Common use of Open Orders Clause in Contracts

Open Orders. Schedule 4.18 set forth a true and complete list of all Open Orders at the Effective Date. All Open Orders are valid, binding and in full force and effect and neither the Company nor the other party thereto is in default thereunder. None of the Open Orders contains any provision providing for the termination of the Open Order or giving any party thereto the right to terminate the Open Order by reason of the sale of a majority of the Shares of the Company, and none of the terms of any Open Order are required to be altered by reason of the execution of this Agreement or the consummation of the transactions contemplated herein. The Seller has no obligation to make any payments to representatives or any other Person on or with respect to Open Orders.