Common use of Pre-Closing Activities Clause in Contracts

Pre-Closing Activities. Except as otherwise permitted or required by this Agreement or as set forth on Schedule 5.2, prior to the Closing Date the Company shall not: (a) engage in any activities other than the construction and testing of the Facility and activities in connection therewith; (b) subject any of the Real Property or Assets (whether tangible or intangible) of the Company to any Encumbrances, except for Permitted Liens; (c) acquire any properties or assets or sell, assign, transfer, convey, lease or otherwise dispose of any of the Real Property or Assets of the Company except in connection with construction and testing of the Facility; (d) permit the Bank Balance to be increased above $24,650,000; (e) amend any Assumed Contract or waive any rights with respect thereto; (f) acquire by merger or consolidation with, or merge or consolidate with, or otherwise acquire any material business of any corporation, partnership, association or other business organization or division thereof; (g) change or amend its certificate or articles of organization, operating agreement or other organizational documents except as otherwise required by law; (h) incur any material obligation or liability except in the ordinary course of business; (i) enter into or amend, or take or permit any act or omission constituting a material breach or default, under any material contract, indenture or agreement by which the Company or any of the Assets are bound; (j) hire any employees; (k) make any loans or advances to any Person, except for expenses incurred in the ordinary course of business; (l) make any material income tax election; or (m) agree or commit to do any of the foregoing.

Pre-Closing Activities. Except as otherwise permitted or required by this Agreement or as set forth on Schedule 5.2, prior to the Closing Date the Company shall not: (a) engage in any activities other than the construction and testing of the Facility and activities in connection therewith; (b) subject any of the Real Property or Assets (whether tangible or intangible) of the Company to any Encumbrances, except for Permitted Liens; (c) acquire any properties or assets or sell, assign, transfer, convey, lease or otherwise dispose of any of the Real Property or Assets of the Company except in connection with construction and testing of the Facility; (d) permit the Bank Balance to be increased above $24,650,000; (e) amend any Assumed Contract or waive any rights with respect thereto; (f) acquire by merger or consolidation with, or merge or consolidate with, or otherwise acquire any material business of any corporation, partnership, association or other business organization or division thereof; (g) change or amend its certificate or articles of organization, operating agreement or other organizational documents except as otherwise required by law; (h) incur any material obligation or liability except in the ordinary course of business; (i) enter into or amend, or take or permit any act or omission constituting a material breach or default, under any material contract, indenture or agreement by which the Company or any of the Assets are bound; (j) hire any employees; (k) make any loans or advances to any any-Person, except for expenses incurred in the ordinary course of business; (l1) make any material income tax election; or or (m) agree or commit to do any of the foregoing.