Operation of Clause Samples
The "Operation of" clause defines how a contract or specific provisions within it will function and be implemented in practice. It typically outlines the procedures, mechanisms, or conditions under which certain rights, obligations, or processes become effective or are carried out. For example, it may specify when a particular obligation starts, how a process is triggered, or the steps required for a party to exercise a right. The core practical function of this clause is to ensure clarity and predictability in the execution of the contract, reducing ambiguity about how and when contractual terms are to be performed.
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Operation of. Business Buyer will not (and will not cause or permit any of its Subsidiaries to) engage in any practice, take any action, or enter into any transaction outside the Ordinary Course of Business. Without limiting the generality of the foregoing:
(i) neither Buyer nor any of its Subsidiaries will authorize or effect any change in its charter or bylaws, other than the approval of the Amended and Restated Bylaws;
(ii) neither Buyer nor any of its Subsidiaries will grant any options, warrants, or other rights to purchase or obtain any of its capital stock or issue, sell, or otherwise dispose of any of its stock (except upon the conversion or exercise of options, warrants, and other rights currently outstanding);
(iii) neither Buyer nor any of its Subsidiaries will declare, set aside, or pay any dividend or distribution with respect to its stock (whether in cash or in kind), or redeem, repurchase, or otherwise acquire any of its capital stock, in either case outside the Ordinary Course of Business;
(iv) neither Buyer nor any of its Subsidiaries will issue any note, bond, or other debt security or create, incur, assume, or guarantee any indebtedness for borrowed money or capitalized lease obligation outside the Ordinary Course of Business;
(v) neither Buyer nor any of its Subsidiaries will impose any Lien upon any of its assets outside the Ordinary Course of Business;
(vi) neither Buyer nor any of its Subsidiaries will make any capital investment in, make any loan to, or acquire the securities or assets of any other Person outside the Ordinary Course of Business;
(vii) neither Buyer nor any of its Subsidiaries will make any change in employment terms for any of its directors, officers, and employees outside the Ordinary Course of Business; and
(viii) neither Buyer nor any of its Subsidiaries will commit to any of the foregoing.
Operation of a Norco Aquifer Monitoring and Containment System (the "Norco System") consisting of a system of extraction and monitoring ▇▇▇▇▇ in the locations on the BCP Site identified on Exhibit A.
Operation of. Article 6. The provisions of this Article 6 shall --------- operate notwithstanding any inconsistent provisions in the Loan Agreement.
Operation of a Sailboat in a manner that places passengers or other third parties in harm’s way is prohibited.
Operation of a Wellness Center that shall include at a minimum: a nurse’s office, storage and distribution of medications, provision of health screenings and development of health promotion, education, and exercise programs.
Operation of. Business Seller will not cause or permit Target to engage in any practice, take any action or enter into any material transaction outside the Ordinary Course of Business. Without limiting the generality of the foregoing, Seller will not cause or permit Target to (i) declare, set aside, or pay any dividend or make any distribution with respect to its Equity Securities (except as provided in Sections 5(j), (k) and (m)) or redeem, purchase or otherwise acquire any of its Equity Securities or (ii) otherwise engage in any practice, take any action or enter into any transaction that would result in a breach of Section 3(l) above.
Operation of. The operation of Article shall not be construed as a violation of Article Except as specifically provided hereinafter, the provisions of this Collective Agreement shall not apply to Relief Employees. Relief Employees required to work on a Named Holiday shall be paid at one and one-half times (1 their basic rate of pay for all hours worked on the Named Holiday. Relief Employees shall be paid four decimal two percent (4.2%) of their earnings at the basic rate of pay and of their vacation pay in lieu of Named Holidays. Relief Employees shall be paid in addition to their earnings at the rate of.