Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto): (i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person; (ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred; (iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred; (iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan); (v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause; (vi) any Contract entered into other than on commercial arm’s length terms; (vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract; (viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date); (ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or (x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets. (b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent. (c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 3 contracts
Sources: Transaction Agreement, Transaction Agreement (Naspers LTD), Transaction Agreement (MakeMyTrip LTD)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.14(a) of the Monsoon Company Disclosure Letter Schedule sets forth a true and complete list, as list of the date hereof, of each all of the following Contracts to which Monsoon or any Monsoon Subsidiary the Company is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties its properties, rights or assets is are bound as of the Effective Date (including any amendmentscollectively, supplements together with those entered into after the Effective Date and modifications theretoprior to the Effective Time, “Material Contracts”):
(i) employment Contracts for the employment of any nonindividual on a full-competition agreement, nontime or part-solicitation agreement, exclusive distribution, franchise time basis (other than contracts providing for at-will employment) or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business consulting Contracts with any Person employee or consultant of the Company under which the Company has any current or future monetary Liability, and all severance, change in control or similar Contracts with any geographic area current or from soliciting employees former Company Stockholders , directors, officers, employees, consultants or personnel agents of the Company that obligate the Company to make any Personpayment to any current or former Company Stockholders , directors, officers, employees, consultants or agents of the Company following either the consummation of the transactions contemplated hereby, termination of employment (or the relevant relationship), or both;
(ii) any Contract that relates to the formation, creation, governance labor or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredcollective bargaining Contracts (if any);
(iii) any Contract that relates Contracts reasonably likely to involve revenues, receipts, expenditures or liabilities individually in excess of $100,000 per annum or $500,000 per annum in the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredaggregate;
(iv) Contracts that contain any Contract with any Related Person uncapped indemnification or similar obligations of Monsoon the Company that could reasonably be expected to result in $100,000 or any Monsoon Subsidiary (other than more of liabilities of the agreements covered by clause (i) and any Monsoon Benefit Plan)Company under such Contract;
(v) promissory notes, loans, indentures, evidences of Indebtedness or other instruments and Contracts relating to the borrowing or lending of money, whether as borrower, lender or guarantor and any material Contract pursuant to which interest rate swaps, caps, floors or option Contracts or any Third Party Approval is required pursuant to a “change of control” other interest rate risk management arrangement or similar clauseforeign exchange Contracts;
(vi) any Contract entered into creating a Lien (other than a Permitted Lien) upon any assets, rights or properties (including any such Liens placed on commercial arm’s length termsthe Company Intellectual Property), other than purchase money security interests in connection with the acquisition of equipment in the Ordinary Course of Business;
(vii) Contracts containing any currency exchange, interest rate exchange, commodity exchange limitation on the freedom of the Company or similar Contractaffiliates to engage in any line of business or compete with any Person or operate at any location in the world;
(viii) joint venture or partnership agreements or Contracts creating or governing any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)similar arrangements;
(ix) Contracts that grant a power of attorney, agency or similar authority to another Person;
(x) content, development, distribution or similar Contracts pursuant to which any Contract (third party is entitled or obligated to develop or distribute any content or products or provide any services on behalf of the Company or pursuant to which the Company is entitled or obligated to develop or distribute any content or products or provide any services on behalf of any third party other than Contracts the Company’s standard form of click-through agreement entered into in the ordinary course Ordinary Course of business consistent Business with past practiceend users;
(xi) which provides Contracts for aggregate future sums due from Monsoon the acquisition, directly or any Monsoon Subsidiary or an aggregate future liability indirectly (contingent by merger or otherwise) to of assets, rights or properties (whether tangible or intangible), including any Person (in each case other than Monsoon or any Monsoon Subsidiary) capital stock of another Person, for consideration in excess of $1,000,000; or75,000;
(xxii) Contracts for the sale of assets or properties (including Equity Interests) of the Company after the Effective Date, other than (A) the disposition of unused and obsolete equipment in immaterial amounts, (B) sales of products from the websites of the Company in the Ordinary Course of Business;
(xiii) Contracts involving the issuance or repurchase of any capital stock of the Company, other than, with respect to the issuance of Common Stock, the options or warrants listed in Section 3.3(a) of the Company Disclosure Schedule or relating to the transfer, voting or encumbering of any share of Company Stock;
(xiv) performance or payment guarantees, keep well arrangements and other similar credit support obligations or arrangements;
(xv) leases or subleases in respect of (a) any Real Property or (b) any material rights, assets or property;
(xvi) Contracts under which the Company has granted or received exclusive rights; and
(xvii) Contracts concerning the licensing or acquisition of Intellectual Property, including licenses, development agreements, option agreements, website hosting and service agreements, online advertising agreement, software escrow agreements, “open source,” “copyleft” or other Contract other than as set similar types of license (including any GNU, Mozilla, Berkeley, Open Source, MIT or Apache licenses), excluding nondisclosure agreements, commercially available licenses, “off-the-shelf” licenses for back-office functions or the operation of the Company’s websites and excluding click-through licenses with end users. True and complete copies of all Material Contracts have been made available to Parent by the Company. Section 3.14(a) of the Company Disclosure Schedule separately sets forth above a true and complete list of all Contracts that would purport to which Monsoon or any Monsoon Subsidiary is a party or by which it bind Parent or any of its assets or businesses is bound or subject that is material to Affiliates (other than the Monsoon Business or Company) following the use or operation consummation of their assetsthe Merger.
(b) Each Material Contract is in full force and effect, is a valid and binding obligation of the Company and, to the Company’s Knowledge, of each other party thereto and is enforceable, in accordance with its terms, against the Company and, to the Company’s Knowledge, against each other party thereto, 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 (iwhether considered in a proceeding in equity or at law) All and an implied covenant of good faith and fair dealing, and such Material Contracts set forth or required will continue to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and enforceable in accordance with their respective terms and in full force and effect and are enforceable by Monsoon immediately following the consummation of the transactions contemplated hereby, with no material alteration or its applicable Subsidiary acceleration or increase in accordance with their terms (except insofar as such enforceability may be limited by applicable fees or liabilities, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or similar Laws affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or by principles governing the availability at law) and an implied covenant of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, good faith and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentfair dealing.
(c) Upon Closing, save as disclosed The Company is in Section 5.17(c) compliance with all applicable terms and requirements of each Material Contract under which the Company has any obligation or liability or by which any of the Monsoon Disclosure LetterCompany’s assets, no rights or properties is bound, except to the extent any non-compliance would not have a Material Adverse Effect.
(d) The Company has not given to, or received from, any other Person, at any time during the prior twelve months, any written notice regarding any actual or alleged violation or breach of, or default under, any Material Contract.
(e) No party to such Contract has repudiated any material provision of the Contract to which Monsoon or any Monsoon Subsidiary is a party will be the Company in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)writing.
Appears in 3 contracts
Sources: Agreement and Plan of Merger, Agreement and Plan of Merger (Google Inc.), Agreement and Plan of Merger (Google Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.21(a) of the Monsoon Company Disclosure Letter sets forth a true and complete listforth, as of the date hereofof this Agreement, a correct and complete list of each of the following types of Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):bound:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other each Contract that includes any provision which materially (A) limits Monsoon or any Monsoon Subsidiary from engaging restricts in any activity or conducting material respect the Company and its Subsidiaries from competing in any line of business with any Person or in any geographic area region or from soliciting employees (B) contains exclusivity obligations or personnel of any Personrestrictions binding on, and material to, the Company and its Subsidiaries, taken as a whole;
(ii) any each Contract that relates to the formation, creation, governance or control of any partnership, is a joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case partnership agreement that is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurredits Subsidiaries, taken as a whole;
(iii) any each Contract that relates is a loan, guarantee of indebtedness or credit agreement, note, bond, mortgage, indenture or other binding commitment (other than letters of credit and those between the Company and its wholly owned Subsidiaries) relating to the acquisition or disposition indebtedness for borrowed money in an amount in excess of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred$1,000,000;
(iv) any each Contract with any Related Person of Monsoon respect to an interest, rate, currency or any Monsoon Subsidiary other swap or derivative transaction (other than those between the agreements covered by clause (iCompany and its Subsidiaries) and any Monsoon Benefit Plan)with a fair value in excess of $1,000,000;
(v) any material each Contract that is an acquisition agreement or a divestiture agreement pursuant to which any Third Party Approval (A) the Company reasonably expects that it is required pursuant to pay total consideration (including assumption of debt) after the date of this Agreement to be in excess of $1,000,000 or (B) any other Person has the right to acquire any assets of the Company or any of its Subsidiaries after the date of this Agreement with a “change fair market value or purchase price of control” more than $1,000,000, excluding, in each case, (x) acquisitions or similar clausedispositions of supplies, inventory or products in connection with the conduct of the Company’s and its Subsidiaries’ business or (y) of supplies, inventory, products, equipment, properties or other assets that are obsolete, worn out, surplus or no longer used or useful in the conduct of business of the Company or its Subsidiaries;
(vi) each Contract pursuant to which the Company or any Contract entered into other than on commercial arm’s length termsof its Subsidiaries has continuing “earn-out” or similar obligations that could result in payments in excess of $1,000,000 in the aggregate;
(vii) any currency exchangeeach “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Securities Act), interest rate exchange, commodity exchange whether or similar Contractnot filed by the Company with the SEC;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates governing a Related Party Transaction (including the Indigo Group Companies after the Closing Dateas defined below);
(ix) any Contract (other than Contracts entered into in registration rights agreements with respect to securities of the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orCompany;
(x) any employment or consulting Contract (in each case with respect to which the Company has continuing obligations as of the date hereof) with any current (A) executive officer of the Company, (B) member of the Company Board, or (C) Company Employee providing for an annual base salary in excess of $250,000; and
(xi) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by series of related Contracts under which it would reasonably be expected that the Company and its Subsidiaries would receive annual payments of $7,000,000 or more (each, a “Revenue Contract”) or make annual payments of $5,000,000 or more, in each case, during any of its assets or businesses is bound or subject that is material to the Monsoon Business twelve (12) month period or the use or operation remaining period of their assetssuch Contract, if shorter. Each Contract of the type described in clauses (i) through (xi) is referred to herein as a “Company Material Contract”.
(b) (i) All Contracts set forth Except for any Company Material Contract that has terminated or required expired in accordance with its terms and except as has not had, and would not reasonably be expected to be set forth have, individually or in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon aggregate, a Company Material Contracts”) are validAdverse Effect, each Company Material Contract is valid and binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of Monsoonthe Company, no enforceable against the other party or parties thereto in accordance with its terms, subject to any Monsoon the Enforceability Exceptions. Except for breaches, violations or defaults which have not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014Adverse Effect, neither Monsoon the Company nor any of its Subsidiaries has received written notice Subsidiaries, nor to the Knowledge of the Company any actual, alleged, possible or potential material violation of, or material failure other party to comply with, any term or requirement of any Monsoon a Company Material Contract, and (iv) neither Monsoon nor is in violation of or in default under any provision of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon such Company Material Contract. True and complete copies of each written Monsoon the Company Material Contract, Contracts and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any material amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject prior to the terms date of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)this Agreement.
Appears in 3 contracts
Sources: Merger Agreement, Merger Agreement (Meredith Corp), Merger Agreement (Time Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.16(a) of the Monsoon Seller Disclosure Letter sets forth a true and complete list, lists each Contract in the following categories that is in force as of the date hereof, of each of the following Contracts hereof and which either constitutes a Transferred Contract or is a Contract to which Monsoon Seller or any Monsoon Subsidiary of its Affiliates (including any Acquired Company) is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is are bound and, in the case of Seller and any of its Affiliates other than the Acquired Companies, that relates to the FSS Business (including any amendmentsin each case, supplements and modifications theretoother than Covered Insurance Policies) (such Contracts “Material Contracts”):
(i) any non-competition Contract involving aggregate payments by Seller or its Affiliates with respect to the FSS Business to any Person (other than an Insurance Producer) in excess of $[Redacted] during the consecutive twelve (12)-month period ended December 31, 2020, or the delivery by Seller or its Affiliates with respect to the FSS Business of goods or services with a fair market value in excess of $[Redacted] during the consecutive twelve (12)-month period ended December 31, 2020;
(ii) any Intercompany Agreement involving aggregate payments by Seller or its Affiliates (other than any Acquired Company) on the one hand, or any Acquired Company, on the other hand, in excess of $[Redacted] during the consecutive twelve (12)-month period ended December 31, 2020;
(iii) any Contract that is a mortgage, indenture, loan or credit agreement, non-solicitation agreement, exclusive distribution, franchise or licensing security agreement or other agreement or instrument relating to the borrowing of money or extension of credit or the direct or indirect guarantee of any obligation for borrowed money of any Person or any other Liability in respect of indebtedness for borrowed money of any Person, in each case, involving Liabilities with respect to any Acquired Company or the FSS Business in excess of $[Redacted];
(iv) any Contract concerning the establishment or operation of a partnership, strategic alliance, joint venture, or limited liability company or other similar agreement or arrangement in respect of the business of any Acquired Company or the FSS Business;
(v) any Contract that includes any provision which materially limits Monsoon limits, or purports to limit, the ability of Seller or its applicable Affiliates (or, after consummation of the transactions contemplated hereby, Buyer or any Monsoon Subsidiary from engaging of its Affiliates) to engage in any activity business with any Person or conducting to compete in any line of business or with any Person or in any geographic area or from soliciting employees during any period of time, to solicit customers in a way that would reasonably be expected to be material to any Acquired Company or personnel of the FSS Business or to manufacture, market, sell or administer any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contractproduct, in each case case, except for Contracts that is material limit the ability of an Acquired Company to solicit the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition employment of, or disposition of any businesshire individuals employed by, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clausePersons;
(vi) any Contract entered into other than on commercial arm’s length termsthat obligates Seller or its Affiliates to purchase or otherwise obtain any product or service exclusively from a single party or sell any product or service exclusively to a single party;
(vii) any currency exchangeContract creating or granting any Encumbrance (other than Permitted Encumbrances) on any assets, interest rate exchange, commodity exchange properties or similar Contractrights of an Acquired Company or on a Purchased Asset;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with that provides for the settlement or other resolution license to a Third Party of any material Action imposing operational restrictions Business IP, or conduct requirements on Monsoon for the license to Seller or one of its Affiliates (primarily for the benefit of the FSS Business) of any Monsoon Subsidiary material Intellectual Property (other than “shrink wrap” or “click through” licenses or licenses of generally-available “off the shelf” computer software or databases) under which Seller or any of their respective its Affiliates made payments with respect to the FSS Business in an amount in excess of $[Redacted] during the consecutive twelve (including the Indigo Group Companies after the Closing Date)12)-month period ended December 31, 2020;
(ix) any Contract under which (other than Contracts entered into in the ordinary course of business consistent with past practiceA) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon has directly or indirectly guaranteed any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon Liabilities or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) obligations of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).Acquired Companies or
Appears in 3 contracts
Sources: Master Transaction Agreement, Master Transaction Agreement, Master Transaction Agreement
Material Contracts. (ai) All Contracts required to be filed as exhibits to the Monsoon SEC Documents There have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true made available for reasonable review by Parent correct and complete list, as of the date hereof, copies of each of the following Contracts written contracts (or a written description of oral contracts) fitting a description below to which Monsoon the Company or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of them or their respective properties or assets is bound as of the date hereof (including any amendmentseach such contract, supplements and modifications theretoa “Material Contract”):
(iA) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise leases of personal property providing for annual rentals of $50,000 or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personmore;
(iiB) agreements (or series of related agreements) for the purchase of materials, supplies, goods, services, equipment or other assets pursuant to which (x) the Company or any Contract that relates Subsidiary has made aggregate annual payments of $50,000 or more in the preceding twelve months, other than purchase orders entered into in the ordinary course consistent with past practice, or (y) which by their terms currently require annual payments by the Company of $50,000 or more;
(C) agreements providing for the sale by the Company or any Subsidiary of services, equipment or other assets pursuant to which (x) the Company or any Subsidiary has received $50,000 or more in the aggregate during the preceding twelve calendar months, or (y) which by their terms provide for annual payments to the Company of $50,000 or more;
(D) partnership, limited partnership, limited liability company, joint venture or other similar agreements or arrangements relating to the formation, creation, governance operation, management or control of any partnershipcorporation, company, partnership or joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredventure;
(iiiE) any Contract that relates agreements relating to the acquisition or disposition of any business, business (whether by merger, sale of stockshares, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(vF) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change contracts for joint development of control” products, services or similar clauseother assets;
(viG) material agreements to market, promote, sell or distribute the products of the Company or any Contract entered into Subsidiary, other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts those entered into in the ordinary course of business consistent business;
(H) agreements with past practice) which provides for aggregate future sums due from Monsoon customers of the Company or any Monsoon Subsidiary which involve annual payments from customers of $25,000 or more;
(I) agreements with customers of the Company or any Subsidiary which involve annual payments from customers of less than $25,000 and which terms of agreement deviate from the form xPressChain customer contract of the Company and the Subsidiaries previously provided to Parent (the “Form Customer Contract”);
(J) agreements 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) or the guarantee of indebtedness of any other person;
(K) any material agreements concerning Company Intellectual Property, other than those entered into in the ordinary course of business;
(L) material licenses or franchise agreements which relate to the Company or any Subsidiary or an aggregate future liability are necessary for the Company or any Subsidiary to conduct its business;
(contingent M) any agreement that limits the freedom of the Company or otherwiseany Subsidiary to compete in any line of business or with any person or in any area or which would so limit the freedom of the Company or any of the Subsidiaries after the Effective Time of the Merger;
(N) to any Person employment, severance or consulting agreements (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000standard confidentiality and non-disclosure agreements and proprietary invention assignment agreements); orand
(xO) any other contract or agreement, written or oral, the termination of which would reasonably be expected to result in a Material Adverse Effect on the business of the Company or any Subsidiary and which is not otherwise described in this Section 3.01(n)(i). Schedule 3.01(n) of the Disclosure Schedule sets forth a list of each of the Material Contracts including, without limitation, a list of all customers of the Company and/or the Subsidiaries which are parties to a customer contract with the Company or any Subsidiary in the form of the Form Customer Contract and which have paid funds to the Company in the 36-month period prior to the date of this Agreement.
(ii) None of the Company or any Subsidiary is, or has received any notice that any other than as set forth above party is or is alleged to be, in breach or default in any material respect under any Material Contract, or any other agreement, commitment, arrangement, lease, policy or other instrument to which Monsoon the Company or any Monsoon Subsidiary is a party or by which it the Company or any of its assets or businesses Subsidiary is bound or subject that is material bound; and, to the Monsoon Business knowledge of the Company, there has not occurred any event that with the lapse of time or the use giving of notice or operation of their assets.
both would constitute such a default. (bA) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each Material Contract constitutes the valid and binding obligation of the Monsoon Disclosure Letter Company or filed or required to be filed any Subsidiary, as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validapplicable, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary against such party in accordance with their terms (except insofar as such enforceability may be limited by applicable its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or and other similar Laws laws affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or by principles governing the availability at law) and an implied covenant of equitable remedies)good faith and fair dealing, (iiB) Monsoon none of the Company or its applicable any Subsidiary has performed all is in breach or default in any material obligations required to be performed by it under the Monsoon Material Contractsrespect of, and it is not (no event has occurred which, with or without notice or lapse of time, or both) in material would constitute a breach or material default thereunder andby the Company or any Subsidiary or permit termination, modification or acceleration by any third party under, any Material Contract and (C) no person has the right to terminate on less than 30 days’ notice (except for the termination rights set forth in the contract) or, to the knowledge of Monsoonthe Company, no other party to has repudiated any Monsoon provision of any Material Contract. Each Material Contract is (with that requires the consent or without notice or lapse waiver of time, or both) a third party prior to consummation of the transactions contemplated by this Agreement in order to avoid a breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon such Material Contract, Contract is identified and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(amarked by an asterisk on Schedule 3.01(n) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentSchedule.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Amber Road, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a5.12(a) of the Monsoon Vistana Disclosure Letter Schedule sets forth a true and complete listlist of all Contracts described in clauses (i) through (xi) of this Section 5.12(a) to which, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary Vistana Entity is a party party, other than (x) the Vistana Benefit Plans, (y) any Contract solely between or by which Monsoon among one or more Vistana Entities and (z) any Monsoon Subsidiary or purchase orders entered into in connection with any Vistana Entity’s ordinary course of their respective properties or assets is bound business purchasing activities (including any amendmentssuch Contracts, supplements and modifications theretocollectively, the “Vistana Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging is a “material contract” (as such term is defined in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel Item 601(b)(10) of any PersonRegulation S-K of the Exchange Act);
(ii) any each Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing (other than Contracts of the relevant transaction has not occurredtype (without giving effect to dollar thresholds) described in other clauses of this Section 5.12(a)) that Vistana reasonably anticipates will involve annual payments or consideration furnished by or to any of the Vistana Entities of more than $1,500,000;
(iii) each note, debenture, other evidence of indebtedness, guarantee, loan, credit or financing agreement or instrument or other Contract for money borrowed by any Contract that relates to of the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwiseVistana Entities, in each case for which the closing case, having an outstanding principal amount in excess of the relevant transaction has not occurred$1,500,000;
(iv) any swap, forward, future, option, cap, floor, collar or similar financial Contract with any Related Person of Monsoon or other derivative Contract, or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)interest rate or foreign currency protection Contract;
(v) each Contract for the acquisition of any Person or any business unit thereof or the disposition of any material Contract pursuant to assets of any of the Vistana Entities (other than in the ordinary course of business), in each case, involving payments in excess of $5,000,000, other than Contracts in which any Third Party Approval is required pursuant to a “change of control” the applicable acquisition or similar clausedisposition has been consummated and there are no material obligations ongoing;
(vi) any Contract entered into each joint venture Contract, partnership agreement or limited liability company agreement with a third party (in each case, other than on commercial arm’s length termswith respect to wholly-owned Vistana Subsidiaries);
(vii) any currency exchangeeach Contract that relates to ongoing or scheduled development plans or arrangements or capital expenditures, interest rate exchange, commodity exchange or similar Contractin an annual amount in excess of $1,500,000;
(viii) each Contract containing covenants expressly limiting (a) in any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with material respect the settlement or other resolution freedom of any material Action imposing operational restrictions of the Vistana Entities to compete with any Person in a product line or conduct requirements line of business or operate in any geographic location or (b) the ability of any Vistana Entity to incur a Lien on Monsoon or its assets, including Liens on the capital stock of any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Vistana Entity;
(ix) any Contract providing a Person with any: (other than Contracts entered into in A) right to cause the ordinary course appointment or nomination of business consistent directors of any Vistana Entity, (B) consent or approval rights with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) respect to any Person change in Organizational Documents or other significant corporate action by any Vistana Entity, or (in each case C) right of first refusal or first offer or other than Monsoon approval or consent rights with respect to any Monsoon Subsidiary) in excess liquidation, dissolution, restructuring, recapitalization, reorganization or merger of $1,000,000; orany Vistana Entity;
(x) any other Contract other than as set forth above containing a change of control provision which would be triggered by the transactions contemplated by this Agreement and requires payments in excess of $1,500,000; and
(xi) each Contract pursuant to which Monsoon or any Monsoon Subsidiary is of the Vistana Entities grants to a third party or by which it or is granted from a third party any of its assets or businesses is bound or subject that is license with respect to Intellectual Property material to the Monsoon Business or the use or operation of their assetsVistana Business, other than licenses for commercially available software.
(b) All of the Vistana Material Contracts are (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect effect, subject to the Remedies Exception, and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material represent the valid and binding obligations required to be performed by it under of the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Vistana Entity party thereto and, to the knowledge of MonsoonVistana, no represent the valid and binding obligations of the other party to any Monsoon parties thereto, except as has not, individually or in the aggregate, had or would have a Vistana Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries Adverse Effect. No Vistana Entity has received any written claim or notice of the intention material breach of or material default under any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon such Vistana Material Contract, and which breach or default has not been cured without penalty, cost or other liability, in each case, that would be material to the Vistana Entities (taken as a summary whole). No Vistana Entity, nor, to the knowledge of each oral Monsoon Vistana, any other party thereto, is in breach of or default under any such Vistana Material Contract, listed in Section 5.17(a) and, to the knowledge of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure LetterVistana, no Contract to which Monsoon event has occurred thereunder which, individually or any Monsoon Subsidiary is together with other events, would have a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Vistana Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Starwood Hotel & Resorts Worldwide, Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.13(a) of the Monsoon Seller Disclosure Letter sets forth a true and complete list, list as of the date hereof, of this Agreement of each of the following Contracts to which Monsoon Seller or any Monsoon of its Affiliates (in respect of the Devices & Services Business) or Transferred Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets them is bound (including any amendmentscollectively, supplements and modifications thereto):Contracts of such type whether or not listed on Section 3.13(a) of the Seller Disclosure Letter, the “Material Contracts”); provided, however, that a Contract referenced by more than one description need only be listed once on Section 3.13(a) of the Seller Disclosure Letter if the applicability of another subsection of Section 3.13(a) to such Contract is reasonably apparent on its face:
(i) any non-competition agreementContract evidencing Indebtedness in excess of €25,000,000, non-solicitation agreementor under which any Transferred Subsidiary has issued any note, exclusive distributionbond, franchise or licensing agreement indenture, mortgage, security interest or other Contract that includes any provision which materially limits Monsoon evidence of Indebtedness, or any Monsoon Subsidiary from engaging in any activity has directly or conducting business with any Person or in any geographic area or from soliciting employees or personnel indirectly guaranteed Indebtedness of any Person, excluding, in each case, any intercompany Indebtedness between two or more Transferred Subsidiaries;
(ii) any Contract that relates to guarantees of the formationobligations of other Persons or agreements of indemnity, creation, governance or control of any partnership, joint venture surety or similar arrangementcontracts, whether direct or indirect, involving the potential expenditure by the Transferred Subsidiaries after the date of this Agreement of more than €3,000,000 in any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredinstance;
(iii) any Contract that relates involving payment by or to any Seller Entity or Transferred Subsidiary of at least €75,000,000 in the acquisition or disposition of current calendar year and any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredContract with any Material Customer;
(iv) any Contract for the purchase of products or services involving payment of at least €75,000,000 in the current calendar year that cannot be terminated within ninety (90) days after giving notice of termination without resulting in any material Liability, costs or penalty and any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)Material Supplier;
(v) any material Contract pursuant that materially restricts (or purports to which materially restrict) the ability of any Third Party Approval is required pursuant Seller Entity (with respect to a “change of control” or similar clause;
(vithe Devices & Services Business) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Transferred Subsidiary or any of their respective Affiliates from engaging in business in any geographic area, competing with any Person or soliciting customers or employees of any Person, in each case in a manner that is or would be adverse to the parties thereto or their Affiliates or any Contract involving payment by or to any Seller Entity or Transferred Subsidiary of at least €75,000,000 in the current calendar year that contains or grants any “most favored nations” or similar terms;
(including vi) any material joint venture or partnership agreement, Contract for or relating to any material investment (whether through the Indigo Group Companies after acquisition of an equity interest, the Closing Date)making of a loan or advance or otherwise) in any other Person , or any material Contract relating to the joint development or joint ownership or joint licensing of Transferred IP;
(vii) any Real Property Lease;
(viii) any franchise, sale (other than purchase orders) or commission agreement or similar Contract, in each case under which any of the Seller Entities or Transferred Subsidiaries is obligated to pay an amount in excess of €25,000,000 during any calendar year in the aggregate;
(ix) any Contract (Intellectual Property License under which rights in or to Transferred IP are granted, other than Contracts (i) non-exclusive Software licenses entered into in the ordinary course of business consistent business, or (ii) with past practicerespect to Designs, Trademarks or Domain Names, any agreements described in subsection (vii) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orthe definition of “Permitted Encumbrances”;
(x) any other Contract under which any of the Transferred Subsidiaries or Seller Entities in respect of the Devices & Services Business, has contingent liabilities or ongoing obligations (including for indemnification or “earn outs” or similar deferred purchase price obligations) after the date of this Agreement relating to the acquisition or sale of any business or assets (other than as set forth above acquisitions of assets in the ordinary course of business);
(xi) any material Contract to which Monsoon a Transferred Subsidiary and a Seller Entity or any Monsoon Subsidiary is a party or by which it or any one of its assets Affiliates (other than a Transferred Subsidiary) and another Person is party and any material Contracts pursuant to which a Seller Entity or businesses one of its Affiliates (other than a Transferred Subsidiary) and another Person is bound or subject that is material party (but not a Transferred Subsidiary) related to the Monsoon Devices & Services Business or (other than the use or operation Contracts);
(xii) any Transferred License; and
(xiii) any outstanding written commitment to enter into any Contract of their assetsthe type described in subsections (i) through (xii) of this Section 3.13(a).
(b) (iTrue, correct and materially complete copies of all Material Contracts listed in Section 3.13(a) All Contracts set forth or required of the Seller Disclosure Letter, including all material amendments, modifications, supplements, exhibits, schedules, addenda and restatements thereto and thereof, in each case to be the extent in the possession of Seller and its Subsidiaries, have been made available to Buyer. Except as set forth in Section 5.17(a3.13(b) of the Monsoon Seller Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents Letter, (the “Monsoon x) assuming each such Material Contracts”) are valid, Contract is binding and in full force enforceable against the other parties thereto, each Material Contract constitutes a valid and effect binding obligation of the Seller Entity or Transferred Subsidiary party thereto and are is enforceable by Monsoon against the Seller Entity or its applicable Transferred Subsidiary party thereto in accordance with their its terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization, moratorium preference or similar Laws of general applicability relating to or affecting creditors’ the rights generally, of creditors generally and subject to general principles of equity (regardless of whether enforcement is sought in equity or by principles governing the availability of equitable remediesat law)), and (iiy) Monsoon or its applicable Subsidiary no event has performed all material obligations required to be performed by it under the Monsoon Material Contractsoccurred that, and it is not (with or without notice or lapse of time, time or both) , would result in material a breach of or material default thereunder andunder any Material Contract by any Seller Entity or Transferred Subsidiary or, to the knowledge Knowledge of MonsoonSeller, any other Person party thereto, except, in each case set forth in clauses (x) and (y), where such failure to be so valid, binding and enforceable, or such breach or default, would not be material to the Devices & Services Business, the Transferred Subsidiaries and/or the Purchased Assets, taken as a whole. Except as would not be material to the Devices & Services Business, the Transferred Subsidiaries and/or the Purchased Assets, taken as a whole: no other party to Seller Entity or Transferred Subsidiary has received any Monsoon written notice or claim of default under any Material Contract is (with and no Seller Entity or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries Transferred Subsidiary has received any written notice of an intention to terminate or challenge the intention validity or enforceability of any party such Material Contract from a counterparty thereto and, to cancelthe Knowledge of Seller, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentno such action is threatened.
(c) Upon Closing, save as disclosed in Section 5.17(c) Seller hereby represents that the Transferred Subsidiaries and the Purchased Assets include all or substantially all of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Nokia’s Subscriber Device Business.
Appears in 2 contracts
Sources: Stock and Asset Purchase Agreement, Stock and Asset Purchase Agreement (Nokia Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 5.14(a) of the Monsoon Disclosure Letter sets forth a true and complete listforth, as of the date hereof, of each all of the following Contracts to which Monsoon or any Monsoon Subsidiary Purchased Entity is a party or by which Monsoon or any Monsoon Subsidiary or any of them or their respective properties or assets is Purchased Entity Assets are bound (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) Contracts with any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Seller or licensing agreement or other Contract that includes any provision which materially limits Monsoon Affiliate thereof or any Monsoon Subsidiary from engaging in any activity current or conducting business with any Person former officer, director, stockholder or in any geographic area or from soliciting employees or personnel Affiliate of any PersonPurchased Entity (other than a Purchased Entity);
(ii) any Contract that relates to Contracts for the formation, creation, governance or control sale of any partnership, joint venture material assets of any Purchased Entity other than in the Ordinary Course of Business or similar arrangement, or for the grant to any collaboration, cooperation or partnering Contract, in each case that is Person of any preferential rights to purchase any of its material to the Monsoon Business and for which the closing of the relevant transaction has not occurredassets;
(iii) any Contract that relates to the acquisition Contracts for joint ventures, strategic alliances, partnerships, licensing arrangements, or disposition sharing of any business, whether by merger, sale of stock, sale of assets profits or otherwise, in each case for which the closing of the relevant transaction has not occurredproprietary information;
(iv) Contracts containing covenants of any Contract Purchased Entity not to compete in any line of business or with any Related Person in any geographical area or not to solicit or hire any person with respect to employment or covenants of Monsoon any other Person not to compete with any Purchased Entity in any line of business or in any Monsoon Subsidiary (other than the agreements covered by clause (i) and geographical area or not to solicit or hire any Monsoon Benefit Plan)person with respect to employment;
(v) Contracts relating to the acquisition (by merger, purchase of stock or assets or otherwise) by any Purchased Entity of any operating business or material Contract pursuant to which assets or the capital stock of any Third Party Approval is required pursuant to a “change of control” or similar clauseother Person;
(vi) Contracts relating to the incurrence, assumption or guarantee of any Contract entered into other than Indebtedness or imposing a Lien on commercial arm’s length termsany of the material assets of any Purchased Entity;
(vii) all Contracts providing for payments by or to any currency exchange, interest rate exchange, commodity exchange Purchased Entity in excess of $50,000 in any fiscal year or similar Contract$200,000 in the aggregate during the term thereof;
(viii) all Contracts obligating any Contract entered into by Monsoon Purchased Entity to provide or any Monsoon Subsidiary in connection with the settlement obtain products or other resolution services for a period of any material Action imposing operational restrictions one year or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)more;
(ix) Contracts for the employment of any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon individual on a full-time, part-time or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000consulting basis; orand
(x) any other Contract other than as set development agreements setting forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material duties and obligations relating to the Monsoon Business or Properties, public disclosure reports issued by the use or operation Arizona Department of their assetsReal Estate, and storm water plans filed with the Arizona Department of Environmental Quality.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and Contracts is in full force and effect and are is the legal, valid and binding obligation of any Purchased Entity which is party thereto, and of the other parties thereto enforceable by Monsoon or its applicable Subsidiary against each of them in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyits terms. No Purchased Entity is in default under any Material Contract, insolvencynor, reorganizationto the Knowledge of Sellers, moratorium is any other party to any Material Contract in breach of or similar Laws affecting creditors’ rights generallyin default thereunder, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonSellers, no event has occurred that with the lapse of time or the giving of notice or both would constitute a breach or default of any Purchased Entity or any other party thereunder. Any payments due under each Material Contract have been timely made by the applicable Purchased Entity. No party to any Monsoon of the Material Contract is (Contracts has exercised any termination rights with or without notice or lapse of timerespect thereto, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries and no party has received written given notice of any actual, alleged, possible or potential material violation of, or material failure significant dispute with respect to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True Sellers have delivered or made available to Purchaser true, correct and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) all of the Monsoon Disclosure Letter (including Material Contracts, together with all written amendments, modifications and amendments or supplements thereto and waivers thereunder) have been made available to Indigo Parentassignments thereof, if any.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Master Transaction Agreement (Avatar Holdings Inc), Master Transaction Agreement (Avatar Holdings Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon The Company Disclosure Letter Schedule sets forth a true and complete list, as of the date hereof, of each of the following Contracts contracts, undertakings, commitments, licenses or agreements, written or oral, to which Monsoon the Company or any Monsoon Company Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or are applicable to any of their respective assets or properties (true and complete copies (or assets written summaries, if oral) of which have been made available to Parent prior to the date hereof) other than those contracts or agreements listed as exhibits in the Company’s Form 10-K for the fiscal year ended December 28, 2008 (each such contract or agreement as is bound (including required to be set forth in the Company Disclosure Schedule, together with all contracts and agreements of the Company or any amendmentsCompany Subsidiary listed or required to be listed as exhibits in the Company’s Form 10-K for the fiscal year ended December 28, supplements and modifications thereto2008, being a “Material Contract”):
(i) any non-competition agreementpromissory notes, non-solicitation agreementloan agreements, exclusive distributionindentures, franchise or licensing agreement evidences of indebtedness or other Contract that includes instruments and contracts providing for the borrowing or lending of money, whether as borrower, lender or guarantor, and any provision agreements or instruments pursuant to which materially limits Monsoon any cash of the Company or any Monsoon Company Subsidiary from engaging is held in escrow or its use by the Company or any activity or conducting business with any Person or Company Subsidiary is otherwise restricted, in any geographic area or from soliciting employees or personnel each case in an amount of any Personmore than $1,000,000;
(ii) all contracts involving a value of more than $1,000,000 pursuant to which any Contract that relates to material property or assets of the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaboration, cooperation or partnering Contract, in each case that Company Subsidiary is material subject to the Monsoon Business and for which the closing of the relevant transaction has not occurreda Lien;
(iii) joint venture, alliance, affiliation or partnership agreements or joint development or similar agreements pursuant to which any Contract that relates third party is entitled to develop or market any products or services on behalf of, or together with, the acquisition Company or disposition any Company Subsidiary or receive referrals of business from, or provide referrals of business to, the Company or any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredCompany Subsidiary;
(iv) executory contracts for the acquisition or sale, directly or indirectly (by merger or otherwise) of all or a substantial portion of the assets (whether tangible or intangible) or the Equity Interests of another Person, including, without limitation, contracts for any Contract with completed acquisitions or sales pursuant to which an “earn out” or similar form of obligation (whether absolute or contingent) is pending or for which there are any Related Person of Monsoon continuing indemnification or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)similar obligations;
(v) any material Contract pursuant to which interest rate or currency swaps, caps, floors or option agreements or any Third Party Approval is required pursuant to a “change of control” other interest rate or similar clausecurrency risk management arrangement or foreign exchange contracts;
(vi) any Contract entered into all licenses, sublicenses, or consent, royalty or other agreements concerning Company Intellectual Property involving an amount of more than on commercial arm’s length terms$200,000;
(vii) any currency exchange, interest rate exchange, commodity exchange contracts relating to rights to indemnification and/or advancement of expenses as in effect on the date hereof with respect to matters occurring on or similar Contractprior to the Effective Time (including the transactions contemplated hereby);
(viii) any Contract entered into contract, agreement or other instrument of understanding which is not terminable by Monsoon the Company or a Company Subsidiary without additional payment or penalty within sixty (60) days and obligates the Company or any Monsoon Company Subsidiary in connection with the settlement for payments or other resolution consideration with a value of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)more than $1,000,000;
(ix) contracts of the type required under Section 3.5(b) or Section 3.12(h) to be disclosed on the Company Disclosure Schedule;
(x) contracts imposing any Contract material restriction on the right or ability of the Company or a Company Subsidiary (A) to compete with any other Person, (B) to acquire any product or other asset or any services from any other Person, (C) to solicit, hire or retain any Person as an employee, consultant or independent contractor, (D) to develop, sell, supply, distribute, offer, support or service any product or any technology or other asset to or for any other Person, (E) to perform services for any other Person, or (F) to transact business or deal in any other manner with any other Person or contracts granting to any Person (other than Contracts the Company or any wholly owned Company Subsidiary) any “most favored nation” clause as to price or any other material term;
(xi) contracts (i) imposing any confidentiality obligation on the Company or any Company Subsidiary (other than routine confidentiality or nondisclosure agreements entered into in the ordinary course of business consistent with past practicethat do not otherwise constitute Material Contracts under this Section 3.17) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary (ii) containing “standstill” or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orsimilar provisions;
(xxii) any other Contract other than as set forth above contracts that could reasonably be expected to which Monsoon have a material effect on (i) the business, condition, capitalization, assets, liabilities, operations or any Monsoon Subsidiary is a party financial performance of the Company or by which it or (ii) the ability of the Company to perform any of its assets obligations under, or businesses is bound or subject that is material to consummate any of the Monsoon Business or the use or operation of their assetstransactions contemplated by this Agreement; and
(xiii) any contract, if a Default (as defined below) under such contract would be reasonably likely to have a Company Material Adverse Effect.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Each Material Contracts”) are valid, binding Contract is valid and in full force and effect effect, and are is enforceable by Monsoon or its applicable Subsidiary in accordance with their terms its terms, subject to (except insofar as such enforceability may be limited by applicable i) Laws of general application relating to bankruptcy, insolvencyinsolvency and the relief of debtors, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), and (ii) Monsoon or its applicable rules of Law governing specific performance, injunctive relief and other equitable remedies.
(c) Neither the Company nor any Company Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of timeis, or bothhas received any notice that any other party is, in breach, default or violation of or is unable to perform in any respect under (each, a “Default”) in material breach any Material Contract (and no event has occurred or material default thereunder andnot occurred through the Company’s or any Company Subsidiary’s action or inaction or, to the knowledge of Monsoonthe Company, no other party to through the action or inaction of any Monsoon Material Contract is (third party, which with or without notice or the lapse of timetime or both would constitute or give rise to a Default), except for those Defaults which would not be reasonably likely to have, individually or both) in breach or default thereunderthe aggregate, (iii) since January 1, 2014, neither Monsoon a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries Company Subsidiary has received written notice of any actual, alleged, possible or potential material violation the termination of, or material failure intention to comply withterminate, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor except for such notices or terminations that would not be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. Except as set forth in the Company Disclosure Schedule, no Claims for indemnification under any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) agreement have been made available by or against the Company or any Company Subsidiary since January 1, 2006 and there are no such Claims outstanding or, to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) the knowledge of the Monsoon Disclosure LetterCompany, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)threatened.
Appears in 2 contracts
Sources: Merger Agreement (Comsys It Partners Inc), Merger Agreement (Manpower Inc /Wi/)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in For purposes of this Agreement, a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each “Company Contract” shall mean any of the following Contracts agreements to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):bound:
(i) any nonagreement that is a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreementK under the Securities Act);
(ii) any agreement that is not terminable for convenience by the Company or its Subsidiary upon not more than 30 days’ notice at no charge, that (A) purports to restrain or limit the ability of the Company or any of its Affiliates to compete or engage in any line of business or the localities in which the Company or any of its Affiliates may conduct business, (B) provides for exclusivity by the Company or any of its Affiliates with respect to any products or services sold or purchased by the Company or any of its Affiliates, (C) extends “most favored nation” or similar pricing to any Person, or (D) provides for the non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(iiiii) any Contract agreement that relates requires, or would reasonably be expected to result in, any payment by the Company or its Subsidiaries in excess of $1,000,000 in the Company’s fiscal year ending February 28, 2011 or any subsequent fiscal year or which requires, or would reasonably be expected to result in, any payment to the formationCompany or its Subsidiaries in excess of $1,000,000 in the Company’s fiscal year ending February 28, creation, governance or control of any partnership, joint venture or similar arrangement, 2011 or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredsubsequent fiscal year;
(iiiiv) any Contract that relates agreement relating to Indebtedness owed by the Company or any of its Subsidiaries to third parties;
(v) any agreement relating to the acquisition or disposition disposition, directly or indirectly, of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for ) under which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon Company or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any of its Subsidiaries has continuing material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseobligations;
(vi) any Contract entered into agreement with an executive officer of the Company, other than on commercial arm’s length termsagreements under which the Company and its Subsidiaries have no further liabilities or obligations and no continuing rights;
(vii) any currency exchangeagreement of indemnification or any guaranty of a material obligation by the Company or any of its Subsidiaries of a third party, interest rate exchange, commodity exchange other than any agreement entered into in connection with the sale or similar Contractlicense by or to the Company or any of its Subsidiaries of products or services in the ordinary course of business;
(viii) any Contract entered into material agreement with any Governmental Authority providing for the purchase of the Company’s products by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)such Governmental Authority;
(ix) any Contract agreement set forth in clauses (other than Contracts entered into i), (iii), (iv) or (vi) above or clause (xiii) below containing any “change in control” or similar provisions with respect to the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon Company or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orits Subsidiaries;
(x) any other Contract other collective bargaining agreements (including memoranda of understanding or extension agreements);
(xi) any agreement with any beneficial owner of more than as set forth above to 5% of the outstanding Company Common Stock;
(xii) any settlement agreement which Monsoon or any Monsoon Subsidiary is a party or by which it materially affects the conduct of the Company’s or any of its assets or businesses is bound or subject Subsidiaries’ businesses;
(xiii) any other agreement that is material to the Monsoon Business Company and its Subsidiaries, taken as a whole; and
(xiv) any agreement that by its terms would prohibit or materially delay the use consummation of the Merger or operation any of their assetsthe other transactions contemplated by this Agreement.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a3.15(b) of the Monsoon Company Disclosure Letter Schedule lists each Company Contract in existence on the date hereof. The Company has previously made available to Parent true, complete and correct copies of each Company Contract in existence on the date hereof. All of the Company Contracts are valid and binding on the Company or filed or required to be filed its Subsidiary, as exhibits the case may be, and, to the Monsoon SEC Documents (the “Monsoon Material Contracts”) Company’s Knowledge, each other party thereto, and are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by effect, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting relating to creditors’ rights generallyand general principles of equity. Neither the Company nor any of its Subsidiaries has, and to the Company’s Knowledge, none of the other parties thereto have, violated in any material respect any provision of, or by principles governing the availability of equitable remedies), (ii) Monsoon committed or its applicable Subsidiary has performed all material obligations required failed to be performed by it under the Monsoon Material Contractsperform any act, and it is not (no event or condition exists, which with or without notice or notice, lapse of time, time or both) in material breach or both would constitute a material default thereunder and, to under the knowledge provisions of Monsoon, no other party to any Monsoon Material Company Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, and neither Monsoon the Company nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentforegoing.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Clearwater Paper Corp), Merger Agreement (Cellu Tissue Holdings, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) Each correspondingly lettered section of the Monsoon Disclosure Letter Schedule 4.15 sets forth a true true, correct and complete list, as of the date hereof, of each list of the following Contracts to which Monsoon the Company is a party that are currently in force or under which the Company has continuing benefits, liabilities and/or obligations (other than the Company Benefit Plans set forth on Schedule 4.18(a) and the insurance policies on Schedule 4.20) (collectively, the “Material Contracts”):
(a) bonds, debentures, notes, credit or loan agreements or loan commitments, mortgages, indentures, guarantees or other Contracts relating to the borrowing of money or the deferred purchase price of property or binding upon any properties or assets (real, personal or mixed, tangible or intangible) of the Company;
(b) Contracts that were not entered into in the ordinary course of business, consistent with past practices;
(c) leases relating to the Leased Real Property, leases of any personal property and all other Contracts involving any properties or assets (whether real, personal or mixed, tangible or intangible), involving an annual commitment or payment of or performance having a value of more than Twenty-Five Thousand Dollars ($25,000) by the Company;
(d) Contracts that (i) limit or restrict the Company or any Monsoon Subsidiary officers, directors, employees or Shareholders of the Company (in their capacity as such) from engaging in the Business in any jurisdiction, (ii) create or purport to create any exclusive or preferential relationship or arrangement, (iii) otherwise restrict or limit the Company’s ability to operate or expand its business in any material respect, or (iv) impose, or purport to impose, any obligations or restrictions on Affiliates of the Company in any material respect;
(e) Contracts for capital expenditures or the acquisition or construction of fixed assets requiring payment by the Company of an outstanding amount in excess of Ten Thousand Dollars ($10,000);
(f) Contracts that provide for any payment or benefit upon the execution hereof in connection with the transactions contemplated hereby, including accelerated vesting or other similar rights;
(g) Contracts granting any Person a Lien on all or any part of any properties or assets of the Company other than Permitted Liens;
(h) Contracts for the cleanup, abatement or other actions in connection with any Hazardous Materials, the remediation of any existing environmental condition or relating to the performance of any environmental audit or study;
(i) Contracts granting to any Person an option or a right of first refusal, first-offer or similar preferential right to purchase or acquire any assets of the Company;
(j) Contracts with any agent, distributor or representative that is not terminable without penalty on ninety (90) days’ or less notice;
(k) Contracts for the granting or receiving of a license, sublicense or franchise or under which any Person is obligated to pay or has the right to receive a royalty, license fee, franchise fee or similar payment;
(l) Contracts (i) with respect to Company Intellectual Property licensed or transferred to any third party (other than end user licenses in the ordinary course of business) or (ii) pursuant to which a third party has licensed or transferred any Company Intellectual Property to the Company;
(m) Contracts providing for the indemnification or holding harmless of any officer or director of the Company;
(n) joint venture or partnership Contracts or Contracts entitling any Person to any profits, revenues or cash flows of the Company or requiring payments or other distributions based on such profits, revenues or cash flows;
(o) Contracts with Customers or Suppliers;
(p) outstanding powers of attorney empowering any Person to act on behalf of the Company;
(q) Contracts relating to any co-operative organization, franchise organization or similar organization;
(r) Contracts with any Governmental Entity;
(s) Employment Agreements;
(t) Medical Provider Agreements with the top twenty (20) Medical Providers by volume for the third quarter ended September 30, 2015, or Medical Provider Agreements that provide for medical directorate services or which otherwise cannot be terminated by the Company upon notice of ninety (90) days or less;
(u) Contracts with any independent contractor or consultant (other than Medical Provider Agreements); and
(v) Contracts (other than those described in subsections (a) through (u) of this Section 4.15) to which the Company is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective the Company’s properties or assets is are bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise involving an annual commitment or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area annual payment to or from soliciting employees the Company of more than Twenty-Five Thousand Dollars ($25,000) individually or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is are otherwise material to the Monsoon Business Company, individually or in the aggregate. True, correct and for which complete copies of all Material Contracts have been provided to the closing Purchaser. The Material Contracts are legal, valid, binding and enforceable in accordance with their respective terms with respect to the Company and, to the Knowledge of the relevant transaction has not occurred;
Company, each other party thereto. There is no existing material default or material breach of the Company under any Material Contract (iiior event or condition that, with notice or lapse of time or both could constitute a material default or material breach) any Contract that relates and, to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing Knowledge of the relevant transaction has not occurred;
Company and the Shareholders, there is no such material default (ivor event or condition that, with notice or lapse of time or both, could constitute a material default or material breach) with respect to any third party to any Material Contract. There is no term, obligation, understanding or agreement that would modify any term of a Material Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other material right or obligation of a party thereunder which is not reflected on the face of such Material Contract. Other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon practices, the Company is not participating in any discussions or any Monsoon Subsidiary negotiations regarding modification of or an aggregate future liability (contingent or otherwise) amendment to any Person (Contract or entry in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsnew Contract.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Share Purchase Agreement, Share Purchase Agreement (ExamWorks Group, Inc.)
Material Contracts. (ai) All Contracts required Seller has provided to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a Buyer true and complete list, as of the date hereof, of each correct copies of the following Contracts agreements (each a “Material Contract”) to which Monsoon the Company is a party:
(A) any agreement for the purchase or sale of products or for the furnishing or receipt of services (1) which involves more than the sum of $10,000 or (2) in which the Company has granted “most favored nation” pricing provisions or 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;
(B) any agreement concerning the establishment or operation of a partnership, joint venture or limited liability company;
(C) any agreement under which the Company has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) or under which it has imposed (or may impose) any Encumbrance on any of its assets, tangible or intangible (excluding indebtedness and Encumbrances being paid off, terminated or otherwise satisfied in connection with the Closing);
(D) any agreement for the disposition of any significant portion of the assets or business of the Company (other than sales of products in the Ordinary Course of Business) or any Monsoon Subsidiary agreement for the acquisition of the assets or business of any other entity (other than purchases of inventory or components in the Ordinary Course of Business);
(E) any agreement concerning confidentiality or non-solicitation;
(F) any employment agreement, consulting agreement, severance agreement (or agreement that includes provisions for the payment of severance) or retention agreement;
(G) any agreement involving any current director, manager, officer, shareholder or member of the Company;
(H) any lease or agreement under which the Company is the lessee of, or holds or operates, any personal property owned by any other party, for which the annual rental exceeds $15,000;
(I) any agreement that prohibits the Company from freely engaging in business anywhere in the world;
(J) any distributor, sales representative, franchise or similar agreement to which the Company is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets the Company is bound (including any amendments, supplements and modifications thereto):bound; and
(iK) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise other agreement (or licensing agreement group of related agreements) either (A) involving more than $50,000 or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(iiB) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course Ordinary Course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability Business and involving more than $10,000. The Company has made available to Buyer a complete and accurate copy of each Material Contract (contingent or otherwise) as amended to any Person (in date). With respect to each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above Material Contract, and subject to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws other laws affecting generally the enforcement of creditors’ rights generallyand subject to general principles of equity: (i) the Material Contract is legal, valid, binding and enforceable and in full force and effect against the Company, to the Knowledge of any Seller or by principles governing the availability of equitable remedies)Company, against each other party thereto; and (ii) Monsoon or its applicable Subsidiary has performed all material obligations required the Material Contract will continue to be performed by it under legal, valid, binding and enforceable and in full force and effect against the Monsoon Company and against each other party thereto immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing. Neither the Company nor, to the Knowledge of any Seller or the Company, any other party, is in breach or violation of, or default under, any such Material ContractsContract, and it no event has occurred, is not (pending or, to the Knowledge of any Seller or the Company, is threatened, which, after the giving of notice, with or without notice or lapse of time, or both) in material otherwise, would constitute a breach or material default thereunder and, to by the knowledge of Monsoon, no Company or any other party under such Material Contract.
(ii) The Company is not party to any Monsoon Material Contract is (with or without notice or lapse of timeoral contract, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation agreement or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject arrangement that, if reduced to written form, would be required to provide under the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar importSection 3(y), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Share Purchase Agreement (BAIYU Holdings, Inc.), Share Purchase Agreement (TD Holdings, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.12(a) of the Monsoon Company Disclosure Letter sets forth a true Schedule is an accurate and complete list, as list of the date hereof, of each all of the following Contracts to which Monsoon one or any Monsoon Subsidiary more of the Companies or the Company Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications theretothe “Material Contracts”):
(i) Contracts evidencing Indebtedness or imposing any non-competition agreementLien (other than Permitted Liens) on the assets of a Company or Company Subsidiary;
(ii) all Company Employment Contracts that provide for annual base compensation in excess of $150,000, non-solicitation agreementretention payments, exclusive distributionseverance benefits, franchise or licensing agreement transaction bonuses;
(iii) all Company IP Agreements;
(iv) leases of personal property under which a Company or other Contract that includes Company Subsidiary is the lessee and is obligated to make payments in excess of $50,000 per annum;
(v) Contracts providing for any provision business or equity acquisition or disposition by or relating to a Company or Company Subsidiary entered into at any time during the last four (4) years or under which materially limits Monsoon a Company or any Monsoon Company Subsidiary from engaging has continuing or ongoing obligations;
(vi) Contracts (A) limiting the freedom of a Company or Company Subsidiary to engage in any activity line of business, acquire any entity or conducting business compete with any Person or in any geographic area market or from soliciting employees geographical area, (B) granting “most favored nation” status to any other Person or personnel (C) containing any “right of any Person;
(ii) any Contract that relates to the formation, creation, governance or control first refusal,” “right of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of controlfirst offer” or similar clause;
(vi) preferential right to acquire any Contract entered into other than on commercial arm’s length termsasset;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contractcollective bargaining agreements;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)joint venture and limited partnership agreements;
(ix) Contracts for any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon hedging or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orsimilar derivative transactions;
(x) any other Contract other than as set forth above to which Monsoon distributor agreements, sales representative agreements, reseller agreements or any Monsoon similar agreements that provide for annual payments by a Company or Company Subsidiary is a party of $100,000 or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business more;
(xi) Contracts for capital expenditures or the use acquisition or operation construction of their fixed assets., in any case involving future payments by a Company or Company Subsidiary in excess of $100,000 in the aggregate;
(bxii) (i) All Contracts set forth or required to be set forth any individual Contract with a Material Customer that requires aggregate future payments in Section 5.17(a) excess of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder $100,000; and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(cxiii) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no any individual Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates Material Supplier that requires aggregate future payments in excess of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)$100,000.
Appears in 2 contracts
Sources: Equity Purchase Agreement (Esco Technologies Inc), Equity Purchase Agreement (Sonoco Products Co)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.13(a) of the Monsoon Aqua Disclosure Letter sets forth a true and complete list, as of the date hereof, of each list of the following Contracts Contracts, whether written or oral (and if oral, a complete and accurate summary thereof) to which Monsoon Aqua or any Monsoon Aqua Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any party, in each case to the extent in effect on this date of their respective properties or assets is bound this Agreement (including any amendments, supplements and modifications theretothe “Aqua Material Contracts”):
(i) any non-competition agreementAqua Benefit Plans or Aqua Benefit Agreements;
(ii) Contracts for the provision of laboratory services to the top 25 customers of Aqua, non-solicitation agreement, exclusive distribution, franchise measured by revenue for the period January to June 2005;
(iii) Contracts providing for the licensing of material Intellectual Property Rights (as defined in Section 3.14);
(iv) Contracts which are reasonably likely to involve aggregate payments by or licensing agreement or other Contract that includes any provision which materially limits Monsoon to Aqua or any Monsoon Aqua Subsidiary from engaging of more than $2,500,000 annually or $5,000,000 over the remaining term of the Contract), other than the sale of services or products in the ordinary course of business;
(v) real property leases or subleases;
(vi) Contracts that (A) limit the ability of Aqua or any Aqua Subsidiary or affiliate of, or successor to, Aqua, or, to the knowledge of Aqua, any executive officer of Aqua, to compete in any activity line of business or conducting business with any Person person or in any geographic area or from soliciting employees during any period of time, (B) require Aqua or personnel any Aqua Subsidiary or affiliate of, or successor to, Aqua to use any supplier or third party for all or substantially all of any Person;
of its material requirements or need in any respect, (iiC) limit or purport to limit the ability of Aqua or any Contract that relates Aqua Subsidiary or affiliate of, or successor to, Aqua to solicit any customers or clients of the other parties thereto, (D) require Aqua or any Aqua Subsidiary or affiliate of, or successor to, Aqua to provide to the formation, creation, governance other parties thereto “most favored nations” pricing or control of (E) require Aqua or any partnership, joint venture Aqua Subsidiary or similar arrangementaffiliate of, or successor to, Aqua to market or co-market any collaboration, cooperation products or partnering Contract, in each case that is material to the Monsoon Business and for which the closing services of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary a third party (other than the agreements covered by clause (i) and any Monsoon Benefit Plancustomer of Aqua or any Aqua Subsidiary);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) Contracts relating to (A) any currency exchangeindebtedness (which does not include accounts payable incurred in the ordinary course of business), notes payable (including notes payable in connection with acquisitions), accrued interest payable or other obligations for borrowed money, whether current, short-term, or long-term, secured or unsecured, of Aqua or any Aqua Subsidiary, (B) any purchase money indebtedness or earn-out or similar obligation in respect of purchases of property or assets by Aqua or any Aqua Subsidiary, (C) any lease obligations of Aqua or any Aqua Subsidiary under leases which are capital leases in accordance with GAAP, (D) any financing of Aqua or any Aqua Subsidiary effected through “special purpose entities” or synthetic leases or project financing, (E) any obligations of Aqua or any Aqua Subsidiary in respect of banker’s acceptances or letters of credit (other than stand-by letters of credit in support of ordinary course trade payables), (F) any obligation or liability of Aqua or any Aqua Subsidiary with respect to interest rate exchangeswaps, commodity exchange collars, caps, currency derivatives and similar hedging obligations or similar Contract(G) any guaranty of any of the foregoing (the liabilities and obligations referred to in (A) through (G) above, “Indebtedness”);
(viii) any Contract Contracts entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Aqua or any of their respective Affiliates the Aqua Subsidiaries and any other person providing for the acquisition by Aqua or such Aqua Subsidiary (including by merger, consolidation, acquisition of stock or assets or any other business combination) of any corporation, partnership, other business organization or division or unit thereof or any material amount of assets of such other person, and information identifying the Indigo Group Companies after maximum amounts, if any, that are still payable or potentially payable to any other person under such Contracts pursuant to any post-closing adjustment to the Closing Datepurchase price (including under any “earnout” or other similar provision);
(ix) any Contract (stockholder agreements, registration rights agreements, voting trusts or other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary Aqua is a party or by which it is bound relating to the voting of any shares of the capital stock of Aqua,
(x) joint venture contracts, partnership arrangements or other agreements outside the ordinary course of business involving a sharing of profits, losses, costs or liabilities of any person by Aqua or any Aqua Subsidiary with any third person;
(xi) all confidentiality, non-disclosure or standstill agreements entered into by Aqua or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Aqua Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiaryin the ordinary course of business); and
(xii) other Contracts not covered by the foregoing, that are otherwise material to Aqua and the Aqua Subsidiaries, taken as a whole.
Appears in 2 contracts
Sources: Subscription, Merger and Exchange Agreement (Specialty Laboratories Inc), Subscription, Merger and Exchange Agreement (Ameripath Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any (the “Material Contracts”) are listed in Section 4.8 of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):the Company Disclosure Schedule:
(i) any non-competition agreementcommission or sales agreement with an employee, non-solicitation agreementindividual consultant or salesperson, exclusive distribution, franchise or licensing agreement under which a firm or other Contract that includes any provision which materially limits Monsoon organization provides commission or sales-based services to the Company or any Monsoon Subsidiary from engaging of its Subsidiaries, except for those agreements entered into in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel the ordinary course of any Personbusiness;
(ii) any Contract that relates to the formation, creation, governance fidelity or control of any partnership, joint venture surety bond or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredcompletion bond;
(iii) any Contract that relates to the acquisition or disposition lease of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing personal property having aggregate outstanding ongoing obligations of the relevant transaction has not occurredCompany or any of its Subsidiaries in excess of $500,000;
(iv) other than standard customer contracts previously provided to Parent or that contain indemnification or guaranty provisions in favor of any Contract with person that do not impose any Related Person of Monsoon obligation or liability (contingent or otherwise) on the Company or any Monsoon Subsidiary (other of its Subsidiaries greater than the agreements covered by clause (i) and those contained in contracts previously provided to Parent, any Monsoon Benefit Plan)agreement of indemnification or guaranty to any person;
(v) any material Contract pursuant agreement containing any covenant materially limiting the freedom of the Company or any of its Subsidiaries to engage in any line of business or in any geographic territory or to compete with any person, or which grants to any Third Party Approval is required pursuant person any exclusivity to a “change of control” any geographic territory, any customer, or similar clauseany product or service;
(vi) any Contract entered into other than on commercial arm’s length termsagreement relating to capital expenditures and involving future payments in excess of $150,000, or purchase orders (including for services) involving future payments in excess of $250,000;
(vii) any currency exchange, agreement relating to the disposition of assets or any interest rate exchange, commodity exchange in any business enterprise outside the ordinary course of business or similar Contractany agreement relating to the acquisition of assets or any interest in any business enterprise outside the ordinary course of business;
(viii) any Contract entered into by Monsoon mortgages, indentures, loans or any Monsoon Subsidiary in connection with the settlement credit agreements, security agreements or other resolution agreements or instruments relating to the borrowing of any material Action imposing operational restrictions money or conduct requirements on Monsoon the extension of credit (other than security agreements for office or any Monsoon Subsidiary or any similar equipment where the value of their respective Affiliates (including the Indigo Group Companies after the Closing Dateassets secured does not exceed $300,000);
(ix) any Contract dealer, distribution, joint marketing (including any pilot program), development, content provider, destination site or merchant agreement, joint venture, partnership, strategic alliance or agreement involving the sharing of profits, losses, costs or liabilities with any person or any development, original equipment manufacturer, value added re-seller, remarketer or other than Contracts entered into agreement for distribution, data-sharing, marketing, resale, distribution or similar arrangement relating to any product or service of the Company or any of its Subsidiaries or the products or services of any other person that involved payments by the Company and its Subsidiaries of $250,000 or more in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or12 month period ended June 30, 2008;
(x) any material liability of the Company or any of its Subsidiaries pursuant to a customer contract or reseller agreement that does not limit the liability of the Company or any of its Subsidiaries to the amount of the total fees paid to the Company or any of its Subsidiaries under such contract;
(xi) any material commitment to any customer of the Company or any of its Subsidiaries or other Contract other than as set forth above person to develop or customize any product or service, or to customize or develop any third-party product, service or platform, in either case without compensation in an amount in excess of the cost to the Company or any of its Subsidiaries to perform such commitment, excluding contracts for hardware sold by the Company;
(xii) any agreement pursuant to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries agreed to provide “most favored nation” pricing or other terms and conditions to any person with respect to the sale, distribution, license or support of any products or services;
(xiii) except as disclosed in clauses (i) through (xii) above, any agreement that involved payments or receipts of more than $350,000 in the 12 month period ended December 31, 2007 or that the Company expects to involve payments or receipts of $350,000 or more; and
(xiv) any agreement, the termination or loss of which would have a Company Material Adverse Effect.
