary and available written supporting evidence thereof (the \u201cLeakage Claim\u201d).\n5.3.7 Within 30 (thirty) Business Days from the receipt of the relevant Leakage Claim, the Relevant Seller(s) shall, alternatively:\n(i) pay to Nuburu, on a USD per USD basis, the amount indicated in the Leakage Claim pursuant to Paragraph 5.3.6; or\n(ii) in case of disagreement with the Leakage Claim, deliver to Nuburu or Nuburu Subsidiary a written notice of disagreement, setting forth, in reasonable detail, the reasons of its/their dissent in respect of the Leakage Claim including all necessary written supporting evidence thereof in its/their possession (the \u201cDisagreement Notice\u201d).\n5.3.8 If the Relevant Seller does not send a Disagreement Notice within the above 30 (thirty) Business Days term from receipt of the Leakage Claim, then the Leakage Claim shall be deemed irrevocably accepted by the Relevant Seller.\n5.3.9 Should the Relevant Seller(s) deliver a Disagreement Notice pursuant to Paragraph 5.3.7(ii) above, Nuburu or Nuburu Subsidiary and the Relevant Seller(s) shall meet in order to amicably settle the dispute and, (a) if an agreement regarding the disputed matters and so the amount of the Leakages (if any), then the amount of the Leakages shall be final and binding between the Parties as provided in the above agreement, or (b) if no agreement is reached within 15 (fifteen) Business Days from the date of the first meeting between the Parties, the relevant dispute will be referred to the Expert by the most diligent Party.\n5.3.10 The Expert shall be instructed to act on the following basis:\n(i) it shall act as expert (arbitratore), pursuant to Article 1349, first paragraph, and 1473, first paragraph of the Civil Code. Any decision of the Expert may be based on its equitable evaluation (equo apprezzamento e non con mero arbitrio), pursuant to Article 1349, first paragraph, of the Civil Code, it being understood that such equitable evaluation shall only be applied in case this Agreement does not provide an applicable rule or criteria or guidance for the resolution of the item(s) in dispute;\n(ii) the item(s) in dispute shall be notified to the Expert in writing by any of the Nuburu and Nuburu Subsidiary and the Relevant Seller(s) within 10 (ten) Business Days as of the Expert\u2019s appointment;\n(iii) the assessment of the Expert will be limited to the issues remaining in dispute;\n(iv) the Expert shall decide the procedure to be followed in its determination of the dispute, it being understood that N\u2587\u2587\u2587\u2587\u2587, Nuburu Subsidiary and the Relevant Seller(s) shall have the right to submit to the Expert any comment, information and/or documentation it deems appropriate and to reply to any comment, information and/or documentation submitted by the other relevant Party;\n(v) Nuburu, Nuburu Subsidiary and the Relevant Seller(s) shall provide, and shall procure that their respective accountants and advisors provide, the Expert promptly with all the information and assistance it may reasonably require and the Expert shall be entitled to base its opinion on such information as well as on the accounting and on the other records of the Company;\n(vi) the Expert shall provide detailed written explanations of its determination with respect to any item(s) remaining in dispute and shall render its determination in writing, as promptly as practicable, and in any case within 30 (thirty) Business Days following the acceptance of its mandate and such determination shall contain the assessment of the item(s) in dispute;\n(vii) the determination of the Expert shall, in the absence of clear error or collusion (valutazione manifestamente erronea o malafede) pursuant to Article 1349 of the Civil Code, be final and binding among all the Parties; and\n(viii) all the fees and disbursements (including VAT) of the Expert due in connection with this Paragraph 5.3.10 shall be allocated among the Relevant Seller(s) or Nuburu to the subject whom the Expert determines is least correct in the aggregate (based on the amounts claimed by each of the relevant Parties) with respect to the disputed items referred to the Expert for decision. Therefore, the determinations of the Expert shall include a decision on the allocation of its fees and disbursements between the Relevant Seller(s) and Nuburu, Nuburu Subsidiary in accordance with the aforementioned allocation principle.