(b) Each Material Contract is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms and, to the Company’s knowledge, each other party thereto, and is in full force and effect, and the Company has performed all obligations required to be performed by it to the date hereof under each Material Contract and, to the Company’s knowledge, each other party to each Material Contract has performed all obligations required to be performed by it under such Material Contract, except in each case as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. The Company has not received notice, nor does it have knowledge, of (i) any violation or default of any obligation under (or any condition which with the passage of time or the giving of notice would cause such a violation of or default under), or of any cancellation, termination or indication of intent to no longer perform under, any Material Contract to which it is a party or by which it or any of its properties or assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallybound, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor indication from any of its Subsidiaries has received written notice of customers or resellers that any actualsuch customer or reseller no longer intends to conduct business with the Company, allegedexcept in each case for such violations, possible defaults, conditions or potential material violation ofterminations that would not, individually or material failure in the aggregate, reasonably be expected to comply with, any term or requirement of any Monsoon have a Company Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentAdverse Effect.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Captaris Inc), Merger Agreement (Open Text Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedules 2.15(a)(i) through (xvi) of the Monsoon Seller Disclosure Letter sets set forth a true complete and complete list, as accurate list of the date hereof, of each of the following all Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by to which Monsoon the Company or any Monsoon Subsidiary its Subsidiaries or any of their respective properties or assets the Business is otherwise bound that fall into the following categories (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision (A) with a Significant Customer pursuant to which materially limits Monsoon the Company or any Monsoon Subsidiary from engaging of its Subsidiaries has received cumulative revenue in excess of $15,000,000 in fiscal year 2019; or (B) with a Significant Supplier pursuant to which the Company or any activity or conducting business with any Person or of its Subsidiaries has cumulative expenditures in any geographic area or from soliciting employees or personnel excess of any Person$15,000,000 in fiscal year 2019 (collectively under (A) and (B), the “Material Commercial Contracts”);
(ii) any Contract (other than a Company Employee Plan, a Material Commercial Contract or a Contract that relates is a lease) providing for payments by or to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaborationof its Subsidiaries (or under which the Company or any of its Subsidiaries has made or received such payments) in fiscal year 2019 in an annual aggregate amount of $15,000,000 or more, cooperation or partnering Contractand in the case of a Contract that is a lease, in each case that is material to the Monsoon Business and for which the closing an annual aggregate amount of the relevant transaction has not occurred$1,000,000 or more;
(iii) (A) any joint venture Contract, (B) any Contract that relates involves a sharing of revenues, profits, cash flows, expenses or losses with other Persons and (C) any Contract that involves the payment by the Company or any of its Subsidiaries of royalties to the acquisition or disposition of any businessother Person, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredother than Contracts with respect to Generally Available Software;
(iv) any written Contract with any Related Person of Monsoon labor union or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)collective bargaining agreement or similar Contract with its employees;
(v) any material Contract (A) pursuant to which any Third Party Approval other party is required pursuant granted exclusive rights or “most favored party” rights of any type or scope with respect to a any of the Company Products or material Company-Owned Intellectual Property; (B) that materially limits or purports to materially limit the ability of the Company or any of its Subsidiaries, or, upon the consummation of the Transactions, Parent or any Subsidiary of Parent, to compete with any Person, in any line of business, market or field, or develop, sell, supply, manufacture, market, distribute, or support any material product or service, or to make use of any material Company-Owned Intellectual Property including any grants by the Company or its Subsidiaries of exclusive rights or licenses, in each case, in any geographic area or during any period of time; and (C) containing any “change of controltake or pay,” minimum commitments or similar clauseprovisions;
(vi) any Contract entered into other than on commercial arm’s length termsstandstill or similar agreement containing provisions prohibiting a Third Party from purchasing Equity Interests of the Company or its Subsidiaries or, in each case, the assets of the Company or its Subsidiaries or otherwise seeking to influence or exercise control over the Company or any of its Subsidiaries;
(vii) all Contracts under which any currency exchangematerial Intellectual Property is licensed, interest rate exchangeassigned or transferred to the Company or any of its Subsidiaries by a Third Party, commodity exchange other than (A) Contracts for the license or sale of Company Products or Intellectual Property in the Ordinary Course, (B) Contracts for the in-license of Generally Available Software or Open Source Materials, (C) permitted use rights to confidential information in nondisclosure agreements granting a limited right to use confidential information subject to customary protections to preserve confidentiality and proprietary rights and entered into in the Ordinary Course, and (D) employee invention assignment agreements and consulting agreements with Authors on the Company’s or any of its Subsidiaries’ standard form of agreement, copies of which have been provided to Parent, or a substantially similar Contractagreement (the “Material IP Contracts”);
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of pursuant to which any material Action imposing operational restrictions Company-Owned Intellectual Property is licensed (whether or conduct requirements on Monsoon not such license is currently exercisable), sold, assigned or any Monsoon Subsidiary otherwise conveyed or any of their respective Affiliates (including provided to a Third Party by the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Company or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallySubsidiaries, or by principles governing pursuant to which the availability of equitable remedies), (ii) Monsoon Company or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice agreed not to enforce any material Company-Owned Intellectual Property against any Third Party, in each case, excluding (A) Contracts for the license or sale of any actual, alleged, possible Company Products or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of Intellectual Property in the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).Ordinary Course,
Appears in 2 contracts
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.5(a) of the Monsoon Company Disclosure Letter sets forth Schedules lists all Contracts to which any GCL Company is a true and complete listparty, by which any GCL Company is bound or to which any GCL Company or any of its assets or properties are subject that are in effect as of the date hereofof this Agreement and constitute or involve the following (together with all amendments, of waivers or other changes thereto, each of the following Contracts to which Monsoon or any Monsoon Subsidiary is following, a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Material Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personeach employee collective bargaining Contract;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementobligations of, or payments to, any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;GCL Companies of $500,000 or more;
(iii) any Contract under which any GCL Company has created, incurred, assumed or guaranteed Indebtedness, has the right to draw upon credit that relates to the acquisition has been extended for Indebtedness, or disposition of any businesshas granted a Lien on its assets, whether by mergertangible or intangible, sale of stock, sale of assets or otherwiseto secure any Indebtedness, in each case for which the closing case, in an amount in excess of the relevant transaction has not occurred;$500,000;
(iv) any Contract that is a definitive purchase and sale or similar agreement entered into in connection with an acquisition or disposition by any Related GCL Company since March 31, 2022 of any Person or of Monsoon any business entity or division or business of any Monsoon Subsidiary Person (including through merger or consolidation or the purchase of a controlling equity interest in or substantially all of the assets of such Person or by any other than manner), but excluding any Contracts in which the agreements covered by clause (i) applicable acquisition or disposition has been consummated and any Monsoon Benefit Plan)there are no material obligations ongoing;
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change with outstanding obligations for the sale or purchase of control” personal property, fixed assets or similar clausereal estate, other than sales or purchases in the Ordinary Course;
(vi) any Contract entered into not made in the Ordinary Course and not disclosed pursuant to any other than on commercial arm’s length termsclause under this Section 3.5(a) and expected to result in revenue or require expenditures in excess of $500,000 in the calendar year ending March 31, 2023;
(vii) any currency exchangejoint venture Contract, interest rate exchangepartnership agreement, commodity exchange limited liability company agreement or similar ContractContract that is material to the business of the GCL Companies, taken as a whole;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates real property leasehold interest (including the Indigo Group Companies after the Closing Date);each, a “Real Property Lease”);
(ix) any Contract (other than Contracts entered into all leases or master leases of personal property reasonably likely to result in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess annual payments of $1,000,000; or500,000 or more in a 12-month period;
(x) any other Contract other than as set forth above pursuant to which Monsoon any GCL Company (A) licenses or is granted rights from a third party under Intellectual Property that is material to the business of the GCL Companies, taken as a whole, excluding click-wrap, shrink-wrap, off-the-shelf software licenses and any other software licenses that are commercially available on reasonable terms to the public generally with license, maintenance, support and other fees less than $250,000 per year provided such software is not combined with, linked to or distributed with any Owned Company Software or any Monsoon Subsidiary Company Product or (B) licenses or grants to a third party to any rights in or to use Owned Intellectual Property or Owned Company Software (excluding non-exclusive licenses granted to customers, contractors, suppliers or service providers in the Ordinary Course);
(xi) the grant of rights to manufacture, produce, assemble, license, market or sell any Company Products;
(xii) Contracts with any Governmental Authority;
(xiii) any Contract which restricts in any material respect or contains any material limitations on the ability of any GCL Company to compete in any line of business or in any geographic territory, in each case excluding customary confidentiality agreements (or clauses) or non-solicitation agreements (or clauses);
(xiv) Contracts between (A) on the one hand, any of the GCL Companies, and (B) on the other hand, any Company Shareholder;
(xv) all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting and advertising Contracts to which a GCL Company is a party that provide for payments by any GCL Company or to any GCL Company in excess of $250,000, in the aggregate, over any 12-month period;
(xvi) all Contracts that result in any Person holding an irrevocable power of attorney from any GCL Company that relates to any GCL Company or its business;
(xvii) Contracts to which any GCL Company is a party that are of the type that would be required to be filed with the Registration Statement under applicable SEC requirements pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act if the Company was the registrant.
(b) True, correct and complete copies of the Contracts required to be listed on Section 3.5(a) of the Company Disclosure Schedules, have been delivered to or made available to SPAC prior to the date of this Agreement, together with all amendments thereto.
(c) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) all Material Contracts to which any of the GCL Companies is a party or by which it or any of its assets or businesses is are bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (effect, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar and other Laws of general application affecting enforcement of creditors’ rights generally, or generally and by principles governing Laws relating to the availability of specific performance, injunctive relief or other equitable remedies), (ii) Monsoon none of the GCL Companies (nor, to the knowledge of the Company, any other party to any such Contract) is or, with the giving of notice, the lapse of time or otherwise, would be in default under any Material Contract to which any of the GCL Companies is or will be a party or by which its applicable Subsidiary assets are bound, (iii) since March 31, 2022, none of the GCL Companies has performed all received any written or, to the Company’s knowledge, oral claim or notice of material obligations required breach of or material default under any Material Contract, (iv) to the Company’s knowledge, no event has occurred which, individually or together with other events, would reasonably be performed expected to result in a material breach of or a material default under any Material Contract by it under a GCL Company or, to the Monsoon Material ContractsCompany’s knowledge, and it is not any other party thereto (in each case, with or without notice or lapse of time, time or both) in material breach or material default thereunder and), to the knowledge of Monsoon, no other party to any Monsoon Material Contract is and (with or without notice or lapse of time, or both) in breach or default thereunder, (iiiv) since January 1March 31, 20142022 through the date hereof, neither Monsoon nor any none of its Subsidiaries the GCL Companies has received written notice of from any actual, alleged, possible customer or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary supplier that is a party will be in effect which purports to legally bind, any Material Contract that such party intends to terminate or impose not renew any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Contract.
Appears in 2 contracts
Sources: Merger Agreement (RF Acquisition Corp.), Merger Agreement (RF Acquisition Corp.)
Material Contracts. (a) All Contracts required to be Except for this Agreement, the Company Benefit Plans, the Company Real Property Leases, the Company Subleases and agreements filed as exhibits to the Monsoon Company SEC Documents have been so (including those that are filed in a timely manner. Section 5.17(a) of with the Monsoon Disclosure Letter sets forth a true SEC at any time prior to the date hereof and complete listincorporated by reference thereto), as of the date hereofof this Agreement, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel K of any Personthe SEC);
(ii) any Contract that relates with any Top Company Customer or Top Company Vendor pursuant to which material payments are to be made or received by the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaboration, cooperation of its Subsidiaries or partnering Contract, in each case that is material to the Monsoon Business and for which the closing obligations of the relevant transaction has not occurredCompany or any of its Subsidiaries will remain outstanding after the date of this Agreement, other than with respect to commercial product Warranties on customary terms;
(iii) any Contract that relates under which the Company or any of its Subsidiaries has continuing indemnification, earnout or similar obligations to or by any third person which are material to the acquisition or disposition of any businessCompany and its Subsidiaries, whether by mergertaken as a whole, other than those entered into on customary terms in connection with the distribution, sale of stock, sale of assets or otherwise, in each case for which the closing license of the relevant transaction has not occurredCompany’s products in the Ordinary Course of Business and other than any such Contracts that may be cancelled without liability to the Company or its Subsidiaries upon notice of 90 days or less;
(iv) any Contract with concerning the acquisition or divestiture of any Related Person of Monsoon entity or any Monsoon Subsidiary business (other than or all or substantially all of the agreements covered assets of any entity or any business), or any investment in, or acquisition or divestiture of any security of, any entity, by clause (i) and the Company or any Monsoon Benefit Plan)of its Subsidiaries under which the Company or any of its Subsidiaries has any material continuing obligations;
(v) any material Contract pursuant to for capital expenditures involving payments of more than $4,000,000 individually or $8,000,000 in the aggregate, by or on behalf of the Company or any of its Subsidiaries, for which any Third Party Approval is required pursuant to a “change reserves have not already been established in the financial statements of control” or similar clausethe Company and its Subsidiaries;
(vi) any Contract entered into which is material to the operations of the Company and its Subsidiaries, taken as a whole, involving a joint venture or strategic alliance or partnership agreement or other than on commercial arm’s length termssharing of profits or losses with any person;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar ContractContract relating to indebtedness for borrowed money in an amount in excess of $5,000,000 individually;
(viii) any Contract entered into by Monsoon with any Top Company Customer or Top Company Vendor containing any, or, to the knowledge of the Company, any Monsoon Subsidiary in connection with the settlement other material Contract containing any material, covenants, commitments, or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary obligations by the Company or any of their respective Affiliates its Subsidiaries (A) not to compete with any person in a line of business or activity, (B) not to engage in any line of business or activity in any geographic location in a line of business, activity or geographic location, (C) granting any exclusive rights to any third party, (D) including “take or pay,” “sole source” or “requirements” obligations, (E) granting any “most favored pricing” or similar terms to any third party, or (F) otherwise prohibiting or limiting the Indigo Group Companies after right of the Closing Date)Company or its Subsidiaries to sell, distribute or manufacture any products or services or to purchase or otherwise obtain any software, components, parts or subassemblies, in each case, other than any such Contracts (x) that may be cancelled without material liability to the Company or any of its Subsidiaries upon notice of 180 days or less, or (y) which are not material to the Company and its Subsidiaries, taken as a whole;
(ix) any Contract (other than Contracts entered into in disclosed or required to be disclosed on Section 3.20(g) of the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orCompany Disclosure Letter;
(x) any other Contract Order or settlement or conciliation agreement entered into since January 1, 2018, other than as set forth above (A) releases immaterial in nature and amount entered into with former employees or independent contractors of the Company in the Ordinary Course of Business or (B) settlement agreements which would not require the Company to which Monsoon pay consideration in excess of $2,000,000;
(xi) any Contract evidencing an outstanding loan, advance or any Monsoon Subsidiary is a party or investment by which it the Company or any of its assets Subsidiaries to or businesses in, any person (other than the Company or any other Subsidiary of the Company) of more than $5,000,000 in the aggregate (excluding trade receivables and advances to employees for normally incurred business expenses, each arising in the Ordinary Course of Business);
(xii) each Material Government Contract (excluding any Government Contracts with universities or similar institutions on customary and reasonable terms); and
(xiii) any Contract not described above and pursuant to which the Company or any of its Subsidiaries has paid or received payments in excess of $5,000,000 in the most recent fiscal year, or is bound obligated to pay or subject that entitled to receive payments in excess of $5,000,000 in the 12-month period following the date hereof, in each case, other than (A) Contracts solely between the Company and a wholly owned (direct or indirect) Subsidiary of the Company or solely between wholly owned (direct or indirect) Subsidiaries of the Company, (B) Contracts with customers, suppliers, vendors, or third-party service providers entered into in the Ordinary Course of Business on reasonable terms or (C) Government Contracts. Each contract of any of the types referred to in clauses (i) through (xiii) above in existence as of the date of this Agreement is material referred to the Monsoon Business or the use or operation of their assetsherein as a “Company Material Contract.”
(b) Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (i) All Contracts set forth or required to be set forth in Section 5.17(a) neither the Company nor any Subsidiary of the Monsoon Disclosure Letter Company is in breach of or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it default under the Monsoon terms of any Company Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Contract and, to the knowledge of Monsoonthe Company, no other party to any Monsoon Company Material Contract is (with or without notice or lapse of time, or both) in breach of or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice under the terms of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Company Material Contract, and (ivii) neither Monsoon nor any of its Subsidiaries has received any written notice each Company Material Contract is a valid and binding obligation of the intention of any party to cancel, terminate, change Company or the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) Subsidiary of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary Company that is party thereto (or words and, to the knowledge of similar import)the Company, Indigo Parent or any Affiliate thereof (of each other than Monsoon or any Monsoon Subsidiary)party thereto, and is in full force and effect, subject to the Remedies Exceptions.
Appears in 2 contracts
Sources: Merger Agreement (Ii-Vi Inc), Merger Agreement (Coherent Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each Schedule 5.12 identifies all of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party the ------------- Subsidiaries are parties or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is the Subsidiaries are bound (including any amendmentscollectively, supplements and modifications thereto"Material Contracts"):
(i) any non-competition agreementeach purchase order, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes commitment obligating the Subsidiaries to purchase any provision which materially limits Monsoon products or any Monsoon Subsidiary from engaging in any activity services and providing for an aggregate payment of $1,000 or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personnot cancelable on 60 days notice;
(ii) any Contract that relates all agreements relating to the formationborrowing of money, creation, governance or control liability for the deferred purchase price of any partnership, joint venture property or similar arrangementservices (excluding normal and customary trade payables which are not overdue), or any collaborationinstrument guaranteeing any indebtedness or other liability or any obligation to incur any indebtedness, cooperation including any interest rate swap or partnering Contract, in each case that is material other agreement affecting or relating to interest payable by the Monsoon Business and for which the closing Subsidiary under any of the relevant transaction has not occurredforegoing agreements;
(iii) any Contract that relates to the acquisition joint venture, partnership, strategic alliance or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredother similar arrangement;
(iv) any Contract with any Related Person guarantee of Monsoon the obligations of the suppliers, officers, directors or any Monsoon Subsidiary (other than employees of the agreements covered by clause (i) and any Monsoon Benefit Plan)Subsidiaries;
(v) any material Contract pursuant agreement limiting, in any manner, the ability of the Subsidiaries to engage in any business anywhere in the world (including, without limitation, any agreements with manufacturers or retailers which any Third Party Approval is required pursuant to a “change of control” contain exclusive dealing or similar clauseprovisions);
(vi) any Contract entered into employment, consulting, management, severance or other than on commercial arm’s length termssimilar agreement with any Person;
(vii) any currency exchangeunion, interest rate exchangecollective bargaining, commodity exchange works council or similar Contract;agreement; or
(viii) any Contract entered into by Monsoon other material contract, agreement, commitment, understanding or any Monsoon Subsidiary in connection with instrument providing for payments to or from the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsSubsidiaries.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each Material Contract is the valid and binding obligation of the Monsoon Disclosure Letter or filed or required to be filed Subsidiaries, as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validapplicable, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary against it in accordance with their terms (except insofar as such enforceability may be limited by its respective terms, subject to applicable bankruptcy, insolvency, reorganization, insolvency moratorium or similar Laws other laws affecting the enforcement of creditors’ ' rights generally, or by principles governing and the availability application of equitable remediesprinciples (whether considered in a proceeding at law or in equity). None of the Subsidiaries, or to the Knowledge of the LLC any of the other parties thereto, is in breach or default under (ii) Monsoon including any circumstances that would result in a breach or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (default with or without notice or lapse of time, time or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon such Material Contract is (with or without notice or lapse of timein any material respect, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor has waived any of its Subsidiaries has received written notice material provision of any actual, alleged, possible such Material Contract or potential material violation of, or material failure agreed to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon do so. Neither the LLC nor any of its the Subsidiaries has received any written notice of the intention breach or default (including any written notice of circumstances that would constitute a breach or default with notice or lapse of time or both) or termination under any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon ClosingA true, save as disclosed in Section 5.17(c) complete and correct copy of each Material Contract, including each agreement and instrument listed on Schedule 11.3, ------------- has been provided to Cornerstone on or before the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Closing Date.
Appears in 2 contracts
Sources: Membership Interest Contribution Agreement (Cornerstone Realty Income Trust Inc), Membership Interest Contribution Agreement (Cornerstone Realty Income Trust Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits The Seller has provided to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) Purchaser true, correct and complete copies of all contracts material to the operation of the Monsoon Disclosure Letter sets forth a true and complete listBusiness, as of the date hereofincluding, of each of but not limited to, the following Contracts contracts to which Monsoon the Seller or any Monsoon a Subsidiary is a party (individually a "Material Contract" and collectively the "Material Contracts"):
(a) all bonds, debentures, notes, loans, credit or by which Monsoon loan agreements or loan commitments, mortgages, indentures, guarantees or other contracts relating to the borrowing of money or binding upon any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentsreal, supplements and modifications thereto):personal or mixed, tangible or intangible) of the Seller or its Subsidiaries;
(ib) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement all leases relating to Real Property or other Contract that includes leases or licenses involving any provision properties or assets (whether real, personal or mixed, tangible or intangible) involving an annual commitment or payment of more than $10,000 individually by the Seller or its Subsidiaries;
(c) all contracts or agreements which materially limits Monsoon limit or restrict the Seller or its Subsidiaries or, to the knowledge of the Seller, any Monsoon Subsidiary officers or key employees of the Seller or its Subsidiaries from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personjurisdiction;
(iid) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business all franchising and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (licensing agreements other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts customer contracts entered into in the ordinary course of business consistent with past practicepractice and non-exclusive software licenses for generally available software;
(e) which provides any contract or agreement for aggregate future sums due from Monsoon capital expenditures or the acquisition or construction of fixed assets requiring the payment by the Seller or any Monsoon Subsidiary or of its Subsidiaries of an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) amount in excess of $1,000,000; or10,000;
(xf) any contract that provides for an increased payment or benefit, or accelerated vesting, upon the execution of the Agreement or in connection with the transactions contemplated hereby;
(g) any contract or agreement granting any person a Lien on all or any part of any assets;
(h) any contract or agreement for the cleanup, abatement or other Contract actions in connection with any Hazardous Materials (as hereinafter defined), the remediation of any existing environmental condition or relating to the performance of any environmental audit or study;
(i) any contract or agreement granting to any person an option or a first refusal, first-offer or similar preferential right to purchase or acquire any assets;
(j) any contract or agreement with any agent, distributor or representative which is not terminable without penalty on thirty (30) calendar days' or less notice;
(k) except for contracts with customers entered into in the ordinary course of business consistent with past practice and license agreements with respect to generally available software, any contract or agreement for the granting or receiving of a license or sublicense or under which any person is obligated to pay or has the right to receive a royalty, license fee or similar payment;
(l) any contract providing for the indemnification or holding harmless of any officer, director or employee;
(m) any joint venture or partnership contract;
(n) any customer contract for the provision of goods or services by the Seller;
(o) any outstanding power of attorney empowering any Person to act on behalf of the Seller;
(p) any contracts, consulting agreements or termination or severance agreements in respect of any officer, employee or former employee (to the extent any obligations remain in existence with respect to such former employee), consultant or independent contractor (other than as set forth above Seller Benefit Plans); and
(q) all existing contracts and commitments (other than those described in subparagraphs (a) through (p) of this Section 3.13) to which Monsoon the Seller or any Monsoon Subsidiary of its Subsidiaries is a party or by which it its properties or assets are bound involving an annual commitment or annual payment to or from the Seller or any of its assets Subsidiaries of more than $30,000 individually or businesses which is bound or subject that is otherwise material to the Monsoon Business Business. Copies of all correspondence and a written summary of all oral commitments with respect to the Assumed Contracts that would result in a material modification of such contract or would result in costs or expenses in excess of $15,000 have been provided by the use Seller to the Purchaser or operation such commitments have been quantified in Section 3.11 of the Seller Disclosure Letter. Notwithstanding the foregoing, the Seller has not provided to the Purchaser copies of all nondisclosure agreements, employment letters and software licenses for generally available software. Each of the employment letters that has not been provided to the Seller is substantially in the form included in Section 3.13 of the Seller Disclosure Letter. The Assumed Contracts are legal, valid, binding and enforceable in accordance with their assets.
(b) (i) All Contracts set forth or required respective terms with respect to be the Seller and, to the Seller's knowledge, each other party to such Assumed Contracts. Except as set forth in Section 5.17(a) 3.5 of the Monsoon Seller Disclosure Letter Letter, there are no existing defaults or filed breaches of the Seller under any Assumed Contract (or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validevents or conditions which, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, time or bothboth would constitute a default or breach) in material breach or material default thereunder and, to the knowledge of Monsoonthe Seller, there are no other party to any Monsoon Material Contract is such defaults (or events or conditions which, with or without notice or lapse of time, time or both, would constitute a default or breach) with respect to any third party to any Assumed Contract. Except as set forth in breach Section 3.13 of the Seller Disclosure Letter, the Seller is not participating in any discussions or negotiations regarding modification of or amendment to any Assumed Contract or entry in any new material contract applicable to the Business or the Assets. Section 1.2(d) of the Seller Disclosure Letter identifies each Assumed Contract set forth therein that requires the consent of or notice to the other party thereto to avoid any breach, default thereunderor violation of such contract, agreement or other instrument in connection with the transactions contemplated hereby, including the assignment of such Assumed Contract to the Purchaser. Section 1.2(d) of the Seller Disclosure Letter also identifies each Assumed Contract set forth therein that (iiii) since January 1, 2014, neither Monsoon nor obligates the Seller or any of its Subsidiaries has received written notice of to perform research and development, (ii) contains any actualfixed price research and development obligations or (iii) contains any research and development or deliverable obligations which are currently unfunded, allegednot supported by customer obligations to pay for such efforts on a time and material basis, possible unscheduled or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentbehind schedule.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Asset Purchase Agreement (Phoenix International LTD Inc), Asset Purchase Agreement (London Bridge Software Holdings PLC)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.17(a) of the Monsoon Company Disclosure Letter Schedule sets forth a true and complete list, list as of the date hereofof this Agreement of each of the following Contracts (other than Company Employee Plans and such Contracts solely among the Company and any of its wholly owned Subsidiaries) to which the Company or any of its Subsidiaries is a party or by which it is bound (each such Contract listed or required to be so listed, of and each of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary is of its Subsidiaries becomes a party or by which Monsoon or any Monsoon Subsidiary or any it becomes bound after the date of their respective properties or assets is bound (including any amendmentsthis Agreement, supplements and modifications theretoa “Company Material Contract”):
(i) any Contract to which any of the top ten (10) customers or top ten (10) vendors of the Company (determined on the basis of the consolidated revenue or consolidated expenses, as applicable, of the Company and its Subsidiaries, taken as a whole, for the fiscal year ended December 31, 2024) is a party (excluding any immaterial non-competition agreement, non-solicitation agreement, exclusive distribution, franchise disclosure agreements that are ancillary to Contracts pursuant to which payments are made to the Company or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personits Subsidiaries);
(ii) any Contract that relates (A) limits or purports to limit, in any material respect, the formationfreedom of the Company or any of its Subsidiaries to engage or compete in any line of business or with any Person or in any area or that would so limit or purport to limit, creationin any material respect, governance the freedom of Parent, the Company or control any of their respective Affiliates after the Effective Time, (B) contains any partnershipmaterial exclusivity or material “most favored nation” obligations, joint venture material rights of first refusal, material rights of first offer, material put or call rights or other restrictions or similar arrangement, provisions that are binding on the Company or any collaborationof its Subsidiaries (or, cooperation after the Effective Time, that would be binding on Parent or partnering Contractany of its Affiliates) or (C) otherwise limits or restricts, in each case that is any material to respect, the Monsoon Business and Company or any of its Subsidiaries (or, after the Effective Time, Parent or any of its Affiliates) from hiring or soliciting any Person for which the closing of the relevant transaction has not occurredemployment;
(iii) (A) any standard form Contract pursuant to which the Company or any of its Subsidiaries provides the Company Product or other Product to any client and (B) any material Contract (or group of Contracts that, in the aggregate, are material) pursuant to which the Company or any of its Subsidiaries provides the Company Product or other Product to any client that is not on any such standard form or includes any material deviations from any such standard form;
(iv) any Contract reasonably expected to result in payments made or received by the Company and its Subsidiaries in excess of $1,500,000 in any year that relates provides for any referral arrangement, commission sharing arrangement or co-marketing arrangement, including any finder’s agreement;
(v) any material Contract for which the execution, delivery and performance by the Company of this Agreement or the consummation of any of the Transactions would (A) require any consent or other action (including notice by the Company) thereunder, (B) constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default, thereunder, (C) cause or permit the termination, cancellation, acceleration or other change of any material right or obligation (including triggering of a price adjustment, right of renegotiation or other remedy) or the loss of any material benefit to which the Company or any of its Subsidiaries is entitled thereunder or (D) require any material payment by the Company or any of its Subsidiaries thereunder;
(vi) promissory notes, loan agreements, indentures, evidences of indebtedness or other instruments providing for or relating to the lending of money, (A) if as borrower or guarantor, in excess of $1,500,000, and (B) if as lender, in excess of $1,500,000;
(vii) any material joint venture, profit-sharing, partnership, stockholders, investors rights, registration rights or similar Contract;
(viii) any Contracts or series of related Contracts entered into within the last three (3) years relating to the acquisition or disposition of the business, assets or securities of any businessPerson or any business for a price in excess of $1,500,000 (in each case, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract Contracts or other transactions with any (other than Contracts entered into A) executive officer or director of the Company, (B) record or, to the knowledge of the Company, beneficial owner of five percent (5%) or more of the voting securities of the Company, or (C) affiliates or “associates” (or members of any of their “immediate family”) (as such terms are respectively defined in Rule 12b-2 and Rule 16a-1 of the ordinary course Securities Exchange Act) of business consistent with past practice) which provides for aggregate future sums due from Monsoon any such executive officer, director or any Monsoon Subsidiary or an aggregate future liability beneficial owner (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000the foregoing, a “Related Party” and each such Contract, a “Related Party Contract”); orand
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits by the Company pursuant to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(aItem 601(b)(10) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).Regulation S-K.
Appears in 2 contracts
Sources: Merger Agreement (Strive, Inc.), Merger Agreement (Semler Scientific, Inc.)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. set forth on Section 5.17(a3.16(a) of the Monsoon Company Disclosure Letter sets forth a true and complete listSchedule, as of the date hereof, of each none of the following Contracts to which Monsoon Company or any Monsoon Subsidiary of its Subsidiaries is a party to or bound by any:
(A) Contract relating to indebtedness for borrowed money or to mortgaging, pledging or otherwise placing a Lien on any material portion of their assets, (B) Contract relating to any factoring, supplier, trade or vendor financing or (C) Contract under which Monsoon it has advanced or loaned any Monsoon Subsidiary other Person (other than the Company or any of their respective properties or assets is bound its Subsidiaries), in each case of the foregoing clauses (including any amendmentsA) and (B), supplements in an amount in excess of $100,000, and modifications thereto):
in case of the foregoing clause (i) any non-competition agreementC), non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or an amount in any geographic area or from soliciting employees or personnel excess of any Person$50,000;
(ii) guaranty of any financial obligation made on behalf of any Person other than the Company or any of its Subsidiaries or other guaranty, in each case, in an amount in excess of $100,000;
(iii) Contract that relates with respect to any interest rate, currency or other swap or derivative transaction (other than those between the Company and its Subsidiaries);
(iv) Contract involving any resolution or settlement of any actual or threatened Proceeding against the Company or any of its Subsidiaries involving (A) a payment in excess of $500,000 which was not covered by insurance and entered into within the last three (3) years or (B) any material ongoing requirements or restrictions on the Company or any of its Subsidiaries;
(v) Leased Real Property Leases and Landlord Leases;
(vi) lease or agreement under which the Company or any of its Subsidiaries is lessee or lessor of, or holds or operates any material personal property owned by any other party, or permits any Third Party to hold or operate any material personal property owned or controlled by the Company or any of its Subsidiaries, in each case for which the annual rental exceeds $150,000;
(vii) agreements (A) relating to any pending or completed material business combination, merger, acquisition or divestiture or similar transaction by the Company or any of its Subsidiaries within the last three (3) years, (B) pursuant to which any of the Company or any of its Subsidiaries has remaining material obligations or liabilities relating to any completed material business combination, merger, acquisition or divestiture or similar transaction, or (C) giving any person the right to acquire any material equity interests, stock, assets or businesses of the Company or any of its Subsidiaries after the date hereof;
(viii) Contract concerning (A) the formation, creation, governance operation, management or control of any partnershipjoint venture, joint venture partnership or similar arrangement, agreement or other similar arrangement with a Third Party or (B) the ownership of any collaboration, cooperation equity interest in any entity or partnering Contractbusiness other than the Subsidiaries of the Company, in each case that is material to the Monsoon Business and for which the closing business of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any businessCompany and its Subsidiaries, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to taken as a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)whole;
(ix) Contract pursuant to which (A) the Company or any Contract of its Subsidiaries are licensed or otherwise permitted by a Third Party to use any Intellectual Property material to the business of the Company and its Subsidiaries, taken as a whole (other than Contracts non-exclusive licenses of “shrink-wrap”, “click-wrap” and “off-the-shelf” software, and non-exclusive licenses of other software that is generally commercially available with one-time or aggregate annual license, maintenance, support and other fees of $100,000 or less per vendor) or (B) any Third Party is licensed or otherwise permitted to use any material Company Intellectual Property;
(x) Contract which (A) expressly limits or prohibits the Company or any of its Subsidiaries from competing or freely engaging in business anywhere in the world, (B) purports to restrict the ability of Parent or its Subsidiaries (including the Surviving Corporation and its Subsidiaries) following the Effective Time to compete in any line of business or (C) contains any right of first refusal, right of first negotiation or offer, “most favored nation,” exclusivity or similar covenants that would materially restrict future business activity of the Company or any of its Subsidiaries following the Effective Time, excluding customary back-solicitation provisions;
(xi) with respect to material Company Intellectual Property, any (A) Contract that limits the freedom or right of the Company or any of its Subsidiaries to use such Company Intellectual Property, (B) settlement Contract, consent-to-use or co-existence agreement or (C) Contract providing for the assignment, ownership, creation or development of such Company Intellectual Property (excluding employee and independent contractor agreements on the standard form of the Company or any of its Subsidiaries which are entered into in the ordinary course of business consistent with past practicebusiness);
(xii) which provides for aggregate future sums due from Monsoon Contract between any Governmental Entity and the Company or any Monsoon Subsidiary of its Subsidiaries;
(xiii) collective bargaining agreement, neutrality agreement, card check agreement or an aggregate future liability any other Contract with any union, works council or other labor organization affecting any employee of the Company or any of its Subsidiaries;
(contingent xiv) Contract between the Company or otherwiseany of its Subsidiaries, on the one hand, and any director or officer of the Company or its Subsidiaries or any person beneficially owning 5% or more of the outstanding Shares, on the other hand (except for any Company Benefit Plan);
(xv) to Contract with suppliers of the Company and its Subsidiaries paid more than $250,000 for the 12-month period ending September 30, 2023;
(xvi) Contract which restricts the payment of dividends or distributions in respect of any Person Equity Interests of the Company and its Subsidiaries; or
(in each case xvii) other than Monsoon or customer Contracts entered into in the ordinary course, any Monsoon Subsidiary) other Contract not covered by any other subsection hereof, which involves annual consideration in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets250,000.
(b) Section 3.16(b) of the Company Disclosure Schedule contains a list, in alphabetical order, of the Company’s top fifteen customers by revenue for the 12-month period ending September 30, 2023.
(c) The Company has delivered or made available to Parent or its Representatives, including by filing as exhibits to Company SEC Documents, as applicable (i) All true and correct copies in all material respects of all written Contracts set forth or that are required to be set forth in on Section 5.17(a3.16(a) of the Monsoon Company Disclosure Letter Schedule and (ii) information on all contracts with the customers set forth on Section 3.16(b) of the Company Disclosure Schedule (clauses (i) and (ii) collectively, the “Company Material Contracts”), together with all material amendments, waivers or filed other changes thereto (but subject, in each case, to redactions of pricing and other competitively sensitive information to the extent required by Antitrust Law).
(d) Except for those that have terminated or expired in accordance with their terms, and except as would not, individually or in the aggregate, reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole, (i) each of the Company and its Subsidiaries have performed the obligations required to be filed performed by it and is not in default under, in breach of, nor in receipt of any written claim of default or breach under, any Company Material Contract, (ii) no event has occurred which, with the passage of time or the giving of notice or both, would result in a default or breach by the Company or any of its Subsidiaries under any Company Material Contract and (iii) as exhibits of the date hereof, to the Monsoon SEC Documents (Knowledge of the “Monsoon Company, there is no breach or threatened breach by the other parties to any Company Material Contracts”) Contract. Except for those that have terminated or expired in accordance with their terms, and except as would not, individually or in the aggregate, reasonably be expected to be material to the Company and its Subsidiaries, taken as a whole, all of the Company Material Contracts are valid, binding valid and in full force and effect and constitute legal, valid and binding obligations of the Company or its Subsidiaries party thereto, and are enforceable by Monsoon against the Company or its applicable Subsidiary Subsidiaries party thereto in accordance with their respective terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or and other similar Laws affecting creditors’ rights generallygenerally and subject, or by as to enforceability, to general principles governing the availability of equitable remediesequity), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of Monsoonthe Company, no constitute legal, valid and binding obligations of the other party to any Monsoon Material Contract is (or parties thereto, enforceable against such party or parties in accordance with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind their respective terms (except for any confidentiality obligations that as enforceability may arise be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws affecting creditors’ rights generally and subject, as a result to enforceability, to general principles of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiaryequity).
Appears in 2 contracts
Sources: Merger Agreement (Patriot Transportation Holding, Inc.), Merger Agreement (Patriot Transportation Holding, Inc.)
Material Contracts. (a) All Subsections (i) through (xvi) of Section 3.18(a) of the Company Disclosure Schedule set forth an accurate and complete list of all of the following types of Contracts (x) to which any Group Company is a party, excluding in each case, Contracts under which such Group Company has no outstanding rights or obligations and (y) have not been filed with or furnished to the SEC as an exhibit to the Company’s filings with the SEC (such Contracts as are required to be filed as exhibits to the Monsoon SEC Documents have been so filed set forth in a timely manner. Section 5.17(a3.18(a) of the Monsoon Company Disclosure Letter sets forth a true and complete listSchedule being the “Material Contracts”), as and, other than this Agreement, none of the date hereof, of each of the following Contracts to which Monsoon Company or any Monsoon Subsidiary of its Subsidiaries is a party to or bound by which Monsoon or any Monsoon Subsidiary or any Material Contracts not listed in Section 3.18(a) of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):the Company Disclosure Schedule:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel would be required to be filed by the Company pursuant to Item 4 of any Personthe Instructions to Exhibits of Form 20-F under the Exchange Act;
(ii) any Contract that relates relating to (A) the formation, creation, governance operation, management or control of any a partnership, joint venture venture, limited liability company or similar arrangementarrangement with the Group Company making investment in the amount of more than US$50,000,000, (B) strategic cooperation or partnership arrangements, or (C) other similar agreements outside the ordinary course of business involving a sharing of profits, losses, costs or liabilities by any collaboration, cooperation or partnering Contract, in each case Group Company that is material to the Monsoon Business and for which the closing business of the relevant transaction has not occurredCompany;
(iii) any Contract that relates involving a loan (other than accounts receivable from trade debtors in the ordinary course of business) or advance to (other than travel and entertainment allowances to the acquisition employees of the Company and any of its Subsidiaries extended in the ordinary course of business), or disposition investment in, any person other than a Group Company or any Contract relating to the making of any businesssuch loan, whether by merger, sale of stock, sale of assets advance or otherwise, in each case for which investment that is material to the closing financial status of the relevant transaction has not occurredCompany;
(iv) any Contract with any Related Person involving Indebtedness of Monsoon the Company or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)of its Subsidiaries in excess of US$50,000,000;
(v) any Contract granting or evidencing a Lien on any material Contract pursuant to which properties or assets of the Company or any Third Party Approval is required pursuant to of its Subsidiaries, other than a “change of control” or similar clausePermitted Encumbrances;
(vi) any Contract entered into for the acquisition, disposition, sale, transfer or lease (including leases in connection with financing transactions) of properties or assets of the Company or any of its Subsidiaries that have a fair market value or purchase price of more than US$50,000,000 (by merger, purchase or sale of assets or stock or otherwise) or pursuant to which the Company or any of its Subsidiaries have continuing, indemnification, guarantee, “earn-out” or other than on commercial arm’s length termscontingent payment obligations;
(vii) any currency exchangeContracts involving any resolution or settlement of any actual or threatened material litigation, interest rate exchangearbitration, commodity exchange claim or similar Contractother dispute;
(viii) any Contract entered into for the employment of any officer, individual employee or other person by Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries on a full-time or consulting basis or any severance agreements calling for payments in connection with the settlement excess of US$10,000,000 annually;
(ix) any non-competition Contract or other resolution Contract that purports to limit, curtail or restrict in any material respect the ability of the Company or any of its Subsidiaries to compete in any geographic area, industry or line of business that is material to the business of the Company;
(x) any Contract that 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 material Action imposing operational restrictions person or conduct requirements on Monsoon assets that have a fair market value or purchase price of more than US$50,000,000;
(xi) any Contract (other than Contracts granting Company Options or Company RSUs) giving the other party the right to terminate such Contract as a result of this Agreement or the consummation of the Transactions, including the Merger, where (A) such Contract requires any payment in excess of US$50,000,000 to be made by the Company or any Monsoon Subsidiary of its Subsidiaries or (B) the value of the outstanding receivables due to the Company and its Subsidiaries under such Contract is in excess of US$50,000,000;
(xii) any Contract that contains restrictions with respect to (A) payment of dividends or any distribution with respect to equity interests of the Company or any of its Subsidiaries, (B) pledging of share capital of the Company or any of its Subsidiaries or (C) issuance of guarantee by the Company or any of its Subsidiaries;
(xiii) any material Contract providing for (A) a license, covenant not to s▇▇ or other right granted by any Third Party under any Intellectual Property to the Company or any of its Subsidiaries, (B) a license, covenant not to s▇▇ or other right granted by the Company or any of its Subsidiaries to any Third Party under any Intellectual Property, other than agreements for off-the-shelf Software, (C) an indemnity of any person by the Company or any of its Subsidiaries against any charge of infringement, misappropriation, unauthorized use or violation of any Intellectual Property right, or (D) any royalty, fee or other amount payable by the Company or any of its Subsidiaries to any person by reason of the ownership, use, sale or disposition of Intellectual Property;
(xiv) any material Contract outside the ordinary course of business of the Company or not on arm’s length terms between the Company or any of its Subsidiaries, on one hand, and any Affiliate or other entity in which any Group Company has a direct or indirect equity interest, or director, or executive officer, or any person beneficially owning ten percent (10%) or more of the outstanding Equity Securities of any Group Company or any of their respective Affiliates (including other than the Indigo Group Companies after Companies), or immediate family members or any of the Closing Date)respective Affiliates of such family members, on the other hand;
(ixxv) any Contract which have not been covered by subsections (other i) through (xiv) and involves consideration of more than Contracts entered into US$50,000,000, in the ordinary course aggregate, over the remaining term of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000such Contract; or
(xxvi) any other Contract other than as set forth above which could reasonably be expected to which Monsoon or any Monsoon Subsidiary is have a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsCompany Material Adverse Effect.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each Material Contract is a legal, valid and binding obligation of the Monsoon Disclosure Letter or filed or required to be filed a Group Company, as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validapplicable, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary against the such Group Company in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyits terms, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing subject to the availability of equitable remedies), Bankruptcy and Equity Exception; (ii) Monsoon or to the knowledge of the Company, each Material Contract is a legal, valid and binding obligation of the counterparty thereto, in full force and effect and enforceable against such counterparty in accordance with its applicable Subsidiary has performed all material obligations required terms, subject to be performed by it under the Monsoon Material ContractsBankruptcy and Equity Exception, and it is not (with or without notice or lapse of time, or bothiii) in material breach or material default thereunder no Group Company and, to the knowledge of Monsoonthe Company, no other party counterparty, is or is alleged to any Monsoon Material Contract is (with or without notice or lapse of time, or both) be in material breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Material Contract, and ; (iv) neither Monsoon nor to the knowledge of the Company, no person intends to terminate or cancel any of its Subsidiaries Material Contract; (v) no Group Company has received any written notice claim of default under any such Material Contract and, to the Company’s knowledge, no fact or event exists that would give rise to any claim of default under any Material Contract; and (vi) neither the execution of this Agreement nor the consummation of any Transaction shall constitute a material default under, give rise to cancellation rights under, or otherwise adversely affect any of the intention material rights of any party to cancel, terminate, change the scope of rights Group Company under or fail to renew any Monsoon Material Contract. True The Company has furnished or made available to Parent true and complete copies of each written Monsoon all Material ContractContracts, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any amendments thereto and waivers thereunder) have been made available to Indigo Parentthereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Yao Jinbo), Merger Agreement (58.com Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon The Disclosure Letter sets forth a true and complete list, list as of the date hereof, hereof of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
all (i) any non-competition agreementContracts for borrowed money or guarantees thereof, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with the past practicepractice of the Company involving less than $2,000,000 individually or $10,000,000 in the aggregate or Contracts between the Company and any of its wholly owned Subsidiaries or between any of the Company's wholly owned Subsidiaries, (ii) which provides for aggregate future sums due from Monsoon Contracts involving any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any Monsoon other similar transaction (including any option with respect to any of these transactions), or any combination of these transactions (each a "Derivative" and collectively, "Derivatives"), other than Derivatives entered into in the ordinary course of business consistent with the past practice of the Company and with the Company's policies regarding Derivatives as previously disclosed to Purchaser, (iii) Contracts containing covenants by the Company or any Subsidiary restricting its ability or an aggregate future the ability of any of the affiliates of the Company or any of its Subsidiaries to engage in any line of business, (iv) Contracts to purchase materials, supplies or other assets, other than purchase orders entered into in the ordinary course of business consistent with the past practice of the Company and other Contracts involving obligations of less than $2,000,000 individually and $10,000,000 in the aggregate, (v) Contracts to purchase or acquire advertising or other product promotion or brand support other than spot orders purchased in the ordinary course of business or involving commitments by the Company of less than $1,000,000, (vi) Contracts with distributors, brokers or sales agents for the distribution of the products of the Company in any of the Key Jurisdictions identified as Category A Key Jurisdictions in the Disclosure Letter or in which the Company acts as distributor, broker or sales agent for others in any Key Jurisdiction, other than Contracts involving or likely to involve payments of less than $200,000 per year, (vii) Contracts entered into by the Company since January 1, 1986 and in which the Company's surviving liability (contingent including indemnities) could reasonably be expected to exceed $1,000,000 and involving the sale or otherwiseother disposition by the Company of one or more business units, divisions or entities (including former Subsidiaries), (viii) to Contracts involving the investment, including by way of capital contribution, loan or advance, by the Company or any Person of its Subsidiaries of more than $1,000,000 in any other person, firm or entity (in each case other than Monsoon wholly-owned Subsidiaries), other than investments no longer owned by the Company or any Monsoon Subsidiaryits Subsidiaries, (ix) in excess other Contracts under which the obligation of the Company and its Subsidiaries is $1,000,000; or
1,000,000 or more, and (x) any other Contract other promotion Contracts in the United States with the Company's ten largest customers having a term of longer than three (3) months (all Contracts described in each of the categories (i) through (x) above, "Material Contracts"). For the purposes of this Agreement, "Key Jurisdiction" shall mean each of the countries identified as set forth above such in the Disclosure Letter. "Category A Key Jurisdiction" shall mean each of the countries identified as such in the Disclosure Letter. All Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which it or any of its their respective assets or businesses is are bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validvalid and binding, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary against the parties thereto in accordance with their terms (respective terms, except insofar as where the failure to be so valid and binding, in full force and effect or enforceable would not individually or in the aggregate have a Material Adverse Effect. There is not under any such enforceability may be limited by applicable bankruptcyContract, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallyany existing default, or by principles governing the availability of equitable remedies)event, (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without which after notice or lapse of time, or both) in material breach or material default thereunder and, to would constitute a default, by the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent Company or any of its Affiliates that is subject Subsidiaries, or to the terms of a confidentiality agreement with a third Company's knowledge, any other party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon any such defaults or any Monsoon Subsidiary)events which, individually or in the aggregate, would not have a Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Procter & Gamble Co), Merger Agreement (Procter & Gamble Co)
Material Contracts. (a) All Section 4.19 of the Company Disclosure Schedule contains a complete and correct list of each of the following contracts:
(i) Contracts required to be filed as exhibits by the Company with the SEC pursuant to Item 601 of Regulation S-K under the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person1933 Act;
(ii) each Contract between the Company or any of its Subsidiaries and any of the 20 largest customers of the Company and its Subsidiaries by monthly recurring revenue for the quarter ended June 30, 2009;
(iii) except for the Contracts disclosed in clauses (i) and (ii) above and any other customer Contract, each Contract that relates involves performance of services or delivery of goods, materials, supplies or equipment by the Company or any of its Subsidiaries, or the payment therefor, by the Company or any of its Subsidiaries providing for either (A) annual payments of $1,000,000 or more or (B) aggregate payments of $2,000,000 or more;
(iv) each Company Lease relating to the formation, creation, governance or control of any data center;
(v) any partnership, joint venture or other similar agreement or arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iiivi) any each Contract that relates relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange each Contract relating to Indebtedness or similar Contract;
(viii) any Contract entered into the deferred purchase price of property of or by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Company or any of their respective Affiliates its Subsidiaries (including the Indigo Group Companies after the Closing Date);
(ixin either case, whether incurred, assumed, guaranteed or secured by any asset) any Contract (entered into other than Contracts entered into in the ordinary course of business consistent with past practice;
(viii) each Contract to which provides for aggregate future sums due from Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party creating or an aggregate future liability granting a Lien (contingent including Liens upon properties acquired under conditional sales, capital leases or otherwiseother title retention or security devices), other than Permitted Liens;
(ix) to each Contract under which the Company or any of its Subsidiaries has, directly or indirectly, made any loan, capital contribution to, or other investment in, any Person (in each case other than Monsoon the Company or any Monsoon Subsidiaryof its Subsidiaries and other than extensions of credit or loans in the ordinary course of business consistent with past practice);
(x) any agency, dealer, sales representative, marketing or other similar agreement involving the payment or receipt of annual payments in excess of $500,000;
(xi) each Contract that contains any exclusivity provisions restricting the Company or any of its Affiliates or that limits the freedom of the Company or any of its Affiliates to compete in any line of business or with any Person or in any area or which would so limit the freedom of the Company or any of its Affiliates after the Closing Date;
(xii) each Contract providing for indemnification of any Person with respect to material liabilities relating to any current or former business of the Company, any of its Subsidiaries or any predecessor Person other than indemnification obligations of the Company or any of its Subsidiaries pursuant to the provisions of a Contract entered into by the Company or any of its Subsidiaries in the ordinary course of business consistent with past practices and that could not reasonably be expected to have a Material Adverse Effect on the Company; and
(xiii) any other agreement, commitment, arrangement or plan not made in the ordinary course of business involving the payment or receipt of annual payments in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth As of the date of this Agreement, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Company, each agreement, contract, plan, Company Lease, arrangement or commitment disclosed in the Company Disclosure Schedule or required to be set forth in disclosed pursuant to this Section 5.17(a4.19 (each, a “Material Contract”) is a valid and binding agreement of the Monsoon Disclosure Letter Company or filed or required to be filed a Subsidiary, as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validcase may be, binding and is in full force and effect effect, and are enforceable by Monsoon none of the Company, any of its Subsidiaries or, to the knowledge of the Company, any other party thereto is in default or its applicable Subsidiary breach in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all any material obligations required to be performed by it respect under the Monsoon Material Contractsterms of any such agreement, and it is not (with contract, plan, Company Lease, arrangement or without notice or lapse of timecommitment, or both) in material breach or material default thereunder and, to the knowledge of Monsoonthe Company, no other party to any Monsoon Material Contract is (event or circumstance has occurred that, with or without notice or lapse of time, time or both) in breach or , would constitute any event of default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) To the knowledge of the Monsoon Disclosure LetterCompany, as of the date of this Agreement no Contract to which Monsoon or any Monsoon Subsidiary person is a party will be in effect which purports to legally bindrenegotiating, or impose has an express right (absent any duty, obligation default or other Liability breach of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject Material Contract) pursuant to the terms of a confidentiality agreement with a third party) onany Material Contract to renegotiate, either expressly any material amount paid or through a reference payable to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent Company under any Material Contract or any Affiliate thereof other material term or provision of any Material Contract. As of the date of this Agreement, the Company has not received any written indication of an intention to terminate any of the Material Contracts by any of the parties to any of the Material Contracts.
(other than Monsoon or any Monsoon Subsidiary)d) Complete and correct copies of each Material Contract in existence as of the date of this Agreement have been made available by the Company to Parent prior to the date of this Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Equinix Inc), Merger Agreement (Switch & Data Facilities Company, Inc.)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed disclosed in a timely manner. Section 5.17(a) 2.9 of the Monsoon Seller Disclosure Letter sets forth a true and complete listLetter, as neither of the date hereofTransferred Companies nor any of their respective Subsidiaries, or, in the case of each of the following Contracts to which Monsoon or any Monsoon Subsidiary Shared Contract, Seller Group, is a party to or bound by:
(i) any agreement relating to Indebtedness (whether incurred, assumed, guaranteed or secured by which Monsoon any asset);
(ii) any joint venture, partnership or other similar agreements or arrangements (including any Monsoon Subsidiary agreement providing for joint research, development or marketing);
(iii) any agreement or series of related agreements, including any option agreement, within the past five years, relating to the acquisition of, investment in or disposition of any business, equity interests or assets of any other Person, any material real property or assets (whether by merger, sale of equity interests, sale of assets or otherwise);
(iv) any agreement that (A) materially limits the freedom of any of the Transferred Companies or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging Subsidiaries to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees that would so limit the freedom of Buyer or personnel of its Affiliates or any Person;
Target Company after the Closing or (iiB) contains material exclusivity obligations, “most favored nation” provisions, “shiny new product” provisions or other similar restrictions, rights or obligations binding on any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementTarget Company, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon would be binding on Buyer or any Monsoon Subsidiary (other than of its Affiliates after the agreements covered by clause (i) and any Monsoon Benefit Plan)Closing;
(v) any material Contract pursuant to which agreement or series of related agreements providing for the purchase of materials, supplies, goods, services, equipment or other assets that provides for aggregate payments by any Third Party Approval is required pursuant to a “change of control” the Transferred Companies or similar clauseany of their respective Subsidiaries of $500,000 or more for the year ended December 31, 2019;
(vi) any Contract entered into agreement or series of related agreements providing for the sale by any of the Transferred Companies or any of their respective Subsidiaries of materials, supplies, goods, services, equipment or other than on commercial arm’s length termsassets that provides for aggregate payments to any of the Transferred Companies or any of their respective Subsidiaries pursuant to which the Transferred Companies or any of their respective Subsidiaries received revenues of $2,000,000 or more for the fiscal year ended December 31, 2019;
(vii) any currency exchangeagreement pursuant to which any of the Transferred Companies or any of their respective Subsidiaries is the lessee or lessor of any tangible personal property that involves an aggregate future or potential liability or receivable, interest rate exchangeas the case may be, commodity exchange or similar Contractin excess of $100,000;
(viii) any Contract entered into by Monsoon agreement relating to any interest rate, derivatives or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)hedging transaction;
(ix) any Contract agreement with any Governmental Authority, including Governmental Contracts;
(other than Contracts entered into in x) any agreement (including any “take-or-pay” or keepwell agreement) under which (A) any Person has directly or indirectly guaranteed any liabilities or obligations of any of the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon Transferred Companies or any Monsoon Subsidiary of their respective Subsidiaries or an aggregate future liability (contingent B) any of the Transferred Companies or otherwise) to any of their respective Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of any other Person (in each case other than Monsoon endorsements for the purpose of collection in the ordinary course of business);
(xi) any agreement material to the Business (A) pursuant to which any of the Target Companies (1) receives a license to use Intellectual Property or (2) provides or otherwise grants any other Person a license to use Owned Intellectual Property or (B) that is a settlement or coexistence Contract relating to Owned Intellectual Property, in each case, other than (x) licenses for Software that is generally commercially available (or available on an open source basis) or pre-installed in hardware that requires annual license payments less than $500,000 and (y) non-exclusive licenses granted by Seller to customers and suppliers in the ordinary course of business;
(xii) any settlement, conciliation or similar agreement with a Governmental Authority or other Person pursuant to which the Business or any Monsoon Subsidiaryof the Transferred Companies or any of their respective Subsidiaries will (A) have a payment obligation in excess of $1,000,000100,000, (B) have any ongoing, non-monetary obligation binding on any Target Company, or (C) be subject to injunctive relief after the date hereof;
(xiii) any agreement that relates both to the Business, on the one hand, and the Retained Business, on the other hand (each, a “Shared Contract”), other than any Shared Contracts for general, corporate and administrative or similar services;
(xiv) any agreement for capital expenditures in excess of $250,000 in the next 12 months following the date hereof or in excess of $1,000,000 in the aggregate;
(xv) any agreement that grants to any Person any right of first refusal, right of first offer or similar right or that limits the ability of any Target Company to transfer, pledge or otherwise dispose of any asset of the Business;
(xvi) any agreement with a Material Commercial Relationship;
(xvii) any Labor Contract;
(xviii) any Seller Guaranty; or
(xxix) any agreement for the employment or engagement of any Business Employee or independent contractor on a full-time, part-time, consulting or other Contract other than as basis (A) providing for an annual base salary or fee in excess of $160,000, (B) at the director level or above or (C) that is not terminable upon 30 days’ notice or less without any liability to any Target Company; or
(xx) any agreement that (A) is not otherwise set forth above to which Monsoon on Section 2.9 of the Seller Disclosure Letter, (B) involves annual payments in excess of $2,000,000 and (C) is not terminable by the Target Companies (without penalty or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetscost) on less than 90 days’ notice.
(b) (i) All Contracts set forth Each agreement, commitment, arrangement or plan disclosed or required to be set forth disclosed in the Seller Disclosure Letter pursuant to this Section 5.17(a2.9, Section 2.10, Section 2.11 or Section 2.20 (each, a “Material Contract”) is a valid and binding agreement of the Monsoon Disclosure Letter Transferred Companies or filed one of their respective Subsidiaries or, in the case of any Shared Contract, Seller or required to be filed as exhibits any of its Affiliates (other than a Target Company) (subject to the Monsoon SEC Documents (the “Monsoon Material Contracts”Enforceability Exceptions) are valid, binding and is in full force and effect effect, and are enforceable by Monsoon none of the Transferred Companies, any Subsidiary of the Transferred Companies or, to the Knowledge of Seller, any other party thereto is in default or its applicable Subsidiary breach in accordance with their terms any material respect under (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required is alleged to be performed by it under in default or breach in any material respect under) the Monsoon terms of any such Material ContractsContract, and it is not (and, to the Knowledge of Seller, no change, event, circumstance, development, occurrence or effect has occurred or exists, that, with or without notice or lapse of timetime or both, would reasonably be expected to (i) constitute an event of default, breach, or bothviolation thereunder or (ii) give any Person the right to cancel or terminate or materially and adversely modify the economic terms of any Material Contract except, in each case, as would not be material breach or material default thereunder and, to the knowledge Target Companies, taken as a whole.
(c) None of Monsoon, no other party to any Monsoon Material Contract is (with Seller or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party or threat to cancel, terminate, change the scope of rights under materially and adversely amend or fail to modify (including payment terms, price, duration or otherwise) or not renew (or renew on materially different terms) any Monsoon Material Contract. True A true, correct and complete copies copy of each written Monsoon Material ContractContract has been furnished to Buyer. Since December 31, and a summary 2019, there has been no agreement or arrangement (including any amendment to, modification to or waiver of each oral Monsoon Material Contractany term of any satellite capacity agreement) that does, listed or would reasonably be expected to, defer, delay or extend the due date for, any payment obligations of Seller Group in Section 5.17(a) connection with the Business or of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentTarget Companies.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Gogo Inc.), Purchase and Sale Agreement (Intelsat S.A.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.17(a) of the Monsoon Company Disclosure Letter sets forth Schedule contains a true correct and complete list, as of the date hereof, of each list of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties assets are currently bound or assets is bound subject (including and with respect to any amendmentsoral Contract provides a complete description of the terms of such Contract) (collectively, supplements and modifications theretothe “Material Contracts”):
(i) each Contract that involves performance of services by the Company or any non-competition agreementof its Subsidiaries of an amount or value in excess of $10,000;
(ii) each Contract that involves performance of services or delivery of goods or materials to the Company or any of its Subsidiaries of an amount or value in excess of $10,000;
(iii) each Contract that was not entered into in the Ordinary Course of Business that involves expenditures or receipts in excess of $10,000;
(iv) all notes, non-solicitation agreementloans, exclusive distributioncredit agreements, franchise or licensing agreement or mortgages, indentures, security agreements, operating leases, capital leases and other Contract that includes any provision which materially limits Monsoon relating to Indebtedness of the Company or any Monsoon Subsidiary from engaging of its Subsidiaries and any Contract of suretyship or guaranty;
(v) each Contract for capital expenditures in excess of $10,000;
(vi) each Contract with management, independent contractors, or consultants (or similar arrangements) which are not cancellable without penalty or further payment and without thirty (30) days’ or more notice;
(vii) all employee agreements, Contracts with consultants and independent contractors, and all bonus, commission, compensation, pension, insurance, retirement, deferred compensation and other plans, Contracts and other arrangements for the benefit of any Company Employee;
(viii) each Contract with any broker, distributor, dealer, representative, franchise, agency, sales promotion, market research, marketing consultant or advertising company;
(ix) each Contract that limits the ability of the Company or any of its Subsidiaries (or any manager or officer thereof) to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees during any period of time;
(x) each power of attorney of the Company or personnel any of its Subsidiaries that is currently effective and outstanding;
(xi) each license agreement or other Contract relating to Intellectual Property owned or license by the Company or used in connection with the Business (each a “License Agreement”);
(xii) each Contract containing any restrictions with respect to payment of dividends or any other distributions in respect of the capital stock of the Company or its Subsidiaries;
(xiii) each Company Contract, including any stock option plan, stock appreciation rights plan or stock purchase plan related to shares of the Company’s stock, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated by the occurrence of any of the transactions contemplated by this Agreement or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated by this Agreement;
(xiv) each Contract concerning the issuance, delivery, pledge or other encumbrance, proxy, redemption, sale or disposal of any shares of capital stock or other securities of the Company or its Subsidiaries or the creation, issuance, delivery, pledge or other encumbrance, proxy, redemption, sale or disposal of any securities convertible into, or rights with respect to, or options or warrants to purchase or rights to subscribe to, any shares of capital stock or other securities of the Company or its Subsidiaries;
(xv) each joint venture, partnership or other Contracts involving a share of profits or losses with another Person;
(iixvi) each Contract between or among the Company or any of its Subsidiaries, the Seller or any Affiliate or Related Person of the Company or the Seller;
(xvii) any material Contract that relates to the formation, creation, governance which is terminable upon or prohibits a change of ownership or control of the Company;
(xviii) each Contract granting or permitting any partnership, joint venture Lien upon the assets or similar arrangement, the properties of the Company or any collaboration, cooperation or partnering of its Subsidiaries; and
(xix) each other Contract, whether or not made in each case that the Ordinary Course of Business, which is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Company or any of its assets or businesses is bound or subject that is material to the Monsoon Business Subsidiaries or the use conduct of the Business, or operation the absence of their assetswhich would have a Material Adverse Effect.
(b) The Company has delivered to Buyer a correct and complete copy of each written Material Contract (i) All Contracts set forth or required as amended to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon date). Each Material Contracts”) are Contract is valid, binding and enforceable on all respective parties thereto and is in full force and effect. Each Material Contract will continue to be valid, binding, enforceable on all respective parties thereto, and in full force and effect and are enforceable by Monsoon on identical terms following the consummation of the transactions contemplated hereby. The Company or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium Subsidiaries have not received any notice from any other party to a Material Contract of the termination or similar Laws affecting creditors’ rights generallythreatened termination thereof, or by principles governing the availability of equitable remedies)any claim, (ii) Monsoon dispute or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractscontroversy with respect thereto, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder andnor, to the knowledge Knowledge of Monsoonthe Seller and the Company, no other party has any event occurred or circumstance exists, which could reasonably be expected to any Monsoon result in such termination, claim, dispute or controversy.
(c) The Company or its Subsidiaries, as the case may be, has performed in all material respects all obligations imposed on it to date under each Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon Contract. Neither the Company nor any of its Subsidiaries has received written notice of is in breach or default in any actual, alleged, possible or potential material violation of, or material failure to comply with, respect under any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor no event has occurred or circumstances exist which, with notice or lapse of time or both, would constitute a material breach or default by the Company or any of its Subsidiaries has received any written notice thereunder or permit termination, modification or acceleration thereunder.
(d) To the Knowledge of the intention of Seller and the Company, no other party is in breach or default in any party to cancel, terminate, change the scope of rights material respect under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and no event has occurred or circumstances exist which, with notice or lapse of time or both, would constitute a summary material breach or default by any other party thereunder or permit termination, modification or acceleration thereunder. No other party has repudiated any provision of each oral Monsoon any Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(ce) Upon Closing, save as disclosed in Section 5.17(c) None of the Monsoon Disclosure Letter, no Contract payments required to which Monsoon be made by the Company or any Monsoon Subsidiary is a party will be in effect which purports of its Subsidiaries under any Material Contract has been prepaid more than thirty (30) days prior to legally bindthe due date of such payment thereunder.
(f) No consent of, or impose notice to, any duty, obligation or other Liability of third party is required under any kind (except for any confidentiality obligations that may arise Material Contract as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or in connection with, and neither the enforceability nor any of its Affiliates that is subject to the terms or provisions of a confidentiality agreement with a third party) onany Material Contract will be affected in any manner by, either expressly or through a reference to affiliates the execution, delivery and performance of Monsoon this Agreement, or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)transactions contemplated hereby.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Homeland Security Capital CORP), Stock Purchase Agreement (DJSP Enterprises, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete listExcept for this Agreement, as of the date hereof, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or bound by which Monsoon or (any Monsoon Subsidiary or any contract of their respective properties or assets is bound (including any amendments, supplements and modifications theretothe type described in this Section 4.21(a) being referred to herein as a “Company Material Contract”):
(i) any non-competition agreementoutbound lease, non-solicitation agreementlicense, exclusive distribution, franchise or licensing agreement sale or other Contract that includes any provision which materially limits Monsoon similar agreement providing for the sale, lease or license by the Company or any Monsoon Subsidiary from engaging of its Subsidiaries of goods, services, Intellectual Property or other assets that is expected to result in either (A) annual payments to the Company or any of its Subsidiaries of $350,000 or more, or (B) aggregate payments to the Company or any of its Subsidiaries of $1,000,000 or more over the next five (5) years, except for any such contract between the Company and/or any of its Subsidiaries;
(ii) any inbound lease, license, purchase or other similar agreement for the purchase, lease or license by the Company or any of its Subsidiaries of goods, services, Intellectual Property or other assets that is expected to result in either (A) annual payments by the Company or any of its Subsidiaries of $350,000 or more, or (B) aggregate payments by the Company or any of its Subsidiaries of $1,000,000 or more over the next five (5) years, except for any such contract between the Company and/or any of its Subsidiaries;
(iii) any contract or agreement evidencing (A) outstanding indebtedness for borrowed money, or (B) an obligation of the Company or any of its Subsidiaries to guarantee, or otherwise indemnify or hold harmless any Person, in respect of indebtedness for borrowed money, in the case of each of clauses (A) and (B), in or for an amount of $350,000 or more, except for any such contract or agreement between the Company and/or any of its Subsidiaries;
(iv) any joint venture, partnership, strategic alliance, or similar agreement;
(v) any contract or agreement relating to the acquisition or disposition of any material business or any interest therein under which the Company or any of its Subsidiaries has any material outstanding rights or obligations;
(vi) any contract or agreement that limits, or purports to limit, in any activity material respect, the ability of the Company or conducting any of its Subsidiaries to compete in a line of business or with any Person or in any geographic area or from soliciting employees or personnel during any period of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length termstime;
(vii) any currency exchangecontract or agreement that, interest rate exchangeupon the consummation of the transactions contemplated by this Agreement, commodity exchange will result in any of Parent or similar Contract;any of its Subsidiaries or any of the Company or any of its Subsidiaries, granting any rights or licenses to any material Intellectual Property of any of Parent or any of its Subsidiaries or any of the Company or any of its Subsidiaries, to any Third Party; and
(viii) any other “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC, other than Item 601(b)(10)(iii)).
(i) Each Company Material Contract entered into by Monsoon is in full force and effect, (ii) no written or, to the Knowledge of the Company, other claim of default under or any Monsoon Subsidiary in connection with the settlement or other resolution cancellation of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including Company Material Contract has been received by the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Company or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material ContractsSubsidiaries, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon the Company nor any of its Subsidiaries has received written notice of is, in any actualmaterial respect, alleged, possible in breach or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Company Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice and, to the Knowledge of the intention of Company, no other party is, in any party to cancelmaterial respect, terminatein breach or violation of, change the scope of rights under or fail to renew default under, any Monsoon Company Material Contract. True As of the date hereof, the Company has heretofore delivered or made available to Parent true and complete copies of each written Monsoon all Company Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentContracts.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Powerdsine LTD), Merger Agreement (Microsemi Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 4.18 of the Monsoon Company Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of Schedule lists the following Contracts to which Monsoon the Company or any Monsoon Company Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any as of their respective properties or assets is bound the date hereof (including any amendments, supplements and modifications theretothe “Company Material Contracts”):
(i) any non-competition agreementall Contracts that purport to limit, non-solicitation agreement, exclusive distribution, franchise curtail or licensing agreement or other Contract that includes any provision which materially limits Monsoon restrict the right of the Company or any Monsoon Company Subsidiary from engaging in any activity material respect (A) to engage or conducting compete in any line of business in any geographic area, with any Person or in during any geographic area period of time, or from soliciting employees (B) to solicit or personnel of hire any Person;
(ii) any Contract that relates to grants any Person other than the formationCompany or any Company Subsidiary any (A) exclusive license, creationsupply, governance distribution or control other rights, (B) material “most favored nation” rights, (C) material rights of any partnershipfirst refusal, joint venture rights of first negotiation or similar arrangementrights, (D) exclusive rights to purchase any Company products, including products produced through foundry services, (E) material guaranteed availability of supply or any collaborationservices for a period greater than twelve (12) months, cooperation (F) guarantee as to foundry capacity or partnering Contractpriority, in each case that is (G) material to the Monsoon Business and rebates or (H) price guarantees for which the closing of the relevant transaction has not occurreda period greater than twelve (12) months;
(iii) any Contract that relates relating to the disposition or acquisition by the Company or disposition any Company Subsidiary of any business, business (whether by merger, sale or purchase of stockassets, sale or purchase of assets stock or equity ownership interests or otherwise) (A) entered into on or after January 1, in each case for which 2006 (whether or not such acquisition or disposition has been consummated prior to the closing date of the relevant transaction has not occurredthis Agreement), or (B) that contains ongoing non-competition or material indemnification obligations or other material ongoing obligations;
(iv) any Contract with any Related Person of Monsoon listing separately, except for such Contracts that have expired or any Monsoon Subsidiary been terminated and have no ongoing obligations (other than confidentiality obligations or indemnity obligations), all (A) In-Bound Patent Licenses, the primary purpose of which is to license one or more Patents, (B) Out-Bound Patent Licenses that license, or agree to license, a substantial portion of issued Company Patents or the primary purpose of which is to license one or more Patents, (C) Cross-licenses that license, or agree to license, a substantial portion of issued Company Patents or the primary purpose of which is to license one or more Patents and (D) other Patent Licenses, excluding Software license agreements covered by clause (i) and executed in the normal course of business, that require a royalty payment to, or royalty payment by, the Company or any Monsoon Benefit Plan)of the Company Subsidiaries;
(v) any Contract with respect to product or Intellectual Property development that is material Contract pursuant to which any Third Party Approval is required pursuant to the Company and the Company Subsidiaries, taken as a “change of control” or similar clausewhole;
(vi) any Contract entered into other than on commercial armTechnology transfer or license agreement related to a (A) manufacturing process or (B) related to product design that, in the case of clause (B), affects a material portion of the Company’s length termsproduct portfolio;
(vii) any currency exchangeContract with respect to product design services, interest rate exchangefoundry services, commodity exchange product assembly (packaging) and/or test, or similar Contractmaterial contract manufacturing services that affects a material portion of the Company’s product portfolio;
(viii) any Contract entered into by Monsoon with any Governmental Authority or any Monsoon Subsidiary Contract incorporating government acquisition terms (e.g., in connection with the settlement U.S., the Federal Acquisition Regulation (FAR) or other resolution the Defense Federal Acquisition Regulation Supplement (DFARS)) involving payments of more than Two Million Dollars ($2,000,000) in any material Action imposing operational restrictions twelve (12) month period or conduct requirements on Monsoon or any Monsoon Subsidiary or any requiring delivery of their respective Affiliates (including the Indigo Group Companies after the Closing Date)cost and pricing data;
(ix) any Contract that reasonably contemplates payments by or to the Company or any of the Company Subsidiaries of more than Ten Million Dollars ($10,000,000) in any twelve (12) month period;
(x) any customer Contract (other than standard purchase orders) that reasonably contemplates payment to the Company or any of the Company Subsidiaries of more than Five Million Dollars ($5,000,000) in any twelve (12) month period;
(xi) any Contracts entered into with distributors or sales representatives or that otherwise entitle a third party to a commission;
(xii) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts, in each case, relating to indebtedness for borrowed money of Five Million Dollars ($5,000,000) or greater, whether as borrower or lender, and whether secured or unsecured;
(xiii) any Contract with a notional value of Fifteen Million Dollars ($15,000,000) or greater that involves or relates to any exchange traded, over-the-counter or other hedging (including currency hedging), swap, cap, floor, collar, futures, forward, option or other derivative financial trading activities;
(xiv) any Contract providing for indemnification or any guaranty by the Company or any Company Subsidiary that (i) has not been made in the ordinary course of business consistent with past practiceor (ii) which provides for aggregate future sums due from Monsoon or is material to the Company and any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person Company Subsidiaries, taken as a whole (in each case other than Monsoon with respect to which the Company or any Monsoon SubsidiaryCompany Subsidiary has continuing obligations as of the date hereof);
(xv) leases or subleases under which the Company or the Company Subsidiaries (A) lease or occupy Leased Real Property for manufacturing purposes or in excess of $1,000,000; orone hundred thousand (100,000) gross square feet and (B) leases, subleases or licenses of any property to a third party for manufacturing purposes or in excess of one hundred thousand (100,000) gross square feet;
(xxvi) any Contract establishing a partnership, joint venture or similar third party business enterprise in which the Company or any Company Subsidiaries has (A) an equity interest or the right to acquire an equity interest or (B) a capital commitment or other obligation under such Contract;
(xvii) (A) any Employee Change-of-Control Agreement or (B) any employment, independent contractor or consulting Contract (in each case with respect to which any party thereto has continuing obligations as of the date hereof) with any current or former (1) executive officer of the Company or any of the Company Subsidiaries, (2) member of the Company Board, or (3) employee, independent contractor who is a natural person or consultant of the Company or any of the Company Subsidiaries, in each case providing for an annual base compensation in excess of Two Hundred Fifty Thousand Dollars ($250,000);
(xviii) collective bargaining agreements or other Contracts with any labor union;
(xix) any other Contract other than as set forth above to under which Monsoon the consequences of a default or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business breach or the use or operation early termination of their assets.which would reasonably be expected to have a Company Material Adverse Effect; and
(bxx) (i) All all other Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed by the Company as exhibits a “material contract” pursuant to Item 601(b)(10) of Regulation S-K promulgated under the Monsoon SEC Documents Securities Act or disclosed by the Company on a Current Report on Form 8-K, whether or not so filed or disclosed.
(i) Each Company Material Contract is valid and binding on the “Monsoon Material Contracts”) are valid, binding Company and is in full force and effect (other than due to the ordinary expiration of the term thereof), and, to the Knowledge of the Company, is valid and are enforceable by Monsoon binding on the other parties thereto (in each case subject to the Bankruptcy and Equity Exception) except as has not had and would not reasonably be expected to have, individually or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcythe aggregate, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)a Company Material Adverse Effect, (ii) Monsoon or its applicable the Company and each Company Subsidiary has in all material respects performed all material obligations required to be performed by it under the Monsoon each Company Material ContractsContract, and it is not (with iii) no event or without condition exists which constitutes or, after notice or lapse of time, time or both) in material , would constitute a breach or material default thereunder andon the part of the Company or any Company Subsidiary under any such Company Material Contract, except such breaches that have not had and would not reasonably be expected to have, individually or in the knowledge aggregate, a Company Material Adverse Effect. To the Knowledge of Monsoonthe Company, no other party to any Monsoon Company Material Contract is (with or without notice or lapse of time, or both) in material breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor does any condition exist that with notice or lapse of time or both would constitute a material breach or default by any such other party thereunder. Neither the Company nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries Company Subsidiary has received any written notice of termination or cancellation under any Company Material Contract, received any written or, to the intention Knowledge of the Company, oral notice of material breach or default under any Company Material Contract that has not been cured, or granted to any third party any rights, adverse or otherwise, that would constitute a material breach of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Company Material Contract. True Neither the Company nor any Company Subsidiary is party to any Contract pursuant to which the terms and conditions thereof or any information or data contained therein are deemed classified pursuant to the rules and regulations of any Governmental Authority. The Company has furnished or made available to Parent true, correct and complete copies of each written Monsoon all Company Material Contract, and a summary of each oral Monsoon Material Contract, listed Contracts in Section 5.17(a) effect as of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentdate hereof.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (National Semiconductor Corp), Merger Agreement (Texas Instruments Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 4.9 of the Monsoon Company Disclosure Letter sets forth Schedule lists each Contract to which any Acquired Company is a true and complete listparty, or by which it is bound, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound this Agreement (including any amendments, supplements and modifications theretoother than Company Benefit Plans):
(i) any nonthat is a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreementK of the Exchange Act), non-solicitation agreement, exclusive distribution, franchise whether or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business not filed by the Company with any Person or in any geographic area or from soliciting employees or personnel of any Personthe SEC;
(ii) pursuant to which any Contract Acquired Company made or received payments of more than an aggregate of $100,000 during the fiscal year ended December 31, 2022;
(iii) evidencing a commitment by an Acquired Company to make a future capital expenditure in excess of $100,000 that relates to is not terminable by such Acquired Company upon notice of sixty (60) days or less;
(iv) containing a covenant limiting the formation, creation, governance or control ability of any Acquired Company to compete or engage in any line of business, in either case, in any material respect, or to compete with any Person in any geographic area;
(v) relating to or evidencing indebtedness for borrowed money or any guarantee of indebtedness for borrowed money by any Acquired Company in excess of $150,000;
(vi) providing for or governing the formation of any joint venture, partnership, joint venture strategic alliance, research and development collaboration, or similar arrangement;
(vii) that is a Company Inbound License or Company Outbound License, in each case, which requires by its terms or is 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;
(viii) that has continuing obligations or interests involving (A) “milestone” or other similar contingent payments, including upon the achievement of regulatory, commercial, or other milestone that could result in an aggregate payment in excess of $100,000, or (b) payment of royalties or other amounts calculated based upon sales, revenue, income or similar measure of an Acquired Company;
(ix) any collaborationemployment or consulting Contract (in each case with respect to which the Company has continuing obligations as of the date hereof) with any current or former (A) officer of the Company, cooperation (B) member of the Company Board, or partnering Contract(C) employee of the Company;
(x) any Contract providing for indemnification or any guaranty by the Company or any Subsidiary thereof, in each case that is not entered into the ordinary course of business and is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurredits Subsidiaries, taken as a whole;
(iiixi) any Contract that relates relating to the acquisition disposition or disposition of any businessacquisition, whether directly or indirectly (by merger, sale of stock, sale of assets, or otherwise), by the Company or any of its Subsidiaries after the date of this Agreement of assets or otherwisecapital stock or other equity interests of any Person, in each case for which the closing with a fair market value in excess of the relevant transaction has not occurred$100,000;
(ivxii) any Contract that grants any right of first refusal, right of first offer, or similar right with respect to any material assets, rights, or properties of the Company or any of its Subsidiaries;
(xiii) any Contract that contains any provision that requires the purchase of all 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, which product or service is material to the Company and its Subsidiaries, taken as a whole;
(xiv) any Contract that obligates the Company or any of its Subsidiaries to conduct business on an exclusive or preferential basis or that contains a “most favored nation” or similar covenant with any Person;
(xv) any employee collective bargaining agreement or other Contract with any labor union;
(xvi) any Contract with any Related Person Affiliate, director, executive officer (as such term is defined in the Exchange Act), holder of Monsoon 5% or more of the Company Common Stock, or to the Knowledge of the Company, any Monsoon Subsidiary of their Affiliates (other than the agreements covered by clause Company), or immediate family members (i) other than offer letters that can be terminated at will without severance obligations and any Monsoon Benefit PlanContracts pursuant to Company equity awards);
(vxvii) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” all Contracts with independent contractors or consultants (or similar clausearrangements) with annual compensation owed to the contractor or consultant that either exceeded $50,000 in the fiscal year ended December 31, 2022 or is projected to exceed $50,000 during the fiscal year ended December 31, 2023;
(vixviii) any Contract entered into other than on commercial arm’s length terms;
that is not otherwise described in clauses (viii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
through (viiixviii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsCompany and its Subsidiaries, taken as a whole.
(b) (i) All Contracts set forth Each Contract of the type described above in this Section 4.9, whether or required to be not set forth in Section 5.17(a) 4.9 of the Monsoon Company Disclosure Letter Schedule, is referred to herein as a “Material Contract”. Except Material Contracts that have expired or filed or required to be filed terminated by their terms, as exhibits of the date hereof, all of the Material Contracts are (i) valid and binding on the Acquired Companies, as the case may be, and, to the Monsoon SEC Documents Knowledge of the Company, each other party thereto, and (the “Monsoon Material Contracts”ii) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (effect, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganizationmoratorium, moratorium or and other similar Laws applicable Law affecting creditors’ rights generallygenerally and by general principles of equity. As of the date hereof, no Acquired Company has, and to the Knowledge of the Company, none of the other parties thereto have, violated any provision of, or by principles governing the availability of equitable remedies), (ii) Monsoon committed or its applicable Subsidiary has performed all material obligations required failed to be performed by it under the Monsoon Material Contractsperform any act, and it is not no event or condition exists, that (with or without notice or notice, lapse of time, time or both) in material breach or would constitute a material default thereunder under the provisions of any Material Contract, and, as of the date hereof, to the knowledge Knowledge of Monsoonthe Company, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries Acquired Company has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contractforegoing. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been The Company has made available to Indigo ParentParent complete and correct copies of all Material Contracts.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Harmony Biosciences Holdings, Inc.), Merger Agreement (Zynerba Pharmaceuticals, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 4.4(a) of the Monsoon Disclosure Letter sets forth a true and complete listlists, as of the date hereofEffective Date, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary the Company is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets it is bound in connection with the Business (including any amendmentstogether with all Real Property Leases listed in Schedule 4.17(a) and all Intellectual Property licenses listed in Schedule 4.3(a), supplements and modifications theretocollectively, the "Material Contracts"):
(i) any non-competition agreementContract (or group of related Contracts) for the furnishing or receipt of products or services, non-solicitation agreementin each case, exclusive distributionthe performance of which will extend over a period of more than one year or which provides for payments to or by the Company in excess of $10,000 in the aggregate during the year ended December 31, franchise 2020 (or licensing agreement or are expected to involve payments in excess of such amount during fiscal year 2021), other Contract that includes than individual purchase orders made in the ordinary course of business pursuant to any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personsuch Contract;
(ii) (A) any capital lease or (B) any other lease or other Contract that relates relating to equipment and machinery providing for rental payments in excess of $10,000 in the formationaggregate during the year ended December 31, creation, governance 2020 (or control are expected to involve payments in excess of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredsuch amount during fiscal year 2021);
(iii) any Contract that relates relating to the Intellectual Property owned by the Company or used in the Business, including, without limitation, Contracts relating to the development of such Intellectual Property;
(iv) any Contract relating to the acquisition or disposition of any business, business of the Company (whether by merger, consolidation, or other business combination, sale of stocksecurities, sale of assets or otherwise) or any material assets or real property, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (case, other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change acquisitions or dispositions of control” equipment, materials, supplies, inventory or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into products in the ordinary course of business consistent with past practice) practice and other than any Contract pursuant to which provides for aggregate future sums due from Monsoon no party thereto has any outstanding obligation (including indemnification obligations or any Monsoon Subsidiary or an aggregate future liability (purchase price adjustments), contingent or otherwise;
(v) any Contract under which the Company has continuing indemnification obligations, or is, or may become, obligated to pay any amount in respect of purchase price adjustment or otherwise in connection with any (A) acquisition or disposition of assets (other than in the ordinary course of business) or securities, (B) merger, consolidation or other business combination, or (C) series or group of related transactions or events of the type specified in clauses (A) and (B) above;
(vi) all employment, severance, consulting, bonus, profit sharing, percentage compensation, deferred compensation, pension, welfare, retirement, equity purchase or equity option plans and agreements and commitments with or relating to the personnel (current or former) or Affiliates of the Company;
(vii) any Contract with the SBA, the PPP Lender, or any other Person relating to the PPP Loan;
(viii) any Contract under which any Person has guaranteed any Indebtedness by or for the Company;
(ix) any Contract relating to any Person (in each case other than Monsoon joint venture, partnership, limited liability company, strategic alliance or sharing of profits or losses with any Monsoon Subsidiary) in excess of $1,000,000; orPerson;
(x) any other Contract other than as set forth above containing covenants purporting to which Monsoon or limit, in any Monsoon Subsidiary is a party or by which it material respect, the freedom of the Company or any of its assets Personnel (current or businesses former) to compete in any business or in any geographic area;
(xi) any Contract relating to confidentiality or non-disclosure (whether the Company is bound subject to or subject the beneficiary of such obligations);
(xii) any agency, dealer, distributor, sales representative, service provider, consignment, marketing, or similar Contract;
(xiii) any Contract requiring payments or distributions to any Stockholder or Personnel of the Company (current or former), or any relative or Affiliate of any such Person;
(xiv) any Contract not made in the ordinary course of business that is otherwise material to the Monsoon Business operations, business prospects, or financial condition of the use Company;
(xv) any Contract providing for termination, retention, change in control or operation similar payments to any Person;
(xvi) any Contract that provides any customer with pricing, discounts or benefits that change based on the pricing, rebates, discounts, or benefits offered to other customers of their assetsthe Company, including any Contract which contains a "most favored nation" provision; and
(xvii) any other Contract (or group of related Contracts) under which the Company (A) is obligated to make payment or incur costs or (B) generates revenue, in each case in excess of $25,000 and which is not otherwise described in clauses (i) - (xvi) above.
(b) (i) The Company has provided Parent with true and complete copies of all written Material Contracts and each amendment, supplement, waiver, or modification thereto, and has provided to Parent a written summary setting forth the terms and conditions of each oral Material Contract. All of the Material Contracts set forth identified on, or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”identified on Schedule 4.4(a) are legal, valid, binding and enforceable in accordance with their respective terms with respect to the Company, and to Company's Knowledge, with respect to each other party to such Material Contracts, and are in full force and effect and are enforceable by Monsoon and, except to the extent that any Consents set forth on Schedule 4.12(a) have not been obtained or its applicable Subsidiary such Material Contract has expired in accordance with their its terms, shall continue to be in full force and effect on identical terms (except insofar as such enforceability may be limited by applicable bankruptcyfollowing the consummation of the transactions contemplated hereby. Neither the Company nor any other party thereto, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallyhas breached any material provision of, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it is in default under the Monsoon Material Contractsterms of, and it is not (nor does any condition exist which, with or without notice or lapse of time, or both) , would cause the Company or any other party to be in default under any of the Material Contracts or would constitute a material breach or material default thereunder andor permit termination, to the knowledge of Monsoon, no other party to modification or acceleration under any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon such Material Contract. True The Company has not (i) received any notice of cancellation or termination or change in material terms (including, pricing, term and complete copies volume) of each written Monsoon any such Material Contract or (ii) during the two (2) years prior to the Closing Date, obtained or granted any material waiver of or under any provision of any such Material Contract except for routine waivers granted or sought in the ordinary course of business or as otherwise identified on Schedule 4.4(a). Except for the Consents set forth on Schedule 4.12(a), the consummation of the transactions contemplated by this Agreement shall not afford any other party the right to terminate, modify or renegotiate any Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Bendele Phillip), Merger Agreement (Inotiv, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSection 4.19(a) of the Monsoon Company Disclosure Letter Schedule sets forth a true and complete list, list as of the date hereof, of this Agreement of each of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon it is bound (each such Contract listed or any Monsoon Subsidiary required to be so listed, and each of the following Contracts to which the Company or any of their respective properties its Subsidiaries becomes a party or assets is by which it becomes bound (including any amendmentsafter the date of this Agreement, supplements and modifications theretoa “Company Material Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision pursuant to which materially limits Monsoon the Company or any Monsoon Subsidiary from engaging of its Subsidiaries incurred payment obligations or received payments in excess of $10,000,000 during the twelve (12) month period ended September 30, 2019, or is expected to incur payment obligations or receive payments in excess of (A) $10,000,000 during any activity twelve (12) month period ending after September 30, 2019 or conducting business with any Person or in any geographic area or from soliciting employees or personnel (B) $10,000,000 over the remaining term of any Personthe Contract;
(ii) any Contract that relates (A) limits or purports to limit, in any material respect, the formationfreedom of the Company or any of its Subsidiaries to engage or compete in any line of business or with any Person or in any area or that would so limit or purport to limit, creationin any material respect, governance the freedom of Parent, the Company or control any of their respective Affiliates after the Effective Time, (B) contains any partnership, joint venture material exclusivity or “most favored nation” obligations or restrictions or similar arrangement, provisions that are binding on the Company or any collaborationof its Subsidiaries (or, cooperation after the Effective Time, that would be binding on Parent or partnering Contractany of its Affiliates) or (C) otherwise limits or restricts, in each case that is any material to respect, the Monsoon Business and Company or any of its Subsidiaries (or, after the Effective Time, Parent or any of its Affiliates) from hiring or soliciting any Person for which the closing of the relevant transaction has not occurredemployment;
(iii) any deposit sweep agreement or similar agreement;
(iv) (A) any standard form Contract pursuant to which the Company or any of its Subsidiaries provides Brokerage Services or Investment Advisory Services to any Client and (B) any material Contract (or group of Contracts that, in the aggregate, are material) pursuant to which the Company or any of its Subsidiaries provides Brokerage Services or Investment Advisory Services to any Client that is not on any such standard form and includes material deviations from any such standard form;
(v) any material subadvisory agreement;
(vi) any material custody or sub-custody agreement, transfer agent agreement, administrative and accounting agreement, shareholders services agreements, distribution agreement, prime brokerage or other brokerage related agreement, or similar agreement;
(vii) any material Contract that relates provides for any referral arrangement, commission-sharing arrangement or co-marketing arrangement, including, any finder’s agreement for soliciting, distributing or promoting Investment Advisory Services or Brokerage Services by or to the Company or any of its Subsidiaries;
(viii) any Contract reasonably expected to result in payments made or received by the Company and its Subsidiaries in excess of $10,000,000 in any year and for which the execution, delivery and performance by the Company of this Agreement or the consummation of any of the Transactions would require any consent or other action by any Person (including notice by the Company) thereunder, constitute a default, or an event that, with or without notice or lapse of time or both, would constitute a default, thereunder, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation (including triggering of a price adjustment, right of renegotiation or other remedy) or the loss of any benefit to which the Company or any of its Subsidiaries is entitled thereunder;
(ix) promissory notes, loan agreements, indentures, evidences of indebtedness or other instruments providing for or relating to the lending of money, (A) if as borrower or guarantor, in aggregate principal amount in excess of $15,000,000, and (B) if as lender, in aggregate principal amount in excess of $5,000,000;
(x) any Contract restricting the payment of dividends or the making of distributions to stockholders of the Company or the repurchase of stock or other equity of the Company;
(xi) any Collective Bargaining Agreements;
(xii) any material joint venture, profit-sharing, partnership or other similar agreements;
(xiii) any Contracts or series of related Contracts entered into within the last three (3) years or containing any material surviving obligations relating to the acquisition or disposition of the assets or securities of any businessPerson or any business for a price in excess of $10,000,000 (in each case, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(vxiv) any lease or sublease for real or personal property for which annual rental payments made by the Company and its Subsidiaries during the twelve (12) month period ended September 30, 2019 or expected to be made by the Company and its Subsidiaries during any twelve (12) month period ending after September 30, 2019 are greater than $5,000,000;
(xv) all material Contract Contracts pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Company or any of their respective Affiliates its Subsidiaries (including the Indigo Group Companies after the Closing Date);
(ixA) receives or is granted any Contract license or sublicense to, or covenant not to be sued under, any Intellectual Property (other than Contracts entered into licenses to Software that is commercially available on non-discriminatory pricing terms) or (B) grants any license or sublicense to, or covenant not to be sued under, any Intellectual Property (other than immaterial, non-exclusive licenses granted in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orbusiness);
(xxvi) any Contracts or other transactions with any (A) executive officer or director of the Company, (B) record or, to the knowledge of the Company, beneficial owner of five percent (5%) or more of the voting securities of the Company (including TD Bank), or (C) affiliate (as such term is defined in Rule 12b-2 promulgated under the Securities Exchange Act) or “associates” (or members of any of their “immediate family”) (as such terms are respectively defined in Rule 12b-2 and Rule 16a-1 of the Securities Exchange Act) of any such executive officer, director or beneficial owner (each of the foregoing, a “Related Party” and each such Contract, a “Related Party Contract”);
(xvii) any other Contract required to be filed by the Company pursuant to Item 601(b)(10) of Regulation S-K; and
(xviii) any other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject Contract that is material to the Monsoon Business or the use or operation of their assetsCompany and its Subsidiaries, taken as a whole.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits Company Material Contracts are, subject to the Monsoon SEC Documents Bankruptcy and Equity Exceptions, valid and binding obligations of the Company or a Subsidiary of the Company (as the “Monsoon Material Contracts”case may be) are validand, binding to the knowledge of the Company, each of the other parties thereto, and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their respective terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing against the availability of equitable remedies), (ii) Monsoon Company or its applicable Subsidiary has performed all material obligations required to be performed by it under Subsidiaries (as the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or bothcase may be) in material breach or material default thereunder and, to the knowledge of Monsoonthe Company, each of the other parties thereto (except for such Company Material Contracts that are terminated after the date of this Agreement in accordance with their respective terms; provided that if such termination is at the option of the Company or any of its Subsidiaries, such termination must be in the ordinary course of business), except where the failure to be valid and binding obligations and in full force and effect and enforceable has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. To the knowledge of the Company, no Person is seeking to terminate or challenging the validity or enforceability of any Company Material Contract, except such terminations or challenges which have not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries, nor to the knowledge of the Company, any of the other party parties thereto has violated any provision of, or committed or failed to perform any Monsoon Material Contract is act which (with or without notice or notice, lapse of time, time or both) in breach or would constitute a default thereunderunder any provision of, (iii) since January 1, 2014, and neither Monsoon the Company nor any of its Subsidiaries has received written notice of any actual, alleged, possible that it has violated or potential material violation of, or material failure to comply withdefaulted under, any term or requirement of any Monsoon Company Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto those violations and defaults (or words of similar import)potential defaults) which have not had and would not reasonably be expected to have, Indigo Parent individually or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)in the aggregate, a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Schwab Charles Corp), Merger Agreement (Td Ameritrade Holding Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.16(a) of the Monsoon Disclosure Letter sets forth Schedule lists each of the following written contracts and agreements to which any ▇▇▇▇▇▇ Entity is a true and complete list, party in effect as of the date hereofof this Agreement (such contracts and agreements so required to be disclosed, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications theretobeing “Material Contracts”):
(i) any non-competition agreementagreement for the purchase of products or for the receipt of services, non-solicitation agreementthe performance of which will extend over a period of more than one year and which involved consideration or payments by the ▇▇▇▇▇▇ Entities in excess of $1,000,000 in the aggregate during the year ended December 31, exclusive distribution2008;
(ii) any agreement for the furnishing of products or services by the ▇▇▇▇▇▇ Entities to their customers, franchise the performance of which will extend over a period of more than one year and which involved consideration or licensing payments by such customers in excess of $2,500,000 in the aggregate during the year ended December 31, 2008;
(iii) any agreement concerning the establishment or operation of a partnership, joint venture or limited liability company;
(iv) any agreement under which any ▇▇▇▇▇▇ Entity created, incurred, assumed or guaranteed any Indebtedness in excess of $5,000,000 or under which there has been imposed any Encumbrances on any of the assets, tangible or intangible, of any ▇▇▇▇▇▇ Entity;
(v) any agreement entered into in the past four years (or with respect to which any material obligation of any ▇▇▇▇▇▇ Entity is outstanding) for the disposition of any material assets or business of any ▇▇▇▇▇▇ Entity (other Contract that includes any provision which materially limits Monsoon than sales of products in the ordinary course of business) or any Monsoon Subsidiary from engaging agreement entered into in the past four years for the acquisition of the assets or business of any other Person (other than purchases of products in the ordinary course of business), in each case involving consideration in excess of $5,000,000;
(vi) any agreement that limits or purports to limit the ability of any ▇▇▇▇▇▇ Entity to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees or personnel during any period of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length termstime;
(vii) any currency exchangethe lease and, interest rate exchangeif applicable, commodity exchange or similar Contractsublease agreements pertaining to each parcel of Leased Real Property;
(viii) any Contract entered into by Monsoon all agreements related to mining operations at the Mines involving annual consideration in excess of $1,000,000 or any Monsoon Subsidiary in connection with that are otherwise material to the settlement or other resolution conduct of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any the business of their respective Affiliates (including the Indigo Group Companies after the Closing Date)▇▇▇▇▇▇ Entities taken as a whole;
(ix) all material contracts and agreements between or among any Contract ▇▇▇▇▇▇ Entity, on the one hand, and the Seller or any Affiliate of the Seller, on the other hand;
(x) all collective bargaining agreements or other contracts with any labor organization, union or other similar association;
(xi) any employment related (including consulting) contract or arrangement that is a Transferred Plan or that provides for total annual compensation in excess of $250,000;
(xii) any contract that contains exclusivity or “most favored nation” obligations or similar restrictions binding on any ▇▇▇▇▇▇ Entity or that would be binding on Purchaser or its Affiliates after the Closing;
(xiii) any material ▇▇▇▇▇▇ IP Agreement, other than Contracts non-disclosure agreements entered into in the ordinary course of business consistent with past practicebusiness;
(xiv) any contract to which provides for aggregate future sums due from Monsoon any ▇▇▇▇▇▇ Entity is a party containing a standstill or similar agreement pursuant to which one party has agreed not to acquire assets or securities of the other party or any Monsoon Subsidiary or an aggregate future liability of its Affiliates;
(contingent or otherwisexv) any contract relating to any Person interest rate, currency or commodity derivative, hedge, derivative transactions or similar transactions;
(in each case xvi) any contract containing a put, call or similar right pursuant to which any ▇▇▇▇▇▇ Entity could be required to purchase or sell, as applicable, any securities or assets; and
(xvii) any contract other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth described above to which Monsoon or any Monsoon Subsidiary ▇▇▇▇▇▇ Entity is a party or by which it or they or any of its or their assets or businesses properties or business is bound or subject that that: (A) is material to the Monsoon Business ▇▇▇▇▇▇ Entities, taken as a whole, or the use or operation of their assetsany of its assets or properties, taken as a whole, or (B) if breached, terminated or not renewed could have a Material Adverse Effect.
(b) Each Material Contract (i) All Contracts set forth or required is valid and binding on the applicable ▇▇▇▇▇▇ Entity, and, to be set forth in Section 5.17(a) the Knowledge of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to Seller, the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validcounterparties thereto, binding and is in full force and effect and are enforceable by Monsoon (where applicable) Registered or its applicable Subsidiary filed with any relevant Governmental Authority, (other than, in respect of the making of this representation and warranty as of the Closing Date in accordance with their the first paragraph of this Article III, where such Material Contract expires in accordance with its terms (except insofar as such enforceability may be limited without a right of renewal or is terminated in accordance with its terms by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), a counterparty other than due to a ▇▇▇▇▇▇ Entity’s breach) and (ii) Monsoon upon consummation of the transactions contemplated by this Agreement, except to the extent that any consents set forth in Section 3.04(c) of the Disclosure Schedule are not obtained, shall continue in full force and effect without penalty or its applicable Subsidiary has performed all material obligations required to be performed by it under other adverse consequence. None of the Monsoon Material Contracts, and it ▇▇▇▇▇▇ Entities is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary it is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Stock Purchase Agreement (Dow Chemical Co /De/), Stock Purchase Agreement (Rohm & Haas Co)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.12(a) of the Monsoon Seller Disclosure Letter Schedules sets forth a true and complete list, list of Contracts (other than Contracts that are Excluded Assets) in effect as of the date hereof, of each of the following Contracts hereof (i) to which Monsoon the Company is a party, or (ii) to which Seller or any Monsoon Subsidiary Rolling Mill Affiliate (in respect to the Rolling Mill Business) is a party that relates to the Rolling Mill Business or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets Rolling Mill Asset is bound bound, in either case which are in the categories listed below (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreementContract evidencing Indebtedness or under which Seller, non-solicitation agreementthe Company or any Rolling Mill Affiliate (in respect of the Rolling Mill Business) has issued any note, exclusive distributionbond, franchise or licensing agreement indenture, mortgage, security interest or other Contract that includes any provision which materially limits Monsoon evidence of Indebtedness, or any Monsoon Subsidiary from engaging in any activity has directly or conducting business with any Person or in any geographic area or from soliciting employees or personnel indirectly guaranteed Indebtedness of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredwith a Key Customer;
(iii) any Contract with a Key Supplier or any other supplier for the purchase of products or services pursuant to which Seller, the Company or any Rolling Mill Affiliate (in respect of the Rolling Mill Business) paid at least $2,000,000 during the ten (10) month period ended October 31, 2020;
(iv) any Contract under which Seller, the Company or any Rolling Mill Affiliate (in respect of the Rolling Mill Business) is or may become obligated to pay any material amount in respect of deferred or conditional purchase price (other than ordinary trade terms) or a purchase price adjustment, in each case, in connection with any (A) acquisition or disposition of all or substantially all of the assets or securities of any Person, (B) merger, consolidation or other business combination, or (C) series or group of related transactions of a type specified in subclauses (A) and (B);
(v) any Contract (including, without limitation, letters of intent) that relates relate to the disposition or acquisition of assets or properties (other than in the ordinary course of business) involving consideration of more than $1,000,000 in the aggregate, or relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract granting a license or other grant of rights to any Third Party for use of any Intellectual Property related to the Rolling Mill Business and any Contract material to the Rolling Mill Business relating to Intellectual Property, including under which a license or other grant of rights is provided to Seller, the Company or any Rolling Mill Affiliate for the use of any Intellectual Property rights or any Third Party (other than off-the-shelf, commercially available software), in each case including, without limitation, joint development Contracts, research Contracts, customer formulation Contracts, royalty Contracts or management, consulting or advisory contracts, excluding Contracts for the purchases and sales of goods and services entered into other than on commercial arm’s length termsin the ordinary course of business;
(vii) any currency exchangeContract involving consideration of more than $1,000,000 annually which (A) limits the ability of Seller, interest rate exchangethe Company or any Rolling Mill Affiliate (in respect of the Rolling Mill Business) to compete in any material respect with any Person generally or in any geographic region, commodity exchange including the expansion thereof to other geographical areas, customers, suppliers or lines of business, (B) limits the ability of Seller, the Company or any Rolling Mill Affiliate (in respect of the Rolling Mill Business) to solicit employees or clients or (C) that grants the other party or any third person “most favored nation” or similar Contractstatus;
(viii) any Contract entered into by Monsoon lease (whether as lessor or any Monsoon Subsidiary in connection with lessee) of Equipment relating to the settlement Rolling Mill Business providing for annual rentals of $250,000 or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)more;
(ix) any Contract (other than Contracts entered into in with respect to collective bargaining, any employment Contract covering a Business Employee, and any Contract with a Contingent Worker that covers the ordinary course of business consistent with past practice) which provides Rolling Mill Business providing for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) base compensation in excess of $1,000,000; or150,000;
(x) any material joint venture, strategic alliance, partnership, development, joint development or similar agreement;
(xi) any Contract or other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it arrangements between the Company on the one hand, and Seller or any of its assets or businesses is bound or subject Affiliates on the other hand that is material to the Monsoon Rolling Mill Business taken as a whole;
(xii) any Contract with third-party sales agents or representatives, brokers or distributors requiring annual payments of more than $125,000;
(xiii) any Contract relating to the use leasing, subleasing or operation licensing of their assetsany Rolling Mill Real Property;
(xiv) any Contract granting any Person an Encumbrance on any of the Rolling Mill Assets, other than Permitted Encumbrances;
(xv) any Contracts with any Governmental Authority;
(xvi) any Contract that relates to the settlement of any legal proceeding regarding amounts of $250,000 or more in dispute; and
(xvii) any factoring or similar Contract.
(b) (iSeller has made available to Buyer true and complete copies of all Material Contracts and all amendments thereto, except for such Contracts that are listed in Section 3.12(b)(i) All Contracts set forth or required to be of the Seller Disclosure Schedules. Except as set forth in Section 5.17(a3.12(b)(ii) of the Monsoon Seller Disclosure Letter Schedules, each Material Contract that (i) is valid and binding on Seller, the Company or filed or required to be filed the applicable Rolling Mill Affiliate, as exhibits the case may be, and, to the Monsoon SEC Documents (Knowledge of Seller, the “Monsoon Material Contracts”) are validcounterparties thereto, binding and is in full force and effect and are effect, enforceable by Monsoon against Seller, the Company or its applicable Subsidiary such Rolling Mill Affiliate, as the case may be, and, to the Knowledge of Seller, against the counterparties thereto, in each case in accordance with their terms (its terms, except insofar as such enforceability may be limited by applicable bankruptcythe General Enforceability Exceptions. Except as set forth in Section 3.12(b)(iii) of the Seller Disclosure Schedules, insolvencynone of Seller, reorganization, moratorium the Company or similar Laws affecting creditors’ rights generallyany Rolling Mill Affiliate is in material breach of, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not default (with or without notice or giving of notice, lapse of time, time or both) under any Material Contract. Except as set forth in material breach or material default thereunder andSection 3.12(b)(iv), to the knowledge Knowledge of MonsoonSeller, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in material breach or default thereunder. Except as set forth in Section 3.12(b)(v), no other party to any Material Contract has (iiii) notified Seller, the Company or any Rolling Mill Affiliate in writing of any breach or default or that such other party intends not to renew, to cancel or to otherwise terminate such Material Contract or (ii) since January 1September 30, 20142020, neither Monsoon nor taken any action or, to the Knowledge of its Subsidiaries has received written notice Seller, threatened to take any action with respect to seeking a repayment of amounts paid to Seller, the Company or any actualRolling Mill Affiliate, allegedas applicable, possible pursuant to such Material Contract or potential material violation ofa reduction in fees or other payments that will become due to Seller, the Company or material failure such Rolling Mill Affiliate, as applicable, pursuant to comply with, any term or requirement of any Monsoon such Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Purchase Agreement (Alcoa Corp), Purchase Agreement (Kaiser Aluminum Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.21(a) of the Monsoon Company Disclosure Letter sets forth a true and complete listforth, as of the date hereofof this Agreement, a correct and complete list of each of the following types of Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):bound:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other each Contract that includes (A) limits or restricts the Company and its Subsidiaries (or would, from and after the Effective Time, limit or restrict Parent, any provision which materially limits Monsoon of its Subsidiaries or any Monsoon Subsidiary of its stockholders) from engaging competing in any activity line of business or conducting business with any Person or in any geographic area region, or from soliciting employees (B) contains “most favored nation” pricing provisions, exclusivity obligations, rights of first refusal, rights of first negotiation or personnel offer or similar restrictions binding on the Company or any of any Personits Subsidiaries;
(ii) any each Contract that relates to the formation, creation, governance or control of any partnership, is a joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case partnership agreement that is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurredits Subsidiaries, taken as a whole;
(iii) any each Contract that relates in respect of (A) Secured Company Indebtedness or (B) MSR Related Transactions with respect to Mortgage Servicing Rights having an unpaid principal balance in the acquisition aggregate of $5 billion or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredgreater;
(iv) any each Contract with any Related Person that is a loan, guarantee of Monsoon indebtedness or credit agreement, note, bond, mortgage, indenture or other binding commitment evidencing indebtedness for borrowed money of the Company or any Monsoon Subsidiary of its Subsidiaries (other than letters of credit, surety bonds and similar performance guarantees and intercompany loans between the agreements covered by clause (iCompany and its wholly-owned Subsidiaries) and any Monsoon Benefit Plan)in each case in an amount in excess of $50 million individually;
(v) any material each Contract pursuant with respect to which any Third Party Approval is required pursuant to an interest, rate, currency or other swap or derivative transaction (other than those between the Company and its Subsidiaries) with a “change fair value in excess of control” or similar clause$10 million;
(vi) each Contract that is an acquisition agreement or divestiture agreement pursuant to which (A) the Company reasonably expects that it is required to pay total consideration (including assumption of debt) after the date of this Agreement to be in excess of $50 million, (B) any Contract entered into other Person has the right to acquire any assets of the Company or any of its Subsidiaries after the date of this Agreement with a fair market value or purchase price of more than on commercial arm$50 million, (C) the Company has any ongoing indemnification or other outstanding obligations as of the date of this Agreement that are material to the Company and its Subsidiaries, taken as a whole, or pursuant to which the Company or any of its Subsidiaries has continuing “earn out” or other contingent payment obligations after the date of this Agreement reasonably likely to result in the payment of in excess of $500,000, excluding, in each case, (x) Contracts related to Secured Company Indebtedness, (y) acquisitions or dispositions of inventory, products or assets in the ordinary course of the Company’s length termsand its Subsidiaries’ business, including in connection with MSR Related Transactions, securitizations or other similar transactions involving Mortgage Servicing Rights or Mortgage Loans or (z) of inventory, products, equipment, properties or other assets that are obsolete, worn out, surplus or no longer used or useful in the conduct of business of the Company or its Subsidiaries;
(vii) each Contract between the Company or any currency exchange, interest rate exchange, commodity exchange or similar Contractof its Subsidiaries and a Governmental Authority;
(viii) any each Contract entered into that is required to be filed by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution Company as a “material contract” pursuant to Item 601(b)(10) of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including Regulation S-K under the Indigo Group Companies after the Closing Date)Securities Act;
(ix) each Related Party Contract;
(x) each Contract which restricts the payment of dividends or distributions in respect of the capital stock or equity interests of the Company or any of its Subsidiaries;
(xi) each Contract under which the Company or any of its Subsidiaries (A) grants or is granted, in any material respect, a license or other right or interest with respect to any Intellectual Property or IT Systems (including any settlement or co-existence agreements or agreements with covenants not to ▇▇▇, but excluding any non-exclusive license (x) for the use of any commercially available, off-the-shelf software with a replacement cost and/or aggregate annual payments of less than Contracts entered into $250,000, and/or (y) which is granted in the ordinary course of business consistent with past practiceby the Company and its Subsidiaries and is not material to the Company and/or any of its Subsidiaries), or (B) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) is subject to any Person material restrictions with respect to any Intellectual Property or IT Systems owned by the Company and its Subsidiaries; and
(in xii) each case Contract involving the settlement of any Proceeding or threatened Proceeding (or series of Proceedings), other than Monsoon a claim, action or any Monsoon SubsidiaryProceeding relating to Taxes, which (x) may involve payments in excess of $1,000,000; or
2 million after the date hereof or since December 31, 2015 has involved payments in excess of $2 million or (xy) any other Contract other than as set forth above impose or would purport to which Monsoon or any Monsoon Subsidiary is a party or by which it impose material restrictions on the operation of the businesses of Parent or any of its assets or businesses Subsidiaries following the Closing. Each Contract of the type described in clauses (i) through (vii) is bound or subject that is material referred to the Monsoon Business or the use or operation of their assetsherein as a “Company Material Contract”.
(b) (i) All Contracts set forth Except for any Company Material Contract that has terminated or required expired in accordance with its terms or except as has not had, and would not reasonably be expected to be set forth have, individually or in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon aggregate, a Company Material Contracts”) are validAdverse Effect, each Company Material Contract is valid and binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of Monsoonthe Company, no enforceable against the other party or parties thereto in accordance with its terms, subject to any Monsoon the Enforceability Exceptions. Except for breaches, violations or defaults which have not had, and would not reasonably be expected to have, individually or in the aggregate, a Company Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014Adverse Effect, neither Monsoon the Company nor any of its Subsidiaries has received written notice Subsidiaries, nor to the Knowledge of the Company any actual, alleged, possible or potential material violation of, or material failure other party to comply with, any term or requirement of any Monsoon a Company Material Contract, and (iv) neither Monsoon nor is in violation of or in default under any provision of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon such Company Material Contract. True and complete copies of each written Monsoon the Company Material Contract, Contracts and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any material amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject prior to the terms date of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)this Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Wmih Corp.), Merger Agreement (Nationstar Mortgage Holdings Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 3.15 of the Monsoon Seller Disclosure Letter sets forth a true and complete listSchedule includes, as of the date hereofof this Agreement, of each all of the following Contracts (other than purchase orders, invoices, mineral leases and any Contract that is an Excluded Asset or Shared Contract) to which Monsoon any member of the Seller Group or any Monsoon Subsidiary member of the Alkali Group is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound with respect to the Business (including any amendmentstogether with the Union Agreements, supplements and modifications theretothe “Material Contracts”):
(i) any Contract that involves non-competition agreement, non-solicitation agreement, exclusive distribution, franchise cancelable commitments to make capital expenditures or licensing agreement which provide for payments for goods or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with services by the members of the Alkali Group to any Person or in any geographic area or from soliciting employees or personnel excess of any Person$5,000,000 in fiscal year 2014;
(ii) any Contract that relates involved annual consideration to the formation, creation, governance Business for products or control services provided by the Business in excess of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, $5,000,000 in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredfiscal year 2014;
(iii) any joint venture or partnership agreements with any unaffiliated third party involving a sharing of profits or losses with such unaffiliated third party;
(iv) any employment or consulting agreements with any natural person involving an annual base compensation in excess of $175,000;
(v) any Contract pursuant to which the members of the Alkali Group are a lessee of any personal property or real property, for which the aggregate annual base rent or lease payments exceed $5,000,000, respectively;
(vi) any Contract providing for or securing Indebtedness in an amount in excess of $10,000,000 outstanding (other than (A) intracompany Indebtedness (as between the members of the Alkali Group) and (B) trade accounts payable and other accrued Current Liabilities);
(vii) any Contract with respect to any future disposition or granting a right of first refusal or first negotiation with respect to the sale of any equity interests (or rights thereto) of any member of the Alkali Group;
(viii) any Contract that relates to is an operating or leveraged lease for railcars;
(ix) other than Contracts in the ordinary course of business, Contracts for the acquisition, sale, assignment, transfer or other acquisition or disposition of any businessmaterial assets of the members of the Alkali Group or the Business (in a single transaction or a series of related transactions, whether by merger, sale of stock, sale of assets or otherwise, in each case for ) and (A) under which the closing members of the relevant transaction has not occurredAlkali Group have any continuing liability or (B) which were for a purchase price in excess of $15,000,000, and were entered into by any member of the Seller Group (with respect to the Business) or any member of the Alkali Group after December 31, 2012;
(ivx) any Contract with any Related Person containing a provision that materially restricts the Business from competing in a particular geographic area or scope of Monsoon or any Monsoon Subsidiary business (other than the exclusive distribution agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orbusiness);
(xxi) any other Contract other than as set forth above with a customer of the Business granting such customer exclusive relations;
(xii) any material Contract for the supply of products or services to which Monsoon a Governmental Entity; and
(xiii) any settlement, conciliation, or litigation “standstill” Contract pursuant to which, after the date of this Agreement, the Business will be required to satisfy any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsobligation.
(b) (i) All Contracts set forth Each Material Contract is, or required will be as of the Closing Date, a legal, valid and binding obligation of a member of the Seller Group or the Alkali Group, and, to the Knowledge of Seller, on each counterparty thereto, and is in full force and effect, except for such failures to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and or in full force and effect and are enforceable by Monsoon that have not had or its applicable Subsidiary would not reasonably be expected to have, individually or in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcythe aggregate, insolvencya Material Adverse Effect. Neither any member of the Seller Group nor any member of the Alkali Group, reorganizationon the one hand, moratorium nor, to the Knowledge of Seller, any other party to a Material Contract, on the other hand, is in breach or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required default under any Material Contract to be performed by it under the Monsoon Material Contracts, and which it is a party, except for such breaches and defaults that have not (with had or without notice would not reasonably be expected to have, individually or lapse in the aggregate, a Material Adverse Effect. There are no material disputes pending or, to the Knowledge of timeSeller, or both) threatened in material breach or material default thereunder writing, and, to the knowledge Knowledge of Monsoon, Seller no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actualintention to terminate or materially modify any Material Contract has been received by Seller since December 31, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent2013.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Stock and Asset Purchase Agreement (Tronox LTD), Stock and Asset Purchase Agreement (FMC Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.13(a) of the Monsoon Peabody Disclosure Letter sets forth a true correct and complete list, list as of the date hereof, hereof of each all of the following types of Contracts used or held for use primarily in or related primarily to the operation or conduct of the Peabody Business that are to be transferred to and assumed by the JV Entities as of the Closing Date and to which Monsoon Peabody or any Monsoon Subsidiary of its Affiliates is a party or by to which Monsoon or any Monsoon Subsidiary or any of their respective properties the Peabody Contributed Assets or assets is bound the Peabody Transferred Subsidiaries are subject, in each case other than any Excluded Assets (including any amendmentseach, supplements and modifications theretoa “Peabody Material Contract”):
(i) any non-competition loan and credit agreement, non-solicitation Contract, note, debenture, bond, indenture, mortgage, security agreement, exclusive distribution, franchise or licensing agreement pledge or other Contract that includes similar agreement pursuant to which any provision which materially limits Monsoon material Indebtedness for borrowed money is outstanding or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personmay be incurred;
(ii) any Contract that relates to the formation, creation, governance or control of (other than any partnership, joint venture or similar arrangementcoal supply agreement, or any collaboration, cooperation purchase order or partnering commitment to sell or offer to sell coal) with a remaining term of more than one year from the date hereof which is expected to involve the payment of an amount in excess of $10,000,000 or receipt of an amount in excess of $10,000,000 in the aggregate over the remaining term of such Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any joint venture, partnership or similar organizational Contract that relates involving a sharing of profits or losses related to the acquisition all or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing portion of the relevant transaction has not occurredPeabody Business;
(iv) any Contract with granting to any Related Person an option, right of Monsoon first offer or right of first refusal to purchase or acquire any Monsoon Subsidiary Peabody Contributed Asset (other than the agreements covered by clause (i) and any Monsoon Benefit Planpurchase options for additional coal volumes);
(v) any Contract that (A) provides for exclusive rights for the benefit of any third party, (B) grants “most favored nation” status to any third party or (C) requires Peabody or any of its Affiliates to provide any minimum level of service, in each case which (1) are, or in a manner which is, material Contract pursuant to which the Peabody Business taken as a whole and (2) may not be terminated (including such restrictive provisions) by Peabody or its Affiliates on less than 90 days’ notice without payment by Peabody or any Third Party Approval is required pursuant to a “change of control” or similar clauseits Affiliates of any material penalty;
(vi) any Contract entered into other that restricts in any material respect the ability of Peabody or its Affiliates (or could restrict in any material respect the ability of the JV Entities) to compete in any business or with any Person in any geographical area and which may not be terminated (including such restrictive provisions) by Peabody or its Affiliates on less than on commercial arm’s length terms90 days’ notice without payment by Peabody or any of its Affiliates of any material penalty;
(vii) any currency exchangeContract with a remaining term of more than one year from the date hereof that could require the JV Entities to purchase all (or a specified portion of) their total requirements of any product or service from a third party or that contains “take or pay” provisions and which (A) is expected to involve the payment of an amount in excess of $10,000,000 in the aggregate during the fiscal year ending December 31, interest rate exchange, commodity exchange 2019 or similar Contractany future fiscal year and (B) may not be terminated (including such restrictive provisions) by Peabody or its Affiliates on less than 90 days’ notice without payment by Peabody or any of its Affiliates of any material penalty;
(viii) any Contract entered into relating to the disposition or acquisition by Monsoon Peabody or any Monsoon Subsidiary in connection with the settlement or other resolution of its Affiliates of any material Action imposing operational restrictions or conduct requirements on Monsoon business or any Monsoon Subsidiary material amounts of assets (other than in the ordinary course of business) with obligations remaining to be performed or any of their respective Affiliates (including the Indigo Group Companies Liabilities continuing after the Closing Date)date hereof;
(ix) any lease or agreement (including capital lease arrangements) under which Peabody or any of its Affiliates is lessee of, or holds or operates, any Tangible Personal Property for which the annual rental costs exceed $10,000,000;
(x) any coal supply agreement, or purchase order or commitment to sell or offer to sell coal, (A) with a remaining term of more than three years from the date hereof or (B) with remaining deliverable tonnage of (1) 10,000,000 tons from any mines located in Wyoming that are set forth on Schedule 1.1(b) or (2) 1,500,000 tons from any mines located in Colorado that are set forth on Schedule 1.1(b);
(xi) any Contract (other than involving swaps, futures, derivatives or similar instruments, regardless of value, except such Contracts entered into as a hedging activity in the ordinary course of business consistent with Peabody’s past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orpractice and internal policy guidelines;
(xxii) any Contract pursuant to which a Governmental Authority is providing tax abatements or other similar economic incentives in connection with the Peabody Business; and
(xiii) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsPeabody Business.
(b) (i) All Contracts set forth or required to be set forth Peabody and its Affiliates have duly performed and complied in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance all material respects with their terms (except insofar as respective obligations under each Peabody Material Contract. None of Peabody or any of its Affiliates has received any notice of termination or default from any other party to such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing Peabody Material Contract. To the availability Knowledge of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of MonsoonPeabody, no other party to any Monsoon such Peabody Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and obligations thereunder.
(ivc) neither Monsoon nor any of its Subsidiaries has received any written notice Except as set forth on Section 4.13(c) of the intention of any party Peabody Disclosure Letter, Peabody has made available to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True Arch true and complete copies of each written Monsoon Peabody Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Implementation Agreement (Arch Coal Inc), Implementation Agreement (Peabody Energy Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSCHEDULE 3.13(a) of the Monsoon Disclosure Letter sets forth a true true, correct and complete listlist of all contracts, as of the date hereofcommitments, of each of the following Contracts licenses, agreements, obligations or arrangements, whether oral or written, formal or informal, to which Monsoon any Company Party or any Monsoon Subsidiary is a party (or by intends to become a party) or to which Monsoon or any Monsoon Subsidiary or any of their respective its assets or properties or assets is bound (including any amendments, supplements and modifications thereto):bound:
(i) under which any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Company Party or licensing agreement Subsidiary is indemnified for or other Contract that includes against any provision liability in excess of $100,000 or under which materially limits Monsoon any Company Party or any Monsoon Subsidiary from engaging in any activity is or conducting business with could be obligated to indemnify any Person or in any geographic area or from soliciting employees or personnel excess of any Person$100,000;
(ii) under which any Contract that relates Company Party or Subsidiary leases personal property from or to the formationthird parties under Capital Leases which involve rental payments of at least $100,000 per annum or under operating leases which involve rental payments of at least $100,000;
(iii) (A) granting representation, creationmarketing or distribution rights or (B) relating to Intellectual Property (including, governance without limitation, license, franchise or control similar agreements);
(iv) under which any Company Party or Subsidiary has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) Indebtedness in excess of $100,000;
(v) establishing or maintaining any partnership, joint venture or similar arrangementstrategic alliance, or any collaboration, cooperation or partnering Contract, in each case that is material to which provides for the Monsoon Business and for which the closing retention of the relevant transaction has not occurred;
(iii) any Contract that relates services of a third party to the acquisition locate or disposition identify potential acquisitions of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clausedental practices;
(vi) under which there is or may be imposed a security interest or other Lien on any Contract entered into of its assets, whether tangible or intangible, whose net book value or fair market value is in excess of $100,000 (other than on commercial arm’s length termsthe security interests or Liens granted in favor of the Purchaser and the Senior Agents);
(vii) concerning any currency exchange, interest rate exchange, commodity exchange confidentiality or similar Contractnon-solicitation obligations entered into outside the ordinary course of business;
(viii) under which any Contract entered into by Monsoon Company Party or Subsidiary is restricted from carrying on its business or any Monsoon Subsidiary part thereof, or from competing in connection any line of business or with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Person;
(ix) with officers, directors, employees, consultants or independent contractors of any Contract Company Party or Subsidiary;
(x) resulting in the creation of any Lien (including any lease notifications) other than Contracts a Customary Permitted Lien;
(xi) involving any Affiliates of any Company Party or Subsidiary;
(xii) under which the consequences of a default or termination could have a Material Adverse Effect;
(xiii) under which any Company Party or Subsidiary will make aggregate payments to any vendors or other suppliers in excess of $250,000 per annum;
(xiv) under which any Company Party or Subsidiary manages any dental practice, professional corporation or professional association (including, without limitation, the Management Agreements), whether or not the financial statements of such practice, corporation or association are consolidated with the financial statements of Parent and its Subsidiaries, and under which any Company Party or Subsidiary is a party to any contract or other agreement relating to the Dental Insurance Business; and
(xv) not entered into in the ordinary course of business consistent with past practiceand not otherwise disclosed on SCHEDULE 3.13
(a) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) in response to any Person of the foregoing clauses. All of the contracts, commitments, licenses, agreements, obligations or arrangements described in clauses (i) through (xv) above, together with the Senior Credit Documents and all Other Debt Documents, the real property leases, subleases, licenses and other interests described in each case other than Monsoon SECTION 3.24, whether entered into prior to, on or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than after the Closing Date, are collectively referred to herein as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets"MATERIAL CONTRACTS."
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Except as disclosed on SCHEDULE 3.13(a), each Material Contract existing as of the Monsoon Disclosure Letter date hereof is a legal, valid and binding obligation of the Company Parties or filed or required to be filed as exhibits to Subsidiary that are parties thereto, on the Monsoon SEC Documents (one hand, and the “Monsoon Material Contracts”) are validother parties thereto, binding and in full force and effect and are on the other hand, enforceable by Monsoon or its applicable Subsidiary against each of them in accordance with their terms (its terms, except insofar as such enforceability enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium moratorium, fraudulent transfer or conveyance or similar Laws affecting laws relating to or limiting creditors’ ' rights generally, generally or by equitable principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required relating to be performed by it under the Monsoon Material Contractsenforceability, and it is not (in full force and effect. The parties to each Material Contract existing as of the date hereof are in substantial compliance with the terms thereof, and no default or without notice event of default by any Company Party or lapse of time, or both) in material breach or material default thereunder andSubsidiary or, to the knowledge of Monsoonthe Company Parties, no any other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereto exists thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save Except as disclosed in Section 5.17(c) of the Monsoon Disclosure Letterexpressly set forth on SCHEDULE 3.13(a), no Contract to which Monsoon Company Party or any Monsoon Subsidiary is a party will be in effect which purports to legally bindany contract, or impose any dutycommitment, license, agreement, obligation or other Liability of any kind (except for any confidentiality obligations arrangement that may arise as a result of Monsoon restricts it from carrying on its business or any Monsoon part thereof, or from competing in any line of business or with any other Person.