\n5.3.11 If any Outstanding Leakage agreed or determined is to be paid to Nuburu in accordance with the above, it shall be paid by the Relevant Seller(s) to Nuburu or, if so instructed by Nuburu in writing, to the Company, within 15 (fifteen) Business Days of the agreement of the Parties pursuant to Paragraph or the final determination in accordance with Paragraph 5.3.10 or the expiry of the above 30 (thirty) Business Days term from receipt of the Leakage Claim without any Disagreement Notice being received by Nuburu or Nuburu Subsidiary (as the case may be), it being understood that payments due by Relevant Seller(s) to the Purchaser under this Paragraph shall be due without duplication with respect to Sellers\u2019 indemnification obligations set forth in Paragraph 10.\n5.3.12 Any payment made by a Relevant Seller pursuant to this Paragraph 5.3 shall be treated to the maximum extent permitted by Law as a reduction of the portion of the Consideration paid to the Relevant Seller under this Agreement in accordance with the Paragraph 5.3.2 above.\n5.3.13 It is agreed that the payment obligations of the Relevant Seller(s) provided under this Paragraph 5.3 are the sole and exclusive remedy for the Purchaser in the event of Leakages, and shall therefore exclude any other right, action, remedy, defense, exception, claim or means of protection that might otherwise be available to the Purchaser in relation to such matter, according to this Agreement and/or any applicable Law.", "size": 4, "samples": [{"hash": "lDPTntqZde8", "uri": "/contracts/lDPTntqZde8#locked-box", "label": "Sale and Purchase Agreement (Nuburu, Inc.)", "score": 37.1095123291, "published": true}], "hash": "5c3062e8132c7d93d30be68ecacc2af1", "id": 4}, {"snippet_links": [{"key": "each-seller", "type": "clause", "offset": [4, 15]}, {"key": "in-respect-of", "type": "clause", "offset": [17, 30]}, {"key": "other-seller", "type": "definition", "offset": [69, 81]}, {"key": "pay-to", "type": "definition", "offset": [106, 112]}, {"key": "member-of-the-group", "type": "definition", "offset": [135, 154]}, {"key": "equal-to", "type": "definition", "offset": [199, 207]}, {"key": "received-by", "type": "definition", "offset": [220, 231]}, {"key": "connected-person", "type": "clause", "offset": [250, 266]}, {"key": "receipt-of-a", "type": "clause", "offset": [310, 322]}, {"key": "written-notice", "type": "definition", "offset": [329, 343]}, {"key": "in-accordance-with", "type": "definition", "offset": [363, 381]}, {"key": "clause-4", "type": "clause", "offset": [382, 390]}, {"key": "in-the-case", "type": "clause", "offset": [405, 416]}, {"key": "seller-shall", "type": "clause", "offset": [430, 442]}, {"key": "under-clause", "type": "clause", "offset": [453, 465]}, {"key": "notice-of", "type": "clause", "offset": [485, 494]}, {"key": "nature-of-the", "type": "clause", "offset": [565, 578]}, {"key": "after-the-completion-date", "type": "clause", "offset": [662, 687]}, {"key": "setting-out", "type": "clause", "offset": [688, 699]}, {"key": "details-of-the", "type": "clause", "offset": [711, 725]}, {"key": "the-relevant", "type": "clause", "offset": [780, 792]}, {"key": "liability-of", "type": "clause", "offset": [891, 903]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [1081, 1100]}, {"key": "no-other-remedy", "type": "clause", "offset": [1106, 1121]}, {"key": "set-out", "type": "definition", "offset": [1152, 1159]}, {"key": "in-this-clause", "type": "clause", "offset": [1160, 1174]}], "snippet": "4.1 Each Seller (in respect of itself only and not in respect of any other Seller) severally covenants to pay to the Purchaser (or any member of the Group as the Purchaser directs) an amount in cash equal to any Leakage received by it or him (or any Connected Person of such Seller) within 15 Business Days of receipt of a valid written notice from the Purchaser in accordance with clause 4.2.\n4.2 Except in the case of fraud, no Seller shall be liable under clause 4.1 unless written notice of such Leakage has been notified to that Seller (specifying the precise nature of the Leakage and the amount due from him) on or before the date which is six (6) months after the Completion Date setting out reasonable details of the Leakage (including the matter or thing giving rise to the relevant Leakage, together with the amount repayable by the relevant Seller(s)).