(d) Each of the Management Agreements entered into by any Company Party or Subsidiary sharing any information with Indigo Parent since November 1997 either satisfies the criteria set forth on SCHEDULE 1.1A or any is substantially in the form of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) onEXHIBIT ▇-▇, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)▇-▇ OR D-3.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Levine Leichtman Capital Partners Ii Lp), Securities Purchase Agreement (Interdent Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 3.12 of the Monsoon Company Disclosure Letter sets forth a true and complete list, as of the date hereof, list of each of the following Contracts to which Monsoon which, as of the date of this Agreement, the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentseach, supplements and modifications theretoa “Company Material Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise each Contract (A) not to (or licensing agreement otherwise restricting or other Contract that includes any provision which materially limits Monsoon limiting the ability of the Company or any Monsoon Subsidiary from engaging of its Subsidiaries to) compete in any activity line of business or conducting geographic area or (B) to restrict the ability of the Company or any of its Subsidiaries to conduct business with any Person or in any geographic area or from soliciting employees or personnel of any Personarea;
(ii) each Contract (other than any Contract Company Benefit Plan) providing for or resulting in payments by the Company or any of its Subsidiaries that relates exceeded $250,000 since the Company Incorporation Date;
(iii) all Contracts granting to any Person an option or a first refusal, first offer or similar preferential right to purchase or acquire any material Company Assets;
(iv) all material Contracts for the formationgranting or receiving of a license, creationsublicense or franchise or under which any Person is obligated to pay or has the right to receive a royalty, governance license fee, franchise fee or control of any similar payment;
(v) all partnership, joint venture or other similar arrangement, agreements or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clausearrangements;
(vi) any Contract entered into other than on commercial arm’s length termsagreement 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), except any such agreement with an aggregate outstanding principal amount not exceeding $1,000,000;
(vii) any currency exchangeagreement for the disposition or acquisition by the Company or any of its Subsidiaries, interest rate exchangewith material obligations of the Company or any of its Subsidiaries (other than confidentiality obligations) remaining to be performed or material liabilities of the Company or any of its Subsidiaries continuing after the date of this Agreement, commodity exchange of any material business or similar Contractany material amount of assets other than in the ordinary course of business;
(viii) any Contract entered into an agreement with a (A) the top 10 customers of the Company and its Subsidiaries, taken as a whole, as applicable, and (B) the top 10 suppliers of the Company and its Subsidiaries, taken as a whole, as applicable (in each case measured by Monsoon aggregate obligations paid or any Monsoon Subsidiary in connection with agreed to since the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing DateCompany’s inception);
(ix) any Contract (agreement restricting or limiting the payment of dividends or the making of distributions to stockholders, including intercompany dividends or distributions other than Contracts such restrictions or limitations that are required by applicable Law;
(x) any Contract for the development of Intellectual Property, other than those entered into in the ordinary course of business consistent with past practice) which provides Company employees and contractors on the Company’s standard form for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability such Contracts; and
(contingent or otherwisexi) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as the extent not set forth above in Section 3.12(a) of the Company Disclosure Letter pursuant to which Monsoon or another subsection of this Section 3.12(a), all material agreements with any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsGovernmental Authority.
(b) A true and complete copy of each Company Material Contract (including any amendments thereto) entered into prior to the date of this Agreement has been made available to Parent prior to the date of this Agreement. Each Company Material Contract is a valid and binding agreement of the Company or its applicable Subsidiary, except where the failure to be valid and binding would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, (i) All Contracts set forth neither the Company or required such Subsidiary nor, to be set forth in Section 5.17(a) the Knowledge of the Monsoon Disclosure Letter Company, any other party thereto, is in breach of or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon default under any such Company Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)Contract, (ii) Monsoon or its applicable Subsidiary has performed all as of the date of this Agreement, there are no material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (disputes with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party respect to any Monsoon such Company Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, and (iii) since January 1as of the date of this Agreement, 2014, neither Monsoon nor no party under any of its Subsidiaries Company Material Contract has received given written notice of any actual, alleged, possible its intent to terminate or potential otherwise seek a material violation of, or material failure amendment to comply with, any term or requirement of any Monsoon such Company Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Ikonics Corp), Merger Agreement (Ikonics Corp)
Material Contracts. (a) All Contracts required to be Except for this Agreement, the Company Benefit Plans and agreements filed as exhibits to the Monsoon Company SEC Documents have been so (including, for the avoidance of doubt, those that are filed in a timely manner. Section 5.17(a) of with the Monsoon Disclosure Letter sets forth a true SEC at any time prior to the date hereof and complete listincorporated by reference thereto), as of the date hereofof this Agreement, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel K of any Personthe SEC);
(ii) any material Contract that relates to the formation, creation, governance with a Material Customer or control of any partnership, joint venture a Material Supplier (or similar arrangement, an applicable Affiliate or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredSubsidiary thereof);
(iii) any Contract (other than any individual purchase order issued pursuant to any long term master agreements with customers) that relates involved individual or aggregate payments or consideration of more than $5,000,000 in the six-month period ended March 6, 2015, or is expected to involve individual or aggregate payments or consideration of more than $5,000,000 in the six-month period beginning March 6, 2015 (it being understood that the Company is not making any representation or warranty as to the acquisition actual amount of future payments to be received under any such Contract), for goods and services furnished by or disposition to the Company or any of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredits Subsidiaries;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than under which the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Company or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) its Subsidiaries has continuing material indemnification, earnout or similar obligations to any Contract (third Person, other than Contracts those entered into in the ordinary course of business consistent with past practicepractices;
(v) which provides any Contract for aggregate future sums due from Monsoon capital expenditures involving payments of more than $5,000,000 individually or in the aggregate, by or on behalf of the Company or any Monsoon Subsidiary of its Subsidiaries;
(vi) any Contract involving a joint venture or an aggregate future liability strategic alliance or partnership agreement or other sharing of profits or losses with any person;
(contingent vii) any Contract relating to indebtedness under which the principal amount outstanding thereunder payable by the Company or otherwiseany of its Subsidiaries is greater than $10,000,000;
(viii) any Contract containing covenants by the Company or any of its Affiliates not to (A) compete with any Person, (B) engage in any line of business or activity in any geographic region or (C) sell any products or services to, or obtain any products or services from, any Person (in any geographic region, in each case other than Monsoon as would purport to be binding on the Company or its Affiliates or Parent or its Affiliates after the consummation of the Merger;
(ix) any Contract containing any put, call, exclusivity, right of first refusal or right of first offer or similar right granted by the Company or any Monsoon Subsidiary) in excess of $1,000,000; orits Subsidiaries to any person;
(x) any other Contract other that involved individual or aggregate payments or consideration of more than as set forth above $5,000,000 in the six-month period ended on March 6, 2015, or is expected to which Monsoon involve individual or any Monsoon Subsidiary is a party aggregate payments or consideration of more than $5,000,000 in the six-month period beginning on March 6, 2015, by which it the Company or any of its assets Subsidiaries in respect of any leased tangible personal property;
(xi) any Contract evidencing an outstanding loan, advance or businesses is bound investment by the Company or subject any of its Subsidiaries to or in any person (other than any other Subsidiary of the Company) of more than $10,000,000 in the aggregate (excluding trade receivables and advances to employees for normally incurred business expenses, each arising in the ordinary course of business consistent with past practice);
(xii) any Material Governmental Contract;
(xiii) any Collective Bargaining Agreement;
(xiv) any Order or settlement or conciliation agreement with any Governmental Entity;
(xv) any Contract involving the sale, transfer or acquisition of any business entered into by the Company or any Subsidiary of the Company in the three years preceding the date of this Agreement;
(xvi) any Company IP Agreement that is material involved individual or aggregate payments or consideration of more than $5,000,000 in the six-month period ended on March 6, 2015; and
(xvii) any Contract under which the Company or any of its Subsidiaries provides indemnification to any Indemnified Party. All contracts of the Monsoon Business or the use or operation of their assetstypes referred to in clauses (i) through (xvi) above referred to herein as “Company Material Contracts.”
(b) Except as has not had and would not have, individually or in the aggregate, a Company Material Adverse Effect, (i) All Contracts set forth or required to be set forth in Section 5.17(a) neither the Company nor any Subsidiary of the Monsoon Disclosure Letter Company is in breach of or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it default under the Monsoon terms of any Company Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Contract and, to the knowledge of Monsoonthe Company, no other party to any Monsoon Company Material Contract is (with or without notice or lapse of time, or both) in breach of or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of any Company Material Contract and (ii) each Company Material Contract is a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates valid and binding obligation of Monsoon the Company or the Monsoon Subsidiary of the Company that is party thereto (or words and, to the knowledge of similar import)the Company, Indigo Parent or any Affiliate thereof (of each other than Monsoon or any Monsoon Subsidiary)party thereto, and is in full force and effect, subject to the Remedies Exceptions.
Appears in 2 contracts
Sources: Merger Agreement (Alcoa Inc.), Merger Agreement (Rti International Metals Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.12(a) of the Monsoon Company Disclosure Letter Schedule sets forth a true complete and complete list, accurate list of binding Contracts to which any Company Entity is a party falling within the following categories and existing as of the date hereof, of and in each of the following case excluding any Contracts to which Monsoon or any Monsoon Subsidiary is a only Company Entities are party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreementContract (other than purchase orders or statements of work entered into in the Ordinary Course) with a Key Supplier or a Key Customer, non-solicitation agreementproviding for, exclusive distributionor pursuant to which would reasonably be expected to result in, franchise either (A) annual payments by the Company Entities of $5 million or licensing agreement more, (B) annual revenue to the Company Entities of $5 million or other Contract that includes any provision which materially limits Monsoon more or any Monsoon Subsidiary from engaging in any activity (C) revenue to the Company Entities of $10 million or conducting business with any Person or in any geographic area or from soliciting employees or personnel more over the term of any Personthe Contract;
(ii) any Contract that relates (other than purchase orders or statements of work entered into in the Ordinary Course) not with a Key Supplier or a Key Customer, for the purchase, sale, lease or other disposition of real or personal property, services, equipment or other tangible assets or materials providing for, or pursuant to which would reasonably be expected to result in, either (A) annual payments by the Company Entities of $10 million or more, (B) annual revenue to the formation, creation, governance Company Entities of $10 million or control of any partnership, joint venture more or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material (C) revenue to the Monsoon Business and for which Company Entities of $10 million or more over the closing term of the relevant transaction has not occurredContract;
(iii) any Contract establishing (A) any Material Joint Venture or (B) any other joint venture, strategic alliance or teaming arrangement that relates is or would reasonably be expected to be material to the Company Entities, taken as a whole;
(iv) any Government Contract providing for either (A) annual payments by the Company Entities of $10 million or more or (B) annual revenue to the Company Entities of $10 million or more;
(v) any Contract relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseCompany Entity has material outstanding obligations;
(vi) the Credit Agreements and any other Contract entered into other than on commercial arm’s length termsto which any Company Entity is obligor or guarantor relating to Indebtedness, except any such Contract with an aggregate outstanding principal amount not exceeding $5 million;
(vii) any currency exchangeContract under which any Company Entity (A) has made or agreed to make any loan, interest rate exchangeadvance or assignment of payment to, commodity exchange or similar Contract(B) made any capital contribution to, or other investment in, any Person (other than any Company Entity), or guaranteed or agreed to guarantee any of the foregoing, except any such Contract with an aggregate amount of such an obligation not exceeding $10 million;
(viii) any Contract entered into by Monsoon that obligates any Company Entity to make any capital expenditure or any Monsoon Subsidiary investment in connection with the settlement or other resolution excess of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)$10 million;
(ix) any Contract granting any Person (other than any other Company Entity) a Lien, in each case, other than a Permitted Lien, on material assets or properties of any Company Entity;
(x) the Company Name License Agreements and any other Contract that is material to business of any Company Entity and pursuant to which any Company Entity: (A) obtains a license to, a covenant not to be sued under, or other right to use any Intellectual Property Right of a third party (other than (1) licenses for off-the-shelf software generally available to the public on non-discriminatory pricing terms, (2) non-exclusive licenses of Intellectual Property Rights that are not material to the business of any Company Entity and that are incidental to the transaction contemplated by the Contracts containing such licenses, where the purpose of such Contracts is primarily something other than the license of such Intellectual Property Rights, or (3) licenses for Open Source software) or (B) grants a license to, a covenant not to be sued under, or other right to use any Company-Owned Intellectual Property Right (other than non-exclusive licenses granted in the Ordinary Course that are not material to the business of any Company Entity and that are incidental to the transaction contemplated by the Contracts containing such licenses, where the purpose of such Contracts is primarily something other than the license of such Company Intellectual Property Rights);
(xi) any Labor Agreement;
(xii) any Contract with a Key Employee providing for compensation (including deferred compensation);
(xiii) any Contract providing for indemnification obligations of any Company Entity not entered into in the ordinary course Ordinary Course;
(xiv) any Contract providing for “most favored customer” or similar terms that limit any Company Entity’s right to set pricing independently of business consistent any other Contract, in a manner that is or would reasonably be expected to be material to the Company Entities, taken as a whole;
(xv) any Contract granting a third Person any right of first refusal, right of first offer, right of first negotiation or similar right in a manner that is or would reasonably be expected to be material to the Company Entities, taken as a whole;
(xvi) any Contract containing covenants expressly limiting in any material respect the freedom of any Company Entity to compete with past practiceany Person or operate in any jurisdiction, or containing any exclusivity, standstill or non-solicitation (other than relating to employees) which obligation binding on any of the Company Entities;
(xvii) any Contract that prohibits or restricts in any material respect the right of any Company Entity to make, sell, supply, market or distribute any products or services sold or provided by any Company Entity;
(xviii) any Contract with a Seller or any of its Affiliates (other than the Company Entities, Material Joint Ventures or Other Joint Ventures) (“Intercompany Agreements”);
(xix) any Contract that provides for aggregate future sums due from Monsoon potential revenue to the Company Entities of $10 million or more over the term of the Contract;
(xx) any Monsoon Subsidiary Contract involving a resolution or settlement of any Action where the amount paid in the resolution or settlement exceeds $20 million; or
(xxi) any Real Property Lease that is a lease, sublease or other occupancy agreement providing for the lease or sublease by a Company Entity of real property at an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) annual base rent in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets5 million.
(b) Sellers have made available to Buyer a true, correct and complete copy (i) All Contracts set forth including all amendments or required to be set forth in Section 5.17(amodifications thereto) of the Monsoon Disclosure Letter each Material Contract. Each Material Contract is a legal, valid and binding agreement of one or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validmore Company Entities, binding and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractseffect, and it is not (with or without notice or lapse of timeenforceable against the applicable Company Entity party thereto, or both) in material breach or material default thereunder and, to the knowledge of MonsoonSellers, each other party thereto, in accordance with the terms thereof (subject to the Remedies Exception). No Company Entity or, to the knowledge of Sellers, any other party is, or is alleged to be, in material default or breach under the terms of any such Material Contract, except for any such defaults or breaches which would not reasonably be expected to be, individually or in the aggregate, material to the Company Entities, taken as a whole. Without limitation of the foregoing, no other party Credit Agreement Default has occurred that would reasonably be expected to any Monsoon Material Contract is (with or without notice or lapse result in a failure of timethe condition set forth in Section 8.01(b)(iv); provided that, or both) solely for purposes of this Section 4.12(b), the following phrase shall be disregarded in breach or default thereunderthe definition of Credit Agreement Default: “of which Sellers have, as of such date of determination, (iiii) since January 1, 2014, neither Monsoon nor any Actual Knowledge of its Subsidiaries has Sellers or (ii) received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and from the Administrative Agent (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of as defined in the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed applicable Credit Agreement referenced in Section 5.17(a) of the Monsoon Disclosure Letter this clause (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar importa), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).”
Appears in 2 contracts
Sources: Equity Purchase Agreement (Cameco Corp), Equity Purchase Agreement (Brookfield Business Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.15(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of Schedule lists each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any contracts and agreements of their respective properties or assets is bound the Pershing Companies (including any amendments, supplements such contracts and modifications theretoagreements being “Material Contracts”):
(i) all contracts and agreements relating to Indebtedness of the Pershing Companies to a third party that individually are in excess of $2,000,000;
(ii) all contracts and agreements with any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Governmental Authority to which any of the Pershing Companies is a party;
(iii) all contracts and agreements that limit or licensing agreement or other Contract that includes purport to limit the ability of any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging of the Pershing Companies to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees or personnel during any period of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredtime;
(iv) all contracts and agreements between or among any Contract with any Related Person of Monsoon the Pershing Companies and the Seller or any Monsoon Subsidiary (other than Affiliate of the agreements covered by clause (i) and any Monsoon Benefit Plan)Seller;
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into all contracts and agreements, other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts option and margin agreements entered into in the ordinary course of business consistent with past practice) business, to which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) of the Pershing Companies is a party requiring the payment of money in excess of $1,000,0001,000,000 during the 12 month period ending on the date hereof or that would, on an annualized basis, have required such payment during such period; orprovided, however, that with respect to those contracts and agreements the terms of which prohibit the Seller from disclosing their contents, the Seller shall only provide the Purchaser with a list of such contracts and agreements;
(vi) all Company IP Licenses, other than shrink-wrap or click-through licenses of computer software, contemplating an exchange of value in excess of $1,000,000 during the 12 month period ending on the date hereof;
(vii) all contracts and agreements granting an Encumbrance, other than Permitted Encumbrances, upon any property or asset of any Pershing Company;
(viii) all contracts and agreements obligating any Pershing Company to pay to any Person any money as a result of the execution and delivery of this Agreement or the consummation of the transactions contemplated herein;
(ix) all contracts and agreements providing for the acquisition or disposition after the date of this Agreement of any Assets contemplating an exchange of value in excess of $500,000;
(x) all contracts and agreements providing for a power of attorney on behalf of any other Contract Pershing Company other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any qualified service representative agreements, stock powers of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation attorney and similar agreements; and
(xi) all leases and subleases in respect of their assetsLeased Real Property.
(b) Each Material Contract: (i) All Contracts set forth or required to be set forth in Section 5.17(a) is valid and binding on each of the Monsoon Disclosure Letter or filed or required to be filed as exhibits Pershing Companies which is a party thereto, and, to the Monsoon SEC Documents (knowledge of the “Monsoon Material Contracts”) are validSeller, binding the counterparties thereto, and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon upon consummation of the transactions contemplated by this Agreement, except to the extent that any consents set forth in Section 3.08 of the Disclosure Schedule are not obtained, shall continue in full force and effect without penalty or its applicable Subsidiary has performed all material obligations required to be performed by it under other adverse consequence. None of the Monsoon Pershing Companies is in breach of, or default under, any Material ContractsContract, except where such breach or default would not, individually or in the aggregate, have a Material Adverse Effect, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of MonsoonSeller, no none of the other party to any Monsoon Material Contract parties thereto is (with or without notice or lapse of time, or both) in breach or material default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentbreach.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Transaction Agreement (Credit Suisse First Boston Usa Inc), Transaction Agreement (Credit Suisse Group)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon Company SEC Documents have been so filed in a timely manner. Except as set forth in Section 5.17(a3.17(a) of the Monsoon Company Disclosure Letter sets forth Letter, neither the Company nor any of its Subsidiaries is a true and complete listparty to, as of the date hereofor bound by, of each any of the following Contracts to which Monsoon or any Monsoon Subsidiary is (each, a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Company Material Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging is a “material contract” (as such term is defined in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel Item 601(b)(10) of any PersonRegulation S-K of the Exchange Act);
(ii) any Contract that relates relating to the formation, creation, governance indebtedness for money borrowed or control guaranteed indebtedness for money borrowed of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, Person (other than the Company and its Subsidiaries) in each case that is material to the Monsoon Business and for which the closing excess of the relevant transaction has not occurredTwo Million Dollars ($2,000,000);
(iii) any Contract that relates to the acquisition (A) restricts it from participating or disposition competing in any line of any business, whether by merger, sale of stock, sale of assets market or otherwise, in each case for which the closing of the relevant transaction has not occurredgeographic area or (B) grants any exclusive rights to any Person;
(iv) any Contract with joint venture, partnership or limited liability company agreements or other similar agreements or arrangements relating to the formation, creation, operation, management or control of any Related Person of Monsoon joint venture, partnership or any Monsoon Subsidiary (limited liability company, other than any such agreements or arrangements solely between or among the agreements covered by clause (i) and any Monsoon Benefit Plan)Company and/or its wholly owned Subsidiaries;
(v) any material collective bargaining agreement or other Contract pursuant to which or with any Third Party Approval is required pursuant to labor union or other employee representative of a “change group of control” or similar clauseemployees;
(vi) any Contract entered into other than on commercial arm’s length termsemployment, retention, severance, change in control or consulting agreement;
(vii) any currency exchangeContract, interest rate exchangeincluding any employment, commodity exchange retention, severance, change in control or similar Contractconsulting agreement, and stock option plan, stock incentive plan, stock appreciation rights plan, or stock purchase plan, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated, by the occurrence of any of the transactions contemplated by this Agreement (either alone or in combination with any subsequent event or events) or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated by this Agreement;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with between the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or Company and any of their respective Affiliates (including its Affiliates, other than any such Contract solely between or among the Indigo Group Companies after the Closing Date)Company and/or its wholly owned Subsidiaries;
(ix) any Contract (Material IP Contracts and other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orMajor Properties Contracts;
(x) any other Contract other than as set forth above relating to which Monsoon the disposition or any Monsoon Subsidiary is a party or acquisition by which it the Company or any of its Subsidiaries of assets or businesses is bound properties in excess of Two Million Dollars ($2,000,000), other than Material IP Contracts;
(xi) any Contract the termination of which would reasonably be expected to have a Company Material Adverse Effect; or
(xii) any other Contract that contains outstanding obligations in excess of Two Million Dollars ($2,000,000) or subject that is otherwise material to the Monsoon Business condition (financial or otherwise), business, properties, assets or results of operations of the use or operation of their assetsCompany and its Subsidiaries taken as a whole.
(b) As of the date of this Agreement, the Company has made available to Parent true, correct and complete copies of all Company Material Contracts.
(c) Except as set forth or described on Section 3.17(c) of the Company Disclosure Letter, (i) All Contracts set forth or required neither the Company nor any of its Subsidiaries nor, to be set forth in Section 5.17(a) the Knowledge of the Monsoon Disclosure Letter Company, any other party to a Company Material Contract, is in material breach or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallyviolation of, or by principles governing the availability of equitable remedies)in material default under, any Company Material Contract, (ii) Monsoon with respect to either the Company or any of its applicable Subsidiary Subsidiaries or, to the Knowledge of the Company, any other party to a Company Material Contract, no event has performed all occurred or circumstance exists which would result in a material obligations required to be performed by it under the Monsoon breach or violation of, or a material default under, any Company Material ContractsContract (in each case, and it is not (with or without notice or lapse of time, time or both) in material breach or material default thereunder and (iii) each Company Material Contract is valid and binding on each of the Company and its Subsidiaries, as applicable, and, to the knowledge Knowledge of Monsoonthe Company, no each other party thereto and enforceable in accordance with its terms, subject to any Monsoon Material Contract applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, rehabilitation, liquidation, preferential transfer, moratorium and similar Laws now or hereafter affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is (sought in a proceeding at equity or law), and is in full force and effect with or without notice or lapse respect to each of timethe Company and its Subsidiaries, or both) in breach or default thereunderas applicable and, (iii) since January 1to the Knowledge of the Company, 2014each other party thereto. In the ordinary course of business, neither Monsoon nor any of the Company and its Subsidiaries has received written notice of any actual, alleged, possible do not enter into Contracts providing for most favored customer pricing or potential material violation of, or material failure similar terms to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentthird parties.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Marvel Entertainment, Inc.)
Material Contracts. (a) All Contracts required For purposes of this Agreement, "Material Contract" shall mean the following to be which the Company or any of its Subsidiaries is a party or any of the respective assets are bound:
(i) any "material contract" (as such term is defined in Item 601(b)(10) of Regulation S-K of the Securities Act), whether or not filed by the Company with the SEC;
(ii) any Lease;
(iii) any employment or consulting Contract (in each case with respect to which the Company has continuing obligations as exhibits to of the Monsoon SEC Documents have been so filed in date hereof) with any current or former (x) executive officer of the Company, (y) member of the Company Board, or (z) Company Employee;
(iv) any Contract providing for indemnification or any guaranty by the Company or any Subsidiary thereof, other than (x) any guaranty by the Company or a timely manner. Section 5.17(aSubsidiary thereof of any of the obligations of (A) the Company or another wholly-owned Subsidiary thereof or (B) any Subsidiary (other than a wholly-owned Subsidiary) of the Monsoon Company that was entered into in the ordinary course of business pursuant to or in connection with a customer Contract, , (y) any Contract providing for any guaranty by a Person other than the Company with respect to a liability or obligation of the Company, or (z) any Contract providing for indemnification of customers or other Persons pursuant to Contracts entered into in the ordinary course of business;
(v) any Contract that purports to limit the right of the Company or any of its Subsidiaries (or, at any time after the consummation of the Merger, Parent or any of its Subsidiaries) (x) to engage in any line of business, or (y) to compete with any Person or operate in any geographical location;
(vi) any Contract relating to the disposition or acquisition, directly or indirectly (by merger or otherwise), by the Company or any of its Subsidiaries after the date of this Agreement of assets other than consumable inventory (including, without limitation, fibers);
(vii) any Contract relating to the repair and maintenance of Company Medical Equipment involving payments by the Company in excess of $50,000 in any year;
(viii) any Contract that obligates the Company or any of its Subsidiaries to conduct business on an exclusive or preferential basis with any third party or upon consummation of the Merger will obligate Parent, the Surviving Corporation or any of their respective Subsidiaries to conduct business on an exclusive or preferential basis with any third party;
(ix) any partnership, joint venture or similar Contract that is material to the Company and its Subsidiaries taken as a whole;
(x) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts, in each case relating to indebtedness for borrowed money, whether as borrower or lender, other than accounts receivables and payables;
(xi) any employee collective bargaining agreement or other Contract with any labor union;
(xii) any other Contract under which the Company or any of its Subsidiaries is obligated to make payment or incur costs in excess of $50,000 in any year and which is not otherwise described in clauses (i)-(xi) above;
(xiii) any Contract which is not otherwise described in clauses (i)-(xii) above that is material to the Company and its Subsidiaries, taken as a whole, and listed on Section 4.19(b) of the Company Disclosure Letter; or
(xiv) any Company IP Agreement that is material to the conduct of the Company's business.
(b) Section 4.19(b) of the Company Disclosure Letter sets forth a true and complete list, list as of the date hereofhereof of all Material Contracts. The Company has made available to Parent correct and complete copies of all Material Contracts, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications amendments thereto):.
(i) any non-competition agreementAll the Material Contracts are valid and binding on the Company or its applicable Subsidiary, non-solicitation agreementenforceable against it in accordance with its terms, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that and is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)effect, (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under neither the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any third party has materially violated any provision of, or materially failed to perform any obligation required under the provisions of, any Material Contract, and (iii) neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any third party is in breach, or has received written notice of any actualmaterial breach, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Emergent Group Inc/Ny), Merger Agreement (Universal Hospital Services Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of Schedule 4.29 lists the following Contracts contracts and other agreements (“Material Agreements”) to which Monsoon or any Monsoon Subsidiary the Buyer is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
party: (i) any non-competition agreementagreement (or group of related agreements) for the lease of real or personal property, non-solicitation agreementincluding capital leases, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area to or from soliciting employees or personnel any person providing for annual lease payments in excess of any Person;
$25,000; (ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementlicensing agreement, or any collaborationagreement forming a partnership, cooperation strategic alliances, profit sharing or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
joint venture; (iii) any Contract that relates to the acquisition agreement (or disposition group of related agreements) under which it has created, incurred, assumed, or guaranteed any businessindebtedness for borrowed money in excess of $10,000, whether by mergeror under which a security interest has been imposed on any of its assets, sale of stock, sale of assets tangible or otherwise, in each case for which the closing of the relevant transaction has not occurred;
intangible; (iv) any Contract with any Related Person profit sharing, deferred compensation, severance, or other material plan or arrangement for the benefit of Monsoon its current or former officers, directors and managers or any Monsoon Subsidiary (other than of the agreements covered by clause (i) and any Monsoon Benefit Plan);
Buyer’s employees; (v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change employment or independent contractor agreement providing annual compensation in excess of control” $10,000 or similar clause;
providing post-termination or severance payments or benefits or that cannot be cancelled without more than thirty (30) days’ notice; (vi) any Contract entered into other than on commercial arm’s length terms;
agreement with any current or former officer, director, shareholder, members, manager or affiliate of the Buyer; (vii) any currency exchangeagreements relating to the acquisition (by merger, interest rate exchange, commodity exchange purchase of units or similar Contract;
assets or otherwise) by the Buyer of any operating business or material assets or the capital stock of any other person; (viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with agreements for the settlement or other resolution sale of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after assets of the Closing Date);
(ix) any Contract (Buyer, other than Contracts entered into in the ordinary course of business consistent with past practicebusiness; (ix) which provides for aggregate future sums due from Monsoon any outstanding agreements of guaranty, surety or any Monsoon Subsidiary indemnification, direct or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000indirect, by the Buyer; or
(x) any royalty agreements, licenses or other Contract agreements relating to Intellectual Property (excluding licenses pertaining to “off-the-shelf” commercially available software used pursuant to shrink-wrap or click-through license agreements on reasonable terms for a license fee of no more than $10,000); and (xi) any other than as set forth above agreement under which the consequences of a default or termination could reasonably be expected to have a Material Adverse Effect on the Buyer including any customer agreements.
(a) The Buyer has made available to Company either an original or a correct and complete copy of each written Material Agreement. With respect to each Material Agreement to which Monsoon or any Monsoon Subsidiary the Company is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) thereto: (i) All Contracts set forth or required to be set forth in Section 5.17(a) the agreement is the legal, valid, binding, enforceable obligation of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding Company and is in full force and effect in all material respects, subject to bankruptcy and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), remedies exceptions; (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under (A) the Monsoon Material Contracts, and it Company is not in material breach or default thereof and (B) no event has occurred which, with or without notice or lapse of time, or both) in would constitute a material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of timeof, or both) in breach permit termination, modification, or default thereunderacceleration under, the Material Agreement; and (iii) since January 1, 2014, neither Monsoon nor the Company has not repudiated any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice provision of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentagreement.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Share Exchange Agreement (Madison Technologies Inc.), Share Exchange Agreement (Madison Technologies Inc.)
Material Contracts. (a) All Except for this Agreement and Contracts required to be filed as exhibits to the Monsoon Company SEC Documents have been so filed in a timely manner. Documents, Section 5.17(a) 4.12 of the Monsoon Company Disclosure Letter sets forth a true complete and complete correct list, as of the date hereofof this Agreement, and the Company has made available to Parent complete and correct copies, of each Contract (together with any and all amendments and supplements thereto and material side letters and similar documentation relating thereto) to which the Company or any of its Subsidiaries is a party to or bound by (each, a “Material Contract”) of any of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):types:
(i) with a customer representing any non-competition agreementof the fifty (50) largest customer relationships by revenue of the Company on a consolidated basis over the twelve (12) months immediately prior to January 31, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person2012;
(ii) with a supplier representing any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredten (10) largest telecommunications services supplier relationships by payments of the Company on a consolidated basis during the current fiscal year through April 19, 2012;
(iii) with a supplier, other than professional service providers, representing any Contract of the ten (10) largest supplier relationships, other than the ten (10) largest telecommunications services supplier relationships, measured by payments of the Company on a consolidated basis during the current fiscal year through April 19, 2012;
(iv) with a sales agent representing any of the ten (10) largest sales agent relationships by revenue of the Company on a consolidated basis generated or managed during the current fiscal year through February 29, 2012;
(v) with a reseller of the Company’s and/or its Subsidiaries’ products or services representing any of the ten (10) largest sales reseller relationships by revenue of the Company on a consolidated basis over the twelve (12) months immediately prior to March 31, 2012;
(vi) with a consultant or independent contractor representing any of the ten (10) largest consultant or independent contractor relationships by payments of the Company on a consolidated basis during the current fiscal year through April 26, 2012;
(vii) entered into within the two (2) years prior to the date hereof that relates relate to the acquisition or disposition of any business, a material amount of stock or assets of any other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) granting any Contract entered into by Monsoon Person an option or right to acquire on a non-arms’ length basis any Monsoon Subsidiary Specified Intellectual Property (other than non-exclusive licenses granted to customers in connection with the settlement ordinary course of business) or other resolution material assets or tangible property of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary the Company or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)its Subsidiaries;
(ix) relating to (A) indebtedness for borrowed money (including guarantees by the Company or any Contract of its Subsidiaries) other than to or from its wholly-owned Subsidiaries, (B) the incurrence of Liens (other than Permitted Liens) on the assets of the Company or its Subsidiaries, (C) the assumption, guarantee or endorsement, or other responsibility (whether directly, contingently or otherwise) for, the obligations of any Person (other than its wholly-owned Subsidiaries) for borrowed money, or (D) any “keep well” or other agreement to maintain any financial statement condition of another Person (other than a wholly-owned Subsidiary of the Company), excluding in each case Contracts entered into relating to trade payables arising in the ordinary course of business consistent with past practiceand those involving an amount of less than $50,000;
(x) which provides for aggregate future sums due from Monsoon that, except as would not have a material restrictive impact on the business of the Company or its Affiliates, to the Knowledge of the Company (A) limit the ability of the Company or any Monsoon Subsidiary of its Affiliates to solicit any Person as a customer, (B) limit the ability of the Company or an aggregate any of its Affiliates to compete in any line of business or with any Person or in any geographic area or during any future liability period of time, or (contingent C) obligate the Company or otherwise) any of its Affiliates to pay any royalties or other material amounts, or offer any discounts, to any third party in excess of those payable by, or required to be offered by, any of them, respectively, in the absence of this Agreement or the transactions contemplated hereby;
(xi) relating to any material strategic alliance, joint venture or partnership arrangements;
(xii) pursuant to which the Company or any of its Subsidiaries are obligated to contribute capital, loan money or otherwise provide funds or make additional investments in any Person (in each case other than Monsoon a wholly-owned Subsidiary of the Company or any Monsoon Subsidiaryother than trade payables arising in the ordinary course of business;
(xiii) relating to open purchase orders (including for services) involving future payments in excess of $1,000,000; or150,000;
(xxiv) providing “most favored nation” or similar pricing to any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary customer that is a party to a Contract described in subsection (i) above with respect to the sale, distribution, license or by which it support of any products or services; and
(xv) the termination or loss of which, to the Knowledge of the Company, would materially and adversely affect the ability of the Company and its Subsidiaries to provide goods or services to customers, excluding Contracts otherwise described in any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetssubsections (i) through (xiv) above.
(b) Section 4.06(a) of the Company Disclosure Letter also sets forth, for the Contracts listed in items (i) All Contracts set forth through (vi) thereof, the revenue or required fees received from or paid to be set forth such customer, supplier, sales agent/reseller or consultant/independent contractor during the time period referenced in Section 5.17(a4.06(a)(i) through (vi), as applicable.
(c) Each Material Contract is valid and binding on the Company or any of the Monsoon Disclosure Letter or filed or required to be filed as exhibits its Subsidiaries, and to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validCompany’s Knowledge, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary each other party thereto in accordance with their its terms (except insofar as such enforceability may be limited by subject to applicable bankruptcy, insolvency, reorganizationmoratorium, moratorium or reorganization and other similar Laws laws affecting creditors’ the rights of creditors generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge exercise of Monsoon, no other party to any Monsoon Material Contract a court’s equitable powers) and is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon full force and effect. Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under) in any material respect, nor, to the Company’s Knowledge, has received provided or is in receipt of any written notice of any actual, alleged, possible or potential material violation of, or material failure current intention to comply withterminate, any term Material Contract. To the Company’s Knowledge, no event or requirement circumstance has occurred that, with 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 acceleration or other changes of any Monsoon right or obligation or the loss of any benefit thereunder. No customer who is a party to a Material ContractContract has given written, and (iv) neither Monsoon nor or, to the Knowledge of the Company, oral, notice to the Company or any of its Subsidiaries has received any written notice that it intends to reduce its purchase of goods or services from the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon Company or any Monsoon Subsidiary is a party will be of its Subsidiaries, make any material modifications or change in effect which purports or to legally bindterminate its business relationship with the Company or any of its Subsidiaries and no material credit amounts are owing or, or impose to the Company’s Knowledge, alleged owing, to any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise customer as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent a breach by the Company or any of its Affiliates that Subsidiaries of any service level obligations except as may have been reserved for in the Financial Statements. No supplier who is subject a party to a Material Contract has given written, or, to the Knowledge of the Company, oral, notice to either the Company or any of its Subsidiaries that it intends to alter or change any material pricing or other material terms with respect to its supply of a confidentiality agreement goods or services to the Company or any of its Subsidiaries, or to terminate its business relationship with a third partythe Company or any of its Subsidiaries.
(d) on, either expressly or through a reference to affiliates Neither the entry into nor the consummation of Monsoon this Agreement or the Monsoon Subsidiary transactions consummated hereby (including the Merger) will, directly or indirectly, in whole or in part, terminate, adversely modify, increase the obligations or decrease the rights of the Company (including as the Surviving Corporation) or its Subsidiaries under that is party thereto certain Securities and Asset Purchase Agreement dated as of October 21, 2010, by and among the Company, Premiere Global Services, Inc., Xpedite Systems Holdings (or words of similar import)UK) Limited, Indigo Parent or any Affiliate thereof Premiere Conferencing (other than Monsoon or any Monsoon SubsidiaryCanada) Limited and Xpedite Systems, LLC (the “PGI Agreement”).
Appears in 2 contracts
Sources: Merger Agreement (Easylink Services International Corp), Merger Agreement (Open Text Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in For all purposes of and under this Agreement, a timely manner. Section 5.17(a) “Material Contract” shall mean any of the Monsoon Disclosure Letter sets forth a true and complete listfollowing, as of excluding the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):Accel Agreement:
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreementK of the SEC, non-solicitation agreementother than those agreements and arrangements described in Item 601(b)(10)(iii)) with respect to the Company and its Subsidiaries, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Persontaken as whole;
(ii) any employment or consulting Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, (in each case that is material to the Monsoon Business and for case, under which the closing Company has continuing obligations as of the relevant transaction has not occurreddate hereof) with any executive officer or other employee of the Company or its Subsidiaries or member of the Company Board providing for an annual base salary in excess of $175,000;
(iii) any material Contract that relates to the acquisition or disposition of with any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredtwenty (20) largest customers of the Company and its Subsidiaries, determined on the basis of revenues received by the Company or any of its Subsidiaries for the fiscal year ended December 31, 2008 (the “Material Customer Agreements”);
(iv) any Contract containing any covenant (A) limiting the right of the Company or any of its Subsidiaries to engage in any material line of business or to compete with any Related Person in any line of Monsoon business that is or could reasonably be expected to be material to the Company, or (B) prohibiting the Company or any Monsoon Subsidiary (of its Subsidiaries from engaging in business with any Person or levying a fine, charge or other payment for doing so, in each case other than any such Contracts that (x) may be cancelled without material liability to the agreements covered by clause Company or its Subsidiaries upon notice of ninety (i90) days or less or (y) are not, individually or in the aggregate, material to the Company and any Monsoon Benefit Plan)its Subsidiaries;
(v) any Contract (A) relating to the disposition or acquisition by the Company or any of its Subsidiaries after the date of this Agreement of a material Contract amount of assets other than in the ordinary course of business, or (B) pursuant to which the Company or any Third Party Approval is required pursuant to a “change of control” its Subsidiaries will acquire any material ownership interest in any other Person or similar clauseother business enterprise other than the Company’s Subsidiaries;
(vi) any Contract entered into 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 $500,000, other than on commercial arm’s length terms;
(viiA) any currency exchangeaccounts receivables and payables, interest rate exchangeand (B) loans to direct or indirect wholly-owned Subsidiaries, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into each case in the ordinary course of business consistent with past practice;
(vii) which provides any Lease or Sublease set forth in Sections 3.15(b) and 3.15(c) of the Company Disclosure Letter;
(viii) any Contract providing for aggregate future sums due from Monsoon the payment, increase or vesting of any Monsoon Subsidiary material benefits or an aggregate future liability compensation in connection with the transactions contemplated hereby (contingent or otherwise) to any Person (in each case other than Monsoon Contracts evidencing Company Options or Company Stock-Based Awards);
(ix) any Monsoon Subsidiary) Contract providing for severance in excess of $1,000,000; or75,000 (other than those pursuant to which severance is required by applicable Law);
(x) any other Contract other than as set forth above relating to which Monsoon or any Monsoon Subsidiary is a party or by which it evidencing Indebtedness of the Company or any of its assets Subsidiaries, in the case of each clause in the definition thereof, greater than $100,000 (whether or businesses is bound not contingent);
(xi) any Contract providing for indemnification of any officer, director, manager or subject employee by the Company or its Subsidiaries;
(xii) any Contract that is involves any material joint venture, partnership or similar arrangement; and
(xiii) any Company Intellectual Property Agreements required to be listed pursuant to Section 3.16(c) of the Monsoon Business or the use or operation of their assetsCompany Disclosure Letter.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a3.13(b) of the Monsoon Company Disclosure Letter contains a complete and accurate list of all Material Contracts to or filed by which the Company or required any of its Subsidiaries is a party or is bound.
(c) Each Material Contract is valid and binding on the Company (and/or each such Subsidiary of the Company party thereto) and is in full force and effect, and neither the Company nor any of its Subsidiaries party thereto, nor, to the Knowledge of the Company, any other party thereto, is in breach of, or default under, any such Material Contract, and no event has occurred that with notice or lapse of time or both would constitute such a breach or default, or otherwise modify any rights or obligations thereunder by the Company or any of its Subsidiaries, or, to the Knowledge of the Company, any other party thereto, except for such failures to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon breaches and defaults that would not have a Company Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentAdverse Effect.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Sumtotal Systems Inc), Merger Agreement (Vista Equity Partners Fund III LP)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a7.9(a) of the Monsoon Clinigence Disclosure Letter sets forth Schedule provides a true and complete list, as of the date hereof, list of each of the following Contracts contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary Clinigence or any of their respective properties or assets its Subsidiaries is bound party other than this Agreement (including any amendmentscollectively, supplements and modifications theretothe “Clinigence Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon All leases for real property used by Clinigence or any Monsoon Subsidiary from engaging of its Subsidiaries and all leases of personal property and any Contract affecting any right, title or interest in or to real property;
(ii) All Contracts with Persons who are Service Providers, and all Clinigence Plans;
(iii) Any Contract involving financing or borrowing of money, or evidencing indebtedness; any liability for borrowed money; any letters of credit; any obligation for the deferred purchase price of property in excess of $25,000; or guaranteeing in any activity or conducting business way any Contract in connection with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(iiiv) any Contract that relates to the formationAny joint venture, creation, governance or control of any partnership, joint venture or similar arrangement, cooperative arrangement or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing other Contract involving a sharing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)profits;
(v) Any Contract with any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseGovernmental Authority;
(vi) any Any Contract entered into other than on commercial arm’s length termswith respect to the discharge, storage or removal of effluent, waste or pollutants;
(vii) any currency exchange, interest rate exchange, commodity exchange Any Contract for the purchase or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution sale of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Assets of Clinigence or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (its Subsidiaries other than Contracts entered into in the ordinary course of business consistent with past practice) which provides or for aggregate future sums due from Monsoon the option or preferential rights to purchase or sell any Assets of Clinigence or any Monsoon Subsidiary of its Subsidiaries;
(viii) Any Contract containing covenants not to compete in any line of business or an aggregate future liability (contingent or otherwise) to with any Person (in each case other than Monsoon any geographical area or that would otherwise result in Clinigence or any Monsoon Subsidiaryof its Subsidiaries being bound by, or subject to, any non-compete or other restriction on the operation or scope of its businesses, including the Clinigence Business;
(ix) in excess Any Contract related to the acquisition of $1,000,000; ora business or the equity of any other Entity or the sale of Clinigence or any of its Subsidiaries or any Asset of Clinigence or any of its Subsidiaries;
(x) any Any other Contract other than as set forth above to which Monsoon (i) provides for payment or any Monsoon Subsidiary performance by either party thereto having an aggregate value of $25,000 or more; (ii) is a party not terminable without payment or by which it penalty on thirty (30) days (or less) notice; or (iii) is between, inter alia, Clinigence or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation Subsidiaries and an Affiliate thereof;
(xi) Any proposed arrangement of their assetsa type that, if entered into, would be a Contract described in any of Section 7.9(a)(i) through 7.9(a)(x) above.
(b) True and complete copies of each written Clinigence Material Contract and true and complete written summaries of each oral Clinigence Material Contract (iincluding all amendments, supplements, modifications and waivers thereto) All Contracts set forth or required have been provided to be set forth in Section 5.17(aiGambit by Clinigence.
(c) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Each Clinigence Material Contracts”) are Contract is currently valid, binding and in full force and effect effect, and are is enforceable by Monsoon Clinigence or its applicable Subsidiary Subsidiaries, as applicable, in accordance with their terms its terms.
(except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability d) Neither Clinigence nor any of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material ContractsSubsidiaries is in default, and it no party has notified Clinigence or any of its Subsidiaries in writing that Clinigence or any of its Subsidiaries is not (in default, under any Clinigence Material Contract. No event has occurred, and no circumstance or condition exists, that might, with or without notice or lapse of time, :
(i) result in a violation or bothbreach of any of the provisions of any Clinigence Material Contract;
(ii) in material breach give any Person the right to declare a default or material default thereunder and, to the knowledge of Monsoon, no other party to exercise any Monsoon remedy under any Clinigence Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, Contract;
(iii) since January 1give any Person the right to accelerate the maturity or performance of any Clinigence Material Contract or to cancel, 2014, neither Monsoon terminate or modify any Clinigence Material Contract; or
(iv) otherwise have an Clinigence Material Adverse Effect in connection with any Clinigence Material Contract.
(e) Neither Clinigence nor any of its Subsidiaries has received written notice waived any of its rights under any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Clinigence Material Contract, and .
(ivf) neither Monsoon nor The performance of the Clinigence Material Contracts will not result in any violation of or failure by Clinigence or any of its Subsidiaries has received to comply in all material respects with any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentLegal Requirement.
(cg) Upon Closing, save as disclosed in Section 5.17(c) The Clinigence Material Contracts constitute all of the Monsoon Disclosure Letter, no Contract Contracts necessary to enable Clinigence and its Subsidiaries to conduct the Clinigence Business in the manner in which Monsoon or any Monsoon Subsidiary such Clinigence Business is a party will be currently being conducted.
(h) The consummation of the Merger shall not result in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent Clinigence or any of its Affiliates that is Subsidiaries being bound by, or subject to to, any non-compete or other restriction on the terms operation or scope of a confidentiality agreement with a third party) onits businesses, either expressly or through a reference to affiliates of Monsoon or including the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Clinigence Business.
Appears in 2 contracts
Sources: Merger Agreement (iGambit, Inc.), Merger Agreement (iGambit, Inc.)
Material Contracts. (a) All Contracts Neither Parent nor any of its Subsidiaries is a party to any Contract required to be filed by Parent as exhibits a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Monsoon SEC Documents have Securities Act that has not been so filed in a timely manner. Section 5.17(afiled.
(b) of the Monsoon Disclosure Letter sets forth a true and complete list, as As of the date hereofof this Agreement, neither Parent nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party or bound by the following Contracts (with such Contracts to which Monsoon or any Monsoon Subsidiary Parent or any of their respective properties its Subsidiaries is a party or assets is otherwise bound (including any amendments, supplements and modifications theretobeing referred to herein as the “Parent Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon purports to limit, curtail or restrict the right of Parent or any Monsoon Subsidiary from engaging of its Subsidiaries in any activity material respect (A) to engage or conducting compete in any line of business in any geographic area, with any Person or in during any geographic area period of time or from soliciting employees (B) to solicit or personnel of hire any Person;
(ii) any Contract that relates to the formation, creation, governance or control of is a master service agreement with any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredcustomers listed on Section 5.21 of the Parent Disclosure Schedule;
(iii) any Contract that relates requiring Parent or any of its Subsidiaries to the acquisition provide any notice or disposition of information to any business, whether by merger, sale of stock, sale of assets Person prior to considering or otherwise, in each case for which the closing of the relevant transaction has not occurredaccepting any Acquisition Proposal or similar proposal or prior to entering into any discussions or Contract relating to any Acquisition Proposal or similar transaction;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered a Contract or purchase order with a customer of Parent or its Subsidiaries) that involves total consideration by clause (i) and or to Parent or any Monsoon Benefit Plan)of its Subsidiaries of more than $5,000,000 in any 12 month period;
(v) any material indemnification Contract pursuant entered into with an officer or director of Parent providing for indemnification by Parent or any of its Subsidiaries (with respect to which Parent or any Third Party Approval is required pursuant to a “change of control” or similar clauseits Subsidiaries has continuing obligations as of the date of this Agreement);
(vi) any Contract entered into other than on commercial arm’s length terms;establishing a partnership, joint venture or similar third party business enterprise; and
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viiiA) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates Employee Change-of-Control Agreement, (including the Indigo Group Companies after the Closing Date);
(ixB) any employment Contract that involves base consideration in excess of $200,000 per annum or (other than Contracts entered into C) any consulting Contract that involves base consideration in the ordinary course excess of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person $200,000 per annum (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above with respect to which Monsoon any party thereto has continuing material obligations as of the date hereof) with any current or any Monsoon Subsidiary is a party former (1) member of Parent Board or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets(2) employee.
(bc) (i) All Contracts set forth Each Parent Material Contract is valid and binding on Parent or required to be set forth in Section 5.17(a) one of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding its Subsidiaries and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing other than due to the availability ordinary expiration of equitable remediesthe term thereof), and, to the Knowledge of Parent, is valid and binding on the other parties thereto (in each case subject to the Bankruptcy and Equity Exception); (ii) Monsoon neither Parent nor any of its Subsidiaries is in material default under any Parent Material Contract and no event or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractscondition exists which constitutes or, and it is not (with or without after notice or lapse of time, time or both) in , would constitute a material breach or material default thereunder and, on the part of Parent or any of its Subsidiaries under any such Parent Material Contract; and (iii) to the knowledge Knowledge of MonsoonParent, no other party to any Monsoon Parent Material Contract is (with or without notice or lapse of time, or both) in material breach or default thereunder, (iii) since nor does any condition exist that with notice or lapse of time or both would constitute a material breach or default by any such other party thereunder. Since January 1, 20142012, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon Parent nor any of its Subsidiaries has received any written notice of termination or cancellation under any Parent Material Contract or received any written notice of material breach or default under any Parent Material Contract that has not been cured. Neither Parent nor any of its Subsidiaries is party to any Contract pursuant to which the intention terms and conditions thereof or any information or data contained therein are deemed classified pursuant to the rules and regulations of any party to cancel, terminate, change the scope of rights under Governmental Authority. Parent has furnished or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save the Company true and correct copies of all Parent Material Contracts in effect as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)date hereof.
Appears in 2 contracts
Sources: Merger Agreement (TTM Technologies Inc), Merger Agreement (Viasystems Group Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as As of the date hereofof this Agreement, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non-competition agreementlease (A) for real property or (B) for personal property, non-solicitation agreementin the case of this clause (B), exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging providing for annual rental payments in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel excess of any Person$100,000;
(ii) any Contract that relates to (A) resulting in aggregate payments by the formation, creation, governance Company and its Subsidiaries in excess of $500,000 in either calendar year 2013 or control of any partnership, joint venture 2014 or similar arrangement, (B) under which the Company or any collaboration, cooperation or partnering Contract, of its Subsidiaries is contractually obligated to make payments in each case that is material to excess of $1,000,000 in the Monsoon Business and for which the closing of the relevant transaction has not occurredaggregate;
(iii) any Contract that relates (A) resulting in aggregate payments to the acquisition Company and its Subsidiaries in excess of $500,000 in either calendar year 2013 or 2014 or (B) under which the Company or any of its Subsidiaries is contractually entitled to receive payments in excess of $1,000,000 in the aggregate;
(iv) any Contract relating to the disposition of any business, business or material assets other than the sale of products or services in the ordinary course of business consistent with past practice (whether by merger, sale of stock, sale of assets or otherwise, in each case for which ) by the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon Company or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)of its Subsidiaries;
(v) any material Contract pursuant relating to which the acquisition of any Third Party Approval is required pursuant to a “change business or assets (whether by merger, sale of control” stock, sale of assets or similar clause;
(vi) any Contract entered into otherwise), other than on commercial arm’s length terms;
(vii) any currency exchangepurchases of supplies, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into inventory and equipment in the ordinary course of business consistent with past practice, (A) which provides for aggregate future sums due from Monsoon entered into since January 1, 2011 or (B) that contains any outstanding non-competition, earn-out or other contingent payment obligations or any Monsoon Subsidiary other outstanding material obligation of the Company or an aggregate future liability any of its Subsidiaries;
(contingent vi) any Contract relating to indebtedness for borrowed money or otherwisethe deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), any guarantees thereof or the granting of any Liens (other than Permitted Liens) over the property or assets of the Company or any of its Subsidiaries, other than Contracts solely among the Company and its wholly owned Subsidiaries;
(vii) any Contract for the formation of (A) any legal partnership, joint venture or similar arrangement or (B) any other partnership, joint venture, strategic alliance or similar arrangement, in the case of clause (B), that if terminated or not renewed would reasonably be expected to any Person (be material to the Company and its Subsidiaries, taken as a whole, and in each case any material Contracts related thereto;
(viii) any stockholders’, investors rights’, registration rights or similar agreement or arrangement;
(ix) any Contract pursuant to which the Company or any of its Subsidiaries grants or is granted any material license, right or immunity (including any covenant not to ▇▇▇) with respect to any Intellectual Property (other than Monsoon licenses granted to the Company or any Monsoon Subsidiary) of its Subsidiaries for commercial off-the-shelf software generally available on nondiscriminatory pricing terms and other immaterial non-exclusive licenses granted by or to the Company or any of its Subsidiaries in excess the ordinary course of $1,000,000; orbusiness consistent with past practice);
(x) any other Contract other than as set forth above to which Monsoon with any (A) present or any Monsoon Subsidiary is a party former officer or by which it director of the Company or any of its assets Subsidiaries under which the Company has any continuing obligations, (B) beneficial owner of 5% or businesses more of the outstanding Shares or (C) Affiliate or “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 officer, director, or beneficial owner;
(xi) any Contract (A) with any sole-source suppliers (i.e., suppliers for which there is bound no readily available alternate supplier at comparable cost) of material tangible products or subject services (provided that, in the case of purchase orders for reagents in the ordinary course of business consistent with past practice, only the supplier need be scheduled on Section 5.21(a)(xi)(A) of the Company Disclosure Schedule) or (B) that includes any material “most favored nations” terms and conditions (including, without limitation, with respect to pricing) or minimum purchase arrangement;
(xii) any Contract containing any provision or covenant that limits the freedom of the Company or any of its Subsidiaries (or that purports, after the Closing, to limit the freedom of the Investor or any of its Affiliates) to (A) sell any products or services of or to any other Person or in any geographic region, (B) engage in any line of business or (C) 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 of its Affiliates, other than agreements with recruiting agencies pursuant to which such agencies are granted the exclusive right to identify candidates for employment;
(xiii) any Contract pursuant to which the Company or any of its Subsidiaries has continuing obligations or interests involving (A) milestone or similar payments, including upon the achievement of regulatory or commercial milestones, in excess of $1,000,000 in the aggregate, or (B) payment of royalties or other amounts calculated based upon any revenues or income of the Company or any of its Subsidiaries, in each case that cannot be terminated by the Company or its Subsidiaries without payment or penalty without more than 60 days’ notice;
(xiv) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) other than any Employee Plan; or
(xv) any other Contract not made in the ordinary course of business that is material to the Monsoon Business or Company and the use or operation Subsidiaries, taken as a whole. All Contracts of their assetsthe type described in this Section 5.21(a) are referred to herein as “Material Contracts” (which term, for the avoidance of doubt, includes any Contract that would be a Material Contract if it had been entered into as of the date hereof).
(b) The Company has prior to the date of this Agreement made available to the Investor a true and complete copy of each Material Contract entered into on or prior to the date hereof (including all amendments, modifications, extensions and renewals thereto and waivers thereunder). Except for breaches, violations or defaults which would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon each Material Contracts”) are Contract is valid, binding and in full force and effect and are and, to the Company’s knowledge, enforceable by Monsoon against the other party or its applicable Subsidiary parties thereto in accordance with their its terms (except insofar as such enforceability may be limited by subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws and other laws affecting creditors’ rights generally, or by generally and general principles governing the availability of equitable remediesequity), and neither the Company nor any of its Subsidiaries have waived or failed to enforce any rights or benefits under any Material Contract, and (ii) Monsoon neither the Company nor any of its Subsidiaries, nor, to the Company’s knowledge, any other party to a Material Contract, has breached or its applicable Subsidiary has performed all material obligations required violated any provision of, or taken or failed to be performed by it under the Monsoon Material Contractstake any act which, and it is not (with or without notice or notice, lapse of time, or both) in material breach , would constitute a default under the provisions of such Material Contract, or material default thereunder and, to the knowledge of Monsoon, no other party would give to any Monsoon Third Party any right of termination, amendment or cancellation of any Material Contract is (with or without notice or lapse of time, or both) in breach or default any license thereunder, (iii) since January 1, 2014, and neither Monsoon the Company nor any of its Subsidiaries has received written notice of that it has breached, violated or defaulted under any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(cThe CDX Contract does not (i) of conflict with or otherwise limit any rights granted or contemplated to be granted to the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent Investor or any of its Affiliates that is subject under any of the Collaboration Agreements, (ii) impose or purport to impose any obligation or restriction on the Investor or any of its Affiliates (including any of the restrictions described in clause (iv) of this Section 5.21(c)), (iii) encumber or purport to encumber any Intellectual Property of the Investor or any of its Affiliates, or (iv) except as set forth on Section 5.21(a)(xii) of the Company Disclosure Schedule, limit the freedom of the Company or any of its Subsidiaries to (A) sell any products or services of or to any other Person or in any geographic region, (B) engage in any line of business or (C) compete with or obtain products or services from any Person or limit the ability of any Person to provide products or services to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent Company or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)of its Affiliates.
Appears in 2 contracts
Sources: Transaction Agreement, Transaction Agreement (Foundation Medicine, Inc.)
Material Contracts. (a) All Contracts required Except as set forth in Section 3.19 of the Company Disclosure Schedule and for this Agreement and the Company Benefit Plans, as of the date hereof, neither the Company nor any of its Subsidiaries is a party to or bound by (i) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the Exchange Act) or (ii) any of the following: (A) contract that purports to limit, curtail or restrict the ability of the Company or any of its existing or future Subsidiaries or affiliates to compete in any geographic area or line of business or restrict the persons to whom the Company or any of its existing or future Subsidiaries or affiliates may sell products or deliver services, (B) loan or credit agreement, mortgage, indenture, note or other contract or instrument evidencing indebtedness for borrowed money by the Company or any of its Subsidiaries or any contract or instrument pursuant to which indebtedness for borrowed money may be filed as exhibits incurred or is guaranteed by the Company or any of its Subsidiaries, (C) mortgage, pledge, security agreement, deed of trust or other contract granting a Lien on any property or assets of the Company or any of its Subsidiaries, (D) (x) customer or client contract, or (y) any supplier contract that is reasonably likely to involve annual purchases by the Company and its Subsidiaries in excess of $20,000 (in the aggregate) in any of fiscal years 2011, 2012 or 2013, (E) contract (other than customer, client or supply contracts) that involve consideration (whether or not measured in cash) of greater than $20,000, (F) contract that restricts or otherwise limits the payment of dividends or other distributions on equity securities, (G) to the Monsoon SEC Documents have been so filed extent material to the business or financial condition of the Company and its Subsidiaries, taken as a whole, (1) product or intellectual property design or development contract, (2) license or royalty contract or (3) contract granting a right of first refusal or first negotiation or “most favored nation” status, (H) investment banker engagement or similar agreement pursuant to which any person would be entitled to payment in connection with the Merger, (I) contract which would prohibit or delay the consummation of any of the transactions contemplated by this Agreement, and (J) commitment or agreement to enter into any of the foregoing (all contracts of the type described in this Section 3.19(a) being referred to herein as “Company Material Contracts”). Neither the Company nor any of its Subsidiaries is a timely manner. party to, or otherwise bound by or subject to, any agreement, contract, commitment or understanding, oral or written, regarding the sale, license or other transfer of rights or interests in any of the products listed in Section 5.17(a3.19(a)(1) of the Monsoon Company Disclosure Letter Schedule. The Company has provided to Parent correct and complete copies of each Company Material Contract in existence as of the date hereof, together with any and all amendments and supplements thereto, “side letters” and similar documentation relating thereto.
(b) Each Company Material Contract to which any of the Company or its Subsidiaries is a party or by which any of them is bound is in full force and effect and constitutes the valid and binding obligation of the Company or such Subsidiary, as the case may be, and, to the knowledge of the Company, constitutes the valid and binding obligation of the other parties thereto. To the knowledge of the Company, no other party to any Company Material Contract is in breach of or default under the terms of any Company Material Contract. Section 3.19(b)(i) of the Company Disclosure Schedule sets forth a true correct and complete list, as of the date hereof, of each current customer of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Company or any of its assets or businesses is bound or subject Subsidiaries that is material has provided notice of an intention (A) to terminate its contract(s) with the Monsoon Business or Company and/or a Company Subsidiary, (B) not to renew its contract(s) with the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Company and/or a Company Subsidiary at the end of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remediescurrent contract term(s), (iiC) Monsoon to substantially reduce its business under its contract or (D) to terminate its applicable contract(s) or business relationship with the Company and/or a Company Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon the announcement or any Monsoon Subsidiary sharing any information with Indigo Parent or any consummation of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or transactions contemplated by the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Agreement.
Appears in 2 contracts
Sources: Merger Agreement (Cardionet Inc), Merger Agreement (Biotel Inc.)
Material Contracts. (a) All Contracts Contracts, including amendments thereto, required to be filed as exhibits an exhibit to any report of Lambda filed pursuant to the Monsoon SEC Documents Exchange Act of the type described in Item 601(b)(10) of Regulation S-K under the Exchange Act have been so filed as of the date hereof, and no such Contract has been amended or modified (or further amended or modified, as applicable) since the date such Contract or amendment was filed.
(b) Other than the Contracts set forth in a timely manner. clause (a) above which were filed in an unredacted form, Section 5.17(a2.11(b) of the Monsoon Lambda Disclosure Letter sets forth a true correct and complete list, as of the date hereofand Lambda has made available to Pi correct and complete copies (including all material amendments, modifications, extensions or renewals with respect thereto), of each of the following Contracts to which Monsoon Lambda or any Monsoon Subsidiary of the Lambda Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any bound as of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):the date hereof:
(i) each Contract containing any area of mutual interest, joint bidding area, joint acquisition area, or non-competition agreement, non-solicitation agreement, exclusive distribution, franchise compete or licensing agreement or other Contract similar type of provision that includes any provision which materially limits Monsoon restricts the ability of Lambda or any Monsoon Subsidiary from engaging of its Affiliates (including Pi and the Pi Subsidiaries following the Closing) to (A) compete in any activity line of business or conducting business geographic area or with any Person during any period of time after the Effective Time or in (B) make, sell or distribute any geographic area products or from soliciting employees services, or personnel use, transfer or distribute, or enforce any of their rights with respect to, any Personof their assets or properties;
(ii) any each Contract that relates to the formationcreates, creationevidences, governance provides commitments in respect of, secures or control guarantees (A) Indebtedness for borrowed money in any amount in excess of any partnership, joint venture $500,000 or similar arrangement, (B) other Indebtedness of Lambda or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredLambda Subsidiaries (whether incurred, assumed, guaranteed or secured by any asset) in excess of $500,000, other than agreements solely between or among Lambda and the Lambda Subsidiaries;
(iii) any each Contract that relates to the acquisition for lease of personal property or disposition real property (excluding Oil and Gas Leases) involving annual payments in excess of any business, whether by merger, sale $500,000 or aggregate payments in excess of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred$1,000,000;
(iv) each Contract involving the pending acquisition, swap, exchange, sale or other disposition of (or option to purchase, acquire, swap, exchange, sell or dispose of) any Contract with any Related Person Oil and Gas Properties of Monsoon Lambda and the Lambda Subsidiaries for which the aggregate consideration (or the fair market value of such consideration, if non-cash) payable to or from Lambda or any Monsoon Lambda Subsidiary (exceeds $1,000,000, other than Contracts involving the agreements covered by clause acquisition or sale of (ior option to purchase or sell) and any Monsoon Benefit Plan)Hydrocarbons in the ordinary course of business;
(v) each Contract for any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseDerivative Product;
(vi) any Contract entered into each material partnership, stockholder, joint venture, limited liability company agreement or other joint ownership agreement, other than on commercial arm’s length termswith respect to arrangements exclusively among Lambda and/or its wholly-owned Subsidiaries and other than any customary joint operating agreements or unit agreements affecting the Oil and Gas Properties of Lambda or any of the Lambda Subsidiaries;
(vii) any currency exchangeeach joint development agreement, interest rate exchangeexploration agreement, commodity exchange participation, farmout, farm-in or program agreement or similar ContractContract requiring Lambda or any of the Lambda Subsidiaries to make annual expenditures in excess of $500,000 or aggregate payments in excess of $1,000,000 (in each case, net to the interest of Lambda and the Lambda Subsidiaries) following the date of this Agreement, other than customary joint operating agreements and continuous development obligations under Oil and Gas Leases;
(viii) each agreement that contains any Contract entered into by Monsoon exclusivity, “most favored nation” or any Monsoon Subsidiary in connection with the settlement most favored customer provision, call or other resolution put option, preferential right or rights of any material Action imposing operational restrictions first or conduct requirements on Monsoon last offer, negotiation or any Monsoon Subsidiary refusal, to which Lambda or any of their respective Affiliates the Lambda Subsidiaries is subject, and, in each case, is material to the business of Lambda and the Lambda Subsidiaries, taken as a whole, in each case other than those contained in (including A) any agreement in which such provision is solely for the Indigo Group Companies after benefit of Lambda or any of the Closing Date)Lambda Subsidiaries, (B) customary royalty pricing provisions in Oil and Gas Leases or (C) customary preferential rights in joint operating agreements or unit agreements affecting the business or the Oil and Gas Properties of Lambda or any of the Lambda Subsidiaries;
(ix) any acquisition or divestiture Contract that contains “earn out” or other contingent payment obligations, or remaining indemnity or similar obligations (other than (A) asset retirement obligations or plugging and abandonment obligations set forth in the Lambda Reserve Report or (B) customary indemnity obligations with respect to the post-closing ownership and operation of acquired assets), that would reasonably be expected to result in (1) earn out payments, contingent payments or other similar obligations to a third party (but excluding indemnity payments) in any year in excess of $500,000 or (2) earn out payments, contingent payments or other similar obligations to a third party, including indemnity payments, in excess of $500,000 in the aggregate after the date hereof;
(x) any Contract (other than any other Contract otherwise covered by this Section 2.10(b) that creates future payment obligations (including settlement agreements or Contracts entered into that require any capital contributions to, or investments in, any Person) of Lambda or any of the Lambda Subsidiaries, in each case), involving annual payments in excess of $500,000 or aggregate payments in excess of $1,000,000 (excluding, for the ordinary course avoidance of business consistent with past practicedoubt, customary joint operating agreements or unit agreements affecting the Oil and Gas Properties of Lambda or any of the Lambda Subsidiaries), or creates or would create an Encumbrance on any material asset or property of Lambda or any of the Lambda Subsidiaries (other than Permitted Encumbrances);
(xi) which any Contract that provides for aggregate future sums due from Monsoon midstream services (including gathering, transporting, marketing, processing and storing) to, or the sale by, Lambda or any Monsoon Subsidiary of the Lambda Subsidiaries of Hydrocarbons (1) in excess of 1,000 gross barrels of oil equivalent of Hydrocarbons per day (calculated on a per day yearly average basis) or an aggregate future (2) for a term greater than or equal to ten (10) years;
(xii) any Contract for the sale of Hydrocarbons that are not terminable without penalty or other liability to Lambda or any of the Lambda Subsidiaries within sixty (contingent 60) days;
(xiii) any Contract that provides for a “take-or-pay” clause or otherwise) any similar prepayment obligation, minimum volume commitments or capacity reservation fees to a gathering, transportation or other arrangement downstream of the wellhead, or similar arrangements that otherwise guarantee or commit volumes of Hydrocarbons from Lambda or any Person (Lambda Subsidiary’s Oil and Gas Properties, which in each case other than Monsoon case, would reasonably be expected to involve payments (including penalty or any Monsoon Subsidiarydeficiency payments) in excess of $1,000,000500,000 during the twelve (12)-month period following the date of this Agreement or aggregate penalty or deficiency payments in excess of $1,000,000 during the two (2)-year period following the date of this Agreement;
(xiv) any Labor Agreement;
(xv) any Contract that is a settlement, conciliation or similar agreement with any Governmental Entity or pursuant to which Lambda or any of the Lambda Subsidiaries will have any material outstanding obligation to a Governmental Entity after the date of this Agreement;
(xvi) any Contract (other than Oil and Gas Leases) pursuant to which Lambda or any of the Lambda Subsidiaries has paid amounts associated with any Production Burden in excess of $1,000,000 during the immediately preceding fiscal year or with respect to which Lambda reasonably expects that it and the Lambda Subsidiaries will make payments associated with any Production Burden in any of the next three (3) succeeding fiscal years that could, based on current projections, exceed $1,000,000 annually or $2,000,000 in the aggregate; or
(xxvii) any other each Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party Lambda Organizational Document that would, on or by which it after the Closing Date, prohibit or restrict the ability of the Surviving Corporation or any of its assets Subsidiaries to declare and pay dividends or businesses is bound distributions with respect to their capital stock, pay any Indebtedness for borrowed money, obligations or subject that is material liabilities from time to time owed to the Monsoon Business Surviving Corporation or the use any of its Subsidiaries, make loans or operation advances or transfer any of their its properties or assets.
(c) The Contracts described in the foregoing clauses (a) and (b), together with all exhibits and schedules to such Contracts, as amended through the date hereof or as hereafter amended in accordance with Section 4.1 hereof, are referred to herein as “Lambda Material Contracts.”
(d) (i) All Contracts set forth Each Lambda Material Contract is valid and binding on Lambda or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed Lambda Subsidiary party thereto, as exhibits the case may be, and, to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validKnowledge of Lambda, binding each other party thereto, and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms its terms, except for (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium i) terminations or similar Laws affecting creditors’ rights generally, expirations at the end of the stated term or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required such failures to be performed by it valid and binding or to be in full force and effect as would not reasonably be expected to have, individually or in the aggregate, a Lambda Material Adverse Effect, in each case subject to Enforceability Exceptions.
(e) Neither Lambda nor any of the Lambda Subsidiaries is in breach of, or default under the Monsoon Material Contractsterms of, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonLambda, no other party to any Monsoon Lambda Material Contract is in breach of, or default under the terms of, any Lambda Material Contract, nor is any event of default (with or without notice similar term) continuing under any Lambda Material Contract, and, to the Knowledge of Lambda, there does not exist any event, condition or omission that would constitute such a default, breach or event of default (or similar term) (whether by lapse of time, time or notice or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor under any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Lambda Material Contract, and (iv) neither Monsoon nor any in each case where such breach, default or event of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto default (or words of similar import)term) would reasonably be expected to have, Indigo Parent individually or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)in the aggregate, a Lambda Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (Penn Virginia Corp), Merger Agreement (Lonestar Resources US Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 4.15 of the Monsoon Company Disclosure Letter Schedules sets forth a true true, correct and complete list, as of the date hereofof this Agreement, of each of the following Contracts to which Monsoon (but not including any Lease Agreements or any Monsoon Subsidiary is a party or Company Employee Plans) by which Monsoon or any Monsoon Subsidiary of the Company or any of their respective properties or assets the Company Subsidiaries is bound and under which the Company or any of the Company Subsidiaries has ongoing executory obligations or the ability to enforce rights thereunder (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any noneach Contract required to be filed by the Company as a “Material Contract” pursuant to Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any PersonK under the Securities Act;
(ii) any each Contract that relates to which the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaboration, cooperation of the Company Subsidiaries is a party that restricts the ability of the Company or partnering Contractany of the Company Subsidiaries to compete in any business or with any Person in any geographical area, in each case case, in a manner that is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurredCompany Subsidiaries, taken as a whole;
(iii) each credit agreement, note, debenture, bond, indenture and other similar Contract pursuant to which any Indebtedness of the Company or any of the Company Subsidiaries, in each case in excess of $250,000 is outstanding or may be incurred, other than any such Contract between or among any of the Company or any of the Company Subsidiaries;
(iv) each Contract to which the Company or any of the Company Subsidiaries is a party with an ISO, sales representative, sales agent, referral partner, sub-agent or any other Person pursuant to which the Company or any of its Subsidiaries generated $250,000 or more in the twelve (12) month period ended December 31, 2017;
(v) each Contract to which the Company or any of the Company Subsidiaries is a party that relates is expected to result in aggregate payments in excess of $250,000 by the Company or any of its Subsidiaries in the twelve (12) month period ending December 31, 2018, except for (1) Lease Agreements or (2) Contracts relating to the acquisitions and dispositions of properties and assets in the ordinary course of business;
(vi) each Contract entered into within two (2) years of the date of this Agreement, to which the Company or any of the Company Subsidiaries is a party for the acquisition or disposition by the Company or any of the Company Subsidiaries of properties or assets for, in each case, aggregate consideration of more than $250,000 except for acquisitions and dispositions of properties and assets in the ordinary course of business;
(vii) each Contract (1) under which the Company or any of the Company Subsidiaries licenses any Licensed Company IP Rights (other than licenses for commercially-available software) that by its terms calls for fees related to the use of Licensed Company IP Rights by the Company or any of the Company Subsidiaries of more than $250,000 over the remaining term of such Contract (assuming, where applicable, that the sales or user levels remain at the same levels as fiscal year 2017), or (2) under which the Company or any of the Company Subsidiaries has licensed any Company Owned IP to Third Parties (i) under an exclusive license or (ii) that by its terms calls for aggregate royalty payments related to the use of Company Owned IP payable to the Company or any of the Company Subsidiaries of more than $250,000 over the remaining term of such Contract (assuming, where applicable, that the sales or user levels remain at the same levels as fiscal year 2017);
(viii) each Contract under which the Company or any Company Subsidiary has granted any Person registration rights (including demand and piggy-back registration rights);
(ix) each Contract relating to the Warrants;
(x) each Contract relating to the acquisition or disposition of any businessPerson, business or operations or assets constituting a business (whether by merger, sale of stock, sale of assets assets, consolidation or otherwise) entered into since December 31, in each case for 2015 (including any such Contract under which the closing contemplated transactions were consummated but under which one or more of the relevant transaction parties thereto has not occurred;
(iv) any Contract with any Related Person of Monsoon executory indemnification, earn-out or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Planliabilities);
(vxi) each Contract which provides for a loan or advance of any material Contract pursuant amount to which any Third Party Approval is required pursuant to a “change employee of control” the Company or similar clause;
(vi) any Contract entered into temporary agency employee or individual consultant of the Company or any Company Subsidiary, other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or advancement of travel and other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into business expenses in the ordinary course of business consistent with past practicebusiness;
(xii) which provides each Contract (other than pursuant to Organizational Documents) providing for aggregate future sums due from Monsoon indemnification by the Company or any Monsoon Company Subsidiary of any officer, director or an aggregate future liability employee of the Company;
(contingent xiii) each Contract or otherwisearrangement that involves any officer or director or, to the Company’s Knowledge, equityholder of the Company, or any Affiliate, spouse or sibling of such Persons;
(xiv) to each Contract with any Person (Card Network or with Principal Members of the Card Networks, in each case other than Monsoon enabling the Company or any Monsoon Subsidiary) a Company Subsidiary to participate in excess of $1,000,000a Card Network; or
(xxv) any other each Contract other than as set forth above to which Monsoon the Company or any Monsoon Subsidiary of the Company Subsidiaries is a party constituting a joint venture, partnership, limited liability or by which it or any of its assets or businesses is bound or subject that is material other similar agreement (excluding licensing Contracts) relating to the Monsoon Business formation, creation, operation, management or the use control of any partnership or operation of their assetsjoint venture.
(b) (i) All Contracts set forth or required The Company has Made Available to be set forth in Section 5.17(a) Parent true, correct and complete copies of each Material Contract. Each Material Contract is, as of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validdate hereof, binding and in full force and effect and are a valid and binding agreement enforceable by Monsoon against the Company or its applicable Subsidiary any of the Company Subsidiaries party thereto and, to the Company’s Knowledge, each other party thereto, in accordance with their terms (its terms, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or and other similar Laws Applicable Law affecting creditors’ rights generallygenerally and by general principles of equity and except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. As of the date of this Agreement, none of the Company nor any of the Company Subsidiaries party to, nor, to the Company’s Knowledge, any other party to, any Material Contract is in breach of or default under, or by principles governing has provided or received any written notice of any intention to terminate or seek renegotiation of, any Material Contract, except as has not had and would not reasonably be expected to have, individually or in the availability aggregate, a Company Material Adverse Effect. As of equitable remedies)the date of this Agreement, (ii) Monsoon no event or its applicable Subsidiary circumstance has performed all material obligations required to be performed by it under the Monsoon Material Contractsoccurred that, and it is not (with or without notice or lapse of time, time or both, would (i) in constitute a material breach of or material event of default thereunder andby the Company, to (ii) result in a right of termination for the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with counterparty or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible cause or potential material violation permit the acceleration of, or other material failure to comply withchanges to, any term material right of the counterparty or requirement obligation of the Company, in each case, under any Monsoon Material Contract, except, in the case of each of clauses (i), (ii) and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar importiii), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)as has not had a Company Material Adverse Effect.
Appears in 2 contracts
Sources: Merger Agreement (JetPay Corp), Agreement and Plan of Merger (NCR Corp)
Material Contracts. (a) All Other than for Contracts required to be filed as exhibits entered into after the date hereof and prior to the Monsoon SEC Documents have been so filed Closing (which if material will be identified to the Purchaser in a timely manner. Section 5.17(a) of writing prior to the Monsoon Disclosure Letter sets Closing), and contracts listed in other Schedules hereto, except as set forth a true and complete listin Schedule 3.07(a), as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary Target is not a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets to, nor is it bound (including any amendments, supplements and modifications thereto):by:
(i) Any Contracts with any non-competition agreementcurrent or former officer, non-solicitation agreementdirector, exclusive distributionemployee, franchise consultant or licensing agreement or other Contract that includes any provision which materially limits Monsoon stockholder or any Monsoon Subsidiary from engaging partnership, corporation, joint venture or any other entity in which any activity or conducting business with any such Person or in any geographic area or from soliciting employees or personnel of any Personhas an interest;
(ii) Any agreements with any Contract that relates to the formation, creation, governance labor union or control of association representing any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredemployee;
(iii) any Contract that relates Any Contracts or other agreements for the provision of products or services by the Target involving annual payments to the acquisition or disposition Target in excess of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred$100,000;
(iv) any Contract with any Related Person Any Contracts or other agreements for the provision of Monsoon products or any Monsoon Subsidiary (other than services to the agreements covered Target involving annual payments by clause (i) and any Monsoon Benefit Plan)the Target in excess of $100,000;
(v) Any Contracts or other agreements for the sale of any material Contract pursuant of the Target’s assets or properties having an aggregate value exceeding $100,000 or for the grant to which any Third Party Approval is required pursuant Person of any preferential rights to a “change purchase any of control” the Target’s assets or similar clauseproperties;
(vi) any Contract entered into other than on commercial arm’s length termsAny joint venture agreements relating to the assets, properties or business of the Target;
(vii) Any Contracts or other agreements containing covenants not to compete, non-solicitation clauses or other restrictive covenants which limit the freedom of the Target to engage in any currency exchange, interest rate exchange, commodity exchange line of business or similar Contractto contract with or to solicit or hire any Person in any geographical area;
(viii) any Contract entered into by Monsoon Any mortgages, indentures, guarantees, bonds, loans or any Monsoon Subsidiary in connection with the settlement credit agreements, security agreements or other resolution agreements or instruments relating to the borrowing of any material Action imposing operational restrictions money or conduct requirements on Monsoon or any Monsoon Subsidiary or any the extension of their respective Affiliates (including the Indigo Group Companies after the Closing Date);credit; or
(ix) any Any other material Contract (or other than Contracts entered into material agreement whether or not made in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to collectively, the Monsoon Business or the use or operation of their assets“Listed Material Contracts”).
(b) (iEach of the Material Contracts listed on Schedule 3.07(a) All hereto and each of the material Contracts set forth or required to be set forth in Section 5.17(a) of on the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents other Schedules hereto (collectively, the “Monsoon Material Contracts”) are valid, binding and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyeffect, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it Target is not (with or without notice or lapse of time, or both) in material breach or material default thereunder andof any of the provisions of any such contract, nor, to the knowledge of MonsoonSeller’s Knowledge, no is any other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) such contract in breach or default thereunder, (iii) since January 1nor does any event or condition exist which with notice or the passage of time or both would constitute a default thereunder. The consummation of the transactions contemplated herein will not cause a breach, 2014termination, neither Monsoon nor any of its Subsidiaries has received written notice modification or acceleration of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save Except as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar importset forth on Schedule 3.07(c), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)the Target has no Loss Contracts and has no outstanding bids for potential customer Contracts that could reasonably be expected to result in a Loss Contract.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Metrologic Instruments Inc), Stock Purchase Agreement (Essex Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.5(a) of the Monsoon Company Disclosure Letter sets forth Schedules lists all Contracts to which any KE Company is a true and complete listparty, by which any KE Company is bound or to which any KE Company or any of its assets or properties are subject that are in effect as of the date hereofof this Agreement and constitute or involve the following (together with all amendments, of waivers or other changes thereto, each of the following Contracts to which Monsoon or any Monsoon Subsidiary is following, a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Material Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personeach employee collective bargaining Contract;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementobligations of, or payments to, any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;KE Companies of $56,000 or more;
(iii) any Contract under which any KE Company has created, incurred, assumed or guaranteed Indebtedness, has the right to draw upon credit that relates to the acquisition has been extended for Indebtedness, or disposition of any businesshas granted a Lien on its assets, whether by mergertangible or intangible, sale of stock, sale of assets or otherwiseto secure any Indebtedness, in each case for which the closing case, in an amount in excess of the relevant transaction has not occurred;$100,000;
(iv) any Contract that is a definitive purchase and sale or similar agreement entered into in connection with an acquisition or disposition by any Related KE Company since December 31, 2020 of any Person or of Monsoon any business entity or division or business of any Monsoon Subsidiary Person (including through merger or consolidation or the purchase of a controlling equity interest in or substantially all of the assets of such Person or by any other than manner), but excluding any Contracts in which the agreements covered by clause (i) applicable acquisition or disposition has been consummated and any Monsoon Benefit Plan)there are no material obligations ongoing;
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change with outstanding obligations for the sale or purchase of control” personal property, fixed assets or similar clausereal estate, other than sales or purchases in the Ordinary Course;
(vi) any Contract entered into not made in the Ordinary Course and not disclosed pursuant to any other than on commercial arm’s length termsclause under this Section 3.5(a) and expected to result in revenue or require expenditures in excess of $56,000 in the calendar year ending December 31, 2024;
(vii) any currency exchangejoint venture Contract, interest rate exchangepartnership agreement, commodity exchange limited liability company agreement or similar ContractContract that is material to the business of the KE Companies, taken as a whole;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates real property leasehold interest (including the Indigo Group Companies after the Closing Date);each, a “Real Property Lease”);
(ix) any Contract (other than Contracts entered into all leases or master leases of personal property reasonably likely to result in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess annual payments of $1,000,000; or50,000 or more in a 12-month period;
(x) any other Contract other than as set forth above pursuant to which Monsoon any KE Company (A) licenses or is granted rights from a third party under Intellectual Property that is material to the business of the KE Companies, taken as a whole, excluding click-wrap, shrink-wrap, off-the-shelf software licenses and any Monsoon Subsidiary other software licenses that are commercially available on reasonable terms to the public generally with license, maintenance, support and other fees less than $50,000 per year or (B) licenses or grants to a third party to any rights in or to use Owned Company Intellectual Property (if applicable and if any) or Owned Company Software (excluding non-exclusive licenses granted to customers, contractors, suppliers or service providers in the Ordinary Course);
(xi) the grant of rights to manufacture, produce, assemble, license, market or sell any Company Services;
(xii) Contracts with any Governmental Authority;
(xiii) any Contract which restricts in any material respect or contains any material limitations on the ability of any KE Company to compete in any line of business or in any geographic territory, in each case excluding customary confidentiality agreements (or clauses) or non-solicitation agreements (or clauses);
(xiv) Contracts between (A) on the one hand, any of the KE Companies, and (B) on the other hand, any Company Shareholder;
(xv) all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting and advertising Contracts to which a KE Company is a party that provide for payments by any KE Company or to any KE Company in excess of $50,000, in the aggregate, over any 12-month period;
(xvi) all Contracts that result in any Person holding an irrevocable power of attorney from any KE Company that relates to any KE Company or its business;
(xvii) Contracts to which any KE Company is a party that are of the type that would be required to be filed with the Proxy Statement/Prospectus under applicable SEC requirements pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act if the Company was the registrant.
(b) Accurate and complete copies of the Contracts required to be listed on Section 3.5(a) of the Company Disclosure Schedules, have been delivered to or made available to Parent prior to the date of this Agreement, together with all amendments thereto.
(c) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) all Material Contracts to which any of the KE Companies is a party or by which it or any of its assets or businesses is are bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (effect, except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar and other Laws of general application affecting enforcement of creditors’ rights generally, or generally and by principles governing Laws relating to the availability of specific performance, injunctive relief or other equitable remedies), (ii) Monsoon none of the KE Companies (nor, to the knowledge of the Company, any other party to any such Contract) is or, with the giving of notice, the lapse of time or otherwise, would be in default under any Material Contract to which any of the KE Companies is or will be a party or by which its applicable Subsidiary assets are bound, (iii) since December 31, 2021, none of the KE Companies has performed all received any written or, to the Company’s knowledge, oral claim or notice of material obligations required breach of or material default under any Material Contract, (iv) to the Company’s knowledge, no event has occurred which, individually or together with other events, would reasonably be performed expected to result in a material breach of or a material default under any Material Contract by it under a KE Company or, to the Monsoon Material ContractsCompany’s knowledge, and it is not any other party thereto (in each case, with or without notice or lapse of time, time or both) in material breach or material default thereunder and), to the knowledge of Monsoon, no other party to any Monsoon Material Contract is and (with or without notice or lapse of time, or both) in breach or default thereunder, (iiiv) since January 1December 31, 20142021 through the date hereof, neither Monsoon nor any none of its Subsidiaries the KE Companies has received written notice of from any actual, alleged, possible customer or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary supplier that is a party will be in effect which purports to legally bind, any Material Contract that such party intends to terminate or impose not renew any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Contract.
Appears in 2 contracts
Sources: Merger and Contribution Agreement (Black Titan Corp), Merger and Contribution and Share Exchange Agreement (Titan Pharmaceuticals Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.08(a) of the Monsoon Disclosure Letter Schedules sets forth a true true, correct and complete list, as of the date hereof, of each list of the following Contracts to which Monsoon or any Monsoon Subsidiary Group Company is a party or by which Monsoon or any Monsoon Subsidiary or any as of their respective properties or assets is bound the date hereof (including any and Sellers have made available to Buyer true, correct and complete copies of all such Contracts, together with all amendments, modifications or supplements and modifications thereto):
(i) any non-competition agreementContract relating to the formation, non-solicitation agreementcreation, exclusive distributiongovernance, franchise economics or licensing agreement control of any partnership, joint venture, strategic alliance or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business similar arrangement with any Person or in any geographic area or from soliciting employees or personnel of any Personthat is not a Group Company;
(ii) any Contract that relates relating to the formationany options, creationrights (preemptive or otherwise), governance warrants, calls or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing convertible securities of the relevant transaction has not occurredPurchased Entities;
(iii) any Contract that relates relating to (A) the Indebtedness of any Group Company in excess of $100,000 or (B) the mortgage or pledge of, or otherwise creating an Encumbrance (other than a Permitted Encumbrance) on, any of the Purchased Assets in excess of $100,000 (in each case, other than intercompany Indebtedness amongst the Group Companies);
(iv) any Contract relating to the acquisition or disposition of any business, assets or properties for consideration in excess of $100,000 (whether by merger, sale of stock, sale of assets or otherwise) as to which any material earn-out, indemnification or deferred or contingent payment obligations remain outstanding (in each case case, excluding for which the closing avoidance of doubt, purchase of inventory in the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit PlanOrdinary Course);
(v) any material Contract pursuant Lease with respect to which any Third Party Approval is required pursuant to a “change of control” or similar clausethe Leased Real Property;
(vi) any Contract entered into other than on commercial arm’s length termsfor the lease of tangible personal property to or from any Person providing for lease payments in excess of $50,000 per annum;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar ContractContract with any Material Supplier;
(viii) any Contract entered into by Monsoon or with any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Governmental Authority;
(ix) any Contract that (other than Contracts entered into A) prohibits or limits the freedom of any Group Company to compete in the ordinary course any line of business consistent with past practiceany Person or in any geographic area or (B) which provides for aggregate future sums due from Monsoon contains exclusivity obligations or restrictions binding on any Monsoon Subsidiary Group Company or an aggregate future liability (contingent C) grants any right of first refusal or otherwise) right of first offer obligations or restrictions to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orPerson;
(x) any other material Contract under which any Group Company (A) has licensed any Intellectual Property from a third party (other than as set forth above non-exclusive licenses for commercially available or off-the-shelf software or software that is subject to which Monsoon click through or shrink wrap agreements), or (B) grants to any Monsoon Subsidiary third party any right to use or exploit any Purchased Intellectual Property (other than non-exclusive licenses of any Purchased Intellectual Property granted in the Ordinary Course);
(xi) any Service Provider Agreement that (i) provides for annual base compensation in excess of $150,000 or (ii) is not terminable at-will, has more than a sixty (60) day contractual termination notice period or provides for contractual severance or change of control benefits; and
(xii) any Contract that is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsCollective Bargaining Agreement.
(b) With respect to each Contract set forth on Section 3.08(a) of the Disclosure Schedules, and subject to entry of the Sale Order and any other applicable Order necessary to consummate the transactions contemplated by this Agreement and the other Transaction Documents and the assumption by Buyer of the applicable Contract in accordance with applicable Law (including satisfaction of all applicable Cure Costs), and except (x) as a result of the commencement of the Chapter 11 Cases or (y) with respect to any Contract that has previously expired in accordance with its terms, been terminated, restated, or replaced, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and such Contract is in full force and effect and are constitutes the legal, valid and binding obligation of the Group Company party thereto and, to the Knowledge of Sellers, the counterparty thereto, enforceable by Monsoon or its applicable Subsidiary against such Group Company and, to the Knowledge of Sellers, the counterparty thereto in accordance with their its terms (except insofar as such enforceability may be limited by applicable bankruptcyand conditions, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing subject to the availability of equitable remedies), Bankruptcy Law; (ii) Monsoon or its applicable Subsidiary has performed all material obligations required the Cure Costs set forth in the Original Contract & Cure Schedule are true and correct; (iii) except as set forth on Section 3.08(b)(iii) of the Disclosure Schedules, neither the Group Company party thereto nor, to be performed by it under the Monsoon Material ContractsKnowledge of Sellers, and it the counterparty thereto is not (with or without notice or lapse of time, or both) in material breach or material default thereunder thereof that would permit or give rise to a right of termination, modification or acceleration thereunder; and (iv) except as set forth on Section 3.08(b)(iv) of the Disclosure Schedules, no Group Company and, to the knowledge Knowledge of MonsoonSellers, no counterparty thereto, has commenced any Proceeding against any other party to any Monsoon Material such Contract is (with or without notice given or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of any breach or default under such Contract that has not been withdrawn or dismissed, except, in the intention cases of any party to cancelclauses (iii) and (iv), terminate, change the scope of rights under for breaches or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon defaults caused by or any Monsoon Subsidiary is a party will be in effect which purports to legally bindresulting from, or impose any dutyfilings or objections made in, obligation the Chapter 11 Cases or other Liability of any kind (except for any confidentiality obligations that may arise which would not, individually or in the aggregate, reasonably be expected to be material and adverse to the Business, the Purchased Assets, the Purchased Entities or the Assumed Liabilities, taken as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)whole.
Appears in 2 contracts
Sources: Asset and Equity Purchase Agreement (iMedia Brands, Inc.), Asset and Equity Purchase Agreement (iMedia Brands, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter Schedule 3.14 sets forth a true true, correct and complete listlist of all existing or pending contracts, as of the date hereofcommitments, of each of the following Contracts licenses, agreements, obligations or arrangements, whether oral or written, formal or informal, to which Monsoon any Borrower Party or any Monsoon Subsidiary of its Subsidiaries is a party (or by intend to become a party) or to which Monsoon or any Monsoon Subsidiary or any of their respective its assets or properties or assets is bound (including any amendments, supplements and modifications theretoor may become bound):
(i) under which any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Borrower Party or licensing agreement any of its Subsidiaries is indemnified for or against any liability in excess of $250,000 or under which any Borrower Party or any of its Subsidiaries is or could be obligated to indemnify any Person in excess of $100,000;
(ii) under which any Borrower Party or any of its Subsidiaries leases personal property from or to third parties;
(iii) for the purchase or sale of products or other Contract that includes personal property or for the furnishing or receipt of services by any provision which materially limits Monsoon Borrower Party or any Monsoon Subsidiary of its Subsidiaries (A) which calls for performance over a period of more than one (1) year and involves payments of more than $100,000 in the aggregate or (B) in which any Borrower Party or any of its Subsidiaries has agreed to purchase a minimum quantity of goods or services in excess of $200,000 in value or has agreed to purchase goods or services exclusively from engaging any Person (provided, however, that it is agreed that the Borrower shall not be required to list on Schedule 3.14 any poultry purchase contracts entered into in the ordinary course of business, provided that such contracts will be deemed to be Material Contracts);
(iv) (A) granting representation, marketing or distribution rights, other than food brokers’ agreements entered into in the ordinary course of business, or (B) relating to Intellectual Property;
(v) regarding the financing of its business or any part of its business or operations;
(vi) establishing any partnership, any joint venture or any strategic alliance;
(vii) under which any Borrower Party or any of its Subsidiaries has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) Indebtedness (including Capital Lease Obligations);
(viii) concerning any confidentiality obligations entered into outside of the ordinary course of business or any covenants or agreements restricting it from carrying on any business or from competing in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(iiix) any Contract that relates to the formationwith officers, creationdirectors, governance employees, consultants or control independent contractors of any partnership, joint venture or similar arrangement, Borrower Party or any collaborationof its Subsidiaries;
(x) resulting in the creation or incurrence of any Lien (including any precautionary lease filings);
(xi) involving any Affiliates of any Borrower Party or any of its Subsidiaries;
(xii) under which the consequences of a default or termination could have a Material Adverse Effect on any Borrower Party or any of its Subsidiaries, cooperation whether individually or partnering Contractin the aggregate;
(xiii) under which any Borrower Party or any of its Subsidiaries 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 from any other Persons, in each case that is material to the Monsoon Business and for which the closing in excess of the relevant transaction has not occurred$500,000 per annum;
(iiixiv) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract collective bargaining agreement entered into other than on commercial arm’s length terms;
(vii) any currency exchangeby, interest rate exchangeor binding upon, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Borrower or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);its Affiliates; and
(ixxv) any Contract (other than Contracts not entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) and described in response to any Person of the foregoing clauses. All of the types of contracts, commitments, licenses, agreements, obligations or arrangements described in clauses (i) through (xv) above, together with the real property leases and other interests described in each case other than Monsoon Section 3.25, whether entered into prior to, on or any Monsoon Subsidiary) in excess after the Effective Date, are collectively referred to herein as the “Material Contracts.” At the request of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material the Lender, the Borrower shall deliver to the Monsoon Business Lender a true, correct and complete copy of each of the written Material Contracts, and a written summary of each of the oral Material Contracts, including all amendments, supplements or the use or operation of their assetsother modifications thereto.
(b) Each Material Contract existing as of the date hereof is (i) All Contracts set forth or required to be set forth in Section 5.17(a) a legal, valid and binding obligation of the Monsoon Disclosure Letter Borrower Party or filed or required to be filed as exhibits any Subsidiary that is a party thereto, enforceable against it in accordance with its terms (assuming the enforceability of such Material Contract against the other parties thereto), (ii) to the Monsoon SEC Documents best knowledge of the Borrower Parties, a legal, valid and binding obligation of the other parties thereto, enforceable against such other parties in accordance with its terms (assuming the “Monsoon enforceability of such Material Contracts”Contract against any Borrower Party or any of its Subsidiaries party thereto) are valid, binding and (iii) in full force and effect and are enforceable by Monsoon on the date hereof. Any Borrower Party or any of its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcySubsidiaries, insolvencyon the one hand, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the best knowledge of Monsoonthe Borrower Parties, all other parties to the existing Material Contracts, on the other hand, are in substantial compliance with the terms thereof, and no other party to default or event of default by any Monsoon Material Contract is (with Borrower Party or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice Subsidiaries, as the case may be, or, to the best knowledge of any actual, alleged, possible or potential material violation of, or material failure to comply withthe Borrower Parties, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any other party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers exists thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent No Borrower Party or any of its Affiliates Subsidiaries is a party to any contract, commitment, license, agreement, obligation or arrangement that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent restricts it from carrying on its business or any Affiliate thereof (other than Monsoon part thereof, or from competing in any Monsoon Subsidiary)line of business or with any Person.
Appears in 2 contracts
Sources: Loan and Security Agreement (Overhill Farms Inc), Loan and Security Agreement (Levine Leichtman Capital Partners Ii Lp)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed disclosed in a timely manner. Section 5.17(a) 2.9 of the Monsoon Seller Disclosure Letter sets forth a true and complete listLetter, as of the date hereofof this Agreement, neither Target nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non-competition agreementagreement relating to Indebtedness (whether incurred, non-solicitation agreementassumed, exclusive distribution, franchise guaranteed or licensing agreement or other Contract that includes secured by any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personasset);
(ii) any Contract that relates to the formationjoint venture, creation, governance or control of any partnership, joint venture limited liability company or other similar arrangement, agreements or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredarrangements;
(iii) any Contract that relates agreement or series of related agreements, including any option agreement, relating to the acquisition or disposition of any business, capital stock or material assets of any other Person or any material real property (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred);
(iv) any Contract agreement that (A) limits the freedom of Target or any of its Subsidiaries to compete in any line of business or with any Related Person or in any area or that would so limit the freedom of Monsoon Buyer or its Subsidiaries after the Closing or (B) contains exclusivity obligations or restrictions binding on Target or any Monsoon Subsidiary (other than of its Subsidiaries or that would be binding on Buyer or any of its Subsidiaries after the agreements covered by clause (i) and any Monsoon Benefit Plan)Closing;
(v) agreements with any material Contract pursuant to which of the top ten (10) suppliers of materials, supplies, goods, services, equipment or other assets for Target and its Subsidiaries taken as a whole as determined as of the date hereof based on aggregate purchases made during the twelve-month period ending on Target Balance Sheet Date (other than any Third Party Approval is required pursuant to a “change work orders or purchase orders that are governed by any of control” or similar clausesuch agreements);
(vi) agreements with any Contract entered into of the top ten (10) customers of Target and its Subsidiaries taken as a whole as determined as of the date hereof based on aggregate purchases made during the twelve-month period ending on Target Balance Sheet Date (other than on commercial arm’s length termsany work orders or purchase orders that are governed by any of such agreements);
(vii) any currency exchangeagreement relating to any interest rate, interest rate exchange, commodity exchange derivatives or similar Contracthedging transaction;
(viii) any Contract entered into by Monsoon agreement under which (A) any Person has directly or indirectly guaranteed any Monsoon Subsidiary in connection with the settlement liabilities or other resolution obligations of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Target or any of their respective Affiliates its Subsidiaries or (including B) Target or any of its Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of any other Person (in each case other than endorsements for the Indigo Group Companies after purpose of collection in the Closing Dateordinary course of business);
(ix) any Contract agreement that includes a take-or-pay, guaranteed minimum purchase or supply or similar term;
(x) any engineering, production and construction agreement or similar agreement related to any downstream solar projects with generation capacity of five (5) megawatts or more; or
(xi) any other than Contracts entered into agreement, commitment, arrangement or plan that is (A) not made in the ordinary course of business consistent with past practiceand (B) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsTarget and its Subsidiaries, taken as a whole.
(b) (i) All Contracts set forth Each agreement, commitment, arrangement or plan disclosed in the Seller Disclosure Letter or required to be set forth in disclosed therein pursuant to this Section 5.17(a2.9, Section 2.10(c), Section 2.11(b), Section 2.13(b), Section 2.17 or Section 2.20(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the each, a “Monsoon Target Material ContractsContract”) are validis a valid and binding agreement of Target or a Subsidiary of Target, binding as the case may be, and is in full force and effect effect, and are enforceable by Monsoon none of Target, any Subsidiary of Target or, to the Knowledge of Seller, any other party thereto is in default or its applicable Subsidiary breach in accordance with their any material respect under (or is alleged to be in default or breach in any material respect under) the terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallyof, or by principles governing has provided or received any notice of any intention to terminate, any such Target Material Contract, and, to the availability Knowledge of equitable remedies)Seller, (ii) Monsoon no event or its applicable Subsidiary circumstance has performed all material obligations required to be performed by it under the Monsoon Material Contractsoccurred that, and it is not (with or without notice or lapse of time, time or both) in material breach or material , would constitute an event of default thereunder and, to or result in a termination thereof or would cause or permit the knowledge acceleration of Monsoon, no or other party changes of or to any Monsoon Material Contract is (with right or without notice obligation or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice the loss of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers benefit thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Share Purchase Agreement (Hanwha SolarOne Co., Ltd.), Share Purchase Agreement (Hanwha Solar Holdings Co., Ltd.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in For all purposes of and under this Agreement, a timely manner. Section 5.17(a) “Material Contract” of the Monsoon Disclosure Letter sets forth a true and complete list, as of Company or its Subsidiaries shall mean (all such Material Contracts which the date hereof, of each of the following Contracts to which Monsoon Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary of them or any of their respective properties properties, rights or assets is bound (including any amendmentsare bound, supplements and modifications theretothe “Material Contracts”):
(i) any nonContract listed or required to be listed as an exhibit to the Company’s annual report on Form 20-competition agreementF for the year ending December 31, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person2016;
(ii) any Contract that requires payments from or to the Company or any of its Subsidiaries of more than $500,000 during the past twelve (12) month period or during the twelve (12) month period following the date hereof and is not cancelable by the Company or its Subsidiaries without any financial or other penalty upon notice of ninety (90) days or less;
(iii) any Contract that relates to the formation, creation, governance operation, management or control of any partnership, legal partnership or any joint venture entity (whether a corporation, limited liability company or any other entity type) or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than any Contract whose only parties are the agreements covered Company and/or its Subsidiaries) relating to Indebtedness for borrowed money owing or guaranteed by clause the Company or its Subsidiaries, other than any Contract relating to Indebtedness with an outstanding principal amount of less than $250,000 (i) and whether incurred, assumed, guaranteed or secured by any Monsoon Benefit Planasset);
(v) any material Contract pursuant to under which the Company or its Subsidiaries has made any Third Party Approval is required pursuant to a “change advance, loan, extension of control” credit or similar clausecapital commitment to, or other investment in, any Person in excess of $250,000 (other than the Company or its Subsidiaries and except for any extensions of trade credits in the ordinary course of business consistent with past practice);
(vi) any Contract entered into other than on commercial arm’s length terms;
(viiA) any currency exchangethat contains a license in respect of Intellectual Property Rights where such license is material to the business of the Company or its Subsidiaries (except for (1) licenses of commercially available, interest rate exchangeoff-the-shelf, commodity exchange click-wrap or similar Contract;
shrink-wrap software, (viii2) any Contract entered into by Monsoon non-exclusive licenses of Intellectual Property Rights incidental to the sale or any Monsoon Subsidiary in connection with the settlement purchase of products or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into services in the ordinary course of business consistent with past practice) or (B) for the development (by itself or through a third party) of any Intellectual Property Rights material to the current products of the Company or the manufacturing thereof;
(vii) any Contract to which provides for aggregate future sums due from Monsoon the Company is a party that contains any continuing covenant by, or restriction on, the Company or any Monsoon Subsidiary of its Subsidiaries to not compete or an aggregate future liability (contingent engage in any line of business or otherwise) to not engage in its business in any Person (geographic location, in each case other than Monsoon such Contracts that may be canceled without liability to the Company or any Monsoon Subsidiaryof its Subsidiaries without notice;
(viii) any Contract providing for (x) Government Grants from the OCS or any other Israeli Governmental Authority, which Government Grant is extended to support the Company’s research and development operations (i.e., Kitvei Ishur), or (y) material Government Grants from any other Governmental Authority;
(ix) any Contract with any directors, executive officers (as such term is defined in excess the Exchange Act) or five-percent stockholders of $1,000,000; orthe Company or any of its Affiliates or immediate family members;
(x) any Contract providing for material “earn-outs” or other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or material contingent payments by which it the Company or any of its Subsidiaries other than those with respect to which there are no further obligations under such provisions;
(xi) any Contract entered into after January 1, 2015, or has not yet been consummated, and involves the acquisition or disposition, directly or indirectly (by merger or otherwise), of a business (or assets comprising all or businesses is bound part of a business) or subject capital stock or other equity interest of another Person;
(xii) any Contract involving a grant to any Person of any right of first offer or right of first refusal to purchase, lease, sublease, use, possess or occupy any material assets, rights or properties of the Company; and
(xiii) any Contract that is 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 Monsoon Business or the use or operation of their assetsSecurities Act.
(b) Section 3.10(b) of the Company Disclosure Letter contains a list of all Material Contracts (other than any Material Contract contemplated by clause (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required definition thereof) as of the date of this Agreement, and a true, accurate and complete copy of each such Material Contract has been provided to be filed as exhibits Parent prior to the Monsoon SEC Documents date of this Agreement.
(c) Except as has not had and would not reasonably be expected to have, individually or in the “Monsoon aggregate, a Company Material Contracts”Adverse Effect, (i) are valideach Material Contract is valid and binding on the Company and enforceable against the Company and its Subsidiaries party thereto, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (its terms, except insofar as that such enforceability (x) may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting or similar Laws affecting relating to creditors’ rights generally, or by and (y) is subject to general principles governing the availability of equitable remedies)equity, (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under neither the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any other party thereto, is in breach of, or default under any such Material Contract and (iii) the Company has not received written notice of any actual, alleged, possible actual or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Enzymotec Ltd.), Merger Agreement (Frutarom LTD)
Material Contracts. (a) All Except for the Contracts required to be filed as exhibits disclosed in Schedule 3.06 (collectively, the “Material Contracts”), with respect to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete listBusiness, as of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary SLI is not a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise lease (whether of real or licensing agreement personal property) providing for annual rentals of S 50,000 or other Contract more that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel cannot be terminated on not more than 60 days’ notice without payment by SLI of any Personmaterial penalty;
(ii) any Contract that relates to agreement for the formationpurchase of materials, creationsupplies, governance goods, services, equipment or control other assets providing for either (A) annual payments by SLI of any partnership, joint venture $50,000 or similar arrangement, more or any collaboration, cooperation (B) aggregate payments by SLI of $50,000 or partnering Contractmore, in each case that is cannot be terminated on not more than 60 days’ notice without payment by SLI of any material to the Monsoon Business and for which the closing of the relevant transaction has not occurredpenalty;
(iii) any Contract sales, distribution or other similar agreement providing for the sale by SLI of materials, supplies, goods, services, equipment or other assets that relates provides for annual payments to SLI of $100,000 or more;
(iv) any material partnership, joint venture or other similar agreement;
(v) any agreement relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length termsagreement relating to indebtedness for borrowed SLI money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), except any such agreement with an aggregate outstanding principal amount not exceeding $50,000;
(vii) any currency exchangeagreement, interest rate exchangeother than this Agreement and the Transaction Documents, commodity exchange that limits in any material respect the freedom of SLI or similar Contract;the Business to compete in any line of business or with any Person or in any area; or
(viii) any Contract entered into by Monsoon material agreement with or any Monsoon Subsidiary in connection with for the settlement or other resolution benefit of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any Affiliate of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsSLI.
(b) (i) All Contracts set forth or Each Material Contract required to be set forth in disclosed pursuant to this Section 5.17(a) is a valid and binding agreement of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding SLI and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractseffect, and it is not (with or without notice or lapse none of time, or both) in material breach or material default thereunder andSLI or, to the knowledge Knowledge of MonsoonSLI, no any other party to thereto is in default or breach in any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice respect under the terms of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon such Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as such defaults or breaches which would not have, or would not be reasonably expected to have, individually or in the aggregate, a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Adverse Effect.
Appears in 2 contracts
Sources: Asset Purchase and Contribution Agreement (Supernus Pharmaceuticals Inc), Asset Purchase and Contribution Agreement (Supernus Pharmaceuticals Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.16(a) of the Monsoon Zillow Disclosure Letter sets forth Schedule lists each of the following types of Contracts to which Zillow or any Zillow Subsidiary is a true and complete list, party as of the date hereofof this Agreement (such Contracts, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Material Zillow Contracts”):
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon K of the SEC) with respect to Zillow or any Monsoon Zillow Subsidiary from engaging in that has been, or was required to be, filed with the SEC with Zillow’s Annual Report on Form 10-K for the year ended December 31, 2013 or any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel Zillow SEC Reports filed after the date of any Personfiling of such Form 10-K until the date hereof;
(ii) any Contract that relates (A) relating to the formation, creation, governance disposition or control of any partnership, joint venture or similar arrangement, acquisition by Zillow or any collaboration, cooperation Zillow Subsidiary of a material amount of assets (1) after the date of this Agreement other than in the ordinary course of business consistent with past practice or partnering Contract, in each case that is material (2) prior to the Monsoon Business and for date of this Agreement, which the closing of the relevant transaction has not occurredcontains any material ongoing obligations (including indemnification, “earn-out” or other contingent obligations) that are still in effect or (B) pursuant to which Zillow or any Zillow Subsidiary will acquire any material ownership interest in any other person or other business enterprise other than Zillow Subsidiaries;
(iii) any Contract that relates which grants any right of first refusal, right of first offer or similar right with respect to the acquisition any material assets, rights or disposition properties of Zillow or any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredZillow Subsidiary;
(iv) any Contract containing any covenant (A) materially limiting the right of Zillow or any Zillow Subsidiary to engage in any line of business or to compete with any Related Person person in any line of Monsoon business, or (B) granting any most favored customer or similar provision in favor of any customer or other counterparty to Zillow or any Monsoon Zillow Subsidiary (other than applicable to the agreements covered by clause (i) and any Monsoon Benefit Plan)sale of the Zillow Products;
(v) any material Contract pursuant mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to which any Third Party Approval is required pursuant the borrowing of money or extension of credit of $1,000,000 or more, other than (A) accounts receivables and payables and (B) loans to a “change direct or indirect wholly-owned subsidiaries, in each case in the ordinary course of control” or similar clausebusiness consistent with past practice;
(vi) any Contract entered into providing for any guaranty by Zillow or any Zillow Subsidiary of third party obligations (under which Zillow or any Zillow Subsidiary has continuing obligations as of the date hereof) of $1,000,000 or more, other than on commercial armany guaranty by Zillow of any Zillow Subsidiary’s length termsobligations;
(vii) any currency exchangeContract which relates to a joint venture, interest rate exchangepartnership, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement limited liability company agreement, revenue sharing or other resolution similar Contract with third parties, or to the formation, creation or operation, management or control of any material Action imposing operational restrictions partnership or conduct requirements on Monsoon or joint venture with any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (third parties, other than Contracts revenue sharing or other similar agreements involving annual payments of less than $1,000,000 entered into in the ordinary course of business consistent with past practice;
(viii) which provides for aggregate future sums due from Monsoon any Contract with a customer of Zillow or any Monsoon Zillow Subsidiary which is reasonably likely to involve consideration of $1,000,000 or an aggregate future liability more;
(contingent ix) any Zillow IP License;
(x) all material Contracts with any Governmental Authority;
(xi) (A) any employment, independent contractor or otherwise) to any Person consulting Contract (in each case other than Monsoon case, under which the Zillow or any Monsoon SubsidiaryZillow Subsidiary has continuing obligations as of the date hereof) with (1) any current or former executive officer of the Zillow or any Zillow Subsidiary or member of the Zillow Board, or (2) any former employee, individual consultant or individual independent contractor providing for an annual base compensation in excess of $1,000,000275,000; orand (B) any Contract with any executive officer, director, individual consultant or employee providing for severance, retention or change of control payments or benefits, other than ordinary course severance arrangements with non-executive employees involving payments by the Zillow of less than $400,000;
(xxii) any Contract or plan, including any stock option plan, stock appreciation right plan or stock purchase plan, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated, by the consummation of the transactions contemplated hereby (including the Mergers) or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated hereby (including the Mergers);
(xiii) any material lease, sublease or other Contract under which Zillow or any Zillow Subsidiary uses or occupies or has the right to use or occupy, now or in the future, any real property;
(xiv) any Contract which grants any person the right to use the name “Zillow”, any other trademarks owned by Zillow or any derivation thereof, excluding Contracts containing nonexclusive grants of such trademarks made in the ordinary course of business consistent with past practice;
(xv) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or that provides for annual payment obligations by which it Zillow or any of its assets subsidiaries of $1,000,000 or businesses is bound or subject more in any individual case that is not terminable by Zillow or a Zillow Subsidiary upon notice of ninety (90) days or less without material liability to the Monsoon Business Zillow or the use Zillow Subsidiary and is not disclosed pursuant to clauses (i) through (xiv) above; and
(xvi) any Contract, or operation group of their assetsContracts with a person (or group of affiliated persons), the termination or breach of which would have or would be reasonably expected to have a material adverse effect on any material product or service offerings of Zillow or otherwise constitute a Zillow Material Adverse Effect on Zillow and is not disclosed pursuant to clauses (i) through (xv) above.
(b) Except as would not constitute a Zillow Material Adverse Effect:
(i) All Contracts set forth each Material Zillow Contract is a legal, valid and binding agreement of Zillow or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Zillow Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonZillow, the other party thereto;
(ii) none of Zillow or any Zillow Subsidiary has received any claim of default under any Material Zillow Contract and none of Zillow or any Zillow Subsidiary is in breach or violation of, or default under, any Material Zillow Contract;
(iii) to Zillow’s Knowledge, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Material Zillow Contract, and ; and
(iv) neither Monsoon the execution of this Agreement nor the consummation of any transactions contemplated hereby shall constitute a default, give rise to cancellation rights, or otherwise adversely affect any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of Zillow’s material rights under or fail any Material Zillow Contract.
(c) Zillow has made available to renew any Monsoon Material Contract. True Trulia true and complete copies of each written Monsoon Material Zillow Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any amendments thereto and waivers thereunder) have been made available to Indigo Parentthereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Zillow Inc), Merger Agreement (Trulia, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in Schedule 3.18(a) contains a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, list of each of the following written Contracts and a description of each of the following oral Contracts to which Monsoon or any Monsoon Subsidiary of the Company Entities is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) all Contracts (other than the Leases listed on Schedule 3.8(b)) that Company reasonably anticipates will, in accordance with their terms, involve aggregate payments by any non-competition agreementof the Company Entities of more than $250,000 within the twelve (12) month period following the date hereof;
(ii) all Contracts that Company reasonably anticipates will, non-solicitation agreementin accordance with their terms, exclusive distributioninvolve aggregate payments to any of the Company Entities of more than $250,000 within the twelve (12) month period following the date hereof;
(iii) any employment Contract of any director or officer of any of the Companies or any other written employment, franchise or licensing agreement severance, retention, deal bonus, consulting or other Contract with any employee of any of the Companies which will require (or reasonably likely require) the payment of amounts by any of the Companies during the one year period following the date hereof in excess of $150,000;
(iv) all Contracts that includes limit or purport to limit the ability of any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging of the Company Entities to compete in any activity line of business or conducting business with any Person or in any geographic area or during any period of time;
(v) all Contracts relating to material Intellectual Property Rights (other than Intellectual Property Rights which are the subject of a license for shrink wrap software, license for other “off the shelf” software, or a license for software for which the license fees, royalties, maintenance fees and support fees do not exceed $150,000 on an annual basis);
(vi) all Contracts under which any of the Company Entities has incurred any Indebtedness which is outstanding on the date hereof or has directly or indirectly guaranteed Indebtedness, liabilities or obligations of any Person (other than any Indebtedness, liabilities or obligations solely by and among the Company Entities);
(vii) any Contract that contains a put or similar right pursuant to which any Company Entity could be required to purchase, redeem or otherwise acquire any equity interests (whether exercisable by the party holding such right (A) at any time or from soliciting employees time to time (i.e., a “time-based put”) or personnel (B) as a result of, or in connection with, the execution and delivery of this Agreement by the parties hereto or the consummation of the transactions contemplated hereby (i.e., an “event-based put”));
(viii) other than as may be set forth in the Company Entities’ Organizational Documents, any Contract that contains a co-sale, call, right of first refusal or right of first offer, with respect to the equity interests of the Company Entities;
(ix) any Contract, other than the Company Entities’ Organizational Documents, which contains an earn-out, deferred purchase price, or other similar contingent obligation, or contains ongoing indemnification obligations on behalf of any Company Entities and, in each case, is related to the acquisition of any equity interests of any Person;
(iix) any Contract that relates to other than the formationCompany Entities’ Organizational Documents, creation, governance or control of any partnership, all joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;partnership agreements; and
(iiixi) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (all medical director agreements and other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsagreements.
(b) (i) All Contracts Except as set forth or required on Schedule 3.18(b), each Material Contract is valid and binding on the Company Entity that is a party thereto and, to be set forth in Section 5.17(a) of Company’s Knowledge, on the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validother parties thereto, binding and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing effect. Each of the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary Company Entities has performed in all material respects all material obligations required to be performed by it to date under each Material Contract. Except as set forth on Schedule 3.18(b), none of the Monsoon Material ContractsCompany Entities is or is alleged to be in material breach of, and it or material default under, nor is not (with there any event or without condition exists which constitutes, or after notice or lapse of timetime or both would constitute, or both) in a material breach or material default thereunder andon the part of any Company Entity under, any Material Contract. Except as set forth on Schedule 3.18(b), to the knowledge of MonsoonCompany’s Knowledge, no other party to any Monsoon Material Contract is (with or without is alleged to be in breach thereof or default thereunder, nor to the Company’s Knowledge, is there any event or condition which constitute, or after notice or lapse of timetime or both would constitute, or both) in a material breach or material default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice on the part of any actualother party, alleged, possible or potential material violation of, or material failure to comply with, under any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True Company has made available to Buyer correct and complete copies of each written Monsoon all Material ContractContracts, and a summary of each oral Monsoon Material Contracttogether with all amendments, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentor supplements thereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Contribution and Merger Agreement, Contribution and Merger Agreement (American Renal Associates LLC)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.16(a) of Trulia Disclosure Schedule lists each of the Monsoon Disclosure Letter sets forth following types of Contracts to which Trulia or any Trulia Subsidiary is a true and complete list, party as of the date hereofof this Agreement (such Contracts, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Material Trulia Contracts”):
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon K of the SEC) with respect to Trulia or any Monsoon Trulia Subsidiary from engaging in that has been, or was required to be, filed with the SEC with Trulia’s Annual Report on Form 10-K for the year ended December 31, 2013 or any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel Trulia SEC Reports filed after the date of any Personfiling of such Form 10-K until the date hereof;
(ii) (ii) any Contract that relates (A) relating to the formation, creation, governance disposition or control of any partnership, joint venture or similar arrangement, acquisition by Trulia or any collaboration, cooperation Trulia Subsidiary of a material amount of assets (1) after the date of this Agreement other than in the ordinary course of business consistent with past practice or partnering Contract, in each case that is material (2) prior to the Monsoon Business and for date of this Agreement, which the closing of the relevant transaction has not occurredcontains any material ongoing obligations (including indemnification, “earn-out” or other contingent obligations) that are still in effect or (B) pursuant to which Trulia or any Trulia Subsidiary will acquire any material ownership interest in any other person or other business enterprise other than Trulia’s Subsidiaries;
(iii) any Contract that relates which grants any right of first refusal, right of first offer or similar right with respect to the acquisition any material assets, rights or disposition properties of Trulia or any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredTrulia Subsidiary;
(iv) any Contract containing any covenant (A) materially limiting the right of Trulia or any Trulia Subsidiary to engage in any line of business or to compete with any Related Person person in any line of Monsoon business or (B) granting any most favored customer or similar provision in favor of any customer or other counterparty to Trulia or any Monsoon Trulia Subsidiary (other than applicable to the agreements covered by clause (i) and any Monsoon Benefit Plan)sale of Trulia Products;
(v) any material Contract pursuant mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to which any Third Party Approval is required pursuant the borrowing of money or extension of credit of $500,000 or more, other than (A) accounts receivables and payables and (B) loans to a “change direct or indirect wholly-owned subsidiaries, in each case in the ordinary course of control” or similar clausebusiness consistent with past practice;
(vi) any Contract entered into providing for any guaranty by Trulia or any Trulia Subsidiary of third party obligations (under which Trulia or any Trulia Subsidiary has continuing obligations as of the date hereof) of $500,000 or more, other than on commercial armany guaranty by Trulia of any Trulia Subsidiary’s length termsobligations;
(vii) any currency exchangeContract which relates to a joint venture, interest rate exchangepartnership, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement limited liability company agreement, revenue sharing or other resolution similar Contract with third parties, or to the formation, creation or operation, management or control of any material Action imposing operational restrictions partnership or conduct requirements on Monsoon or joint venture with any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (third parties, other than Contracts revenue sharing or other similar agreements involving annual payments of less than $500,000 entered into in the ordinary course of business consistent with past practice;
(viii) which provides for aggregate future sums due from Monsoon any Contract with a customer of Trulia or any Monsoon Trulia Subsidiary which is reasonably likely to involve annual consideration of $500,000 or an aggregate future liability more;
(contingent ix) any Trulia IP License;
(x) all material Contracts with any Governmental Authority;
(xi) (A) any employment, independent contractor or otherwise) to any Person consulting Contract (in each case other than Monsoon case, under which Trulia or any Monsoon SubsidiaryTrulia Subsidiary has continuing obligations as of the date hereof) with (1) any current or former executive officer of Trulia or any Trulia Subsidiary or member of Trulia Board, or (2) any former employee, individual consultant or individual independent contractor providing for an annual base compensation in excess of $1,000,000275,000; orand (B) any Contract with any executive officer, director, individual consultant or employee providing for severance, retention or change of control payments or benefits, other than ordinary course severance arrangements with non-executive employees involving payments by Trulia of less than $275,000;
(xxii) any Contract or plan, including any stock option plan, stock appreciation right plan or stock purchase plan, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated, by the consummation of the transactions contemplated hereby (including the Mergers) or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated hereby (including the Mergers);
(xiii) any material lease, sublease or other Contract under which Trulia or any Trulia Subsidiary uses or occupies or has the right to use or occupy, now or in the future, any real property;
(xiv) any Contract which grants any person the right to use the name “Trulia”, “Market Leader”, any other trademarks owned by Trulia or any Trulia Subsidiary or any derivation thereof, excluding Contracts containing nonexclusive grants of such trademarks made in the ordinary course of business consistent with past practice;
(xv) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or that provides for annual payment obligations by which it Trulia or any of its assets subsidiaries of $500,000 or businesses is bound or subject more in any individual case that is not terminable by Trulia or a Trulia Subsidiary upon notice of ninety (90) days or less without material liability to Trulia or Trulia Subsidiary and is not disclosed pursuant to clauses (i) through (xiv) above; and
(xvi) any Contract, or group of Contracts with a person (or group of affiliated persons), the Monsoon Business termination or the use breach of which would have or operation would be reasonably expected to have a material adverse effect on any material service offerings of their assetsTrulia or otherwise constitute a Trulia Material Adverse Effect on Trulia and is not disclosed pursuant to clauses (i) through (xv) above.
(b) Except as would not constitute a Trulia Material Adverse Effect:
(i) All Contracts set forth each Material Trulia Contract is a legal, valid and binding agreement of Trulia or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Trulia Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonTrulia, the other party thereto;
(ii) none of Trulia or any Trulia Subsidiary has received any claim of default under any Material Trulia Contract and none of Trulia or any Trulia Subsidiary is in breach or violation of, or default under, any Material Trulia Contract;
(iii) to Trulia’s Knowledge, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Material Trulia Contract, and ; and
(iv) neither Monsoon the execution of this Agreement nor the consummation of any transactions contemplated hereby shall constitute a default, give rise to cancellation rights, or otherwise adversely affect any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of Trulia’s material rights under or fail any Material Trulia Contract.
(c) Trulia has made available to renew any Monsoon Material Contract. True Zillow true and complete copies of each written Monsoon Material Trulia Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any amendments thereto and waivers thereunder) have been made available to Indigo Parentthereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Zillow Inc), Merger Agreement (Trulia, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 3.18 of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of Schedule lists each of the following Contracts oral or written contracts, agreements, licenses, notes, bonds, mortgages, indentures, commitments or other instruments or obligations (and all amendments, modifications and supplements thereto and all side letters to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party affecting the obligations of any party thereunder) (collectively, “Contracts”) to which the Company or any of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is are bound (including each such Contract and agreement, being a “Material Contract”) (notwithstanding anything below, “Material Contract” shall not include any amendmentsContract that (1) is terminable by the Company or any of its Subsidiaries upon 30 days’ notice without a penalty, supplements premium or other cost, (2) will be fully performed and modifications theretosatisfied as of or prior to Closing or (3) is a Company Lease, a Leasehold Interest or an Employee Benefit Plan):
(a) all Contracts that call for aggregate payments to or by, or other considerations to or from, the Company or any of its Subsidiaries under such Contract of more than $1,750,000 over the remaining term of such Contract;
(b) all Contracts that call for annual aggregate payments to or by, or other consideration to or from, the Company or any of its Subsidiaries under such Contract of more than $750,000 over the remaining term of such Contract;
(c) any Contract that contains any non-compete or exclusivity provisions with respect to any line of business or geographic area with respect to the Company or any of its Subsidiaries, or any existing or future affiliate of any of them or that purports to restrict the right of the Company or any Subsidiaries or any existing or future affiliate of any of them to conduct any line of business or to compete with any Person or operate in any geographic area or location;
(d) any partnership, limited liability company agreement, joint venture or other similar agreement entered into with any third party;
(e) any Contracts for the pending purchase or sale, option to purchase or sell, right of first refusal, right of first offer or any other contractual right to purchase, sell, dispose of, or master lease, by merger, purchase or sale of assets or stock or otherwise, any real property;
(f) any Contract pursuant to which the Company or any of its Subsidiaries agrees to indemnify or hold harmless any director or executive officer of the Company or any of its Subsidiaries (other than the organizational documents for the Company or any of its Subsidiaries);
(g) (i) any loan agreement, letter of credit, indenture, note, bond, debenture, mortgage or any other document, agreement or instrument evidencing a capitalized leased obligation or other indebtedness, or any guarantee thereof, of, for the benefit of, or payable to the Company or any of its Subsidiaries, in each case in excess of $1,750,000, or (ii) any Contract to provide any funds to or make any investment in (whether in the form of a loan, capital contribution or otherwise) any Subsidiary of the Company or other Person;
(h) any Contract concerning an interest rate cap, interest rate collar, interest rate swap, currency hedging transaction or any other similar agreement to which the Company or any of its Subsidiaries is a party;
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Company or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract its Subsidiaries has continuing indemnification obligations (other than Contracts entered into in the ordinary course of business consistent with past practicebusiness) which provides for aggregate or potential liability in respect of any purchase price adjustment, earn-out or contingent purchase price or other indemnity that, in each case, could reasonably be expected to result in future sums due from Monsoon payments of more than $1,750,000; or any Monsoon Subsidiary Contract relating to the settlement or proposed settlement of any action, which involves the issuance of equity securities or the payment of an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) amount in excess of $1,000,000; or750,000;
(xj) any other “standstill” or similar agreement, voting agreement or registration rights agreement;
(k) any Contract with any Governmental Entity;
(l) any Contract (other than as set forth above among consolidated Subsidiaries of the Company) under which indebtedness is outstanding or may be incurred or pursuant to which Monsoon any property or asset is mortgaged, pledged or otherwise subject to encumbrances, other than a Permitted Encumbrance, or any Monsoon Subsidiary is a party Contract restricting the incurrence of indebtedness or the incurrence of Encumbrances or restricting the payment of dividends or the transfer of any properties owned by which it the Company or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.Subsidiaries; and
(bm) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K under the Securities Act). Except as would not reasonably be expected to result in a Company Material Adverse Effect, (i) All Contracts set forth or required neither the Company nor any of its Subsidiaries is and, to be set forth in Section 5.17(a) the Knowledge of the Monsoon Disclosure Letter Company, no other party is in breach or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generallyviolation of, or by principles governing the availability of equitable remedies)default under, any Material Contract, (ii) Monsoon none of the Company or any of its applicable Subsidiary Subsidiaries has performed all material obligations required to be performed by it received any claim of default under the Monsoon or cancellation of any Material ContractsContract, and it is not (iii) no event has occurred which would result in a breach or violation of, or a default under, any Material Contract (in each case, with or without notice or lapse of time, time or both) ). Each Material Contract is valid, binding and enforceable in material breach accordance with its terms and is in full force and effect with respect to the Company or material default thereunder any of its Subsidiaries and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice Knowledge of the intention of any party Company, with respect to cancel, terminate, change the scope of rights under or fail other parties thereto. The Company has made available to renew any Monsoon Material Contract. True Parent true and complete copies of each written Monsoon all Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter Contracts (including all written modifications and any amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiarymodifications thereof).