\n4.3 The maximum aggregate liability of each Seller under this clause 4 (Locked Box) shall not in any circumstances exceed the amount of Leakage actually received by that Seller or Connected Person of such Seller and the Purchaser shall have no other remedy for any Leakage other than as set out in this clause 4 (Locked Box).", "size": 2, "samples": [{"hash": "7t0CbW9c4j2", "uri": "/contracts/7t0CbW9c4j2#locked-box", "label": "Agreement for the Sale and Purchase of Shares", "score": 31.3408622742, "published": true}, {"hash": "cxIExBC10ti", "uri": "/contracts/cxIExBC10ti#locked-box", "label": "Agreement for the Sale and Purchase of Shares (Bright Horizons Family Solutions Inc.)", "score": 26.1622180939, "published": true}], "hash": "b5e7dd1f4eab1e63d43b069d3f418c89", "id": 10}, {"snippet_links": [{"key": "april-1", "type": "definition", "offset": [6, 13]}, {"key": "the-closing-date", "type": "clause", "offset": [26, 42]}, {"key": "no-leakage", "type": "clause", "offset": [70, 80]}, {"key": "permitted-leakage", "type": "definition", "offset": [94, 111]}], "snippet": "Since April 1, 2018 until the Closing Date (included), there has been no Leakage other than a Permitted Leakage.", "size": 2, "samples": [{"hash": "juPqvWqqbL6", "uri": "/contracts/juPqvWqqbL6#locked-box", "label": "Share Purchase Agreement", "score": 30.3408622742, "published": true}, {"hash": "i5x5ez31kLw", "uri": "/contracts/i5x5ez31kLw#locked-box", "label": "Share Purchase Agreement (Mitek Systems Inc)", "score": 29.3887748718, "published": true}], "hash": "d67051ebb73e414f518a9ff9eded2caa", "id": 8}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNsb2NrZWQtYm94IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [["no-leakage", "No Leakage"], ["notification-of-leakage", "Notification of Leakage"], ["consequences-for-breach", "Consequences for Breach"], ["the-sellers", "The Sellers"], ["no-double-claims", "No double claims"]], "parents": [["receivables-inventory-collection-of-receivables-disputed-receivables-proceeds-of-inventory", "Receivables Inventory Collection of Receivables Disputed Receivables Proceeds of Inventory"], ["locked-box-and-company-cash-deductions", "Locked Box and Company Cash Deductions"], ["whereas", "Whereas"], ["management-of-the-company-and-its-subsidiaries-until-the-closing-date", "MANAGEMENT OF THE COMPANY AND ITS SUBSIDIARIES UNTIL THE CLOSING DATE"], ["sale-and-purchase", "Sale and Purchase"]], "title": "Locked Box", "size": 93, "id": "locked-box", "related": [["lockboxes", "Lockboxes", "Lockboxes"], ["blocked-accounts", "Blocked Accounts", "Blocked Accounts"], ["lock-box-accounts", "Lock-Box Accounts", "Lock-Box Accounts"], ["lockbox", "Lockbox", "Lockbox"], ["deposit-accounts", "Deposit Accounts", "Deposit Accounts"]], "related_snippets": [], "updated": "2026-07-01T06:08:32+00:00", "also_ask": ["What mechanisms ensure the seller cannot extract value post-locked box date?", "Which adjustments or leakage definitions are essential to include for buyer protection?", "How does a locked box compare to completion accounts in risk allocation?", "What evidence is required to prove or dispute leakage in court?", "What negotiation leverage does each party have regarding permitted leakage exceptions?"], "drafting_tip": "Specify the locked box date to fix the economic risk transfer point, define permitted leakage to prevent value erosion, and require seller warranties on no leakage to ensure enforceability.", "explanation": "A Locked Box clause is a mechanism used in mergers and acquisitions to fix the purchase price of a business as of a specific date, known as the \"locked box date.\" After this date, the seller is typically restricted from extracting value from the company, such as through dividends or other payments, until the transaction closes. The clause ensures that any economic benefits or risks arising after the locked box date accrue to the buyer, not the seller. Its core function is to provide price certainty and prevent value leakage between the agreed date and completion of the deal."}, "json": true, "cursor": ""}}