Appears in 2 contracts
Sources: Merger Agreement (Trustreet Properties Inc), Merger Agreement (Trustreet Properties Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 6.9 of the Monsoon iGambit Disclosure Letter sets forth Schedule provides a true and complete list, as of the date hereof, list of each of the following Contracts contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary iGambit or any of their respective properties or assets its Subsidiaries is bound party other than this Agreement (including any amendmentscollectively, supplements and modifications theretothe “iGambit Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon All leases for real property used by iGambit or any Monsoon Subsidiary from engaging of its Subsidiaries and all leases of personal property and any Contract affecting any right, title or interest in or to real property;
(ii) All Contracts with Persons who are Service Providers, and all iGambit Plans;
(iii) Any Contract involving financing or borrowing of money, or evidencing indebtedness; any liability for borrowed money; any letters of credit; any obligation for the deferred purchase price of property in excess of $25,000; or guaranteeing in any activity or conducting business way any Contract in connection with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(iiiv) any Contract that relates to the formationAny joint venture, creation, governance or control of any partnership, joint venture or similar arrangement, cooperative arrangement or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing other Contract involving a sharing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)profits;
(v) Any Contract with any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseGovernmental Authority;
(vi) any Any Contract entered into other than on commercial arm’s length termswith respect to the discharge, storage or removal of effluent, waste or pollutants;
(vii) any currency exchange, interest rate exchange, commodity exchange Any Contract for the purchase or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution sale of any material Action imposing operational restrictions iGambit Assets or conduct requirements on Monsoon or any Monsoon Subsidiary assets of or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (its Subsidiaries other than Contracts entered into in the ordinary course of business consistent with past practice) which provides or for aggregate future sums due from Monsoon the option or preferential rights to purchase or sell any iGambit Assets or assets of or any Monsoon Subsidiary of its Subsidiaries;
(viii) Any Contract containing covenants not to compete in any line of business or an aggregate future liability (contingent or otherwise) to with any Person (in each case other than Monsoon any geographical area or that would otherwise result in iGambit or any Monsoon Subsidiaryof its Subsidiaries being bound by, or subject to, any non-compete or other restriction on the operation or scope of its businesses, including the iGambit Business;
(ix) in excess Any Contract related to the acquisition of $1,000,000; ora business or the equity of any other Entity or the sale of iGambit or any of its Subsidiaries or any of the iGambit Assets or any assets of any of its Subsidiaries;
(x) any Any other Contract other than as set forth above to which Monsoon (i) provides for payment or any Monsoon Subsidiary performance by either party thereto having an aggregate value of $25,000 or more; (ii) is a party not terminable without payment or by which it penalty on thirty (30) days (or less) notice; or (iii) is between, inter alia, iGambit or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation Subsidiaries and an Affiliate thereof;
(xi) Any proposed arrangement of their assetsa type that, if entered into, would be a Contract described in any of Section 6.9(a)(i) through 6.9(a)(x) above.
(b) True and complete copies of each written iGambit Material Contract and true and complete written summaries of each oral iGambit Material Contract (iincluding all amendments, supplements, modifications and waivers thereto) All Contracts set forth or required have been provided to be set forth in Section 5.17(aClinigence by iGambit.
(c) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Each iGambit Material Contracts”) are Contract is currently valid, binding and in full force and effect effect, and are is enforceable by Monsoon iGambit or its applicable Subsidiary Subsidiaries, as applicable, in accordance with their terms its terms.
(except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability d) Neither iGambit nor any of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material ContractsSubsidiaries is in default, and it no party has notified iGambit or any of its Subsidiaries in writing that iGambit or any of its Subsidiaries is not (in default, under any iGambit Material Contract. No event has occurred, and no circumstance or condition exists, that might, with or without notice or lapse of time, :
(i) result in a violation or bothbreach of any of the provisions of any iGambit Material Contract;
(ii) in material breach give any Person the right to declare a default or material default thereunder and, to the knowledge of Monsoon, no other party to exercise any Monsoon remedy under any iGambit Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, Contract;
(iii) since January 1give any Person the right to accelerate the maturity or performance of any iGambit Material Contract or to cancel, 2014, neither Monsoon terminate or modify any iGambit Material Contract; or
(iv) otherwise have an iGambit Material Adverse Effect in connection with any iGambit Material Contract.
(e) Neither iGambit nor any of its Subsidiaries has received written notice waived any of its rights under any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon iGambit Material Contract, and .
(ivf) neither Monsoon nor The performance of the iGambit Material Contracts will not result in any violation of or failure by iGambit or any of its Subsidiaries has received to comply in all material respects with any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentLegal Requirement.
(cg) Upon Closing, save as disclosed in Section 5.17(c) The iGambit Material Contracts constitute all of the Monsoon Disclosure Letter, no Contract Contracts necessary to enable iGambit and its Subsidiaries to conduct the iGambit Business in the manner in which Monsoon or any Monsoon Subsidiary such iGambit Business is a party will be currently being conducted.
(h) The consummation of the Merger shall not result in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent iGambit or any of its Affiliates that is Subsidiaries being bound by, or subject to to, any non-compete or other restriction on the terms operation or scope of a confidentiality agreement with a third party) onits businesses, either expressly or through a reference to affiliates of Monsoon or including the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)iGambit Business.
Appears in 2 contracts
Sources: Merger Agreement (iGambit, Inc.), Merger Agreement (iGambit, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.15(a) of the Monsoon Seller Disclosure Letter Schedule sets forth a true and complete list, as of the date hereof, of each this Agreement a list of the following Contracts (other than Benefit Plans, purchase orders and invoices) to which Monsoon any of the Transferred Entities or any Monsoon Subsidiary other applicable Affiliate of Seller is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound are bound, in each case with respect to the Business (such Contracts and including any amendmentspurchase orders and invoices whether or not listed on Section 3.15(a) of the Seller Disclosure Schedule, supplements and modifications theretothe “Business Material Contracts”):
(i) any non-competition each power purchase agreement, non-solicitation sale or exchange agreement or similar bilateral Contract;
(ii) each electricity interconnection, transmission or marketing agreement;
(iii) each (A) engineering, procurement and construction agreement, exclusive distribution(B) equipment supply or service agreement, franchise (C) warranty agreement and performance guarantee agreement and (D) operation and maintenance agreement, in each case (x) that obligates any Transferred Entity to make payments in excess of $2,000,000 in any calendar year and (y) other than any such agreement that has expired or licensing agreement otherwise been terminated in accordance with its terms;
(iv) any Contract committing the Business or other any Transferred Entity to any future capital expenditures or capital investments in excess of $1,000,000 during any calendar year or $8,000,000 over the term of such Contract;
(v) the Real Property Leases;
(vi) any Contract that includes any provision which by its express terms (A) materially limits Monsoon or any Monsoon Subsidiary from engaging materially impairs the ability of the Transferred Entities to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees otherwise carry out their business (including through non-compete, exclusivity or personnel “most-favored nation” provisions), (B) contains any rights of any Person;
(ii) any Contract that relates to the formation, creation, governance first offer or control of any partnership, joint venture refusal or similar arrangement, rights binding on any Transferred Entity or (C) obligates any collaboration, cooperation Transferred Entity to make a minimum amount of purchases of goods or partnering Contractservices or obligates any Transferred Entity or the Business to maintain a minimum amount of inventory, in each case that is material to in excess of $2,000,000 during any calendar year or $8,000,000 over the Monsoon Business and for which the closing term of the relevant transaction has not occurredsuch Contract;
(iiivii) any Contract evidencing Indebtedness for borrowed money of any Transferred Entity (whether or not incurred, assumed, guaranteed or secured by any asset of any Transferred Entity), other than any Indebtedness for borrowed money to the extent owing from any of the Transferred Entities to any of the other Transferred Entities;
(viii) any Contract with a Governmental Entity (other than any such Contract that is entered into in the ordinary course of business and is not material);
(ix) each Contract pursuant to which (A) Seller or any of its Affiliates, including any Transferred Entity, provides or posts any guarantee, indemnity (other than standard indemnity agreements entered into in the ordinary course of business), performance or surety bond, letter of credit, commitments or other similar credit support arrangement or obligation relating to the Business or a Transferred Entity (collectively, the “Seller Guarantees”) or (B) any third party (for clarity, not including Seller or any of its Affiliates) provides or posts any guarantee, indemnity (other than standard indemnity agreements entered into in the ordinary course of business), performance or surety bond, letter of credit, commitments or other similar credit support arrangement or obligation relating to the Business or a Transferred Entity;
(x) each Contract (A) between any member of the Seller Group (other than the Transferred Entities), on the one hand, and any Transferred Entity, on the other hand and (B) each Contract between any Transferred Entity, on the one hand, and any director or officer of such Transferred Entity (or any Affiliate of any such director or officer (other than any of the Transferred Entities), on the other hand, other than (for (A) and (B) any such Contract that will be fully performed by, or will not otherwise survive, the Closing);
(xi) any Contract, other than as set forth in clauses (a)(i) through (xix), which is necessary for the physical delivery of natural gas to the Facilities;
(xii) any Commingled Contract;
(xiii) any joint venture, partnership, strategic alliance, profit sharing, limited liability company agreement, co-development Contract or Contract relating to any equity interests or other securities of a Transferred Entity or rights in connection therewith;
(xiv) any Contract that relates to the acquisition or disposition of any business, Equity Interests or assets of any other Person (whether by merger, sale of stockEquity Interests, sale of assets or otherwise, in each case for ) pursuant to which the closing of the relevant transaction a Transferred Entity has not occurredmaterial outstanding obligations;
(ivxv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant Transferred Entity licenses to a or from another Person any Intellectual Property (other than “change shrink wrap” and similar generally available commercial end-user licenses to software with an annual cost of control” or similar clauseno more than $100,000 in the aggregate);
(vixvi) any Contract entered into outstanding futures, swap, collar, put, call, floor, cap, option or other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon a Transferred Entity that is intended to benefit from or reduce or eliminate the risk of fluctuations in interest rates or the price of commodities, including electric power, in any form, including energy, capacity or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)ancillary services;
(ixxvii) any Contract involving the resolution, compromise or settlement of any actual or threatened claim in an amount greater than $1,000,000 payable by any Transferred Entity, in each case, (other than Contracts A) entered into in during the ordinary course last three (3) years or (B) that have not been fully performed or that otherwise imposes any continuing nonmonetary obligations on any Transferred Entity;
(xviii) any Contract that evidences any obligations of business consistent any Transferred Entity with past practicerespect to the issuance, sale, pledge, voting, repurchase or redemption of any equity interests of any Transferred Entity other than solely among Transferred Entities; and
(xix) any Contract, other than as set forth in the foregoing clauses (i) through (x), which expressly provides for aggregate future sums due payments to or from Monsoon or any Monsoon Subsidiary or an aggregate future liability Transferred Entity (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) 2,500,000 during any other Contract other than as set forth above to which Monsoon calendar year or any Monsoon Subsidiary is a party or by which it or any $8,000,000 over the term of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetssuch Contract.
(b) Except as would not reasonably be expected to be material to the Business and the Transferred Entities, taken as a whole, (i) All Contracts set forth or required to be set forth in Section 5.17(a) each Business Material Contract is a legal, valid and binding obligation of the Monsoon Disclosure Letter applicable Transferred Entity or filed or required to be filed as exhibits other applicable Affiliate of Seller party thereto, and, to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validKnowledge of Seller, binding each counterparty, and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)effect, (ii) Monsoon none of the Transferred Entities or its other applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse Affiliate of time, or both) in material breach or material default thereunder andSeller nor, to the knowledge Knowledge of MonsoonSeller, no any other party to any Monsoon Material Contract thereto, is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply within default under, any term or requirement of any Monsoon such Business Material Contract, and (iviii) no event has occurred that with notice or lapse of time or both would constitute such a breach or default thereunder by any such Transferred Entity or other applicable Affiliate or, to the Knowledge of Seller, any other party thereto. No party to any Business Material Contract has exercised in writing any termination rights with respect thereto and neither Monsoon any Transferred Entity nor any other member of its Subsidiaries has the Seller Group have received any written notice of the intention of from any party to cancelany Business Material Contract to the effect that such party will, or has threatened to, terminate, not renew or materially and adversely change the scope of rights under terms, conditions or fail provisions (including with respect to renew payment or pricing) with respect to, any Monsoon Business Material Contract. True A true and complete copies copy of each Business Material Contract (or a written Monsoon summary of the terms of any oral Business Material Contract), and a summary of each oral Monsoon Material Contractother than purchase orders or invoices, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have has been made available to Indigo ParentPurchaser.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Equity Purchase Agreement (Pseg Power LLC), Equity Purchase Agreement (Pseg Power LLC)
Material Contracts. (a) All Each Contract (including any Transferred Contract or Shared Contract) by which the Acquired Company or any of its properties or assets is bound, or by which any of the Transferred Assets are bound, and that is of a type described below (excluding, for the avoidance of doubt, any Benefit Plan) are “Material Contracts:”
(i) all Contracts required that individually involve (or could reasonably be expected to involve) expenditures, issued purchase orders, or the payment or receipt of consideration by the Acquired Company in excess of $10,000,000 in the calendar year ended December 31, 2025, other than any “Standard Choice Offer” contracts;
(ii) all Contracts between Seller and any of its Affiliates (other than the Acquired Company), on the one hand, and the Acquired Company, on the other hand, that will not be filed as exhibits terminated prior to Closing that individually involve (or could reasonably be expected to involve) expenditures (whether by or to the Monsoon SEC Documents have been so filed Acquired Company) in excess of $1,000,000 in any year;
(iii) all collective bargaining agreements or other Contracts with any labor union, employees’ association or other employee representative of a timely manner. Section 5.17(a) group of employees of the Monsoon Disclosure Letter sets forth Acquired Company, in each case, to which the Acquired Company is party or is otherwise subject;
(iv) all Contracts evidencing Indebtedness of the Acquired Company or any guarantee thereof, in each case in excess of $5,000,000 in any year;
(v) all Contracts providing for the extension of credit by the Acquired Company in excess of $5,000,000 in any year, other than the extension of credit to vendors in the Ordinary Course of Business;
(vi) all Contracts restricting the right of the Acquired Company to compete with any Person or in any line of business or geographic area or during any period of time;
(vii) all partnership, joint venture, and joint ownership agreements, and all similar material agreements (however named) involving a true sharing of assets, profits, losses, costs, or Liabilities;
(viii) all settlement, conciliation or similar agreements with any Governmental Entity (for the avoidance of doubt, not including Orders under regulatory filings) relating to the business or assets of the Acquired Company that will involve payment after the Closing Date of any amount or impose ongoing restrictions on the business or assets of the Acquired Company;
(ix) all settlement, conciliation or similar agreements with any Person, other than a Governmental Entity, relating to the business or assets of the Acquired Company that will involve payment in excess of $5,000,000 after the Closing Date or impose ongoing restrictions or obligations on the business or assets of the Acquired Company;
(x) all Contracts that contain rights of refusal, rights of first offer, or any similar rights by any Person other than the Acquired Company;
(xi) all futures contracts, option contracts or other agreements evidencing a derivative transaction or otherwise relating to the supply or price of natural gas that has a term longer than ninety (90) days and complete list, a notional value greater than $2,000,000; and
(xii) any commitment or arrangement to enter into any of the foregoing.
(b) Seller has made available to Buyer copies of each Material Contract as in effect as of the date hereof, of each of the following Contracts to together with all material amendments and waivers thereto, which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentsare correct and complete in all material respects, supplements and modifications thereto):
except as set forth on Schedule 4.7(b)(i). Except as set forth on Schedule 4.7(b)(ii): (i) any non-competition agreementeach Material Contract is a valid and binding obligation of the Acquired Company, non-solicitation agreementenforceable against it in accordance with its terms, exclusive distributionand, franchise or licensing agreement or to Seller’s Knowledge, is a valid and binding obligation of each other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging party thereto, enforceable against it in any activity or conducting business accordance with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contractits terms, in each case that except as the same may be limited by Remedy Exceptions; and (ii) neither the Acquired Company, nor, to Seller’s Knowledge, any other party thereto, is material (or, upon the passage of time or the giving of notice, or both, would be) in default under or breach of any Material Contract in each case, except for breaches, or defaults as would not be material, individually or in the aggregate, to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any Acquired Company, its business, whether by mergerassets, sale of stock, sale of assets or otherwise, in each case for which properties. Neither the closing of Acquired Company nor the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Seller or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries Affiliates has received written notice from a counterparty to a Material Contract of any actualan intention to terminate such Material Contract prior to the expiration of its current term, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement breach the terms of any Monsoon such Material Contract, and (iv) neither Monsoon nor any or materially amend or modify the terms of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon such Material Contract, except in each case, for notice received with respect to any Material Contract that (A) that is terminated due to the expiration of the term of such Contract in accordance with its terms (including Material Contracts which automatically renew and a summary party thereto provided notice of each oral Monsoon Material Contract, listed its intent not to renew) or (B) the renewal terms of which are being or may be negotiated in Section 5.17(a) the Ordinary Course of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentBusiness.
(c) Upon Closing, save Each Material Contract in effect as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary date hereof is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiaryset forth on Schedule 4.7(c).
Appears in 2 contracts
Sources: Securities Purchase Agreement (National Fuel Gas Co), Securities Purchase Agreement (Centerpoint Energy Resources Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.10(a) of the Monsoon Seller Disclosure Letter sets forth a true and complete listforth, as of the date hereofExecution Date, a list of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):Transferred Contracts:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personeach Real Property Lease;
(ii) each Transferred Contract with any Federal Government Customer that generated recurring revenue in excess of $5,000,000 in the year ended December 31, 2019 (the “Material Government Contracts”);
(iii) (A) each outstanding Government Bid existing as of the Execution Date, that, if accepted, would lead to a Government Contract that relates Seller reasonably expects to generate more than $5,000,000 in revenue to the Business in the year ended December 31, 2020 or (B) each outstanding task order Government Bid under a Government Contract that Seller reasonably expects to generate more than $5,000,000 in revenue to the Business in the year ended December 31, 2020 (the Government Bids described in clauses (A) and (B), together, the “Material Government Bids”);
(iv) each Transferred Contract pursuant to which any license or access rights (including on a service basis) material to the Business is granted by Seller to a third party with respect to Transferred Intellectual Property (other than non-exclusive license agreements entered into with contractors, customers or clients);
(v) each Transferred Contract concerning the establishment or operation of a partnership, strategic alliance, joint venture, limited liability company or similar agreement or arrangement relating to the formation, creation, governance operation, management or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is limited liability company material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseBusiness;
(vi) each Transferred Contract that limits or purports to limit the freedom of Seller (or, after the Closing, Buyer or its Subsidiaries) to compete in any Contract entered into other than on commercial armline of business with any Person or engage in any line of business within any geographic area, or otherwise materially restricts Seller’s length terms(or, after the Closing, Buyer or its Subsidiaries’) ability to solicit or hire any Person or solicit business from any Person;
(vii) each Transferred Contract for the employment of any currency exchangeBusiness Employee pursuant to which such Business Employee earned in excess of $200,000 in the year ended December 31, interest rate exchange2019, commodity exchange or similar Contractfor the engagement of any individual independent contractor providing services to the Business pursuant to which such contractor earned in excess of $200,000 in the year ended December 31, 2019 (excluding, for the avoidance of doubt, any Contract with a Person that is not an individual that provides for services of leased labor);
(viii) any Transferred Contract entered into by Monsoon between Seller, on the one hand, and any Related Party of Seller, on the other hand, that will not be discharged at or any Monsoon Subsidiary in connection with prior to the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Closing;
(ix) any Transferred Contract for the disposition of any material assets of Seller (other than sales of inventory or services in the Ordinary Course of Business);
(x) any Transferred Contract (other than Contracts entered into Government Contracts) pursuant to which Seller has been granted by a third Person any license to any Intellectual Property Rights or pursuant to which a third Person has made available (including on a service basis) any Intellectual Property Rights to Seller (other than any Contract for COTS Software), in each case, where such Transferred Contract is material to the Business;
(xi) any Transferred Contract (other than trade debt incurred in the ordinary course Ordinary Course of business consistent with past practiceBusiness) under which provides for aggregate future sums due from Monsoon Seller has, directly or indirectly, made any Monsoon Subsidiary advance, loan, extension of credit or an aggregate future liability (contingent capital contribution to, or otherwise) to other investment in, any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or;
(xxii) any Transferred Contract involving a research or development collaboration or similar arrangement;
(xiii) any Transferred Contract granting any third party a security interest in any of the Seller’s assets;
(xiv) each Transferred Contract creating Indebtedness for Borrowed Money;
(xv) each Transferred Contract entered into at any time within the three (3) year period prior to the Execution Date pursuant to which Seller acquired another operating business or any other Contract with an earnout, deferred payment or other than as set forth above contingent payment obligation;
(xvi) each Transferred Contract obligating Seller to which Monsoon purchase or otherwise obtain any product or service exclusively from a single party or granting any third party the exclusive right to develop, market, sell or distribute any products or services Related to the Business; and
(xvii) each Transferred Contract containing a “most favored nation” or any Monsoon Subsidiary is right-of-first refusal or right-of-first-offer or similar provision in favor of any customer or other counterparty of Seller or a party limitation on Seller’s ability to increase prices. The Transferred Contracts that are, or by which it or any are required to be, listed in Section 3.10(a) of its assets or businesses is bound or subject the Seller Disclosure Letter, and each Transferred Contract that is material to would have been listed on Section 3.10(a) of the Monsoon Business or Seller Disclosure Letter as of the use or operation of their assetsClosing Date, are each a “Material Contract” and are, collectively, the “Material Contracts”.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are Contracts is valid, binding and enforceable on Seller, and, to Seller’s Knowledge, each other party thereto, and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyeffect. Seller is not, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of MonsoonSeller’s Knowledge, no other party to any Monsoon Material Contract is (with or without notice or lapse of timeis, or both) in breach or default thereunderany material respect, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material in violation of, or material failure to comply within default under, any term or requirement of any Monsoon such Material Contract. No event has occurred that, and with the lapse of time or the giving of notice or both, would constitute a material default thereunder by Seller, or, to Seller’s Knowledge, any other party to a Material Contract.
(ivc) neither Monsoon nor Except as set forth on Section 3.10(c) of the Seller Disclosure Letter, as of the Execution Date, Seller has not received from any of its Subsidiaries has received counterparties to any Material Contract: (i) any written notice of the intention or, to Seller’s Knowledge, any other notice of any material breach or default or any notice that any such party intends to cancel, terminate, change the scope of rights under cancel or fail to not renew any Monsoon Material Contract; (ii) any written claim, or to Seller’s Knowledge, any other claim for material damages or indemnification with respect to the products sold or performance of services pursuant to any Material Contract; or (iii) any notice that such party intends to substantially alter in a manner materially adverse to Seller (including as a result of any material reduction in the rate or amount of sales or purchases or material increase in the prices charged or paid, as the case may be) any such Material Contract. True Seller has provided true, correct and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Buyer.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Unisys Corp), Asset Purchase Agreement (Science Applications International Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 3.11(a) of the Monsoon Seller Disclosure Letter sets forth a true and complete list, as of the date hereof, of each hereof a list of the following Contracts (other, in each case, than real property leases and Excluded Contracts) (i) that relate primarily to the Business to which Monsoon an Asset Selling Entity or Seller or any Monsoon Subsidiary of its Affiliates is a party or (ii) to which a Conveyed Company is a party (collectively, the “Material Contracts”), true, correct and complete copies of which and all amendments thereto (other than missing documents identified in writing by Seller or Purchaser prior to the date hereof which Monsoon do not, individually or any Monsoon Subsidiary in the aggregate, materially change the terms, rights or any obligations under the applicable Material Contracts) (and reasonably complete and accurate written descriptions of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):all oral Material Contracts) Seller has made available to Purchaser prior to the date hereof:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision each Equipment Lease which materially limits Monsoon or any Monsoon Subsidiary from engaging entails rental payments in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel excess of any Person$1,000,000 per annum;
(ii) each material Contract between Seller and/or any Contract that relates to of its Affiliates (other than the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Conveyed Companies) or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has officers or directors of Seller and/or any of its Affiliates (other than the Conveyed Companies), on the one hand, and any Asset Selling Entity and/or Conveyed Company, on the other hand, other than employment contracts which do not occurredprovide for annual base salary in excess of $250,000 in any given year;
(iii) any each mortgage, indenture, security agreement, pledge, note, loan agreement or guarantee or other Contract that relates to (excluding items set forth on Schedule 3.13(a) or Schedule 3.13(b) of the acquisition Seller Disclosure Letter) in respect of or disposition evidencing (A) Indebtedness of any business, whether by merger, sale of stock, sale of assets Conveyed Company or otherwise(B) Assumed Debt, in each case for which the closing in excess of the relevant transaction has not occurred$500,000;
(iv) any each customer Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than a Contract with a distributor) with payments to the agreements covered by clause (i) and any Monsoon Benefit Plan)applicable Asset Selling Entity or Conveyed Company in excess of $16,000,000 for the last completed fiscal year;
(v) any material each outstanding Contract pursuant to which any Third Party Approval is required pursuant to a “change with vendors of control” the Business with payments by the applicable Asset Selling Entity or similar clauseConveyed Company in excess of $6,000,000 for the last completed fiscal year;
(vi) each Contract materially limiting or purporting to materially limit the freedom of the applicable (A) Seller Entity to engage in the Business or compete with any Contract entered into other than on commercial armPerson in connection with such Seller Entity’s length termsconduct of the Business or (B) Conveyed Company to engage in the Business or compete with any Person in connection with such Conveyed Company’s conduct of the Business;
(vii) any currency exchangeeach acquisition, interest rate exchangemerger, commodity exchange consolidation, recapitalization or similar Contractagreement or letter of intent related to the acquisition of a business or line of business entered into in the previous three (3) years for aggregate consideration under such Contract in excess of $2,500,000, other than Contracts in which the applicable transaction has been consummated and there are no earnouts, contingent payments, indemnification or other obligations ongoing or outstanding in excess of $1,000,000 individually or in the aggregate;
(viii) any each distributor Contract entered into by Monsoon which involves revenues for the applicable Asset Selling Entity or any Monsoon Subsidiary Conveyed Company in connection with excess of $16,000,000 for the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)last completed fiscal year;
(ix) each Contract regarding the formation or participation in any material equity joint venture, material joint product development Contract (other than excluding Contracts with customers entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary similar material arrangement that involves a sharing of revenues, profits, losses, costs or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orliabilities, with a third party;
(x) any other each Contract other than as set forth above to which Monsoon for the licensing or any Monsoon Subsidiary is a party or by which it or any use of its assets or businesses is bound or subject Intellectual Property that is material to the Monsoon Business taken as a whole or the use development of Intellectual Property that is material to the Business taken as a whole, other than (A) non-exclusive licenses entered into in the ordinary course of business consistent with past practice, (B) development agreements using Seller’s standard forms of consulting and/or development agreements, (C) Contracts with customers entered into in the ordinary course of business consistent with past practice and which contain only non-exclusive licenses and (D) Information Technology Contracts;
(xi) each Contract entered into in the previous three (3) years for the purchase or operation sale of their assetsIntellectual Property that is or, in the case of sold Intellectual Property, was material to the Business taken as a whole;
(xii) each Information Technology Contract exclusively used in the Business which involves payments in excess of $2,500,000 for the last completed fiscal year, other than commercially available off-the-shelf Software, hosting or similar services licensed or made available pursuant to shrink-wrap, click wrap licenses or subscription agreements that are not material to the Business;
(xiii) each Contract granting to any Person a first refusal, first offer or similar preferential right to purchase or acquire any material Purchased Asset, any equity or other interest in any Conveyed Company or any assets of any Conveyed Company;
(xiv) each Contract under which (A) any Conveyed Company has directly or indirectly guaranteed liabilities or obligations of Seller or any of its Affiliates (other than a Conveyed Company) or (B) Seller or any of its Affiliates (other than a Conveyed Company) has guaranteed any liabilities or obligations of any Conveyed Company, in each case in excess of $500,000;
(xv) each Contract which requires the purchase of all or substantially all of a particular product or material from a supplier or containing a minimum purchase or supply commitment in each case in excess of $6,000,000 per annum;
(xvi) each Contract which provides for consignment of goods with a value in excess of $16,000,000 or requires the Seller or any of its Affiliates (including the Conveyed Companies) to maintain inventory with a value in excess of $16,000,000, in each case, in connection with the Business;
(xvii) each (A) Contract for the employment of, or receipt of any services from, the President of the Business and any of his direct reports and (B) Contract which provides for a severance, termination, retention, change in control or similar payment to the President of the Business and any of his direct reports; and
(xviii) each Contract relating to a Retention Bonus. Notwithstanding anything to the contrary in this Agreement, it is agreed that (x) Material Contracts that are purchase orders, order acknowledgements, invoices or similar documents for the purchase or sale of products or services shall not be required to be listed on Schedule 3.11(a) of the Seller Disclosure Letter (provided that the identity of any customer, supplier or other Person that is a counterparty to such a Material Contract is listed on the applicable subsection of Schedule 3.11(a) of the Seller Disclosure Letter), (y) true, correct and complete copies of Material Contracts that are purchase orders or invoices for the purchase or sale of products or services shall not be required to have been made available to Purchaser if they do not deviate in any material respect from the standard forms made available to Purchaser prior to the date hereof and (z) Contracts for the employment of, or receipt of any services from, any director or officer of Seller, any Asset Selling Entity, or any Conveyed Company or any other Business Employee or Shared Service Employee on a full-time, part-time, consulting or other basis providing for an annual base salary in excess of $175,000, and each Contract which provides for a severance, termination, retention, change in control or similar payment to any such Person shall be deemed “Material Contracts” for purposes of this Agreement but shall not be required to be listed on Schedule 3.11(a) of the Seller Disclosure Letter or, subject to Section 5.5(q), made available to Purchaser.
(b) (i) All Contracts Each Contract set forth or required to be set forth in Section 5.17(aon Schedule 3.11(a) of the Monsoon Seller Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, is binding and in full force and effect and are enforceable by Monsoon with respect to the Asset Selling Entity or its applicable Subsidiary Conveyed Company party thereto and, to the Knowledge of Seller, each other party thereto in accordance with their its terms and there exists no breach (except insofar as such enforceability may be limited by other than breaches that are cured or are curable within the applicable bankruptcycure period, insolvencyif any, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability and other than in respect of equitable remediesordinary course product warranty claims), default or event of default (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (occurrence or event that with or without notice or lapse of timetime or both would result in a breach, default or bothevent of default) in material breach by the applicable Asset Selling Entity or material default thereunder andConveyed Company or, to the knowledge Knowledge of MonsoonSeller, no any other party to any Monsoon Material Contract is (such Contract, with respect to any term or without provision of any such Contract, in each case, which would, individually or in the aggregate, be reasonably expected to be material to the Business, the Conveyed Companies and the Purchased Assets, taken as a whole. Except as would not, individually or in the aggregate, be reasonably expected to be material to the Business, the Conveyed Companies and the Purchased Assets, taken as a whole, as of the date hereof, no Asset Selling Entity or Conveyed Company has given to or received from any other Person any written notice or lapse of time, or bothcommunication (i) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of regarding any actual, alleged, possible possible, or potential material violation breach of, or material failure to comply withdefault under, any term Material Contract (other than in respect of ordinary course product warranty claims) or requirement (ii) announcing or threatening termination or cancellation of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies As of each written Monsoon the date hereof, except in the ordinary course of business, there is no pending or, to the Knowledge of Seller, threatened audit or investigation of the Seller’s or its applicable Affiliate’s (including any Conveyed Company’s) compliance with any Material Contract by any other party to such Material Contract. To the Knowledge of Seller, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) there are no product warranty claims pending by any customers of the Monsoon Disclosure Letter Business party to any Material Contracts (including all written modifications and amendments thereto and waivers thereunderwhether or not in the ordinary course) have been made available to Indigo Parentwhich claims are, individually or in the aggregate, in excess of $5,000,000.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Stock and Asset Purchase Agreement (TE Connectivity Ltd.), Stock and Asset Purchase Agreement (CommScope Holding Company, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 5.09(a) of the Monsoon Disclosure Letter sets forth a true and complete listlists, as of the date hereofof this Agreement, of each of the following types of Contracts and agreements to which Monsoon or any Monsoon Subsidiary Acquired Company is a party (such Contracts and agreements as are set forth, or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentsrequired to be set forth, supplements and modifications theretoon Schedule 5.09(a), the “Material Contracts”):
(i) pension, profit sharing or retirement plans, other than any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon Multiemployer Plan or any Monsoon Subsidiary from engaging Company Plan, whether or not set forth in any activity Section 5.15 or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personthe Schedules relating thereto;
(ii) any Contract that relates Contracts and agreements pursuant to the formation, creation, governance which an Acquired Company has obligated one or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing more of the relevant transaction has not occurredAcquired Companies to make capital expenditures that would reasonably be expected to exceed $100,000;
(iii) Contracts and agreements with consideration paid or payable to or by any Contract that relates to the acquisition or disposition Acquired Company of any business, whether by merger, sale of stock, sale of assets or otherwisemore than $250,000, in each case for which the closing of the relevant transaction has not occurredaggregate, over any 12-month period;
(iv) Contracts for the services of any Contract with officer, director, individual employee (except, as it relates to any Related Person former employee, only to the extent of Monsoon ongoing liability), independent contractor or individual service provider that cannot be terminated on 60 or fewer days’ notice without any Monsoon Subsidiary (other than the agreements covered liability or financial obligation incurred by clause (i) and any Monsoon Benefit Plan)Acquired Company;
(v) agreements, indentures or other evidence of Indebtedness relating to the borrowing of money by the Acquired Companies or to mortgaging, pledging or otherwise placing a Lien (other than a Permitted Lien) on any material Contract pursuant to which any Third Party Approval is required pursuant to a “change portion of control” or similar clausethe assets of the Acquired Companies;
(vi) guaranties of any Contract entered into obligation for Borrowed Money Debt or other than on commercial arm’s length termsmaterial guaranties;
(vii) any currency exchangeindividual lease or agreement under which it is lessee of, interest rate exchangeor holds or operates any personal property owned by any other party, commodity exchange for which the aggregate rental payments exceed (or similar Contractare expected to exceed) $100,000 in any 12-month period;
(viii) lease or agreement under which it is lessor of or permits any Contract entered into by Monsoon third party to hold or operate any Monsoon Subsidiary property, real or personal, for which the aggregate rental payments exceed (or are expected to exceed) $100,000 in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)a 12-month period;
(ix) any Contract (other than Contracts purchase orders entered into in the ordinary course of business consistent business, any Contracts with past practice) which provides for aggregate future sums due from Monsoon any customers or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (suppliers of the Acquired Companies, in each case other than Monsoon or any Monsoon Subsidiary) involving consideration in excess of $1,000,000; or750,000;
(x) Contracts containing any grant, license, sublicense, right, consent, waiver, permission or covenant not to assert any claims relating to or under any Intellectual Property (A) by any of the Acquired Companies to a third party or (B) by a third party to any of the Acquired Companies (excluding licenses of commercially available, non-customized, off-the-shelf Software available on standard terms for a potential annual or aggregate license fee (whichever is higher) of no more than $50,000);
(xi) Contracts providing for the invention, creation, conception or other Contract development of any Intellectual Property (A) by any of the Acquired Companies for any third party, (B) by any third party for any of the Acquired Companies (other than as set forth above any Personnel IP Contracts) or (C) jointly by any of the Acquired Companies and any third party;
(xii) all Contracts providing for the assignment or transfer of any ownership interest in any Intellectual Property by (A) any of the Acquired Companies to any third party or (B) any third party to any of the Acquired Companies (other than any Personnel IP Contracts);
(xiii) Contracts prohibiting or restricting in any respect the ability of any Acquired Company to engage in any business, to operate in any geographical area or to compete with any Person;
(xiv) Contracts relating to the acquisition or disposition (whether in one transaction or a series of transactions and whether by merger, sale, lease, purchase or otherwise) of any equity interests, operating business, or material assets of any Person or material assets or material line of business;
(xv) each joint venture Contract, partnership agreement, limited liability company agreement, strategic alliance agreement or other similar Contract with a third party;
(xvi) Contracts providing for the grant of an option or a first-refusal, first-offer or similar preferential right to purchase, lease or acquire any material asset of the Acquired Companies;
(xvii) Contracts granting exclusivity, “most-favored nation”, “take or pay” or similar rights, or that require or purport to require any Acquired Company to acquire all or a specified portion of its requirements of a particular material good or service from any Person;
(xviii) Contracts with any supplier (A) that is a sole source supplier to the Acquired Companies or (B) from which Monsoon the Acquired Companies source substantially all of their supply of any material product or service, except in each case where the Acquired Companies would likely be able to replace such source of supply with a substitute supply at substantially the same volume and quality, on substantially comparable terms and without material delay;
(xix) Contracts under which any Monsoon Subsidiary of the compensation or benefits thereunder, to any Person that is a party thereto, shall be increased, or the vesting of benefits of which shall be accelerated, by the consummation of the Transactions or the value of any of the benefits of which it shall be calculated on the basis of any of the Transactions, excluding any Multiemployer Plan or any Company Plan;
(xx) Contracts that currently are, or at any point in the three-year period ending on the date of its assets this Agreement were, in effect (A) to which any present or businesses former director, officer, employee, stockholder or holder of derivative securities of the Acquired Companies, or any member of any such Person’s immediate family, or any entity owned or controlled by any such Person, is bound a party, excluding any Multiemployer Plan or subject any Company Plan or other benefit or compensation plan or other plans, programs, policies, commitments or arrangements or (B) pursuant to which any Acquired Company receives any “preferred pricing” or similar benefit that is material utilized by such Acquired Company in the ordinary course;
(xxi) any Contracts (A) of the Company involving the payment of royalties or other amounts calculated based upon the revenues or income of any Acquired Company or income or revenues related to any product of any Acquired Company that deviate from the Company’s standard form agreements made available to Buyer, or (B) with the Company’s top 10 licensing partners as measured by revenue during the 12 months prior to the Monsoon Business date of this Agreement;
(xxii) Contracts in respect of any settlements or coexistence agreements with respect to any pending or threatened action (A) entered into within 12 months prior to the use date of this Agreement, or operation (B) with respect to which any unsatisfied amounts or ongoing obligations remain outstanding;
(xxiii) any Company Related Party Contracts;
(xxiv) Contracts with any Governmental Authority or any Contract with a third party that is a party to a Contract with a Governmental Authority with respect to the subject matter of their assetssuch underlying Contract;
(xxv) any documents not otherwise covered by (i)-(xxiv) of this Section 5.09(a) that may be required to be filed by the Company as an exhibit for a registration statement on Form S-1 pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act as if the Company was the registrant; and
(xxvi) any written offer or proposal that, if accepted, would constitute any of the foregoing.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Each Material Contracts”) are valid, binding and Contract is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractseffect, and it is not (with the legal, valid and binding obligation of either the Company or without notice or lapse a Subsidiary of timethe Company that is party thereto, or both) in material breach or material default thereunder and, to the knowledge Company’s knowledge, of Monsoonthe other parties thereto enforceable against each of them in accordance with its terms (in each case, subject to the Enforceability Exceptions). Except as set forth on Schedule 5.09(b), no Acquired Company is in material default under any Material Contract, and, to the Company’s knowledge, the other party to any Monsoon each of the Material Contract Contracts is (not in material default thereunder. Except as set forth on Schedule 5.09(b), no event has occurred that with the lapse of time or without the giving of notice or lapse of time, or both) in both would constitute a material breach or default thereunderon the part of the Company, or any Subsidiary of the Company or, to the Company’s knowledge, any other party under any Material Contract. To the knowledge of the Company, (iiii) since January 1no party to any Material Contract has exercised any termination rights with respect thereto, 2014, neither Monsoon nor any of its Subsidiaries and (ii) no party has received given written notice of any actual, alleged, possible or potential material violation of, or material failure dispute with respect to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True The Company has made available to Buyer true, correct and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contracttogether with all amendments, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentor supplements thereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Edify Acquisition Corp.), Merger Agreement (Unique Logistics International, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.15(a) of the Monsoon Company Disclosure Letter sets forth a true and complete list, as of the date hereof, of each of Schedule accurately lists the following Contracts to which Monsoon legally binding contracts, agreements, commitments, arrangements, leases, licenses, policies and instruments, whether written or any Monsoon Subsidiary is a party oral ("Contracts") undertaken by or by which Monsoon or any Monsoon Subsidiary for the Company or any of their respective properties or assets is bound (including any amendments, supplements its Subsidiaries and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary Company or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party or by which it or any of its assets or businesses Subsidiaries is bound (collectively, "Material Contracts"):
(i) any Contract involving commitments to others to make capital expenditures involving $25,000 or subject that is more in any one case, except Contracts for which the obligations of the Company and its Subsidiaries are fully reflected in the capital expenditure budget of the Company for the fiscal quarter ending June 30, 2001 previously provided to NBC (the "Cap Ex Budget");
(ii) (A) any Contract relating to any direct or indirect indebtedness for borrowed money (including but not limited to loan agreements, lease-purchase arrangements, guarantees, agreements to purchase goods or services or to supply funds or other undertakings on which others rely in extending credit), or (B) any conditional sales contracts, chattel mortgages, equipment lease agreements, and other security arrangements with respect to personal property with a value in excess of $25,000 in each instance used or owned by the Company or any of its Subsidiaries;
(iii) any lease for real property;
(iv) any Contract containing covenants limiting the ability of the Company or any of its Subsidiaries to compete in any line of business with any person or in any area or territory;
(v) any material license agreement either as licensor or licensee, or any other agreement of any type relating to any of the material Intellectual Property owned or used by the Company or any of its Subsidiaries;
(vi) (A) any Contract for advertising, promotion, distribution, content or anchor tenancy providing for payments by or to the Monsoon Business Company or any of its Subsidiaries, whether in cash or Equity Interests, in excess of $25,000 and (B) any material content Contract;
(vii) any Contract with any consultant providing for the use payments by the Company or operation any of their assetsits Subsidiaries, whether in cash or Equity Interests, in excess of $100,000; and
(viii) any Contract not covered by any of the other items of this Section 3.15 that provides for payments by the Company, whether in cash or Equity Interests, or performance of other obligations, in excess of $50,000, except Contracts that may be terminated without liability, obligation or penalty by the Company or its Subsidiary on not more than 30 days' notice.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) As of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability date of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014this Agreement, neither Monsoon the Company nor any of its Subsidiaries has received written notice is, and to the Company's knowledge no other party is, in default or breach of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, except for those defaults which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice as of the intention date of this Agreement there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a default, except for those defaults which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. The Company is not a party to cancel, terminate, change any Material Contract that is required to be disclosed as an exhibit to the scope SEC Documents in accordance with the rules and regulations of rights under or fail the SEC that has not been so disclosed. All advertising agreements referred to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a3.15(a)(vi) are substantially in the form of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available form of advertising agreement previously provided to Indigo ParentNBC by the Company.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (General Electric Co), Merger Agreement (NBC Internet Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aAnnex 7.9a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of lists each of the following Contracts contracts and agreements which are still effective and to which Monsoon or any Monsoon Subsidiary Group Company is a party at the Signing Date (such contracts and agreements, individually being a “Material Contract” and collectively the “Material Contracts”): • all agreements with any supplier or service provider which is likely to involve a consideration of more than EUR 50,000 per year; • all agreements with any customer or distributor which is likely to involve a consideration of more than EUR 50,000 per year; • all agreements with clinical research organizations, clinics, hospitals, sponsors or investigators relating to or in connection with clinical trials conducted by or on behalf of the Company which Monsoon are likely to involve a consideration of more than EUR 50,000; • all agreements with study sites regarding the conduct of a clinical trial conducted by or on behalf of the Company which are likely to involve a consideration of more than EUR 50,000; • all agreements under which the Company is obliged to reimburse, directly or indirectly, study sites for costs arising out of or in connection with clinical trials conducted by or on behalf of the Company which are likely to involve a consideration of more than EUR 50,000; • all agreements relating to the acquisition or sale of a company or business containing any Monsoon Subsidiary or any outstanding obligation of their respective properties or assets is bound a Group Company (including in respect to unpaid purchase price); • all agreements that limit or purport to limit the ability of any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging Group Company to compete in any activity line of business or conducting business with any Person other than a Group Company or the Buyer or in any geographic area or from soliciting during any period of time; • all agreements regarding IP Rights and licensed IP Rights (other than off-the-shelf computer software licenses) other than the IP transfer agreements between the Company and its (former) employees or personnel and advisors regarding the transfer of IP Right to the Company; • all insurance agreements; • all confidentiality commitments binding any Person;
Group Company; • all loan agreements; • all agreements containing a change of control clause • all agreements between (i) any Group Company on the one hand and (ii) a Seller or any Contract that relates to of its Affiliates or Connected Persons on the formationother hand; • all lease agreements; • all guarantees, creation, governance sureties or control comfort letters in favour of any partnership, joint venture third parties; • all agreements with a contractual notice period longer than six months; • all management and services contracts or similar arrangement, agreements with third parties providing services to any Group Company which is likely to involve a consideration of more than EUR 75,000 per year; and • all agreements or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract arrangements entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in Company outside the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsbusiness.
(b) (i) All The Material Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding binding, enforceable in accordance with their terms and are in full force and effect.
c) The Group Companies have in all material respects properly performed all of their obligations arising out of the Material Contracts, and, as of the date of this Agreement, no written notice of termination has been received or given or been threatened in writing relating to any of the Material Contracts. The counterparties to the Material Contracts have performed all material obligations arising out of such contracts and, to the Sellers’ Best Knowledge, no grounds for early termination exists. Upon consummation of the transactions contemplated by this Agreement, each Material Contract shall continue in full force and effect without penalty or other adverse consequence and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party counterparty to any Monsoon Material Contract is (with has the right to terminate the relevant Material Contract or without notice or lapse of time, or both) alter its obligations in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise respect as a result of Monsoon the transactions contemplated by this Agreement.
d) Since the Locked Box Date up to and including the date of this Agreement, none of the Group Companies has been notified in writing by any material customer or supplier of their intention to terminate or failure to continue their business relationship with any Monsoon Subsidiary sharing Group Company and no material customer or supplier has terminated its agreement with any information with Indigo Parent Group Company. Material customers or any suppliers for the purposes of its Affiliates that is subject this clause shall be the ten largest customers or suppliers of the respective Group Company in terms of volume for the year 2020. There are no claims or other entitlements of the counterparties to the terms Material Contracts which are not explicitly reflected in the provisions of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Contracts.
Appears in 2 contracts
Sources: Share Exchange Agreement (Relief Therapeutics Holding SA), Share Exchange Agreement (Relief Therapeutics Holding SA)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a2.8(a) of the Monsoon Sellers Disclosure Letter sets forth a true and complete list, as of the date hereof, of each list of the following Contracts to which Monsoon or any Monsoon Subsidiary an Acquired Company is a party or by otherwise bound, which Monsoon or any Monsoon Subsidiary or any shall be deemed to constitute “Material Contracts”, true and correct copies of their respective properties or assets is bound which (including any amendmentsall exhibits, supplements schedules and modifications amendments thereto):) have been made available to Purchaser prior to the date hereof:
(i) all Contracts that individually involve expenditures by an Acquired Company in excess of $3,000,000 in any non-competition agreementof the three calendar years preceding the date of this Agreement and pursuant to which an Acquired Company has ongoing obligations;
(ii) all Contracts that individually involve the receipt of payments by an Acquired Company in excess of $3,000,000 in any of the three calendar years preceding the date of this Agreement and pursuant to which an Acquired Company has ongoing obligations;
(iii) the Utility Money Pool Agreement, non-solicitation agreementthe TransCo Intercompany Notes, exclusive distributionthe Debt Agreements, franchise the Senior KPCo Notes, the Senior Note Purchase Agreements, and all other Contracts for, or licensing agreement relating to, Indebtedness of an Acquired Company in excess of $3,000,000 in any of the three calendar years preceding the date of this Agreement or under which a security interest has been imposed on any assets, rights or properties of an Acquired Company, which security interest secures outstanding Indebtedness in excess of $3,000,000 in any of the three calendar years preceding the date of this Agreement and pursuant to which an Acquired Company has ongoing obligations;
(iv) all Contracts of guaranty, indemnity or surety by an Acquired Company with outstanding obligations guaranteed or indemnified by such Acquired Company or for which such Acquired Company is a surety in excess of $3,000,000 in any of the three calendar years preceding the date of this Agreement and pursuant to which an Acquired Company has ongoing obligations;
(v) all Intercompany Arrangements involving payments or receipts by or to an Acquired Company in excess of $500,000 in any of the three calendar years preceding the Effective Date or pursuant to which an Acquired Company or any member of the Seller Group has any ongoing obligations or rights with a value allocable to an Acquired Company in excess of $500,000;
(vi) all Contracts granting to any Person any right or option to purchase or otherwise acquire any assets of an Acquired Company involving consideration over the remaining term of any such Contract in excess of $5,000,000, including rights of first option, rights of first refusal, or other Contract preferential purchase rights;
(vii) all Contracts that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging (x) limit the ability of an Acquired Company to compete in any activity or conducting line of business with any Person or in any geographic area or from soliciting employees or personnel of (y) contain any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementobligation on an Acquired Company, or any collaborationthat would apply to Purchaser or its Affiliates following the Closing, cooperation to use or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) purchase any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” good or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange material service exclusively from one or similar Contractmore Persons;
(viii) all Contracts relating to the issuance, sale, transfer, disposition, registration, liquidity, granting, encumbering, pledging, voting, repurchase or redemption of any Contract entered into by Monsoon of the Shares or any Monsoon Subsidiary other equity securities of an Acquired Company or rights in connection with therewith (other than the settlement or other resolution Organizational Documents of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing DateAcquired Companies);
(ix) all settlement, conciliation or similar Contracts with any Contract Governmental Entity or third party that impose any continuing monetary or other ongoing material obligations upon any of the Acquired Companies, except for Contracts filed publicly with FERC or the KPSC in connection with the settlement of a Rate Proceeding;
(other than x) all Master Leases;
(xi) all Shared Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon involving payments or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) receipts in excess of $1,000,000; or3,000,000 in value allocated to an Acquired Company in any of the three calendar years preceding the Effective Date;
(xxii) all Contracts for Continuing Support Obligations;
(xiii) all Contracts for the procurement of power, energy or capacity, including any other power purchase agreement or Contracts committing to the development, purchase or construction of new generation, involving payments by an Acquired Company over the term of such Contract in excess of $3,000,000 and pursuant to which any Acquired Company has any ongoing obligations, other than as set forth above Contracts for purchases and sales on arm’s-length terms with a delivery term of less than three (3) months ahead;
(xiv) all Contracts relating to fuel supply or transportation involving payments by an Acquired Company over the term of such Contract in excess of $3,000,000 and pursuant to which Monsoon any Acquired Company has any ongoing obligations;
(xv) all Commercial ▇▇▇▇▇▇ having a current market value attributed or any Monsoon Subsidiary is a party or by which it allocated to an Acquired Company or any of its assets or businesses is bound involving aggregate consideration or subject that is material aggregate payment obligations by an Acquired Company over the term of such Contract in excess of $3,000,000;
(xvi) Contracts related to Intellectual Property owned or used by an Acquired Company involving payments or receipts in excess of $3,000,000 in value allocated to an Acquired Company in any of the Monsoon Business three calendar years preceding the Effective Date (other than non-exclusive licenses (A) for off-the-shelf or otherwise commercially available software or (B) granted by an Acquired Company in the use or operation ordinary course of their assetsbusiness);
(xvii) all Collective Bargaining Agreements; and
(xviii) all partnership, joint venture and joint ownership Contracts.
(b) (i) All Contracts set forth Other than any Intercompany Arrangements severed or required to be set forth terminated in accordance with Section 5.17(a) 4.8(a), each Material Contract is a legal, valid and binding obligation of the Monsoon Disclosure Letter or filed or required to be filed as exhibits applicable Acquired Company and, to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validKnowledge of Sellers, binding each counterparty, and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyeffect, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing subject to the availability of equitable remedies)Enforceability Exceptions, (ii) Monsoon neither the applicable Acquired Company nor, to the Knowledge of Sellers, any other party thereto is in breach of, or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractsin default under, and it is not (no event has occurred which with or without notice or lapse of timetime or both would constitute any such breach or default, or both) in material breach permit termination, modification or material default thereunder andacceleration by such other parties under, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunderContract, (iii) since January 1, 2014, neither Monsoon nor no Acquired Company has waived any of its Subsidiaries has received written notice of material right under any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any no party to cancel, terminate, change the scope of rights under any Material Contract has notified any Seller or any Acquired Company in writing that it intends to terminate or fail to renew any Monsoon Material Contract. True and complete copies at the end of each written Monsoon its term such Material Contract, and a summary materially increase rates, costs or fees charged under any Material Contract or materially reduce the level of each oral Monsoon goods or services provided under any Material Contract, listed except, in Section 5.17(a) of each case, as would not reasonably be expected to have, individually or in the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentaggregate, a Material Adverse Effect.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Stock Purchase Agreement (Ohio Power Co), Stock Purchase Agreement (Algonquin Power & Utilities Corp.)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed set forth in a timely manner. Section 5.17(a3.19(a) of the Monsoon Company Disclosure Letter sets forth a true and complete listSchedule, as of the date hereofof this Agreement, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non“material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or K of the SEC) (other Contract that includes than any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any PersonCompany Benefit Plan);
(ii) any Contract that relates to the formation, creation, governance with any of its directors or control of officers (other than any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredCompany Benefit Plan);
(iii) any Contract that relates imposes any material restriction on the right or ability of the Company or any of its Subsidiaries to compete with any other person, solicit any client or customer, acquire or dispose of the securities of another person, or any other provision that materially restricts the conduct of any line of business by the Company or its Subsidiaries (or that following the Closing will materially restrict the ability of Parent or its Subsidiaries to engage in any line of business);
(iv) any Contract that (A) is expected to result in the payment of more than $5,000,000 by the Company and its Subsidiaries in the fiscal year ending August 30, 2014 or the fiscal year ending in August 2015 and (B) (1) obligates the Company or its Subsidiaries (or following the Closing, Parent or its Subsidiaries) to conduct business with any third party on a preferential or exclusive basis or (2) contains “most favored nation” or similar covenants;
(v) any Collective Bargaining Agreement;
(vi) any agreement relating to Indebtedness of the Company or any of its Subsidiaries having an outstanding principal amount in excess of $10,000,000;
(vii) any Contract that grants any right of first refusal, right of first offer or similar right with respect to any material assets, rights or properties of the Company or its Subsidiaries;
(viii) any Contract that provides for the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing ) and with any outstanding obligations as of the relevant transaction has not occurreddate of this Agreement that are material to the Company and its Subsidiaries, taken as a whole;
(ivix) any material joint venture, partnership or limited liability company agreement or other similar Contract relating to the formation, creation, operation, management or control of any joint venture, partnership or limited liability company, other than any such Contract solely between the Company and its Subsidiaries or among the Company’s Subsidiaries;
(x) any Contract with any Related Person expressly limiting or restricting the ability of Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries (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 make loans to the Company or any of its Subsidiaries or (iii) to grant Liens on the property of the Company or any of its Subsidiaries;
(xi) any Contract that obligates the Company or any of its Subsidiaries to make any loans, advances or capital contributions to, or investments in excess of $5,000,000 in, any person (other than the agreements covered by clause (i) Company or any of its Subsidiaries), other than loans and advances to employees of the Company or any Monsoon Benefit Plan)of its Subsidiaries in the ordinary course of business;
(vxii) any material Contract pursuant (A) granting the Company or one of its Subsidiaries any right to which use any Third Party Approval is required pursuant Intellectual Property (other than commercially available software licenses with annual fees of less than $1,000,000, or licenses ancillary to a “change other agreements concerning third party products or services), (B) permitting any third person to use, enforce or register any Intellectual Property of control” the Company or similar clauseits Subsidiaries, including any license agreements, coexistence agreements and covenants not to ▇▇▇ (other than non-exclusive licenses to customers and suppliers in the ordinary course of business) or (C) restricting the right of the Company or its Subsidiaries to use or register any Intellectual Property of the Company or its Subsidiaries;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ixxiii) any Contract (other than Contracts entered into for the acquisition of inventory in the ordinary course of business consistent with past practicebusiness) which provides for aggregate future sums due from Monsoon that involved the payment of more than $25,000,000 by the Company and its Subsidiaries in the fiscal year ending August 31, 2013 or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) that is expected to any Person (result in each case other than Monsoon or any Monsoon Subsidiary) the payment of such amount by the Company and its Subsidiaries in excess of $1,000,000the fiscal year ending August 30, 2014; or
(xxiv) any other Contract other that involved the receipt of more than as set forth above to which Monsoon $10,000,000 by the Company and its Subsidiaries in the fiscal year ending August 31, 2013 or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material expected to result in the Monsoon Business or receipt of such amount by the use or operation Company and its Subsidiaries in the fiscal year ending August 31, 2014. All contracts of their assets.
(b) the types referred to in clauses (i) All Contracts through (xiv) above (whether or not set forth or required to be set forth in on Section 5.17(a) 3.19 of the Monsoon Company Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”Schedule) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required referred to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).herein as
Appears in 2 contracts
Sources: Merger Agreement (Dollar Tree Inc), Merger Agreement (Family Dollar Stores Inc)
Material Contracts. (a) All Contracts required to be Except for those agreements and other documents filed as exhibits or incorporated by reference to Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 or filed or incorporated in any of its other Company SEC Reports filed since January 1, 2010 and prior to the Monsoon SEC Documents have been so date hereof or as Previously Disclosed, neither Company nor any of its Subsidiaries is a party to, bound by or subject to any agreement, contract, arrangement, commitment or understanding (whether written or oral) (each, whether or not filed in with the SEC, a timely manner. Section 5.17(a“Material Contract”): (i) that is a “material contract” within the meaning of Item 601(b)(10) of the Monsoon Disclosure Letter sets forth SEC’s Regulation S-K; (ii) that contains a true and complete list, as of the date hereof, of each of the following Contracts to which Monsoon non-compete or client or customer non-solicit requirement or any Monsoon Subsidiary is a party other provisions that materially restricts the conduct of, or by which Monsoon or the manner of conducting, any Monsoon Subsidiary line of business of Company or any of their respective properties or assets is bound its affiliates (including any amendmentsor, supplements and modifications thereto):
(i) any non-competition agreementupon consummation of the Merger, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon of Purchaser or any Monsoon Subsidiary from engaging in of its affiliates); (iii) that obligates Company or any activity of its affiliates (or, upon consummation of the Merger, Purchaser or conducting any of its affiliates) to conduct business with any Person third party on an exclusive or in preferential basis; (iv) that requires referrals of business or requires Company or any geographic area of its affiliates to make available investment opportunities to any person on a priority or from soliciting employees or personnel of any Person;
exclusive basis; (iiv) any Contract that relates to the formation, creation, governance or control incurrence of any partnership, joint venture or similar arrangement, indebtedness by Company or any collaborationof its Subsidiaries (other than deposit liabilities, cooperation or partnering Contracttrade payables, federal funds purchased, advances and loans from the Federal Home Loan Bank and securities sold under agreements to repurchase, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into incurred in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon including any sale and leaseback transactions, capitalized leases and other similar financing transactions; (vi) that grants any right of first refusal, right of first offer or similar right with respect to any material assets, rights or properties of Company or any Monsoon Subsidiary of its Subsidiaries; (vii) that limits the payment of dividends by Company or an aggregate future any of its Subsidiaries; (viii) that relates to a material joint venture, partnership, limited liability (contingent company agreement or otherwise) other similar agreement or arrangement with any third party, or to the formation, creation or operation, management or control of any Person (material partnership or joint venture with any third parties, except in each case that relate to merchant banking investments by the Company or its Subsidiaries in the ordinary course of business; (ix) that relates to an acquisition, divestiture, merger or similar transaction and which contains representations, covenants, indemnities or other than Monsoon obligations (including indemnification, “earn-out” or any Monsoon Subsidiaryother contingent obligations) that are still in excess of $1,000,000effect; or
(x) that provides for payments to be made by Company or any other Contract of its Subsidiaries upon a change in control thereof; (xi) that is a consulting agreement or data processing, software programming or licensing contract involving the payment of more than $200,000 per annum (other than as set forth above any such contracts which are terminable by Company or any of its Subsidiaries on 60 days or less notice without any required payment or other conditions, other than the condition of notice); (xii) that grants to a person any right in Company Owned Intellectual Property or grants to Company or any of its Subsidiaries a license to Company Licensed Intellectual Property (excluding licenses to shrink-wrap or click-wrap software), in each case that involves the payment or more than $200,000 per annum or is material to the conduct of the businesses of the Company; (xiii) to which Monsoon any affiliate, officer, director, employee or consultant of such party or any Monsoon Subsidiary of its Subsidiaries is a party or by which it beneficiary (except with respect to loans to, or any deposit or asset management accounts of, directors, officers and employees entered into in the ordinary course of its assets business and in accordance with all applicable regulatory requirements with respect to it); or businesses is bound or subject (xiv) that is otherwise material to the Monsoon Business Company or any Subsidiary of the use Company or operation their financial condition or results of their assetsoperations. Company has Previously Disclosed or made available to Purchaser prior to the date hereof true, correct and complete copies of each Material Contract.
(b) (i) All Contracts set forth Each Material Contract is a valid and legally binding agreement of Company or required to be set forth in Section 5.17(a) one of the Monsoon Disclosure Letter or filed or required to be filed its Subsidiaries, as exhibits applicable, and, to the Monsoon SEC Documents Knowledge of Company, the counterparty or counterparties thereto, is enforceable in accordance with its terms (subject to the “Monsoon Material Contracts”Bankruptcy and Equity Exception) are valid, binding and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)effect, (ii) Monsoon or Company and each of its applicable Subsidiary Subsidiaries has duly performed all material obligations required to be performed by it prior to the date hereof under the Monsoon each Material ContractsContract, and it is not (with or without notice or lapse iii) neither Company nor any of timeits Subsidiaries, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonCompany, no other party to any Monsoon Material Contract counterparty or counterparties, is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement provision of any Monsoon Material Contract, and (iv) neither Monsoon nor no event or condition exists that constitutes, after notice or lapse of time or both, will constitute, a breach, violation or default on the part of Company or any of its Subsidiaries has received under any written notice of the intention of such Material Contract or provide any party thereto with the right to cancel, terminate, change the scope of rights under or fail to renew any Monsoon terminate such Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (West Coast Bancorp /New/Or/), Merger Agreement (Columbia Banking System Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) Schedule 4.17 of the Monsoon Company Disclosure Letter sets forth Schedule contains a true and complete list, as list of the date hereof, of each of the following all Contracts (other than purchase orders and invoices) to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party (a) which is a joint venture, partnership or by other similar agreement involving co-investment with a third party; (b) under which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries has created, incurred, assumed or guaranteed indebtedness for borrowed money, or any capitalized lease obligation, or any agreement under which it has granted a Lien on any of its assets, tangible or intangible (but with a value in excess of $100,000), or any currency or interest rate swap, collar or hedge agreement; (c) whereby the Company or any of its Subsidiaries has an obligation to make an investment in or loan to any Person in excess of $100,000; (d) that contains a minimum purchase requirement for the Company and its Subsidiaries to purchase during the 12-month period immediately following, or pursuant to which the Company and its Subsidiaries have purchased during the 12-month period immediately preceding, the Balance Sheet Date, in the aggregate, a minimum of $100,000 of goods and/or services on an annual basis; (e) that contains a minimum supply commitment for the Company and its Subsidiaries to sell during the 12-month period immediately following, or pursuant to which the Company and its Subsidiaries have sold during the 12-month period immediately preceding, the Balance Sheet Date, in the aggregate, a minimum of $100,000 of goods and/or services on an annual basis; (f) that contains covenants restricting or limiting the ability of the Company, any of its Subsidiaries or any of their respective properties Affiliates (including, without limitation, Parent or assets is bound any of its Affiliates from and after the consummation of the Offer or the Closing) to compete in any business or with any person or in any geographic area; (g) that contemplates any extraordinary transaction(s) by the Company or any of its Subsidiaries and/or shares of the Company held by its Affiliates, including any amendmentsletters of intent, supplements and modifications thereto):
(i) any non-competition agreementconfidentiality, non-solicitation agreement, exclusive distribution, franchise and other similar agreements or licensing agreement arrangements; (h) that contains any indemnification rights or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangementobligations, or any collaborationcredit support relating to such indemnification rights or obligations, cooperation where the contingent rights or partnering Contract, in each case that is material obligations reasonably would be expected to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause exceed $100,000; (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval agency or department of the United States federal government is required pursuant a counterparty; (j) for the lease of personal property to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) providing for lease payments in excess of $1,000,000100,000 per annum; or
(xk) that involve the use of Intellectual Property by the Company and its Subsidiaries and which require annual license or royalty payments in excess of $100,000; or (l) with customers, manufacturers, distributors, dealers, manufacturer’s representatives or sales agents with whom the Company deals which involve (or could reasonably be expected to involve) the receipt or payment, whether contingent or otherwise, by or to the Company of more than $100,000 in fiscal year 2007. The Company has made available to Parent prior to the date hereof a true and correct copy of each such Contract. Each Contract required to be so listed is valid and binding on the Company or its Subsidiary, as the case may be, and, to the Knowledge of the Company, on each counterparty and is in full force and effect, and neither the Company nor any of its Subsidiaries, nor, to the Knowledge of the Company, any other Contract other than as set forth above to which Monsoon party thereto, is in breach of, or default under, any Monsoon Subsidiary is such Contract, and no event has occurred that with notice or lapse of time or both would constitute such a party breach or default thereunder by which it the Company or any of its assets or businesses is bound or subject that is material Subsidiaries, or, to the Monsoon Business or Knowledge of the use or operation of their assets.
(b) (i) All Contracts set forth or required Company, any other party thereto, except for such failures to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and or in full force and effect and are enforceable by Monsoon such breaches and defaults that, individually or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may the aggregate, have not had and would not reasonably be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required expected to be performed by it under the Monsoon have a Company Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentAdverse Effect.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Watsco Inc), Merger Agreement (Acr Group Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 5.13(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of each all of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary the Company or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary Subsidiaries is a party or by which it is bound (collectively, the “Material Contracts”):
(i) Contracts with any Stockholders or any current officer or director of the Company or any of its the Subsidiaries or any Affiliate (other than a Subsidiary) of the Company or any of the Stockholders;
(ii) Contracts with any labor union or association representing any employee of the Company or any of the Subsidiaries;
(iii) Contracts for the sale of any of the assets of the Company or businesses is bound or subject that is material any of the Subsidiaries other than in the Ordinary Course of Business;
(iv) Contracts relating to the Monsoon Business acquisition by the Company or any of the Subsidiaries of any operating business or the use capital stock of any other Person;
(v) Contracts relating to the incurrence of Indebtedness, or operation the making of their assetsany loans;
(vi) Contracts for joint ventures, strategic alliances or partnerships;
(vii) Contracts containing covenants of the Company or any of the Subsidiaries 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 or any of the Subsidiaries in any line of business or in any geographical area;
(viii) Contracts under which the Company or any of the Subsidiaries has made advances or loans to any other Person;
(ix) Contracts providing for severance, retention, change in control or other similar payments;
(x) Contracts for the employment of any individual on a full-time, part-time or consulting or other basis; and
(xi) outstanding agreements of guaranty, surety or indemnification, direct or indirect, by the Company or any of the Subsidiaries.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of Neither the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Company nor any Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (received any written notice of any default or event that with or without notice or lapse of time, or both) in material breach or material , would constitute a default thereunder and, to by the knowledge of Monsoon, no other party to Company and the Subsidiaries under any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations such defaults that may arise as are no longer continuing or would not reasonably be expected to have a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Adverse Effect.
Appears in 2 contracts
Sources: Stock Purchase Agreement (Sixx Holdings Inc), Stock Purchase Agreement (Bailey Lee Ann)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed set forth in a timely manner. Section 5.17(a6.12(a) of the Monsoon Miami Disclosure Letter sets forth a true and complete listSchedule, as of the date hereofof this Agreement, neither Miami nor any of each its Subsidiaries are parties to or otherwise bound by or subject to (Contracts of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentstypes, supplements and modifications theretotogether with the Miami Licenses, the “Miami Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Contracts for the purchase or licensing agreement of products or other Contract that includes any provision for the receipt of services, the performance of which materially limits Monsoon will extend over a period of one (1) year or more and which involved payments by Miami or any Monsoon Subsidiary from engaging of its Subsidiaries in any activity or conducting business with any Person or excess of $30,000,000 in any geographic area or from soliciting employees or personnel of any Personthe aggregate during the fiscal year ended April 30, 2016;
(ii) Contracts for the furnishing of products or services by Miami or any Contract that relates of its Subsidiaries, the performance of which will extend over a period of one (1) year or more and which involved payments to Miami or any of its Subsidiaries in excess of $30,000,000 in the formationaggregate during the fiscal year ended April 30, creation, governance 2016;
(iii) Contracts concerning the establishment or control operation of any material partnership, joint venture or similar arrangement, limited liability company (other than any such Contract solely between Miami or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business of its Subsidiaries and for which the closing another Subsidiary of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredMiami);
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)Government Contracts;
(v) material lease agreements for any material Contract pursuant to which any Third Party Approval is required pursuant to a “change Miami Leased Real Property existing at the date of control” or similar clausethis Agreement;
(vi) collective bargaining or other contracts with any Contract entered into labor union, works council, or other than on commercial arm’s length termslabor organization;
(vii) any currency exchangeswap, forward, future, option, cap, floor, collar or similar financial Contract or other derivative Contract, or any other interest rate exchange, commodity exchange or similar foreign currency protection Contract;
(viii) any Contract entered into by Monsoon that relates to ongoing or any Monsoon Subsidiary scheduled development plans or arrangements or capital expenditures, in connection with the settlement or other resolution an annual amount in excess of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)$30,000,000;
(ix) contracts containing (A) a covenant materially restricting the ability of Miami or any Contract of its Subsidiaries to engage in any line of business in any geographic area or to compete with any Person, to market any product or to solicit customers, (B) a provision granting the other party “most favored nation” status or equivalent preferential pricing terms or (C) a provision granting the other party exclusivity or similar rights, other than Contracts teaming or similar agreements entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon where the restrictions apply solely to the Contract or pursuit that is the subject matter of the teaming or similar agreement (and any Monsoon Subsidiary extensions or an aggregate future liability (contingent or otherwise) to any Person (recompetes in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000respect thereof); or
(x) any other Contract other than as set forth above indentures, credit agreements, loan agreements and similar instruments pursuant to which Monsoon or any Monsoon Subsidiary is a party or by which it Miami or any of its assets Subsidiaries has incurred or businesses is bound assumed any indebtedness for borrowed money or subject that is material to the Monsoon Business has guaranteed or the use otherwise become liable for any indebtedness of any other Person for borrowed money in excess of $10,000,000, other than any indentures, credit agreements, loan agreements or operation similar instruments solely between or among any Miami and any of their assets.its Subsidiaries. Table of Contents
(b) (i) All Contracts set forth or required Miami has made available to be set forth Houston true, complete and correct copies of each Miami Material Contract in Section 5.17(a) effect on the date of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon this Agreement. Each Miami Material Contracts”) are valid, Contract is valid and binding and in full force and effect and are enforceable by Monsoon on Miami or its applicable Subsidiary in accordance with their terms (except insofar Subsidiaries, as such enforceability may be limited by applicable bankruptcyapplicable, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of MonsoonMiami, no other party the counterparty thereto, and is in full force and effect, subject to the Remedies Exception. Neither Miami nor any Monsoon of its Subsidiaries is in material breach of, or material default under, any Miami Material Contract to which it is a party.
(c) Except as would not, individually or in the aggregate, have a Miami Material Adverse Effect, each Miami Entity has established and maintains adequate internal controls, including cybersecurity, adequate cost-accounting and other business systems, for compliance with their Government Contracts and all invoices or without notice other demands for payment submitted by or lapse on behalf of timesuch Miami Entity under any Government Contract were current, accurate and complete in all material respects as of their respective submission dates and there has not been any set-off by a Governmental Authority with respect to a Government Contract, nor has any cost in excess of $200,000 incurred by any Miami Entity been disallowed or both) questioned by a Governmental Authority or higher-tier contractor. Except as would not, individually or in breach or default thereunderthe aggregate, (iii) have a Miami Material Adverse Effect, since January 1, 2014, neither Monsoon nor the Miami Entities and their respective directors, officers and employees have complied with all terms of any Government Contract or Bid and have not: (A) breached or violated any Law, certification or representation, relating to any Government Contract or Bid, including all clauses, provisions and requirements incorporated expressly, by reference or by operation of law therein; (B) received notice, either orally or in writing, that any of its Subsidiaries the Miami Entities has breached or violated any applicable Law, or any material certification, representation, clause, provision or requirement pertaining to any Government Contract or Bid; (C) been suspended or debarred, or notified of proposed suspension or debarment, from bidding on contracts with any Governmental Authority or received written any termination for default, cure notice or show cause notice that is in effect as of the date hereof pertaining to any Government Contract; (D) to the knowledge of Miami, been investigated by any Governmental Authority with respect to any alleged irregularity, misstatement or omission arising under or relating to a Government Contract; or (E) otherwise conducted or initiated any internal investigation or made a voluntary or mandatory disclosure with respect to any alleged or potential irregularity, misstatement or omission arising under or relating to a Government Contract. To the knowledge of Miami, no facts exist that are reasonably likely to give rise to the revocation of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentsecurity clearance held by Miami Entities.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Hewlett Packard Enterprise Co)
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed set forth in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete listSCHEDULE 1(q), as of the date hereofneither First Midlothian nor its assets, of each of the following Contracts to which Monsoon business or any Monsoon Subsidiary operations, nor First Bank nor its assets, business or operations, is a party to or are bound or affected by which Monsoon or receive benefits under any Monsoon Subsidiary written or any of their respective properties oral agreement, arrangement or assets is bound (including any amendments, supplements and modifications thereto):commitment relating to:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel the employment of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (person other than personnel employed at the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change pleasure of control” First Midlothian or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchangeFirst Bank, interest rate exchangeas the case may be, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business their respective businesses at rates of compensation and on terms consistent with their respective past practicepractices,
(ii) which provides for aggregate future sums due from Monsoon the election or retention in office of any director or officer,
(iii) collective bargaining with, or any Monsoon Subsidiary representation of any employees by, any labor union or an association,
(iv) the acquisition of services, supplies, equipment or other personal property involving, in any particular case, more than $5,000 or for a quantity in excess of its requirements for normal operating purposes,
(v) the purchase or sale of real property,
(vi) distribution, agency, public relations, advertising, printing, construction, accounting or legal services, except for agreements, arrangements and commitments subject to cancellation without liability on notice of thirty (30) days or less and involving a liability for each such agreement, arrangement or commitment of less than $5,000,
(vii) the lease of real or personal property as lessor or lessee, or sublessor or sublessee, providing for annual payments in the aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or2,500,
(viii) bonuses, pensions, profit-sharing, retirement, stock options, stock purchases, employee discounts or other employee benefits,
(ix) lending or advancing of funds, other than in the ordinary course of First Bank's banking business consistent with its past practice,
(x) any other Contract borrowing of funds or receipt of credit other than in the ordinary course of First Bank's banking business consistent with its past practice,
(xi) incurring of any material obligation or liability except for transactions engaged in by First Midlothian or First Bank in the ordinary course of their respective businesses consistent with their respective past practices,
(xii) the sale of personal property or services under which payments due after the date of this Plan exceed $5,000,
(xiii) any transaction or series of transactions, including loans, in which any "affiliate" of First Midlothian or First Bank, as that term is used in the Rules and Regulations of the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933 (the "1933 Act"), any officer or director of First Midlothian or First Bank, any officer or director of any "affiliate" of First Midlothian or First Bank, or any "associate" of any such officer or director, as that term is defined in Regulation 14A of the General Rules and Regulations under the Securities Exchange Act of 1934 (the "1934 Act"), has an interest if such transaction or series of transactions would be required to be disclosed in a proxy statement filed by a non-banking corporation under the 1934 Act, or
(xiv) any material transaction not in the ordinary course of First Midlothian's or First Bank's respective businesses consistent with their respective past practices. Except as set forth above in SCHEDULE 1(q), since the date of the First Midlothian Financial Statements, neither First Midlothian nor First Bank has made or permitted, or agreed to which Monsoon make or permit, any Monsoon Subsidiary is a party material modification or by which it termination of any material agreement, commitment or any of its assets or businesses is bound or subject that is material to arrangement, except in the Monsoon Business or the use or operation ordinary course of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance respective businesses consistent with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentrespective past practices.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Reorganization Agreement (Surety Capital Corp /De/), Reorganization Agreement (Surety Capital Corp /De/)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter Schedule 4.11 sets forth a true and complete listforth, as of the date hereof, of the following agreements to which the Company is a party (each of the following Contracts agreements, a “Material Contract”):
(a) Each agreement pursuant to which Monsoon or any Monsoon Subsidiary the Company received payments in excess of $500,000 during the twelve (12) month period ended December 31, 2009 (it being understood that insertion orders in respect of original equipment manufacturers (OEMs), dealers, dealer groups and dealer advertising associations shall not be deemed to be agreements within the scope of this Section 4.11(a));
(b) Each agreement that required payments by the Company in excess of $500,000 during the twelve (12) month period ended December 31, 2009;
(c) Each agreement to which the Company is a party or by which Monsoon or any Monsoon Subsidiary or any with respect to indebtedness for money borrowed in excess of their respective properties or assets is bound ($500,000, including any amendmentsloan agreements, supplements notes, letters of credit, guaranties, indentures and modifications thereto):
(i) any non-competition agreementswap, non-solicitation agreementinterest rate, exclusive distributionderivative, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personhedging and similar agreements;
(iid) any Contract that relates to the formationEach material joint venture, creation, governance or control of any partnership, joint venture limited liability company or other similar agreement or arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iiie) any Contract that relates Each agreement or series of related agreements relating to the acquisition or disposition after the date hereof of any business, business or all or substantially all of the capital stock or assets of any other Person (whether by merger, sale of stock, sale of assets or otherwise);
(f) Each management, consulting, employment, severance or similar agreement material to the Company to which the Company is a party, other than agreements terminable at will or agreements terminable without any penalty or other payment in excess of $250,000;
(g) Each confidentiality agreement, non-competition or other agreement, in each case for which materially restricting the closing ability of the relevant transaction has not occurred;
(iv) Company to conduct any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the business, except for standard agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orcontain customary limitations;
(xh) any other Contract other than as set forth above Each mortgage or lease agreement relating to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject real property that is material to the Monsoon Business Company to which the Company is a party as mortgagee or the use or operation of their assets.lessee;
(b) (i) All Contracts set forth The License Agreement;
(j) Each agreement to which the Company is a party with respect to any material Intellectual Property licensed or required transferred by the Company to be set forth any third party and pursuant to which the Company received payments in Section 5.17(aexcess of $500,000 during the twelve (12) month period ending December 31, 2009; and
(k) Each agreement for the sale of any of the Monsoon Disclosure Letter assets of the Company or filed for the grant to any Person of any preferential rights (including any right of first refusal) to purchase or required to be filed as exhibits to license any assets of the Monsoon SEC Documents Company (including any equity), other than assets that are obsolete or no longer used by the “Monsoon Company. Assuming the due execution and delivery by the other parties thereto, each Material Contracts”) are Contract is valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary against the Company, in accordance with their terms (its terms, except insofar as such enforceability may be limited by any applicable bankruptcy, reorganization, insolvency, reorganization, moratorium or together similar Laws affecting the enforcement of creditors’ rights generallygenerally and subject to general principles of equity (whether or not considered in a court of Law or equity). Except as set forth on Schedule 4.11, or there are no existing material defaults under any Material Contract by principles governing the availability of equitable remedies)Company, (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of Monsoonthe Company, no by any other party to any Monsoon Material Contract is (with or without notice or lapse of timethereto, or both) in breach or default thereunderto the Knowledge of the Company, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received given written notice of any actual, alleged, possible or potential significant dispute with respect to any material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and no event has occurred (ivwhether with or without notice, lapse of time or the happening or occurrence of any other event) neither Monsoon nor that would constitute a material default under any Material Contract by the Company or, to the Knowledge of the Company, any other party thereto. No party to any of its Subsidiaries the Material Contracts has received exercised any written notice of the intention of any party termination rights with respect thereto. The Company has delivered to cancelBuyer true, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True correct and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) all of the Monsoon Disclosure Letter (including Material Contracts, together with all written amendments, modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentor supplements thereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Stock Purchase Agreement, Stock Purchase Agreement (AutoTrader Group, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to Except for this Agreement and the Monsoon SEC Documents have been so filed in a timely manner. Reassignment Agreement, Section 5.17(a) 4.14 of the Monsoon Huya Disclosure Letter Schedule sets forth a true and complete list, as list of the date hereof, of each all of the following types of Contracts that currently remain in effect (x) to which Monsoon Huya or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon binds or any Monsoon Subsidiary or any of affects their respective properties or assets is bound assets, and (including any amendments, supplements and modifications thereto):y) have not been filed with or furnished to the SEC as an exhibit to the Huya SEC Reports:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon would be required to be filed or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel furnished by Huya pursuant to Item 19 and paragraph 4 of any Personthe Instructions to Exhibits of Form 20-F under the Exchange Act;
(ii) any Contract that relates to the formationgranting a right of first refusal, creation, governance first offer or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredfirst negotiation;
(iii) any Contract that relates relating to (A) the acquisition formation, creation, operation, management or disposition control of any businessa partnership, whether by mergerjoint venture, sale limited liability company or similar arrangement, (B) strategic cooperation or partnership arrangements, or (C) other similar agreements outside the ordinary course of stockbusiness involving a sharing of profits, sale of assets losses, costs or otherwiseliabilities, in each case for which the closing case, more than RMB20,000,000, by Huya or any of the relevant transaction has not occurredits Subsidiaries;
(iv) any Contract for the acquisition, sale or lease (including leases in connection with any Related Person financing transactions) of Monsoon material properties or any Monsoon Subsidiary assets of Huya (other than the agreements covered by clause (i) and any Monsoon Benefit Planmerger, purchase or sale of assets or stock or otherwise);
(v) any material Contract pursuant to which with any Third Party Approval is required pursuant to a “change of control” or similar clauseGovernmental Entity;
(vi) any Contract entered into granting or evidencing a Lien on any material properties or assets of Huya or any of its Subsidiaries, other than on commercial arm’s length termsa Permitted Lien;
(vii) any currency exchangeContract involving the capital expenditure by Huya or its Subsidiaries, interest rate exchangeor relating to indebtedness for borrowed money or any financial guaranty, commodity exchange or similar Contractin each case, more than RMB20,000,000;
(viii) any Contract entered into by Monsoon involving a loan (other than accounts receivable from trade debtors in the ordinary course of business) or advance to (other than travel and entertainment allowances to the employees of the Company and any of its Subsidiaries extended in the ordinary course of business), or investment in, any Person, in each case, more than RMB20,000,000, other than a wholly-owned Subsidiary of Huya or any Monsoon Subsidiary in connection with Contract relating to the settlement or other resolution making of any such loan, advance or investment that is material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any to the financial status of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Huya;
(ix) any non-competition Contract or other Contract that purports to limit, curtail or restrict in any material respect the ability of Huya or any of its Subsidiaries to compete in any geographic area, industry or line of business;
(x) any Contract that contains a put, call or similar right pursuant to which Huya or any of its Subsidiaries could be required to purchase or sell, as applicable, any equity interests or assets of any Person that have fair market value or purchase price of more than RMB20,000,000;
(xi) any Contracts involving any resolution or settlement of any actual or threatened material litigation, arbitration, claim or other dispute, more than RMB5,000,000;
(xii) any Contract (other than Contracts entered into in granting Huya Options / Huya RSU Awards) giving the ordinary course other party the right to terminate such Contract as a result of business consistent this Agreement or the consummation of the transactions contemplated by this Agreement, including the Merger;
(xiii) any Contract that contains restrictions with past practicerespect to (A) which provides for aggregate future sums due from Monsoon payment of dividends or any Monsoon Subsidiary distribution with respect to equity interests of Huya or any of its Subsidiaries, (B) pledging of share capital of Huya or any of its Subsidiaries or (C) issuance of guaranty by Huya or any of its Subsidiaries;
(xiv) any material Huya IP Agreements with an aggregate future liability contract value exceeding RMB20,000,000;
(contingent or otherwisexv) to any Person (Contracts with top twenty streamers and top twenty talent agencies, in each case other than Monsoon or any Monsoon Subsidiary) case, in excess terms of $1,000,000contract value; or
(xxvi) any other Contract, a breach or termination of which could reasonably be expected to have a Huya Material Adverse Effect. Each Contract other than of the type described in this Section 4.14(a), together with any Contract that has been filed or furnished by Huya pursuant to Item 19 and paragraph 4 of the Instructions to Exhibits of Form 20-F under the Exchange Act, is referred to herein as set forth above a “Huya Material Contract”. A true and complete copy of each Huya Material Contract in effect as of the date hereof has been made available to which Monsoon DouYu (including, where applicable, pursuant to agreed-upon procedures to protect competitively sensitive information) or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to publicly filed with the Monsoon Business or the use or operation of their assetsSEC.
(b) (i) All Contracts set forth Each Huya Material Contract constitutes the valid and legally binding obligation of Huya or required to be set forth its applicable Subsidiary, enforceable in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding accordance with its terms and is in full force and effect effect, subject to Bankruptcy and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it Equity Exception. There is not (with or without notice or lapse of time, or both) in no material breach or material default under any Huya Material Contract either by Huya or, to Huya’s knowledge, 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 andby Huya or, to the knowledge of MonsoonHuya’s knowledge, no any other party. No party to any Monsoon such Huya Material Contract is (has given notice to Huya of or made a claim against Huya with or without notice or lapse of time, or both) in respect to any material breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (HUYA Inc.), Merger Agreement (DouYu International Holdings LTD)
Material Contracts. (a) All Contracts required to be filed as exhibits to To the Monsoon SEC Documents have been so filed in a timely manner. extent permissible under the Antitrust Laws, Section 5.17(a3.21(a) of the Monsoon Disclosure Company Letter sets forth contains a true true, complete and complete list, as of the date hereof, of each correct list of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon any property or any Monsoon Subsidiary asset of the Company or any of their respective properties or assets its Subsidiaries is bound bound, in each case as of the date of this Agreement, excluding Company Plans listed in Section 3.18(b) of the Company Letter and Company Property Leases listed in Section 3.15(a) of the Company Letter (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other each Contract that includes limits in any provision which materially limits Monsoon material respect the freedom of the Company or any Monsoon Subsidiary from engaging of its Subsidiaries to compete or engage in any activity line of business or conducting business geographic region or with any Person Person, or that otherwise has the effect of restricting in any geographic area material respect the Company or its Subsidiaries from soliciting employees the development, marketing or personnel distribution of any Personservices or ownership or leasing of property;
(ii) any each Customer Contract that relates to with a top ten (10) Customer of the formationCompany and its Subsidiaries (each, creationa “Material Customer”) based on monthly recurring revenue received by the Company and its Subsidiaries in the six month period ended June 30, governance or control of any 2019 (such Customer Contracts, the “Material Customer Contracts”);
(iii) each partnership, joint venture or limited liability company agreement (other than any such agreement solely between or among the Company and its wholly owned Subsidiaries) or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case Contract that is material provided revenue to the Monsoon Business Company and for which its Subsidiaries in excess of €5,000,000 in 2018 or is expected to provide annual revenue to the closing Company and its Subsidiaries in excess of the relevant transaction has not occurred€5,000,000 in 2019;
(iiiiv) each Contract entered into since December 31, 2016: (A) relating to the disposition or acquisition by the Company or any of its Subsidiaries of any business (whether by merger, amalgamation, consolidation or other business combination, sale of assets, sale of shares in the share capital or other voting securities, tender offer, exchange offer, or similar transaction); or (B) pursuant to which the Company or any of its Subsidiaries will acquire or is obligated to acquire any ownership interest or make an investment (other than in the Company or any of its Subsidiaries), in the case of each of clauses (A) and (B), valued in excess of €10,000,000;
(v) each Contract that relates with respect to the acquisition or disposition of any businessPerson, the disposition of any Real Property or Additional Real Property or the acquisition of any real property (whether by merger, sale of stockamalgamation, consolidation or other business combination, sale of assets assets, sale of shares in the share capital or otherwiseother voting securities, in each case for which the closing of the relevant transaction has not occurred;
(ivtender offer, exchange offer or similar transaction) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which the Company or any Third Party Approval is required pursuant to a of its Subsidiaries has (A) material continuing indemnification obligation or obligation for unpaid consideration, or (B) any “change of controlearn-out” or similar clausecontingent payment obligations, in the case of each of clauses (A) and (B), that would reasonably be expected to result in future payments of more than €5,000,000;
(vi) any each Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any granting a right to material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract Intellectual Property Rights (other than Contracts with respect to generally commercially available software and hardware and Customer Contracts entered into in the ordinary course of business consistent with past practicebusiness);
(vii) which provides for aggregate future sums due from Monsoon each Contract that grants any right of first refusal or right of first offer in favor of a Third Party or that materially limits the ability of the Company or any Monsoon of its Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material businesses or material assets;
(viii) each Contract pursuant to which a Third Party is granted any exclusivity rights (other than customization work for Customers) relating to or “most favored nations” provisions that is binding on the Company or its Subsidiaries, in each case, which Contract is not terminable by the Company and each of its Subsidiaries party to such Contract upon ninety (90) or fewer days’ notice by the Company or its relevant Subsidiaries without the requirement of any payment, penalty, premium, fee, liability or other obligations;
(ix) other than instruments providing for indebtedness pursuant to which the current amount of outstanding indebtedness is equal to or less than €5,000,000, each Contract that (A) is an indenture, credit agreement, loan agreement, security agreement, guarantee of, note, mortgage or other agreement providing for indebtedness (including obligations under any capitalized leases but excluding agreements between the Company and any wholly owned Subsidiary of the Company or an aggregate future liability (contingent between wholly owned Subsidiaries of the Company) or otherwise) pursuant to which the Company or any of its Subsidiaries guarantees any such indebtedness of any other Person (in each case other than Monsoon the Company or another wholly owned Subsidiary of the Company), (B) materially restricts the Company’s and its Subsidiaries’ (taken as a whole) ability to incur indebtedness or guarantee the indebtedness of others, (C) grants a Lien (other than a Permitted Lien) or restricts the granting of Liens on any Monsoon Subsidiaryproperty or asset of the Company or its Subsidiaries that is material to the Company and its Subsidiaries, taken as a whole, or (D) in excess of $1,000,000; oris an interest rate derivative, currency derivative, forward purchasing, swap or other hedging Contract;
(x) any other Contract other than as set forth above to evidencing a settlement of any Action under which Monsoon or any Monsoon Subsidiary is a party or by which it the Company or any of its assets Subsidiaries has any remaining payment obligations in excess of €1,000,000 or businesses material restrictions on operations;
(xi) any Contract under which the Company or any of its Subsidiaries is bound lessee of or subject holds or operates any tangible property (other than real property), owned by any other Person, except for any Contract under which the aggregate annual rental payments do not exceed €5,000,000;
(xii) any Contract (other than the type described in clauses (i) through (xi) above) that is material requires aggregate payments by or to the Monsoon Business Company or any Subsidiary of the use Company in excess of €20,000,000 per annum;
(xiii) each collective bargaining agreement or operation other Contract with any labor union, works council or other labor organization; and
(xiv) each Contract not otherwise described in any other subsection of their assetsthis Section 3.21(a) that would constitute a “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K as promulgated by the SEC) with respect to the Company.
(b) A true, correct and complete copy of each Material Contract in effect as of the date of this Agreement has been made available to Parent and Buyer or publicly filed with the SEC prior to the date of this Agreement, subject to the Clean Team Agreement. Except for matters that would not have or reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon each Material Contracts”) are Contract is a valid, binding and enforceable obligation of the Company or one of its Subsidiaries, on the one hand, and, to the knowledge of the Company, of the other party or parties thereto, on the other hand, in accordance with its terms, subject to the Enforceability Exceptions, and each Material Contract is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)effect, (ii) Monsoon or the Company and each of its applicable Subsidiary Subsidiaries has performed all material obligations required to be performed by it under the Monsoon each Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Contract and, to the knowledge of Monsoonthe Company, no each other party to any Monsoon each Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunderhas performed all obligations required to be performed by it under such Material Contract, (iii) since January 1, 2014, neither Monsoon nor none of the Company or any of its Subsidiaries has received written notice of any, and, to the knowledge of the Company, none of the Company or any actualof its Subsidiaries is in, alleged, possible or potential material violation of, default or material failure to comply with, breach under (nor does there exist any term condition which upon the passage of time or requirement the giving of notice or both would cause such a default or material breach under) any Monsoon Material Contract, Contract and (iv) neither Monsoon the Company nor any of its Subsidiaries has received any written notice of the intention of from any other party to cancel, any such Material Contract that such party intends to terminate, change the scope of rights under or fail to renew not renew, any Monsoon such Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Purchase Agreement (InterXion Holding N.V.), Purchase Agreement (Digital Realty Trust, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 5.19 of the Monsoon Company Disclosure Letter Schedule sets forth a true and complete listlist of each Material Contract to which the Company or any of its Subsidiaries is a party to or bound that is in effect as of the date of this Agreement and the Company has made available to Parent, or publicly filed with the SEC, a true and complete copy of each such Material Contract. For purposes of this Agreement, “Material Contract” shall mean: (i) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the 1934 Act), whether or not filed by the Company with the SEC, (ii) any employment, severance or consulting agreement (in each case with respect to which the Company has continuing obligations as of the date hereof, of each ) with any current or former (x) executive officer or management employee of the following Contracts Company, (y) member of the Board of Directors, or (z) employee of the Company who receives an annual base salary in excess of $150,000, (iii) any agreement that purports to which Monsoon limit in any material respect the right of the Company or any Monsoon Subsidiary is a party or by which Monsoon or of its Subsidiaries (or, at any Monsoon Subsidiary time after the consummation of the Merger, Parent, the Surviving Corporation or any of their respective properties Subsidiaries) to (A) sell, supply or assets is bound (including distribute any amendments, supplements and modifications thereto):
(i) products or services of or to any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area region, (B) engage in any line of business or (C) compete with or to obtain products or services from soliciting employees any Person or personnel limiting the ability of any Person;
Person to provide products or services to the Company or any of its Subsidiaries, (iiiv) any Contract that relates agreement relating to the formationdisposition or acquisition, creationdirectly or indirectly (by merger or otherwise), governance by the Company or control any of its Subsidiaries after the date of this Agreement of assets with a fair market value in excess of $500,000 individually, (v) any partnership, partnership or joint venture or similar arrangement, agreement or any collaboration, cooperation or partnering Contractagreement with a selling partner, in each case that is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurred;
its Subsidiaries taken as a whole, (iiivi) any Contract that relates to the acquisition mortgages, indentures, guarantees, loans or disposition of any businesscredit agreements, whether by merger, sale of stock, sale of assets security agreements or otherwiseother Contracts, in each case relating to indebtedness for borrowed money, whether as borrower or lender, in each case in excess of $1,000,000, other than (A) accounts receivables and payables and (B) loans to direct or indirect wholly-owned Subsidiaries of the Company, (vii) any employee collective bargaining agreement or other agreement with any labor union, (viii) any agreement that by its terms limits the payment of dividends or other distributions by the Company or any of its Subsidiaries, (ix) any agreement that grants any right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the Company or any of its Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material amount of assets or businesses, (x) each Lease involving annual payments by the Company or any of its Subsidiaries in excess of $100,000, (xi) any other Contract under which the closing Company or any of its Subsidiaries is obligated to make payment or incur costs in excess of $500,000 in any year and which is not otherwise described in clauses (i)-(x) above, (xii) the Contract listed on Section 5.19(xii) of the relevant transaction has not occurred;
Company Disclosure Schedule and (iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(vxiii) any material Contract pursuant to which any the Company or one of its Subsidiaries licenses or otherwise grants to a Third Party, or receives a license or grant from a Third Party Approval is required pursuant of, any Intellectual Property rights material to a “change the Company’s or one of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract its Subsidiaries’ business as currently conducted (other than Contracts entered into in granting rights to readily available hardware and COTS). Except for breaches, violations or defaults which would not reasonably be expected to have a Company Material Adverse Effect, (w) each of the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary Material Contracts is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon obligation of the Company or its the applicable Subsidiary of the Company and, to the knowledge of the Company, of the other party or parties thereto in accordance with their its terms (except insofar as such enforceability may be limited by subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws other laws affecting creditors’ rights generally, or by generally and general principles governing the availability of equitable remediesequity), (iix) Monsoon each of the Material Contracts is in full force and effect, (y) neither the Company nor any of its Subsidiaries, nor to the Company’s knowledge any other party to a Material Contract, has violated any provision of, or its applicable Subsidiary has performed all material obligations required taken or failed to be performed by it under the Monsoon Material Contractstake any act which, and it is not (with or without notice or notice, lapse of time, or both) in material breach or material , would constitute a default thereunder and, to under the knowledge provisions of Monsoon, no other party to any Monsoon such Material Contract is and (with or without notice or lapse z) as of time, or both) in breach or default thereunder, (iii) since January 1, 2014the date hereof, neither Monsoon the Company nor any of its Subsidiaries has received written notice of in writing that it has breached, violated or defaulted under any actual, alleged, possible Material Contract or potential material violation of, or material failure that any other party intends to comply with, terminate any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of Contract prior to its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentscheduled termination date.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (MediaMind Technologies Inc.), Merger Agreement (DG FastChannel, Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 5.14 of the Monsoon Company Disclosure Letter sets forth Schedule contains a true complete and complete list, as of the date hereof, correct list of each of the following Contracts contracts as of the date of this Agreement to which Monsoon either the Company or any Monsoon Subsidiary of its Subsidiaries is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):legally bound:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other each Contract that includes any provision which materially limits Monsoon between the Company or any Monsoon Subsidiary from engaging in of its Subsidiaries and any activity of the 10 largest customers of the Company and its Subsidiaries (determined on the basis of aggregate revenues received by the Company or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Personits Subsidiaries over the four consecutive fiscal quarter period ended October 2, 2006);
(ii) any except for the Contracts disclosed in clause (i) above, each Contract that relates involves sale of products, performance of services or development commitments by the Company or any of its Subsidiaries, providing for either (A) annual payments of $1,000,000 or more or (B) aggregate payments of $2,000,000 or more;
(iii) each Contract between the Company or any of its Subsidiaries and any of the 10 largest suppliers or licensors to the formationCompany and any of its Subsidiaries (determined on the basis of aggregate payments made by the Company or any of its Subsidiaries over the four consecutive fiscal quarter period ended October 2, creation, governance or control of 2006);
(iv) any partnership, joint venture or other similar agreement or arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iiiv) any each Contract that relates relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) each Contract relating to Indebtedness or the deferred purchase price of property of or by the Company or any Contract of its Subsidiaries (in either case, whether incurred, assumed, guaranteed or secured by any asset) entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice;
(vii) each Contract to which provides for aggregate future sums due from Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party creating or an aggregate future liability granting a Lien (contingent including Liens upon properties acquired under conditional sales, capital leases or otherwiseother title retention or security devices), other than Permitted Liens;
(viii) to each Contract under which the Company or any of its Subsidiaries has, directly or indirectly, made any loan, capital contribution to, or other investment in, any Person (in each case other than Monsoon the Company or any Monsoon Subsidiaryof its Subsidiaries and other than extensions of credit or loans in the ordinary course of business consistent with past practice);
(ix) any agency, dealer, sales representative, marketing or other similar agreement that is material to the business of the Company or any of its Subsidiaries as currently conducted;
(x) each Contract that contains provisions restricting the Company or any Subsidiary from competing in any line of business or with any Person or in any area or which would so restrict Parent, the Company or any of their respective Affiliates after the Effective Time;
(xi) each Contract that (A) grants to any Third Party any exclusive license or supply or distribution agreement or other exclusive rights, (B) grants to any Third Party any “most favored nation” rights, rights of first refusal, rights of first negotiation or similar rights with respect to any product, service or Intellectual Property Rights that are material to the business of the Company or any of its Subsidiaries as currently conducted or (C) contains any provision that requires the purchase of all or a specified substantial portion of the Company’s or any of its Subsidiaries’ requirements from a given third party, or any other similar provision;
(xii) each Contract pursuant to which the Company or any of its Subsidiaries has been granted any license to Intellectual Property Rights that is material to the business of the Company or any of its Subsidiaries as currently conducted, other than licenses granted in the ordinary course of business of the Company and its Subsidiaries consistent with past practice;
(xiii) each lease or sublease (whether of real or of tangible personal property providing for annual payments in excess of $50,000) to which the Company or any of its Subsidiaries is a party as either lessor or lessee;
(xiv) any agreement with any director or officer of the Company or any Subsidiary 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 1▇▇▇ ▇▇▇) of any such director or officer; or
(xv) any other agreement, commitment, arrangement or plan not made in the ordinary course of business involving the payment or receipt of annual payments in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Merger Agreement (Kla Tencor Corp), Merger Agreement (Therma Wave Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.9(a) of the Monsoon Seller Disclosure Letter sets forth Schedule is a true and complete list, as of the date hereof, of each all of the following Contracts to which Monsoon Seller or any Monsoon Subsidiary of its Affiliates is a party or by which Monsoon they are bound and that relate solely to the Consumer Care Business (the “Material Contracts”) (excluding, in each case, any Contract with any merchandiser):
(i) Contracts for the marketing of Consumer Care Products involving reasonably anticipated payments to or from the Consumer Care Business in excess of $500,000 in any calendar year;
(ii) Contracts for the distribution of Consumer Care Products involving reasonably anticipated payments to or from the Consumer Care Business in excess of $500,000 in any calendar year;
(iii) Contracts for (x) the manufacturing of Consumer Care Products or (y) the supply of any materials forming part of the manufacturing process of products of the Consumer Care Business, in each case involving reasonably anticipated payments to or from the Consumer Care Business in excess of $500,000 in any calendar year;
(iv) all Purchased Consumer Care IP Agreements that are material to the operation of the Consumer Care Business as currently conducted;
(v) all Real Property Leases;
(vi) Contracts evidencing Indebtedness;
(vii) Contracts evidencing any obligations of any Company or any Monsoon Subsidiary of its Subsidiaries to issue, sell, repurchase or redeem any Equity Securities of such Company or any of its Subsidiaries;
(viii) all Business Employment Contracts;
(ix) all Collective Bargaining Agreements;
(x) leases of personal property under which the Companies or any of their respective properties Subsidiaries (or assets any member of the Seller Group) is bound (including the lessee and is obligated to make payments of more than $250,000 in any amendments, supplements and modifications thereto):calendar year;
(ixi) Contracts limiting the freedom of any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Company or licensing agreement a Subsidiary of any Company or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging the Consumer Care Business to engage in any activity line of business, acquire any entity or conducting business compete with any Person or in any geographic area market or from soliciting employees or personnel of any Person;geographical area; and
(iixii) any Contract that relates Contracts entered into outside of the ordinary course of business within the twelve (12) month period immediately prior to the formationdate hereof, creationproviding for a business combination, governance or control divestment of any partnershipmaterial assets, joint venture or similar arrangementrelationship, involving the Companies, the Transferred Consumer Care Assets or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing aspect of the relevant transaction has not occurred;
(iii) any Contract that relates to Consumer Care Business, and which contain material ongoing obligations on the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing part of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsCompanies.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Asset Purchase Agreement, Stock and Asset Purchase Agreement (Merck & Co. Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(aSchedule 4.18(a) of the Monsoon Company Disclosure Letter sets forth a true and complete list, as of the date hereofExecution Date, of each of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary of the Company Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):are bound:
(i) any noneach “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any PersonK under the Exchange Act);
(ii) any Contract each contract that relates to provides for the formationacquisition, creationdisposition, governance or control of any partnershiplicense, joint venture or similar arrangementuse, distribution, or any collaborationoutsourcing of assets, cooperation services, rights, or partnering Contract, in each case that is material properties with respect to the Monsoon Business and for which the closing Company reasonably expects that the Company or any of the relevant transaction has not occurredCompany Subsidiaries will make annual payments in excess of $3,000,000 or aggregate payments in excess of $30,000,000;
(iii) each contract relating to Indebtedness for Borrowed Money or the deferred purchase price of property by the Company or any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredCompany Subsidiaries (whether incurred, assumed, guaranteed, or secured by any asset), other than agreements solely between or among the Company or any of the Company Subsidiaries, or those involving an amount of Indebtedness for Borrowed Money or deferred purchase price, individually or in the aggregate, of no more than $30,000,000;
(iv) any Contract with any Related Person of Monsoon acquisition or divestiture contract that contains “earn out” or other contingent payment obligations, or remaining indemnity or similar obligations, for which the Company or any Monsoon Subsidiary (other than of the agreements covered by clause (i) and any Monsoon Benefit Plan)Company Subsidiaries may be liable;
(v) each contract for lease of personal property or real property (other than the Company Real Property Leases and the Company Rights-of-Way) involving payments in excess of $3,000,000 in any material Contract calendar year or aggregate payments in excess of $30,000,000 that are not terminable without penalty or other liability to the Company or any of the Company Subsidiaries (other than any ongoing obligation pursuant to which such contract that is not caused by any Third Party Approval is required pursuant to a “change of control” or similar clausesuch termination) within 60 days;
(vi) each contract that is a non-competition contract or other contract that (A) purports to limit in any Contract entered into other than on commercial arm’s length termsmaterial respect either the type of business in which the Company or any of the Company Subsidiaries may engage or the manner or locations in which any of them may so engage in any business, (B) could require the disposition of any material assets or line of business of the Company or any of the Company Subsidiaries, or (C) prohibits or limits the rights of the Company or any of the Company Subsidiaries to make, sell, or distribute any products or services, or use, transfer, or distribute, or enforce any of their rights with respect to, any of their material assets;
(vii) any currency exchangeeach Hydrocarbon purchase and sale, interest rate exchangegathering, commodity exchange treating, transportation, processing, compression or similar Contractcontracts entered into by the Company or any of the Company Subsidiaries that (A) (1) if a fee-based contract, provides for aggregate payments to or from the Company or the Company Subsidiary, as applicable, during any fiscal year in excess of $7,500,000, or (2) if a percentage of proceeds contract, is reasonably anticipated to result in a share of proceeds retained by the Company or the Company Subsidiary, as applicable, for its own account during any such fiscal year in excess of $7,500,000, or (B) (y) involves the gathering, treating, transportation, processing, compression, purchase, sale, or storage of more than 15 MMcf of gaseous Hydrocarbons per day, or 7,500 barrels of liquid Hydrocarbons per day, or (2) provides for an acreage dedication or similar commitment;
(viii) each contract for any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Derivative Transaction;
(ix) each collective bargaining agreement or other labor-related contract with a labor union, works council, or other labor organization;
(x) any Contract employment contract that (other than Contracts i) requires annualized base salary payments in excess of $45,000, (ii) provides for change in control or transaction bonuses, or (iii) provides for severance in excess of one month of base salary or notice of termination in excess of thirty (30) days;
(xi) each material partnership, joint venture, or limited liability company agreement;
(xii) each agreement under which the Company or any of the Company Subsidiaries has advanced or loaned any amount of money to any of its officers, directors, employees, or consultants, in each case with a principal amount in excess of $45,000;
(xiii) any contract not entered into in the ordinary course of business consistent with past practicethat is a water rights agreement or disposal agreement or relates to the sourcing, transportation, or disposal of water (including brine water and flowback water) which that (A) provides for aggregate future sums due from Monsoon an acreage dedication in excess of 3,000 gross surface acres, or (B) that could reasonably be expected to result in the receipt or payment by the Company or any Monsoon Subsidiary or of the Company Subsidiaries of an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) amount in excess of $1,000,000; or30,000,000 over the remaining term of such agreement;
(xxiv) any other Contract contract that provides for a “take-or-pay” clause or any similar prepayment obligation, acreage dedication, minimum volume commitments, area of mutual interest or capacity reservation fees;
(xv) any contract with any Governmental Entity (other than as set forth above to which Monsoon or the Company Permits);
(xvi) any Monsoon Subsidiary is a party or by which it contract that obligates the Company or any of its assets the Company Subsidiaries to make any future capital commitment, loan, or businesses expenditure in an amount in excess of $30,000,000;
(xvii) each contract for any Company Related Party Transaction;
(xviii) each agreement that contains any “most favored nation” or most favored customer provision, call or put option, preferential right, or rights of first or last offer, negotiation or refusal, other than those contained in any agreement in which such provision is bound solely for the benefit of the Company or subject that any of the Company Subsidiaries, to which the Company or any of the Company Subsidiaries is subject, and is material to the Monsoon Business business of the Company and the Company Subsidiaries, taken as a whole;
(xix) each contract that constitutes a pipeline interconnect or facility operating agreement;
(xx) any contract whereby the use Company or operation Company Subsidiaries lease capacity (whether firm or interruptible) on a third party pipeline or lease capacity on the Company Midstream Facilities to a third-party shipper; and
(xxi) any other contract that requires or entitles the Company or any of their assetsthe Company Subsidiaries to make or receive payments of $3,000,000 or more annually; provided, however, that the Company shall have no obligation to list any contract on Schedule 4.18(a) of the Company Disclosure Letter to which any Company JV is a party, but all such contracts shall otherwise constitute Company Contracts for purposes of Section 4.18(b).
(b) (i) All Contracts set forth or required to be Collectively, the contracts set forth in Section 5.17(a4.18(a) (excluding, for the avoidance of doubt, any Company Real Property Lease or Company Right-of-Way) are herein referred to as the “Company Contracts.” A complete and correct copy of each of the Monsoon Disclosure Letter Company Contracts has been made available to Contributor. Except as has not had and would not have, individually or filed or required to be filed as exhibits in the aggregate, a Company Material Adverse Effect, each Company Contract is legal, valid, binding, and enforceable in accordance with its terms on the Company and each of the Company Subsidiaries that is a party thereto and, to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validCompany’s Knowledge, binding each other party thereto, and is in full force and effect effect, subject, as to enforceability, to Creditors’ Rights. Except as has not had and are enforceable by Monsoon would not have, individually or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcythe aggregate, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)a Company Material Adverse Effect, (iii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under neither the Monsoon Material Contracts, and it Company nor any of the Company Subsidiaries is not (with or without notice or lapse of time, or both) in material breach or material default thereunder andunder any Company Contract nor, to the knowledge of MonsoonCompany’s Knowledge, no is any other party to any Monsoon Material such Company Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, and (iiiii) since January 1no 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 the Company Subsidiaries, 2014or, to the Company’s Knowledge, any other party thereto. There are no disputes pending or, to the Company’s Knowledge, threatened with respect to any Company Contract and neither Monsoon the Company nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its the Company Subsidiaries has received any written notice of the intention of any other party to cancelany Company Contract to terminate for default, terminateconvenience, change the scope of rights under or fail to renew otherwise any Monsoon Material Contract. True and complete copies of each written Monsoon Material Company Contract, and nor to the Company’s Knowledge, is any such party threatening to do so, in each case except as has not had or would not have, individually or in the aggregate, a summary of each oral Monsoon Company Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentAdverse Effect.
(c) Upon ClosingNo Person, save as disclosed in Section 5.17(cother than Artemis Midstream, has any rights under the Existing Stockholders Agreement, and no Person, other than Artemis Midstream and the individuals set forth on Schedule 4.18(c) of the Monsoon Company Disclosure Letter, no Contract to which Monsoon or has any Monsoon Subsidiary is a party will be rights under the Existing Registration Rights Agreement, in effect which purports to legally bindeach case, or impose any dutythat are exercisable following the date hereof, obligation or other Liability except in the case of any kind (except for any confidentiality the Existing Registration Rights Agreement the obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)specified in Section 3.5 and Article IV thereof.
Appears in 2 contracts
Sources: Contribution Agreement (Blackstone Holdings III L.P.), Contribution Agreement (Altus Midstream Co)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.21(a) of the Monsoon Disclosure Company Letter sets forth contains a true true, complete and complete list, as of the date hereof, of each correct list of the following Contracts to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon any property or any Monsoon Subsidiary asset of the Company or any of their respective properties or assets its Subsidiaries is bound bound, in each case as of the date of this Agreement, other than Company Plans listed in Section 3.18(a) of the Company Letter (including any amendmentscollectively, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other each Contract that includes limits in any provision which materially limits Monsoon material respect the freedom of the Company, any of its Subsidiaries or any Monsoon Subsidiary from engaging of its Affiliates to compete or engage in any activity line of business or conducting business geographic region or with any Person Person, sell, supply or distribute any product or service or that otherwise has the effect of restricting in any geographic area material respect the Company, its Subsidiaries or Affiliates, taken as a whole, from soliciting employees the development, marketing or personnel distribution of any Personproducts and services;
(ii) any Contract that relates to the formation, creation, governance or control of any each partnership, joint venture or limited liability company agreement (other than any such agreement solely between or among the Company and its wholly owned Subsidiaries) or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case Contract that is material to the Monsoon Business Company and for which the closing of the relevant transaction has not occurredits Subsidiaries, taken as a whole;
(iii) each Contract entered into since December 31, 2014: (A) relating to the disposition or acquisition by the Company or any of its Subsidiaries of any business (whether by merger, amalgamation, consolidation or other business combination, sale of assets, sale of shares in the share capital or other voting securities, tender offer, exchange offer, or similar transaction); or (B) pursuant to which the Company or any of its Subsidiaries will acquire or is obligated to acquire any ownership interest or make an investment (other than the Company or any of its Subsidiaries), in each case, other than such Contracts that are immaterial to the Company and its Subsidiaries, taken as a whole;
(iv) each Contract that relates with respect to the acquisition or disposition of any business, Person (whether by merger, sale of stockamalgamation, consolidation or other business combination, sale of assets assets, sale of shares in the share capital or otherwiseother voting securities, tender offer, exchange offer, or similar transaction) pursuant to which the Company or any of its Subsidiaries has (A) material continuing indemnification obligations (other than in the ordinary course of business in connection with the development, sale or licensing of Company Products) or (B) any “earn-out” or similar contingent payment obligations, in each case for which (x) other than any such obligations that are immaterial to the closing of the relevant transaction has not occurred;
Company and its Subsidiaries, taken as a whole or (ivy) other than any Contract with any Related Person that provides solely for the acquisition or disposition of Monsoon inventory, raw materials, equipment or any Monsoon Subsidiary (other than products in the agreements covered by clause (i) and any Monsoon Benefit Plan)ordinary course of business;
(v) any material Contract pursuant and all Contracts required to which any Third Party Approval is required pursuant to a “change be listed on (A) Section 3.16(f) or (B) Section 3.16(g) of control” or similar clausethe Company Letter;
(vi) each Contract that grants any Contract entered into other than on commercial arm’s length termsright of first refusal or right of first offer in favor of a Third Party or that materially limits the ability of the Company, any of its Subsidiaries or any of its Affiliates to own, operate, sell, transfer, pledge or otherwise dispose of any material businesses or material assets;
(vii) each Contract pursuant to which a third party is granted any currency exchangeexclusivity rights (other than customization work for customers relating to Company Products) or “most favored nations” provisions or minimum use, interest rate exchangesupply or display requirements that is binding on the Company or its Affiliates, commodity exchange in each case, which Contract is not terminable by the Company and each of its Affiliates party to such Contract upon ninety (90) or similar Contractless days’ notice by the Company or its relevant Affiliates without the requirement of any payment, penalty, premium, fee, liability or other obligations;
(viii) any other than instruments providing for indebtedness that would not, in the aggregate, exceed One Million Dollars ($1,000,000), each Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement that (A) is an indenture, credit agreement, loan agreement, security agreement, guarantee of, note, mortgage or other resolution agreement providing for indebtedness (including obligations under any capitalized leases but excluding agreements between the Company and any wholly owned Subsidiary of any material Action imposing operational restrictions the Company or conduct requirements on Monsoon between wholly owned Subsidiaries of the Company) or any Monsoon Subsidiary pursuant to which the Company or any of their respective Affiliates its Subsidiaries guarantees any such indebtedness of any other Person (including other than the Indigo Group Companies after Company or another wholly owned Subsidiary of the Closing DateCompany), (B) materially restricts the Company’s and its Subsidiaries’ (taken as a whole) ability to incur indebtedness or guarantee the indebtedness of others, (C) grants a Lien (other than a Permitted Lien) or restricts the granting of Liens on any property or asset of the Company or its Subsidiaries that is material to the Company and its Subsidiaries, taken as a whole or (D) is an interest rate derivative, currency derivative, forward purchasing, swap or other hedging contract;
(ix) each collective bargaining agreement and each Contract with any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon labor union, works council or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orsimilar organization;
(x) each Contract that provides for a settlement or conciliation (A) with any other Contract other than Governmental Authority that materially (1) restricts or imposes material obligations upon the Company or its Subsidiaries (taken as set forth above to which Monsoon a whole) or any Monsoon Subsidiary is (2) materially disrupts the business of the Company and its Subsidiaries (taken as a party whole) as currently conducted or by which it (B) that would require the Company or any of its assets or businesses Subsidiaries to pay consideration of more than Five Hundred Thousand Dollars ($500,000) after the date of this Agreement; and
(xi) each Contract not otherwise described in any other subsection of this Section 3.21(a) that would constitute a “material contract” (as such term is bound or subject that is material defined in Item 601(b)(10) of Regulation S-K as promulgated by the SEC) with respect to the Monsoon Business or the use or operation of their assetsCompany.
(b) A true, correct and complete copy of each Material Contract in effect as of the date of this Agreement has been made available to Parent and Buyer or publicly filed with the SEC prior to the date of this Agreement. Except for matters that would not have or reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon each Material Contracts”) are Contract is a valid, binding and enforceable obligation of the Company or one of its Subsidiaries, on the one hand, and, to the knowledge of the Company as of the date of this Agreement, of the other party or parties thereto, on the other hand, in accordance with its terms, subject to the Enforceability Exceptions, and each Material Contract is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies)effect, (ii) Monsoon or the Company and each of its applicable Subsidiary Subsidiaries has performed all material obligations required to be performed by it under the Monsoon each Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Contract to date and, to the knowledge of Monsoonthe Company as of the date of this Agreement, no each other party to any Monsoon each Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunderhas performed all obligations required to be performed by it under such Material Contract to date, (iii) since January 1as of the date of this Agreement, 2014, neither Monsoon nor none of the Company or any of its Subsidiaries has received written notice of any, and, to the knowledge of the Company, none of the Company or any actualof its Subsidiaries is in, alleged, possible or potential material violation of, default or material failure to comply with, breach under (nor does there exist any term condition which upon the passage of time or requirement the giving of notice or both would cause such a default or material breach under) any Monsoon Material Contract, Contract and (iv) as of the date of this Agreement, neither Monsoon the Company nor any of its Subsidiaries has received any written notice of the intention of from any other party to cancel, any such Material Contract that such party intends to terminate, change the scope of rights under or fail to renew not renew, any Monsoon such Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Purchase Agreement (Mobileye N.V.), Purchase Agreement (Intel Corp)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 3.18 of the Monsoon Company Disclosure Letter Schedule sets forth a true list of all Material Contracts. The Company has heretofore made available to Parent true, correct and complete listcopies of all written or oral contracts and agreements (and all amendments, as of the date hereof, of each of the following Contracts modifications and supplements thereto and all side letters to which Monsoon the Company or any Monsoon Subsidiary of its subsidiaries is a party affecting the obligations of any party thereunder) to which the Company or any of its subsidiaries is a party or by which Monsoon any of its assets or properties are bound that are of the following type: (i) to the extent material to the business, assets or properties of the Company and its subsidiaries taken as a whole, product design or development, or indemnification contracts (including, any Monsoon Subsidiary contract to which the Company or any of their respective properties or assets its subsidiaries is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting a party involving employees or personnel of any Person;
the Company); (ii) any Contract that relates merchandising or distribution agreements involving the payment of in excess of $2,500,000 per year; (iii) to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is extent material to the Monsoon Business and for which the closing business, assets or properties of the relevant transaction has not occurred;
Company and its subsidiaries taken as a whole, contracts granting a right of first refusal or first negotiation; (iiiiv) any Contract that relates to the acquisition or disposition of any extent material to the business, whether assets or properties of the Company and its subsidiaries taken as a whole, partnership or joint venture agreements; (v) agreements for the acquisition, sale or lease of material assets or properties of the Company (by merger, sale of stock, purchase or sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent stock or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) entered into since January 1, 1996 involving in excess of $1,000,000; or
(xvi) to the extent material to the business, assets or properties of the Company and its subsidiaries taken as a whole, contracts or agreements with any Governmental Entity; (vii) loan or credit agreements, mortgages, indentures or other Contract other than as set forth above to which Monsoon agreements or any Monsoon Subsidiary is a party or instruments evidencing indebtedness for borrowed money by which it the Company or any of its assets subsidiaries or businesses is bound or subject that is any such agreement pursuant to which indebtedness for borrowed money, in each case involving in excess of $1,000,000; (viii) to the extent material to the Monsoon Business business, assets or properties of the use Company and its subsidiaries taken as a whole, agreements that purport to limit, curtail or operation restrict the ability of their assetsthe Company or any of its subsidiaries to compete in any geographic area or line of business; (ix) to the extent material to the business, assets or properties of the Company and its subsidiaries taken as a whole, foundry, wafer manufacturing or fabricating agreements, (x) supply or second source agreements involving the payment of in excess of $2,500,000 per year, (xi) agreements with customers relating to the sale of products involving the payment of in excess of $2,500,000 per year and (xii) commitments and agreements to enter into any of the foregoing (collectively, together with any such contracts entered into in accordance with Section 5.1, the "MATERIAL CONTRACTS").
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each of the Monsoon Disclosure Letter Material Contracts constitutes the valid and legally binding obligation of the Company or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are validits subsidiaries, binding enforceable in accordance with its terms, and is in full force and effect and are enforceable effect. There is no default under any Material Contract so listed either by Monsoon the Company (or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited subsidiaries) or, to the Company's knowledge, by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractsany other party thereto, and it is not (no event has occurred that with or without notice or the giving of notice, the lapse of time, or both) in material breach or material both would constitute a default thereunder andby the Company (or its subsidiaries) or, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply withCompany's knowledge, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentother party.
(c) Upon Closing, save as disclosed No party to any such Material Contract has given notice to the Company of or made a claim against the Company in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability respect of any kind (except for any confidentiality obligations that may arise as a result of Monsoon breach or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)default thereunder.
Appears in 2 contracts
Sources: Merger Agreement (Unitrode Corp), Merger Agreement (Texas Instruments Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.08(a) of the Monsoon Disclosure Letter Schedules sets forth a true true, correct and complete list, list of the following Purchased Contracts as of the date hereofhereof (the “Material Contracts”) (and Sellers have made available to Buyer true, correct and complete copies of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any all such Material Contracts, together with all amendments, modifications or supplements and modifications thereto):
(i) any non-competition agreementpartnership, non-solicitation agreementjoint venture, exclusive distributionstrategic alliance or similar Contract involving a sharing of profits, franchise losses, costs or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business liabilities with any other Person or in any geographic area or from soliciting employees or personnel of any Person(including the organizational documents with respect to each JV Entity);
(ii) any Contract that relates relating to the formationany options, creationrights (preemptive or otherwise), governance warrants, calls, convertible securities or control of any partnership, joint venture or similar arrangement, commitments or any collaboration, cooperation other agreements or partnering Contract, in each case that is material arrangements with respect to the Monsoon Business and for which the closing any equity securities of the relevant transaction has not occurredPurchased Entities;
(iii) any Contract that relates relating to (A) the Indebtedness of any Seller or (B) the mortgage or pledge of, or otherwise creating an Encumbrance (other than a Permitted Encumbrance) on, any of the Purchased Assets in each case, other than (x) intercompany Indebtedness amongst Sellers, (y) Indebtedness which will be fully discharged under the Bankruptcy Code or (z) the Pre-Petition Credit Agreement and the DIP Credit Agreement;
(iv) any Contract relating to the acquisition or disposition of any business, assets or properties for consideration in excess of $10,000,000 (whether by merger, sale of stock, sale of assets or otherwise, ) (A) entered into in the last (3) years and (B) pursuant to which any material earn-out or deferred or contingent payment obligations remain outstanding (in each case case, excluding for which the closing avoidance of doubt, purchase of inventory in the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit PlanOrdinary Course);
(v) any material Contract pursuant Lease with respect to which any Third Party Approval is required pursuant to a “change of control” or similar clausethe Leased Real Property;
(vi) any Contract entered into other than on commercial arm’s length termsfor the lease of personal property (tangible or intangible) to or from any Person providing for lease payments in excess of $250,000 per annum;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar ContractContract with any Material Customer;
(viii) any Contract entered into by Monsoon or with any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Material Supplier;
(ix) any prime Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; orGovernmental Authority;
(x) any other Contract other than as set forth above with a Material Customer or Material Supplier that (A) prohibits or limits the freedom of any Seller of the Business to compete in any line of business with any Person or in any geographic area or (B) contains exclusivity obligations or restrictions binding on any Seller of the Business or (C) grants any right of first refusal or right of first offer obligations or restrictions to any Person;
(xi) any Contract to which Monsoon or any Monsoon Subsidiary Seller is a party or by (A) pursuant to which it or any of its assets or businesses Seller is bound or subject granted a right to use any third party Intellectual Property that is material to the Monsoon Business Business, other than non-exclusive licenses for commercially available or off-the-shelf software or software that is subject to click-through or shrink wrap agreements entered into by Sellers in the Ordinary Course, (B) pursuant to which any Seller grants a third party the right to use any Purchased Intellectual Property that is material to the Business, other than any Contract with any end user of any Seller’s products or operation services which is entered into in the Ordinary Course or any marketing agreement which contains an incidental trademark license to use the Seller’s Trademarks in the scope of their assetsproviding such services, (C) covering the settlement of any claims related to any Intellectual Property and (D) pursuant to which any Seller is prohibited or restricted in any manner from using any Purchased Intellectual Property; or
(xii) any Contract with any Employee that includes base annual compensation in excess of $200,000 that is not terminable at-will on no more than sixty (60) days’ advance notice and includes no severance-type benefits; and
(xiii) any Contract that is a Collective Bargaining Agreement.
(b) With respect to each Contract set forth on Section 3.08(a) of the Disclosure Schedules, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and such Contract is in full force and effect and are constitutes the legal, valid and binding of the Seller party thereto and, to the Knowledge of Sellers, the counterparty thereto, enforceable by Monsoon or its applicable Subsidiary against such Seller and, to the Knowledge of Sellers, the counterparty thereto in accordance with their its terms (except insofar as such enforceability may be limited by applicable bankruptcyand conditions, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing subject to the availability of equitable remedies), Bankruptcy and Equity Exception and (ii) Monsoon or its applicable Subsidiary has performed all material obligations required neither the Seller party thereto nor, to be performed by it under the Monsoon Material ContractsKnowledge of Sellers, and it the counterparty thereto is not (with or without notice or lapse of time, or both) in material breach or material default thereunder thereof that would permit or give rise to a right of termination, modification or acceleration thereunder, and (iii) no Seller and, to the knowledge Knowledge of MonsoonSellers, no counterparty thereto, has commenced any Proceeding against any other party to any Monsoon Material such Contract is (with or without notice given or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of any breach or default under such Contract that has not been withdrawn or dismissed, except, in the intention cases of any party to cancelclauses (ii) and (iii), terminate, change for breaches or defaults (A) caused by or resulting from the scope of rights under Chapter 11 Cases or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract(B) which are not, and a summary of each oral Monsoon Material Contractwould not reasonably be expected to be, listed individually or in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available aggregate, material to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise Business taken as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)whole.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Global Eagle Entertainment Inc.), Asset Purchase Agreement
Material Contracts. (a) All Except as set forth in Schedule 4.09 and excluding any Contract that is an Excluded Asset or an Excluded Liability, but including the Shared Contracts required to be filed as exhibits listed on Schedule 6.08, with respect to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete listBusiness, as of the date hereof, of each this Agreement neither Seller nor any of its Subsidiaries (including the following Contracts to which Monsoon or any Monsoon Subsidiary Purchased Subsidiaries) is a party to or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):by:
(i) any non-competition agreementContract providing for the performance of services or the delivery of goods or materials by Seller or any of its Subsidiaries that requires annual payments to Seller or any of its Subsidiaries of $100,000 or more;
(ii) any lease of personal property requiring annual rentals of $100,000 or more that cannot be terminated on not more than 60 days’ notice without payment by Seller or and its Subsidiaries of any penalty in excess of $20,000;
(iii) any agreement for the purchase of materials, non-solicitation agreementsupplies, exclusive distributiongoods, franchise or licensing agreement services, equipment or other tangible assets from a third party that is one of the fifteen (15) largest suppliers (by dollar-value of total purchases) of the Business for (A) the twelve (12)-month period ended December 26, 2017 and (B) the six (6)-month period ended June 26, 2018;
(iv) any partnership, joint venture, franchise, royalty, management or other similar agreement;
(v) any Contract that includes any provision which materially limits Monsoon the freedom of Seller or any Monsoon Subsidiary from engaging of its Subsidiaries to compete in any activity line of business or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contractarea, in each case that is material to which would so limit the Monsoon Business and for which freedom of Buyer after the closing of Initial Closing Date, the relevant transaction has not occurred;
(iii) any Contract that relates to North Carolina Closing Date or the acquisition or disposition of any businessDelaware Closing Date, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clauseas applicable;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) granting to Seller or one of its Subsidiaries any currency exchangeexclusive right to use, interest rate exchangeexploit or practice, commodity exchange or similar Contract;
(viii) including any Contract entered into by Monsoon or covenant not to ▇▇▇, with respect to any Monsoon Subsidiary in connection with Intellectual Property Right that is material to the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract Business (other than COTS Licenses and other Contracts entered into in the ordinary course of business consistent with past practice) business); any material Contract under which provides for aggregate future sums due from Monsoon Seller or any Monsoon Subsidiary of its Subsidiaries grants to a third party any rights under or an aggregate future liability (contingent or otherwise) with respect to any Person (in each case Transferred Business Intellectual Property other than Monsoon non-exclusive licenses granted in the ordinary course of business; or any Monsoon Subsidiaryco-existence agreement or similar Contract that limits in any material respect Seller’s or any of its Subsidiaries’ rights to use or otherwise exploit, enforce or register any material Trademarks included in the Transferred Business Intellectual Property;
(vii) any Contract with any Governmental Authority;
(viii) any employment or consulting Contract with any Business Employee that involves aggregate annual payment in excess of $1,000,000; or50,000;
(ix) any Contract with any labor union;
(x) any other Contract other than as set forth above relating to which Monsoon settlement of any material administrative or judicial proceedings within the past three (3) years;
(xi) any Monsoon Subsidiary is Contract that results in any Person holding a party or by which it power of attorney on behalf of Seller or any of its assets Subsidiaries (including the Purchased Subsidiaries) and/or the Business; or
(xii) any note, mortgage, indenture or businesses is bound other obligation or subject agreement or other instrument for or relating to Indebtedness for borrowed money (including capitalized leases), or any guarantee of third party obligations, or any lien securing such Indebtedness or obligations, or any letters of credit, performance bonds or other credit support for the Business that is material will need to be replaced at the Monsoon Business or the use or operation of their assetsInitial Closing.
(b) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) All Contracts each Contract set forth forth, or required to be set forth forth, in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents Schedule 4.09 (the each, a “Monsoon Material ContractsContract”) are valid, is a valid and binding and in full force and effect and are enforceable by Monsoon or agreement of Seller and/or its applicable Subsidiary Subsidiaries party thereto, enforceable in accordance with their terms (except insofar as such enforceability may be limited by its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or and similar Laws affecting creditors’ rights generallygenerally and subject, or by as to enforceability, to general principles governing the availability of equitable remedies)equity, (ii) Monsoon or neither Seller nor any of its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it Subsidiaries is not (with or without notice or lapse of time, or both) in material breach of, or material default thereunder andunder, any Material Contract, except where such breach or default would not reasonably be expected to be material to the Business, and (iii) to the knowledge of MonsoonSeller, no other party to any Monsoon a Material Contract is (with or without notice or lapse in default of timesuch Material Contract. As of the date of this Agreement, no party to any Material Contract has given written, or both) in breach to the knowledge of Seller oral, notice to Seller or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (ivincluding the Purchased Subsidiaries) neither Monsoon nor any of its Subsidiaries intention to cancel or otherwise terminate any such agreement. Seller has received any written notice of the intention of any party delivered or made available to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True Buyer true and complete copies of each written Monsoon all Material ContractContracts, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and any amendments thereto and waivers thereunder) have been made available to Indigo Parentthereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 2 contracts
Sources: Asset and Equity Purchase Agreement (Del Frisco's Restaurant Group, Inc.), Asset and Equity Purchase Agreement (Del Frisco's Restaurant Group, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a4.09(a) of the Monsoon Disclosure Letter Schedule sets forth a true and complete listall currently active: (i) joint venture, as of the date hereofpartnership or similar Contracts entered into since April 1, of each of the following Contracts 2014 to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by to which Monsoon or any Monsoon Subsidiary of the Company’s or any of their respective properties its Subsidiaries’ assets are subject to or assets is bound bound; (including any amendmentsii) indemnification, supplements and modifications thereto):
(i) any non-competition agreementemployment, non-solicitation agreement, exclusive distribution, franchise or licensing agreement consulting or other Contract that includes entered into since April 1, 2014 with any provision which materially limits Monsoon executive officer of the Company or any Monsoon Subsidiary from engaging in of its Subsidiaries other than those Contracts entered into since April 1, 2014 that are terminable by the Company or any activity of its Subsidiaries on no more than thirty (30) days’ notice without liability or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates financial obligation to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
such Subsidiary; (iii) any Contract that relates mortgages, indentures, guarantees, loans or credit agreements, security agreements or promissory notes relating to the acquisition borrowing of money, extension of credit or disposition other indebtedness for borrowed money by the Company or any of any business, whether by merger, sale of stock, sale of assets or otherwiseits Subsidiaries, in each case for which more than $50,000 individually or $250,000 in the closing of the relevant transaction has not occurred;
aggregate, entered into since April 1, 2014; (iv) any Contract with any Related Person of Monsoon entered into since April 1, 2014 pursuant to which the Company or any Monsoon Subsidiary of its Subsidiaries received or paid in excess of $187,500 during the eight (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
8) months ended on November 30, 2014; (v) any material Contract pursuant to entered into since April 1, 2014 under which the Company or any Third Party Approval of its Subsidiaries is required pursuant to a “change the lessee or sublessee of, or holds or operates any real property or any personal property requiring payments of control” or similar clause;
at least $250,000 during any twelve (12) month period; (vi) any Contract entered into since April 1, 2014 granting most favored customer pricing, exclusive sales, distribution, marketing, or other than on commercial arm’s length terms;
material exclusive rights, rights of first refusal or rights of first negotiation with respect to the software products of the Company or its Subsidiaries; (vii) any currency exchangeContract entered into since April 1, interest rate exchange, commodity exchange 2014 required to be listed under Section 4.12(c)(i) or similar Contract;
4.12(c)(ii) of the Disclosure Schedule; and (viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with listed on Section 3.10(a) of the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates Unit Purchase Agreement Disclosure Schedule (including collectively, the Indigo Group Companies after the Closing Date“Material Contracts”);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth Assuming the accuracy and completeness of the representations and warranties in Section 5.17(a) 3.10 of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to Unit Purchase Agreement, neither the Monsoon SEC Documents (Company nor any Subsidiary of the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it Company is not (with or without notice or lapse of time, or both) in material breach of or material default thereunder under the terms of any Material Contract and, to the knowledge Knowledge of Monsoonthe Company, no other party to any Monsoon Material Contract is (with or without notice or lapse in material breach of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice under the terms of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True Except for the Bankruptcy and complete copies of Equity Exception, each written Monsoon Material Contract, Contract is a valid and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) binding obligation of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) Company or the Subsidiary of the Monsoon Disclosure Letter, no Contract to Company which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words and to the Knowledge of similar importthe Company, each other party thereto), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)and is in full force and effect.
Appears in 2 contracts
Sources: Merger Agreement (PCF 1, LLC), Merger Agreement (Neulion, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in For purposes of this Agreement, a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of “Material Contract” means each of the following Contracts to which Monsoon or (excluding in each case any Monsoon Subsidiary is a party or purchase order entered into by which Monsoon or any Monsoon Subsidiary the Company or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into its Subsidiaries in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon is currently in effect and to which the Company or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party or by which it any of their respective properties or assets are bound:
(i) any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC, other than those agreements and arrangements described in Item 601(b)(10)(iii)) with respect to the Company and its Subsidiaries;
(ii) other than at-will offer letters on the Company’s standard form containing no severance provisions or consulting Contracts which may be cancelled on less than ninety (90) days’ notice without penalty to the Company, any employment or independent contractor Contract (in each case, under which the Company has continuing obligations as of the date hereof) with any current or former executive officer, consultant or employee of the Company or its Subsidiaries or member of the Company Board providing for an annual base compensation in excess of $100,000;
(iii) any Contract or plan, including any stock option plan, stock appreciation right plan or stock purchase plan, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated, by the consummation of the transactions contemplated by this Agreement or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated by this Agreement (including the Merger);
(iv) any Collective Bargaining Agreement or other similar Contract with a Labor Organization;
(v) any Contract (excluding, for the avoidance of doubt, any purchase order) with any Significant Customer or any Significant Supplier providing for indemnification or any guaranty (in each case, under which the Company has continuing obligations as of the date hereof), other than (A) any guaranty by the Company of any of its Subsidiaries’ obligations or (B) any Contract providing for indemnification entered into in connection with the distribution, sale or license of services or hardware or software products in the ordinary course of business consistent with past practice, which indemnification does not materially differ from the provisions embedded in Company’s standard terms of sale as provided or made available to Parent;
(vi) any Contract containing any covenant, commitment or other obligation (A) limiting the right of the Company or any of its assets Subsidiaries to engage in any line of business or businesses is bound to compete with any Person in any line of business, (B) granting any exclusive rights to any third party, (C) containing a “most favored nation” or subject similar provision that is material would affect more than 1% of the Company’s aggregate annual revenues (based solely on the fiscal year ended December 31, 2014) or the provisions of which would be applicable to Parent after the Effective Time, (D) including any “take or pay” or “requirements” obligation, (E) prohibiting the Company or any of its Subsidiaries (or, after the Effective Time, Parent) from engaging in business with any Person or levying a fine, charge or other payment for doing so (other than any prohibition pertaining to the Monsoon Business non-solicitation of employees) or (F) otherwise prohibiting or limiting the use right of the Company or its Subsidiaries to sell, distribute or manufacture any products or services or to purchase or otherwise obtain any software, components, parts or subassemblies, in the case of each of clauses (A) through (F) other than any such Contracts that may be cancelled without liability to the Company or its Subsidiaries of more than $200,000 and upon notice of ninety (90) days or less;
(vii) any Contract (A) relating to the license, disposition or acquisition by the Company or any of its Subsidiaries after the date of this Agreement of a material amount of assets other than in the ordinary course of business, (B) pursuant to which the Company or any of its Subsidiaries will acquire any material ownership interest in any other Person or other business enterprise other than the Company’s Subsidiaries or (C) relating to the formation, control or operation of their assetsany joint venture;
(viii) any Contract for the acquisition or disposition of any business containing any continuing (A) profit sharing arrangements or “earn-out” arrangements or (B) indemnification or similar contingent payment obligations;
(ix) any joint marketing or development agreements under which the Company or any of its Subsidiaries have continuing obligations or costs in excess of $200,000 per year, to jointly market any product, technology or service, and which may not be canceled without penalty upon notice of ninety (90) days or less;
(x) any material outsourcing Contracts (including material Contracts to assemble, manufacture and package any Company Product) other than Contracts between the Company and a Significant Supplier;
(xi) Based upon amounts paid or received thereunder during the most recent completed fiscal year of the Company, (A) any Contract between the Company and any Significant Customer, (B) the top five (5) distributor contracts, (C) any Contract between the Company and any Significant Supplier, (D) the top three (3) development contracts, and (E) the top five (5) sales representative contracts;
(xii) The top five (5) Contracts (based upon amounts paid thereunder during the most recent completed fiscal year of the Company, and excluding, for the avoidance of doubt, any purchase order) containing any service obligation on the part of the Company or any of its Subsidiaries (as measured by continuing costs to be incurred by the Company or any of its Subsidiaries in connection with those services);
(xiii) any Contract that is required to be listed in Section 3.22(c) of the Company Disclosure Letter;
(xiv) any mortgages, indentures, guarantees, loans or credit agreements, security agreements or other Contracts relating to the borrowing of money by, or extension of credit to, the Company or any of its Subsidiaries, other than (A) accounts receivables and payables in the ordinary course of business consistent with past practice and (B) loans to direct or indirect wholly-owned Subsidiaries;
(xv) any mortgage, lease, loan or other material Contract relating to any sale leaseback transaction of any real property previously owned by the Company or any of its Subsidiaries;
(xvi) any Leases;
(xvii) any Contract entered into since January 1, 2013 to settle a Legal Proceeding other than (A) releases entered into with former employees or independent contractors of the Company which do not contain cash settlements in excess of $300,000 or (B) settlement agreements for cash only (which has been paid) and does not exceed $300,000 as to such settlement; and
(xviii) any material Contract with any Governmental Entity.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a3.11(b) of the Monsoon Company Disclosure Letter or filed or required to be filed contains a list that is complete and accurate in all material respects as exhibits to of the Monsoon SEC Documents (the “Monsoon date hereof of all Material Contracts”, and identifies each subsection of Section 3.11(a) are validthat describes such Material Contract. The Company has delivered or made available to Parent complete and correct copies of each such Material Contract.
(c) Each Material Contract is valid and binding on the Company (and/or each such Subsidiary of the Company, binding as the case may be) and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractseffect, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to neither the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon Company nor any of its Subsidiaries has received written notice party thereto, nor, to the Knowledge of the Company, any actualother party thereto, alleged, possible or potential material violation is in breach of, or material failure to comply with, default under any term or requirement of any Monsoon such Material Contract, and (iv) no event has occurred that with notice or lapse of time or both would constitute such a breach or default thereunder by the Company or any of its Subsidiaries, or, to the Knowledge of the Company, any other party thereto, except in each of the foregoing cases as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole. As of the date hereof, neither Monsoon the Company nor any of its Subsidiaries has received any written notice or other written communication regarding any actual or possible violation or breach of the or default under, or intention of to cancel or modify, any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, except as is not and a summary of each oral Monsoon Material Contractwould not reasonably be expected to be, listed individually or in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications aggregate, material to the Company and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closingits Subsidiaries, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise taken as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)whole.
Appears in 2 contracts
Sources: Merger Agreement (Microchip Technology Inc), Merger Agreement (Micrel Inc)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.19(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereof, of Schedule lists each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound the Acquired Companies (such Contracts, including any all material amendments, supplements and modifications modifications, extensions, renewals, guarantees, schedules, exhibits or ancillary agreements with respect thereto):, collectively, the “Material Contracts”) as of the date of this Agreement:
(i) any non-competition agreementContract pursuant to which any Acquired Company is obligated to pay, non-solicitation agreementor is entitled to receive, exclusive distribution, franchise an amount in excess of $50,000 individually or licensing agreement or $200,000 in the aggregate other than any contingent liability under a survival clause in a terminated Contract that includes for which the Acquired Companies do not expect to have any provision actual Liability and which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel otherwise would not be required to be disclosed on Section 3.07 of any Personthe Disclosure Schedule;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, agreement or arrangement to which any collaboration, cooperation or partnering Contract, in each case that Acquired Company is material to the Monsoon Business and for which the closing of the relevant transaction has not occurreda party;
(iii) any Contract that relates relating to the acquisition or disposition of any business, business (whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred);
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)each Lease;
(v) any material Contract pursuant relating to which Indebtedness, whether incurred, assumed, guaranteed or secured by any Third Party Approval is required pursuant to a “change of control” or similar clauseasset, except any such agreements with an aggregate outstanding principal amount (taking all such agreements together) not exceeding $50,000;
(vi) any Contract entered into other than on commercial arm’s length termseach IP License;
(vii) any currency exchangeContract that materially limits (or purports to materially limit) the ability of any Acquired Company from engaging or competing in any line of business or with any Person, interest rate exchange, commodity exchange or similar Contractfrom soliciting for employment or hiring any Person;
(viii) any Contract entered into by Monsoon or with any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date)Governmental Authority;
(ix) any Affiliate Contract;
(x) any Contract requiring any Acquired Company (A) to co-invest with any other than Contracts Person, (B) to provide seed capital or similar investment or (C) to invest in any investment product;
(xi) any Contract that contains (A) a “clawback” or similar undertaking requiring the contribution, reimbursement or refund by an Acquired Company of any prior distribution, return of capital or fees (whether performance based or otherwise) paid to any such Person or (B) a “most favored nation” or similar provision;
(xii) any Contract that contains key person provisions pertaining to employees of any Acquired Company;
(xiii) any placement agent agreement, or other similar Contract for the distribution or sale of notes, shares, units or interests of a CLO Entity, which CLO has not closed and which placement agent agreement has not terminated as of the date of this Agreement;
(xiv) each CLO Document;
(xv) any Contract with any CLO Entities to which an Acquired Company is a party and by which an Acquired Company or any of its assets is bound;
(xvi) any Side Letter;
(xvii) any Contract entered into by a Seller Party or an Affiliate in connection with the acquisition of an interest in an Acquired Company or a predecessor entity or the acquisition of an investment management agreement or collateral management agreement now held by an Acquired Company; and
(xviii) any other Contract not made in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsAcquired Companies.
(b) As of the date of this Agreement, (i) All Contracts set forth or required to be set forth in Section 5.17(a) of each Material Contract is valid and binding on the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding Acquired Company party thereto and is in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon no Acquired Company or, to the Knowledge of the Seller Parties, any other party thereto, is in default or its applicable Subsidiary has performed all breach in any material obligations required to be performed by it respect under the Monsoon terms of any such Material ContractsContract, and it is not (nor to the Knowledge of the Seller Parties, has any event occurred that, with or without notice or lapse of time, time or both) in , would constitute a material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor by any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any Acquired Company party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parentthereto.
(c) Upon Closing, save as disclosed in Section 5.17(c) As of the Monsoon Closing Date, after giving effect to the Transactions, and subject to receipt of the CLO Manager Required Consents and the other consents set forth on Section 3.05 of the Disclosure LetterSchedule, no and the satisfaction of any notice requirement with respect to each Material Contract to which Monsoon or any Monsoon Subsidiary is a set forth on Section 3.04 of the Disclosure Schedule and Section 3.05 of the Disclosure Schedule: (i) each Material Contract will be valid and binding on the Acquired Company party thereto and will be in full force and effect which purports and (ii) no Acquired Company or, to legally bindthe Knowledge of the Seller Parties, any other party thereto, will be in default or impose breach in any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to material respect under the terms of any such Material Contract, nor, to the Knowledge of the Seller Parties, will any event have occurred that, with notice or lapse of time or both, would constitute a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates material breach of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Material Contract.
Appears in 1 contract
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in Set forth on Schedule 4.12(a) is a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as of the date hereofSigning Date, of each of the following Contracts to which Monsoon any Acquired Company or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):party:
(i) each Contract relating to any non-competition agreementjoint venture, non-solicitation agreementpartnership, exclusive distributionstrategic alliance, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel sharing of any Personprofits;
(ii) each Contract that materially limits the right of any Acquired Company or Subsidiary to (A) engage in or compete with any Person in any business or in any geographical area or (B) solicit or hire any Person with respect to the business of the Acquired Companies or Subsidiaries;
(iii) each collective bargaining Contract or other Contract with any labor union, labor association, works council, or labor board representing any employee of an Acquired Company or Subsidiary;
(iv) each license of Intellectual Property, except for licenses implied by the sale of goods, shrink-wrap and click-wrap software licenses, end-user licenses, and licenses to software generally commercially available;
(v) each Contract relating to the incurrence, assumption or guarantee of any indebtedness or imposing a Lien on any of the assets of any Acquired Company or Subsidiary, including any capital leases with aggregate obligations exceeding $25,000;
(vi) each Contract pertaining to employment arrangements with any officer, director, employee, or independent contractor that (A) provides for severance, termination, retention, change in control, or similar payments, (B) provides for any notice periods or benefits over and above statutory minimums, or (C) is not terminable without penalty on no more than ninety days’ notice;
(vii) each Contract with any current or former officer, manager, or employee of any Acquired Company or Subsidiary under which the Acquired Companies or Subsidiaries have any liability or obligation in excess of $100,000, not including any contracts that are terminable without penalty on no more than ninety days’ notice;
(viii) any Contract that relates to the formation, creation, governance acquisition or control disposition of any partnership, joint venture business or assets or the sale or supply of any product or services pursuant to which any Acquired Company or Subsidiary has any liability in excess of $100,000 individually or $500,000 in the aggregate;
(ix) each Contract with each Significant Customer and each Contract with each Significant Supplier;
(x) any customer Contract which contains a “most favored nation” or similar arrangementclause;
(xi) each Contract relating to the lease, sublease, or assignment of any collaborationportion of any Real Property owned or leased by an Acquired Company or Subsidiary;
(xii) any Contract under which (A) any Person has directly or indirectly guaranteed any liabilities or obligations of any Acquired Company or Subsidiary, cooperation (B) any of the Acquired Companies or partnering Subsidiaries has directly or indirectly guaranteed liabilities or obligations of any other Person;
(xiii) any Contract granting any rights of first refusal, rights of first negotiation or other similar rights to any Person with respect to the sale of any Tangible Assets but excluding any Contract granting a customer the right to purchase assets dedicated to the provision of services to such customer upon the termination of such Contract;
(xiv) any Contract in respect of any interest rate, currency and commodity hedge, swap, collar, cap or similar instrument, in each case that is material case, relating to the Monsoon Business and for which the closing notional amounts in excess of the relevant transaction has not occurred$500,000;
(iiixv) any Contract providing for the settlement of any Action (A) which will involve payments after the Interim Balance Sheet Date of consideration in excess of $100,000 or imposition of monitoring or reporting obligations to any other Person, or (B) with respect to which conditions precedent to the settlement have not been satisfied;
(xvi) any Contract with respect to the sharing, allocation or indemnifying for Taxes or Tax costs that will survive the Closing Date;
(xvii) any Contract that provides for the indemnification of any Person or the assumption of any Tax, environmental or other liability of any Person;
(xviii) any Contract that binds any of the Acquired Companies or Subsidiaries to any exclusive business arrangement;
(xix) any Contract that contains earn-out, deferred or contingent purchase price or similar contingent payment obligations;
(xx) any Contract involving aggregate consideration in excess of $100,000 and which, in each case, cannot be terminated without penalty on no more than ninety days’ notice;
(xxi) any Contract that provides for the making of any advance, loan, or extension of credit by an Acquired Company or Subsidiary to a Person;
(xxii) any Contract between or among any Acquired Company or Subsidiary, on the one hand, and Seller or any Affiliate of Seller, on the other hand, that will survive the Closing Date;
(xxiii) any Contract that relates to the acquisition or disposition of any business, a material amount of stock or assets of any other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise) during the past two (2) years or in the future, other than in each case for which the closing Ordinary Course of the relevant transaction has not occurredBusiness;
(ivxxiv) any Contract with any Related Person of Monsoon staffing, leasing, or employment agency or recruiter regarding temporary, leased, or non-permanent labor or employees at any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)Acquired Company or Subsidiary;
(vxxv) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting and advertising Contracts; and
(vixxvi) any Contract entered agreeing to enter into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsforegoing.
(b) (i) All The Contracts set forth or required disclosed pursuant to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits 4.12(a), and all other Contracts that are material to the Monsoon SEC Documents operation of any Acquired Company or Subsidiary not previously disclosed pursuant to Section 4.12(a), together with all material amendments, modifications or supplements thereto (the “Monsoon Material Contracts”) are valid, binding and have heretofore made available to Buyer. Each Material Contract is in full force and effect in all material respects and are enforceable constitutes a legal, valid and binding obligation of the applicable Acquired Company or Subsidiary, and, to the Acquired Companies’ Knowledge, of the other parties thereto, subject to the General Enforceability Exceptions. There is no material breach or default by Monsoon the applicable Acquired Company or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcyor, insolvencyto the Acquired Companies’ Knowledge, reorganizationany third party under any Material Contract, moratorium or similar Laws affecting creditors’ rights generallyand no event has occurred, or by principles governing would occur as a result of the availability of equitable remedies)Closing, (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contractswhich, and it is not (with or without notice or lapse of timetime or both, would constitute a breach or default or would permit termination, acceleration or modification thereof, or both) other changes of any right or obligation or the loss of any benefit thereunder, in any material breach or material default thereunder andrespect by any party to such Material Contract. No party to any of the Material Contracts has exercised any termination right with respect thereto, and no party has given written, or, to the knowledge Acquired Companies’ Knowledge, oral, notice of Monsoonany material dispute with respect to, no other party or any intention to terminate or materially change the terms of, any Material Contract. No Acquired Company or Subsidiary has assigned, delegated, or otherwise transferred to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor third party any of its Subsidiaries has received written notice of any actualrights, allegedtitle, possible or potential material violation ofinterest, or material failure to comply with, obligations under any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material ContractExcept as set forth on Schedule 4.12(b), and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) the consummation of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closingtransactions contemplated herein will not trigger any change of control, save as disclosed in Section 5.17(c) of anti- assignment or similar provision under any Material Contract requiring the Monsoon Disclosure Letter, no Contract to which Monsoon consent or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability approval of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 1 contract
Sources: Stock Purchase Agreement (Pioneer Power Solutions, Inc.)
Material Contracts. (a) All Contracts required Schedule 3.14(a) lists each Contract described below (excluding purchase orders, invoices or similar documentation entered into in the ordinary course of business and any Plans listed on Schedule 3.17(a)) to be filed as exhibits to the Monsoon SEC Documents have been so filed in which any Acquired Entity is a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, party as of the date hereof, of each hereof (such Contracts responsive to any of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendmentssubsections, supplements and modifications theretothe “Material Contracts”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise Contract with the (A) Significant Customers or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Person(B) Significant Vendors;
(ii) any Contract that relates relating to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurredIndebtedness;
(iii) Real Property Leases;
(iv) Contract under which an Acquired Entity is a licensee of or is otherwise granted by a third party any rights to use any Intellectual Property (other than (A) non-exclusive licenses of (or agreements to provide Software on a nonexclusive, hosted basis) commercially-available Software for a cost of less than $100,000 during the twelve (12) months ended March 31, 2025, or (B) Incidental Licenses);
(v) Contract under which an Acquired Entity is a licensor of, or otherwise grants to a third party any rights to use, any Owned IP (other than (A) any Contract with a customer for Proprietary Software licensed or provided on a non-exclusive basis in the ordinary course of business or (B) Incidental Licenses);
(vi) Contract that relates to is a joint venture, cooperative, franchise, consortium or partnership agreement providing for the acquisition or disposition sharing of any businessprofits or losses;
(vii) collective bargaining agreement or other Contract with any Union;
(viii) Contract involving the settlement or compromise of any Action with obligations that remain outstanding as of the date of this Agreement;
(ix) Contract related to any disposition, divestiture or acquisition (whether by merger, sale of stock, sale of assets or otherwise) of any business by an Acquired Entity, in each case case, for aggregate consideration in excess of $1,000,000 that was entered into since January 1, 2022, or pursuant to which the closing of the relevant transaction has not occurredany earn-out or other deferred or contingent payment obligations remain outstanding;
(ivx) any Contract with for capital expenditures by any Related Person Acquired Entity in excess of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)$250,000;
(vxi) any material Contract that prohibits, restricts or limits (A) the geographies or businesses in which any Acquired Entity may operate its business, (B) the ability of any Acquired Entity to engage in business with any customer, vendor or other third party, or (C) any Acquired Entity’s ability to compete with any Person anywhere in the world and during any period of time;
(xii) any Contract pursuant to which any Third Party Approval is required pursuant to a an Acquired Entity has granted “change of controlmost favored nation” or similar clausepreferential pricing or terms to any Person;
(vixiii) any Contract entered into other than containing any exclusivity requirements binding on commercial arm’s length termsany Acquired Entity;
(viixiv) any currency exchange, interest rate exchange, commodity exchange or similar ContractContract that has any offshore limitations binding on any Acquired Entity;
(viiixv) any Contract entered into by Monsoon relating to mortgaging, pledging or otherwise placing or granting a Lien (other than a Permitted Lien) on any portion of the assets of any Acquired Entity or any Monsoon Subsidiary in connection with Contract related to the settlement guaranty of any obligation for borrowed money of any third party or other resolution material guaranty of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any obligation of their respective Affiliates (including the Indigo Group Companies after the Closing Date)a third party;
(ixxvi) any Contract providing for the employment or consultancy of any individual on a full-time, part-time, consulting or other basis, the performance of which mandates payment of base cash compensation (other than Contracts entered into in for the ordinary course avoidance of business consistent with past practicedoubt, not to include any bonuses or benefits (including issuances or grants of Equity Interests) which provides made by any Acquired Entity or its Affiliates as it relates to the Business Employees to or for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiarythe benefit of such Person) in excess of $1,000,000150,000 annually (other than at-will employment contracts that may be immediately terminable by the applicable Acquired Entity or its Affiliates at it relates to the Business Employees without severance or consulting contracts that may be terminable by the applicable Acquired Entity on not more than sixty (60) days’ notice);
(xvii) the Assigned Contracts (as defined in the Contribution Agreement), other than the Continuing Employee Agreements (as defined in the Contribution Agreement); or
(xxviii) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary group of related Contracts with the same party that (A) is not a party Contract between an Acquired Entity and a customer of such Acquired Entity, (B) involved expenditure, payment or receipt of consideration by which it the Acquired Entities in excess of $250,000 during the twelve (12) months ended March 31, 2025, and (C) is not terminable by such Acquired Entity without penalty on notice of thirty (30) days or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assetsless.
(b) (i) All Contracts Except as set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon on Schedule 3.14(b), each Material Contracts”) are valid, binding and Contract is in full force and effect effect, is the legal, valid and are binding obligation of the applicable Acquired Entity, and is enforceable by Monsoon or its applicable Subsidiary in accordance with their its terms (except insofar as such enforceability may be limited by against the applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder Acquired Entity and, to the knowledge Knowledge of Monsoonthe Seller Parties, no each other party thereto, subject to the Enforceability Exceptions. Except as set forth on Schedule 3.14(b), (i) each of the Acquired Entities is currently in material compliance with and has performed and materially complied with all of its obligations under each Material Contract; and (ii) none of the Acquired Entities or, to the Knowledge of the Seller Parties, any Monsoon other party thereto, is in violation or breach of or default under, any Material Contract is or has, in the past twelve (with 12) months, received written or, to the Knowledge of the Seller Parties, oral notice of any actual or without notice alleged violation of or lapse of timedefault under, or both) in breach the cancellation, termination, adverse modification or default thereunder, (iii) since January 1, 2014, neither Monsoon nor acceleration of any of its Subsidiaries Material Contract. No Acquired Entity has received written notice of any actual, alleged, possible plan or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any other party to cancel, terminate, change the scope of rights under any Material Contract to exercise any right to cancel or fail to renew terminate any Monsoon Material Contract. True The Seller Parties have made available to Buyer true and complete copies of each written Monsoon Material Contract and provided summaries of any oral Material Contract. With respect to any Contract of the Acquired Entities (other than the Material Contracts) that is included in the Data Room as set forth on Schedule 3.14-2 ("Data Room Contracts"), none of the Acquired Entities or, to the Knowledge of the Seller Parties, any other party thereto, is in violation or breach of or default under, any such Data Room Contract or has received written or, to the Knowledge of the Seller Parties, oral notice of any actual or alleged violation of or default under, or the cancellation, termination, adverse modification or acceleration of any such Data Room Contract, in each case, that has had or would reasonably be expected to have a Business Material Adverse Effect. With respect to any Contract of the Acquired Entities (other than the Material Contracts) that is not included in the Data Room ("Non-Data Room Contracts"), none of the Acquired Entities or, to the Knowledge of the Seller Parties, any other party thereto, is in violation or breach of or default under, any such Non-Data Room Contract, and a summary the Acquired Entities have not, during the past twenty-four (24) months, received written notice of each oral Monsoon Material any actual or alleged violation of or default under, or the cancellation, termination, adverse modification or acceleration of any such Non-Data Room Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) each case, that has had or would reasonably be expected to have been made available to Indigo Parenta Business Material Adverse Effect.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 1 contract
Material Contracts. (a) All Contracts required to be filed Except as exhibits to the Monsoon SEC Documents have been so filed set forth in a timely manner. Section 5.17(a3.13(a) of the Monsoon Disclosure Letter sets forth a true and complete listSchedules, as of the date hereofof this Agreement, of each none of the following Contracts Business Subsidiaries is party to which Monsoon any loan or any Monsoon Subsidiary is credit agreement, bond, debenture, note, mortgage, indenture, guarantee, lease or other contract, agreement, commitment, obligation, undertaking, concession, franchise or license (each, including all amendments thereto, a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto“Contract”):
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement that represents a joint venture or other Contract that includes relating to the ownership by any provision which materially limits Monsoon Business Subsidiary of a partnership, membership or any Monsoon Subsidiary from engaging other equity interest in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any Persona third party;
(ii) any Contract that relates to the formation, creation, governance or control contains covenants of any partnershipBusiness Subsidiary (or that would bind Buyer, joint venture or similar arrangementany Affiliate of Buyer, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has Business Subsidiaries following Closing) (A) not occurredto compete in any line of business or in any geographical area, (B) not to sell, supply or distribute any material amount of products or services to any Person, or (C) that materially restrict hiring, employment or solicitation for employment;
(iii) that contains exclusivity obligations binding on any Contract that relates of the Business Subsidiaries or purporting to the acquisition or disposition bind Affiliates of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurredBusiness Subsidiaries;
(iv) that contains earn-out, deferred or contingent purchase price or similar contingent payment obligations on the part of any Contract with any Related Person Business Subsidiary in excess of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan)$100,000;
(v) that provides for the acquisition of any material Contract pursuant business, business unit or product line or the capital stock of any other Person, which was consummated within three (3) years prior to which any Third Party Approval is required pursuant to a “change the date of control” or similar clausethis Agreement, for consideration in excess of $1,000,000;
(vi) that provides for the disposition or sale, which was consummated within three (3) years prior to the date of this Agreement, of any Contract entered into other than on commercial arm’s length termsbusiness or business unit or the capital stock of any Business Subsidiary for consideration in excess of $1,000,000 or in respect of which the Business Subsidiaries will, after giving effect to the Closing, have any material liability or obligation;
(vii) that relates to Debt of any currency exchangeBusiness Subsidiary, interest rate exchange, commodity exchange or similar Contractother than trade payables and accrued expenses;
(viii) under which (A) any Contract entered into by Monsoon Person (other than any of the Business Subsidiaries) has directly or indirectly guaranteed any Monsoon Subsidiary in connection with the settlement material liabilities or other resolution obligations of any material Action imposing operational restrictions of the Business Subsidiaries or conduct requirements on Monsoon or any Monsoon Subsidiary or (B) any of their respective Affiliates the Business Subsidiaries has directly or indirectly guaranteed any liabilities or obligations of any other Person (other than any of the Business Subsidiaries), including the Indigo Group Companies after the Closing Date)in each case any “take-or-pay” or keepwell agreement;
(ix) that is between any Contract of the Business Subsidiaries, on the one hand, and Seller, any Affiliate of Seller or any of the Business Subsidiaries (excluding other Business Subsidiaries) or any current or former director, officer or employee of Seller or any of the Business Subsidiaries, on the other hand (other than Contracts entered into in Employment Agreements);
(x) that is a material Government Contract, including any Government Contract with the ordinary course United States federal government;
(xi) that involves any resolution or settlement of business consistent any actual or threatened material Action since January 1, 2008;
(xii) that is (A) a collective bargaining agreement or other Contract with past practicea labor organization or (B) which provides any Employment Agreement with any (1) employee who is a member of the executive committee of the Business or (2) other individual employee on a full-time, part-time, or consulting basis providing for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) annual base compensation in excess of $1,000,000175,000;
(xiii) that constitutes a lease or sublease relating to any of the Leased Real Property, for which the annual rent paid thereunder exceeds $125,000;
(xiv) pursuant to which aggregate payments to or by a Business Subsidiary, in excess of $400,000 annually or in excess of $1,000,000 over the remaining term of such Contract;
(xv) Contracts pertaining to any transaction or incentive bonus, “stay-put” or other similar compensatory payments, in any case, to be made to any Business Employee on or after the Closing Date as a result of the execution of this Agreement or the consummation of the transactions contemplated hereby;
(xvi) Contracts scheduled or required to be scheduled in Section 3.11(a) of the Disclosure Schedules; or
(xxvii) any other Contract other than as set forth above each written commitment or agreement to which Monsoon or any Monsoon Subsidiary is a party or by which it or enter into any of its assets or businesses the foregoing. Each contract of the type described in clauses (i) through (xvi) above is bound or subject that is material referred to the Monsoon Business or the use or operation of their assetsherein as a “Material Contract.”
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) Each Material Contract is a legal, valid and binding obligation of one of the Monsoon Disclosure Letter or filed or required to be filed as exhibits Business Subsidiaries, and, to the Monsoon SEC Documents (Knowledge of Seller, each other party to such Material Contract, and is enforceable against the “Monsoon Material Contracts”) are validapplicable Business Subsidiary, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary and, to the Knowledge of Seller, each such other party in accordance with their terms (except insofar as its terms, subject, in each case, to the Bankruptcy and Equity Exception. None of the Business Subsidiaries nor, to the Knowledge of Seller, any other party to a Material Contract, is in material default or material breach of or has failed to perform any material obligation under a Material Contract, and, to the Knowledge of Seller, there does not exist any event, condition or omission that would constitute such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in a material breach or material default thereunder and, to the knowledge (whether by lapse of Monsoon, no other party to any Monsoon Material Contract is (with time or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries ). Seller has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentBuyer true, complete and correct copies of all Material Contracts.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 1 contract
Sources: Purchase Agreement (Corelogic, Inc.)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a3.14(a) of the Monsoon Company Disclosure Letter Schedule sets forth a true an accurate and complete list, list as of the date hereof, of each hereof of the following Contracts (each such Contract required to be set forth, a “Material Contract”) to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):them are bound:
(i) any non-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement all customer Contracts with Key Customers;
(ii) all Contracts with Key Vendors;
(iii) all Contracts relating to capital expenditures or other Contract that includes purchases of material, supplies, or equipment (other than purchase orders for inventory or supplies in the ordinary course of business) more than Fifty Thousand Dollars ($50,000) over the term of the Contract;
(iv) all Contracts involving a loan (other than accounts receivable owing from trade debtors in the ordinary course of business) or advance to (other than travel and entertainment advances to the employees of the Company and any provision which materially limits Monsoon of its Subsidiaries extended in the ordinary course of business), or investment in, any Person or any Monsoon Subsidiary from engaging Contract relating to the making of any such loan, advance or investment;
(v) all Contracts involving Indebtedness of the Company or any of its Subsidiaries or granting or evidencing a Lien on any property or asset of the Company or any of its Subsidiaries, other than a Permitted Lien;
(vi) all Contracts under which any Person (other than the Company) has directly or indirectly guaranteed Indebtedness of the Company or any of its Subsidiaries;
(vii) all Contracts with any Governmental Entity;
(viii) all Contracts involving the lease of real property (“Lease Agreements”);
(ix) all Contracts for the lease of any machinery, equipment, motor vehicles, office furniture, fixtures or other personal property exceeding Fifty Thousand Dollars ($50,000) over the term of such Contract;
(x) all management service, consulting, financial advisory or any other similar type Contract and all Contracts with investment or commercial banks;
(xi) all Contracts (A) limiting or purporting to limit the ability of the Company or any of its Subsidiaries to engage in any activity line of business or conducting business to compete with any Person or in any geographic area geographical area, (B) granting or from soliciting employees or personnel of purporting to grant any exclusive rights to any Person, or (C) containing any non-standard discounts, exclusive licensing obligations, provisions for unpaid future deliverables, non-standard service requirements, future royalty payments or “most favored nation” terms;
(iixii) any Contract that relates to all (A) Contracts or (B) offers made by the formation, creation, governance or control of any partnership, joint venture or similar arrangement, Company or any collaborationof its Subsidiaries that, cooperation upon acceptance by the counterparty, would be binding upon the Company or partnering Contractits Subsidiary, to any customer or potential customer, in each case that is material to either case, for the Monsoon Business and for which the closing sale of the relevant transaction has not occurredProducts or services having a value of more than Fifty Thousand Dollars ($50,000);
(iiixiii) all Contracts (other than this Agreement and any agreement or instrument entered into pursuant to this Agreement) between the Company or any of its Subsidiaries and (A) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing Affiliate of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary Company (other than the agreements covered by clause Company or one of its Subsidiaries) or (iB) any current or former officer or director of the Company or any of its Subsidiaries (or any family member thereof), other than Employee Benefit Plans and any Monsoon Benefit Plan)offer letters or separation agreements with any former officer or director as to which neither the Company nor any of its Affiliates has any liability;
(vxiv) all Contracts (A) that expire more than six (6) months after the date hereof, (B) requiring the Company or its Subsidiaries to sell or otherwise provide current or future products or services, or to provide support for any material Contract pursuant current or future products or services, in each case, after the Closing and (C) that are not terminable by the Company upon thirty (30) days or less notice by the Company without penalty or obligation to which make any Third Party Approval is required pursuant to a “change of control” or similar clausepayment based on such termination;
(vixv) all Contracts (including letters of intent but excluding the Lease Agreements) relating to or involving the disposition or acquisition of a significant potion of the assets, properties, capital stock or other equity interests of any Contract entered into other than on commercial arm’s length termsPerson, or any merger, consolidation or similar business combination transaction, whether or not enforceable;
(viixvi) all Contracts involving any currency exchangejoint venture, interest rate exchangestrategic partnership, commodity exchange strategic alliance, shareholders’ agreement, co-marketing, co-promotion, co-packaging, joint development or similar Contractarrangement;
(viiixvii) all Contracts related to the design, development, testing or manufacture of Products;
(xviii) all Contracts with any Contract entered into by Monsoon distributor, sales or advertising agency or manufacturer’s representative;
(xix) all Contracts involving any Monsoon Subsidiary in connection with the resolution or settlement of any actual or threatened litigation, arbitration, claim or other resolution dispute;
(xx) all Contracts involving a standstill or similar arrangement;
(xxi) all collective bargaining agreements or other agreements with any labor union;
(xxii) all Contracts (A) for the employment of any material Action imposing operational restrictions current officer, individual employee or conduct requirements other Person on Monsoon a full-time or consulting basis who cannot be dismissed immediately without notice and without liability or obligation of any Monsoon Subsidiary kind whatsoever (other than, with respect to employees based outside of the United States, such notice, liability or obligation that is required solely by Law) and (B) Contracts with any current or former employee, officer or consultant requiring current or potential severance payments or payments upon a change-in-control;
(xxiii) all Contracts containing a grant by the Company or any of their respective Affiliates (including its Subsidiaries to a Person of any right relating to or under the Indigo Group Companies after the Closing Date);
(ix) any Contract (Company Intellectual Property, other than Contracts entered into non-exclusive licenses granted by the Company or its Subsidiaries to customers in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon , or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) grant to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it the Company or any of its assets Subsidiaries of any right relating to or businesses is bound under the Intellectual Property of any Person (for the avoidance of doubt, this includes all Contracts concerning information technology whether hosted at the facilities of the Company or subject its Subsidiaries or outsourced), except for licenses granted by third parties to the Company or its Subsidiaries for the use of non-customized, commercially available, off-the-shelf software that is has one-time or annual fees payable to the licensor of less than Five Thousand Dollars ($5,000); and
(xxiv) all other Contracts that are material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) businesses of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding Company and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise taken as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)whole.
Appears in 1 contract
Sources: Sale and Purchase of Shares Agreement (Nice Systems LTD)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete listExcept for this Agreement, as of the date hereof, neither the Company nor any of each of the following Contracts to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party to or bound by which Monsoon or (any Monsoon Subsidiary or any contract of their respective properties or assets is bound (including any amendments, supplements and modifications theretothe type described in this Section 4.21(a) being referred to herein as a “Company Material Contract”):
(i) any non-competition agreementoutbound lease, non-solicitation agreementlicense, exclusive distribution, franchise or licensing agreement sale or other Contract that includes any provision which materially limits Monsoon similar agreement providing for the sale, lease or license by the Company or any Monsoon Subsidiary from engaging of its Subsidiaries of goods, services, Intellectual Property or other assets that is expected to result in either (A) annual payments to the Company or any of its Subsidiaries of $350,000 or more, or (B) aggregate payments to the Company or any of its Subsidiaries of $1,000,000 or more over the next five (5) years, except for any such contract between the Company and/or any of its Subsidiaries;
(ii) any inbound lease, license, purchase or other similar agreement for the purchase, lease or license by the Company or any of its Subsidiaries of goods, services, Intellectual Property or other assets that is expected to result in either (A) annual payments by the Company or any of its Subsidiaries of $350,000 or more, or (B) aggregate payments by the Company or any of its Subsidiaries of $1,000,000 or more over the next five (5) years, except for any such contract between the Company and/or any of its Subsidiaries;
(iii) any contract or agreement evidencing (A) outstanding indebtedness for borrowed money, or (B) an obligation of the Company or any of its Subsidiaries to guarantee, or otherwise indemnify or hold harmless any Person, in respect of indebtedness for borrowed money, in the case of each of clauses (A) and (B), in or for an amount of $350,000 or more, except for any such contract or agreement between the Company and/or any of its Subsidiaries;
(iv) any joint venture, partnership, strategic alliance, or similar agreement;
(v) any contract or agreement relating to the acquisition or disposition of any material business or any interest therein under which the Company or any of its Subsidiaries has any material outstanding rights or obligations;
(vi) any contract or agreement that limits, or purports to limit, in any activity material respect, the ability of the Company or conducting any of its Subsidiaries to compete in a line of business or with any Person or in any geographic area or from soliciting employees or personnel during any period of any Person;
(ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that is material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
(iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length termstime;
(vii) any currency exchangecontract or agreement that, interest rate exchangeupon the consummation of the transactions contemplated by this Agreement, commodity exchange will result in any of Parent or similar Contract;any of its Subsidiaries or any of the Company or any of its Subsidiaries, granting any rights or licenses to any material Intellectual Property of any of Parent or any of its Subsidiaries or any of the Company or any of its Subsidiaries, to any Third Party; and A-26
(viii) any other “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC, other than Item 601(b)(10)(iii)).
(i) Each Company Material Contract entered into by Monsoon is in full force and effect, (ii) no written or, to the Knowledge of the Company, other claim of default under or any Monsoon Subsidiary in connection with the settlement or other resolution cancellation of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including Company Material Contract has been received by the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it Company or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material ContractsSubsidiaries, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge of Monsoon, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon the Company nor any of its Subsidiaries has received written notice of is, in any actualmaterial respect, alleged, possible in breach or potential material violation of, or material failure to comply withdefault under, any term or requirement of any Monsoon Company Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice and, to the Knowledge of the intention of Company, no other party is, in any party to cancelmaterial respect, terminatein breach or violation of, change the scope of rights under or fail to renew default under, any Monsoon Company Material Contract. True As of the date hereof, the Company has heretofore delivered or made available to Parent true and complete copies of each written Monsoon all Company Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentContracts.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
Appears in 1 contract
Sources: Merger Agreement (Powerdsine LTD)
Material Contracts. (a) All Contracts required to be filed as exhibits to the Monsoon SEC Documents have been so filed in a timely manner. Section 5.17(a) 5.12 of the Monsoon Company Disclosure Letter sets forth contains a true and complete list, as of the date hereof, of each listing of the following Contracts arrangements, commitments or understandings (whether written or oral) to which Monsoon the Company or any Monsoon Subsidiary of its Subsidiaries is a party which are in effect (or by under which Monsoon or any Monsoon Subsidiary the Company or any of their respective properties its Subsidiaries has any responsibility or assets obligation) on the date of this Agreement (each contract arrangement, commitment or understanding of the type described in this Section 5.12(a), whether or not set forth in Section 5.12 of the Company Disclosure Letter and whether or not in effect on the date of this Agreement, is bound (including any amendments, supplements and modifications theretoreferred to herein as a “Company Material Agreement”):
(i) any noneach “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-competition agreement, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon or any Monsoon Subsidiary from engaging in any activity or conducting business with any Person or in any geographic area or from soliciting employees or personnel of any PersonK under the Exchange Act);
(ii) each contract that provides for the acquisition, disposition, license, use, distribution or outsourcing of assets, services, rights or properties (other than Oil and Gas Properties) with respect to which the Company reasonably expects that the Company and its Subsidiaries will make annual payments in excess of $10,000,000;
(iii) each contract that constitutes a commitment relating to indebtedness for borrowed money or the deferred purchase price of property by the Company or any Contract of its Subsidiaries (whether incurred, assumed, guaranteed or secured by any asset) in excess of $10,000,000, other than agreements solely between or among the Company and its Subsidiaries;
(iv) each contract for lease of personal property or real property (other than Oil and Gas Properties) involving aggregate payments in excess of $10,000,000 in any calendar year that relates are not terminable without penalty within 60 days, other than contracts related to drilling rigs;
(v) each contract containing any area of mutual interest, joint bidding area, joint acquisition area, or non-compete or similar type of provision that, following the formationEffective Time, creationby virtue of Parent becoming an Affiliate of the Company as a result of this transaction, governance would by its terms materially restrict the ability of the Parent, any of its Subsidiaries or control any of the CONE Midstream Companies to compete in any line of business or with any Person or geographic area during any period of time after the Effective Time;
(vi) each contract involving the pending acquisition or sale of (or option to purchase or sell) any material amount of the assets or properties (including Hydrocarbons) of the Company and its Subsidiaries, taken as a whole;
(vii) each contract for any Derivative Transaction;
(viii) each material partnership, joint venture or similar arrangementlimited liability company agreement, other than any customary joint operating agreements, unit agreements or participation agreements affecting the Oil and Gas Properties of the Company or any collaborationof its Subsidiaries;
(ix) each joint development agreement, cooperation exploration agreement, participation, farmout, farmin or partnering Contractprogram agreement or similar contract requiring the Company or any of its Subsidiaries to make expenditures that would reasonably be expected to be in excess of $10,000,000 in the aggregate during the twelve (12)-month period following the date of this Agreement, other than customary joint operating agreements and continuous development obligations under Oil and Gas Leases;
(x) each labor agreement or collective bargaining agreement to which the Company or any of its Subsidiaries is a party or is subject;
(xi) each agreement under which the Company or any of its Subsidiaries has advanced or loaned any amount of money to any of its officers, directors, employees or consultants, in each case that is material to the Monsoon Business and for which the closing with a principal amount in excess of the relevant transaction has not occurred$20,000;
(iiixii) each agreement that contains any Contract that relates to the acquisition standstill, “most favored nation” or disposition most favored customer provision, preferential right or rights of any businessfirst or last offer, whether by merger, sale of stock, sale of assets negotiation or otherwiserefusal, in each case other than those contained in (A) any agreement in which such provision is solely for the benefit of the Company or any of its Subsidiaries, (B) customary royalty pricing provisions in Oil and Gas Leases or (C) customary preferential rights in joint operating agreements, unit agreements or participation agreements affecting the business or the Oil and Gas Properties of the Company or any of its Subsidiaries, to which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon Company or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary its Subsidiaries or any of their respective Affiliates (including is subject, and is material to the Indigo Group Companies after business of the Closing Date)Company and its Subsidiaries, taken as a whole;
(ixxiii) any Contract each agreement (other than Contracts entered into in a Derivative Transaction) that includes any continuing indemnification obligation of the Company or any of its Subsidiaries which was granted outside of the ordinary course of business;
(xiv) each agreement pertaining to Intellectual Property or technology to which the Company or any of its Subsidiaries is a party and that is material to the business consistent of the Company and its Subsidiaries;
(xv) any contract that obligates any of the Company or its Subsidiaries to make any loans, advances or capital contributions to, or investments in, any Person other than advances for expenses required under customary joint operating agreements and customary advances to operators of Oil and Gas Properties of the Company and its Subsidiaries not covered by a joint operating agreement or participation agreement;
(xvi) any contract providing for the sale by the Company or any of its Subsidiaries of Hydrocarbons that (A) has a remaining term of greater than 60 days and does not allow the Company or such Subsidiary to terminate it without penalty on 60 days’ notice or less or (B) contains a “take-or-pay” clause or any similar material prepayment or forward sale arrangement or obligation (excluding “gas balancing” arrangements associated with past practicecustomary joint operating agreements) to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor;
(xvii) each contract that is a transportation or processing agreement to which the Company or any Subsidiary is a party involving the transportation or processing of more than 50 MMcf of gaseous Hydrocarbons per day, or 5,000 barrels of liquid Hydrocarbons per day;
(xviii) any contract that provides for aggregate future sums due from Monsoon a “take-or-pay” clause or any Monsoon Subsidiary similar prepayment obligation, acreage dedication, minimum volume commitments or an aggregate future liability capacity reservation fees to a gathering, transportation or other arrangement downstream of the wellhead, that cover, guaranty or commit volumes in excess of 50.0 MMcf (contingent or otherwiseor, in the case of liquids, in excess of 5,000 barrels of oil equivalent) to any Person (in each case other than Monsoon of Hydrocarbons of the Company or any Monsoon Subsidiaryof its Subsidiaries per day over a period of one month (calculated on a yearly average basis) or for a term greater than ten (10) years;
(xix) any Oil and Gas Lease that contains express provisions (A) establishing bonus obligations (which, for the avoidance of doubt, do not include royalty payments and shut-in payments) in excess of $1,000,000; or5,000,000 that were not satisfied at the time of leasing or signing or (B) providing for a fixed term, even if there is still production in paying quantities;
(xxx) any other Contract other than as set forth above agreement pursuant to which Monsoon or any Monsoon Subsidiary is a party or by which it the Company or any of its assets Subsidiaries have paid amounts associated with any Production Burden in excess of $5,000,000 during the immediately preceding fiscal year or businesses with respect to which the Company reasonably expects that Company or its Subsidiaries will make payments associated with any Production Burden in any of the next three succeeding fiscal years that could, based on current projections, exceed $5,000,000 per year; and
(xxi) any charge, order, writ, injunction, judgment, decree, ruling, determination, directive, award, settlement, settlement agreement, consent agreement or similar agreement with any Governmental Authority or consent of a Governmental Authority to which the Company or any of the Company Subsidiaries is bound subject involving future performance by the Company or subject that any of the Company Subsidiaries which is material to the Monsoon Business or the use or operation of their assetsCompany and its Subsidiaries, taken as a whole.
(b) (i) All Contracts set forth or The Company has made available to Parent accurate and complete copies of all written Company Material Agreements required to be set forth identified in Section 5.17(a) 5.12 of the Monsoon Company Disclosure Letter or filed or required to be filed as exhibits Letter, including all amendments thereto.
(c) Except to the Monsoon SEC Documents (the “Monsoon extent that enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity, and provided that any indemnity, contribution and exoneration provisions contained in any such Company Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability Agreement may be limited by applicable bankruptcyLaw and public policy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing each of the availability Company Material Agreements (i) constitutes the valid and binding obligation of equitable remedies), (ii) Monsoon the Company or its applicable Subsidiary and constitutes the valid and binding obligation of the other parties thereto (ii) is in full force and effect, and (iii) other than with respect to the Existing Credit Agreement, immediately after the Effective Time will continue to constitute a valid and binding obligation of the Company or its applicable Subsidiary, in each case unless the failure to be so would not, individually or in the aggregate, be reasonably expected to have a Company Material Adverse Effect.
(d) Each of the Company and its Subsidiaries (to the extent it is a party thereto or bound thereby) and, to the Knowledge of the Company, each other party thereto has performed in all material respects all obligations required to be performed by it under each Company Material Agreement. There is not, to the Monsoon Knowledge of the Company, under any Company Material ContractsAgreement, and it is not (any default or event which, with or without notice or lapse of timetime or both, would constitute a default on the part of any of the parties thereto, or both) in material breach any notice of termination, cancellation or material default thereunder andmodification, in each case, except such events of default, other events, notices or modifications as to which requisite waivers or consents have been obtained or which would not, individually or in the knowledge aggregate, be reasonably expected to have a Company Material Adverse Effect.
(e) Except as set forth in Section 5.12(e) of Monsoonthe Company Disclosure Letter, no other party to any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 20142013, to the Knowledge of the Company, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon the Company nor any of its Subsidiaries has received any written notice of the any material violation or breach of, material default under or intention of any party to cancel, terminate, change the scope of rights under modify or fail to renew not renew, any Monsoon Company Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo ParentAgreement.
(cf) Upon Closing, save as disclosed in Section 5.17(c) Neither the Company nor any of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary its Subsidiaries is a party will be in effect which purports to legally binda contract with respect to the acquisition of any Person, the capital stock or other equity interest of any Person, or impose any duty, obligation or other Liability assets of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary)Person.
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Sources: Merger Agreement (Noble Energy Inc)
Material Contracts. (a) Schedule 3.8(a) sets forth a list of the following Contracts to which Seller or any of its Affiliates is a party or bound as of the date hereof and that are related to the operation of the Business or the Purchased Assets (the “Material Contracts”):
(i) Contract for the employment of any officer or other member of management or employee set forth on the Agreed List of Employees;
(ii) Contract (A) generating gross revenue representing five percent (5%) or more of the aggregate gross revenue of the Business during 2019, or (B) involving aggregate payments by the Business in excess of $150,000 during 2019 (a “Material Supplier”);
(iii) Contract with (A) any top 20 publisher, creator or other customer, based on advertising revenue generated by the Business during the twelve month period ending May 31, 2020 (each, a “Material Customer”), or (B) any talent with respect to any top 20 podcast, based on revenue generated by the Business during the twelve month period ending May 31, 2020 (each, a “Material Talent”);
(iv) Partnership agreement, limited liability company agreement, joint venture agreement or similar Contract;
(v) Contract for the acquisition or disposition of any Purchased Assets or any business, business unit, product line or material amount of Equity Interests or assets, executed or consummated within three (3) years prior to the date hereof, or pursuant to which any earnout or indemnification obligations remain;
(vi) Contract that relates to (A) indebtedness owed by or to it or (B) the provision of any Lien, security, offset or other similar arrangement by or for the benefit of it or (C) capital expenditures;
(vii) Contract with a Governmental Entity;
(viii) Contract that involves any resolution or settlement within three (3) years prior to the date hereof of any actual or threatened Action;
(ix) Real Property Lease;
(x) Contract containing covenants that purport to restrict or limit Seller’s (or following the Closing, Buyer’s) freedom to compete with any Person or operate in any business line or geographic area;
(xi) Inbound License Agreements and Outbound License Agreements;
(xii) Contract containing any most favored nation provision or similar preferential pricing;
(xiii) Contract that relates to the Business or Purchased Assets and to which, following the Closing, Seller or any of its Affiliates will be a counterparty;
(xiv) Any other Contract that is material to the Purchased Assets or the operation of the Business; or
(xv) Amendment, supplement, or modification in respect of, or any commitment or agreement to enter into any of the foregoing Contracts described in (i) – (xiv) of this Section 3.8.
(b) All Contracts required to be filed as exhibits listed in Schedule 3.8(a) and all Assumed Agreements are in full force and effect, constitute the legal, valid and binding obligations of the respective parties thereto and are enforceable in accordance with their respective terms. Seller has made available to the Monsoon SEC Documents have been so filed Purchaser true, correct and complete copies of all Contracts required to be listed in Schedule 3.8(a) and all Assumed Agreements (and all amendments, modifications, extensions and renewals thereof). No employee of any Seller Entity or any Affiliate thereof employed in the Business is bound by any Contract that purports to limit the ability of such Person to engage in or continue any conduct, activity, or practice relating to the Business or that precludes him or her from assigning to Seller any rights to any invention, improvement, or discovery created by such Person in the scope of employment with or service to such Seller Entity or Affiliate. None of the Seller Entities 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 or fail to renew, any Material Contract or Assumed Agreement. No event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default under any Material Contract or Assumed Agreement or result in a timely mannertermination thereof or would cause or permit the acceleration or other change of any right or obligation or the loss of any benefit thereunder. Section 5.17(a) of the Monsoon Disclosure Letter sets forth a true and complete list, as As of the date hereof, of each of the following Contracts to which Monsoon or any Monsoon Subsidiary is a party or by which Monsoon or any Monsoon Subsidiary or any of their respective properties or assets is bound (including any amendments, supplements and modifications thereto):
(i) any non-competition agreementno Material Customer, non-solicitation agreement, exclusive distribution, franchise or licensing agreement or other Contract that includes any provision which materially limits Monsoon Material Supplier or any Monsoon Subsidiary from engaging in any activity Material Talent has terminated or conducting business materially reduced, or indicated that it intends to terminate or materially reduce, its relationship with any Person or in any geographic area or from soliciting employees or personnel of any Person;
the Business and (ii) any Contract that relates to the formation, creation, governance or control of any partnership, joint venture or similar arrangement, or any collaboration, cooperation or partnering Contract, in each case that there is no material to the Monsoon Business and for which the closing of the relevant transaction has not occurred;
dispute pending (iii) any Contract that relates to the acquisition or disposition of any business, whether by merger, sale of stock, sale of assets or otherwise, in each case for which the closing of the relevant transaction has not occurred;
(iv) any Contract with any Related Person of Monsoon or any Monsoon Subsidiary (other than the agreements covered by clause (i) and any Monsoon Benefit Plan);
(v) any material Contract pursuant to which any Third Party Approval is required pursuant to a “change of control” or similar clause;
(vi) any Contract entered into other than on commercial arm’s length terms;
(vii) any currency exchange, interest rate exchange, commodity exchange or similar Contract;
(viii) any Contract entered into by Monsoon or any Monsoon Subsidiary in connection with the settlement or other resolution of any material Action imposing operational restrictions or conduct requirements on Monsoon or any Monsoon Subsidiary or any of their respective Affiliates (including the Indigo Group Companies after the Closing Date);
(ix) any Contract (other than Contracts entered into in the ordinary course of business consistent with past practice) which provides for aggregate future sums due from Monsoon or any Monsoon Subsidiary or an aggregate future liability (contingent or otherwise) to any Person (in each case other than Monsoon or any Monsoon Subsidiary) in excess of $1,000,000; or
(x) any other Contract other than as set forth above to which Monsoon or any Monsoon Subsidiary is a party or by which it or any of its assets or businesses is bound or subject that is material to the Monsoon Business or the use or operation of their assets.
(b) (i) All Contracts set forth or required to be set forth in Section 5.17(a) of the Monsoon Disclosure Letter or filed or required to be filed as exhibits to the Monsoon SEC Documents (the “Monsoon Material Contracts”) are valid, binding and in full force and effect and are enforceable by Monsoon or its applicable Subsidiary in accordance with their terms (except insofar as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies), (ii) Monsoon or its applicable Subsidiary has performed all material obligations required to be performed by it under the Monsoon Material Contracts, and it is not (with or without notice or lapse of time, or both) in material breach or material default thereunder and, to the knowledge Knowledge of MonsoonSeller, no other party to threatened) under any Monsoon Material Contract is (with or without notice or lapse of time, or both) in breach or default thereunder, (iii) since January 1, 2014, neither Monsoon nor any of its Subsidiaries has received written notice of any actual, alleged, possible or potential material violation of, or material failure to comply with, any term or requirement of any Monsoon Material Contract, and (iv) neither Monsoon nor any of its Subsidiaries has received any written notice of the intention of any party to cancel, terminate, change the scope of rights under or fail to renew any Monsoon Material Contract. True and complete copies of each written Monsoon Material Contract, and a summary of each oral Monsoon Material Contract, listed in Section 5.17(a) of the Monsoon Disclosure Letter (including all written modifications and amendments thereto and waivers thereunder) have been made available to Indigo Parent.
(c) Upon Closing, save as disclosed in Section 5.17(c) of the Monsoon Disclosure Letter, no Contract to which Monsoon or any Monsoon Subsidiary is a party will be in effect which purports to legally bind, or impose any duty, obligation or other Liability of any kind (except for any confidentiality obligations that may arise as a result of Monsoon or any Monsoon Subsidiary sharing any information with Indigo Parent or any of its Affiliates that is subject to the terms of a confidentiality agreement with a third party) on, either expressly or through a reference to affiliates of Monsoon or the Monsoon Subsidiary that is party thereto (or words of similar import), Indigo Parent or any Affiliate thereof (other than Monsoon or any Monsoon Subsidiary).
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