{"component": "clause", "props": {"groups": [{"samples": [{"hash": "yZbWf11yL1", "uri": "/contracts/yZbWf11yL1#pre-completion-covenants", "label": "Share Purchase Agreement (Dentsply International Inc /De/)", "score": 20.4702262878, "published": true}], "size": 1, "snippet_links": [{"key": "ordinary-course", "type": "clause", "offset": [40, 55]}, {"key": "consistent-with-past-practice", "type": "clause", "offset": [60, 89]}, {"key": "to-maintain", "type": "clause", "offset": [96, 107]}, {"key": "going-concern", "type": "definition", "offset": [122, 135]}, {"key": "preserve-the-business", "type": "clause", "offset": [140, 161]}, {"key": "in-existence", "type": "definition", "offset": [165, 177]}, {"key": "execution-date", "type": "clause", "offset": [185, 199]}], "snippet": "The Business shall be carried on in the ordinary course and consistent with past practice so as to maintain the same as a going concern and preserve the Business as in existence at the Execution Date.", "hash": 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Conduct of business before Completion\n1. During the period from the date of this Agreement until Completion, Ring shall procure that the Company carries on its business in the ordinary course consistent with past practice and that the Company shall:\n(A) use its reasonable efforts to maintain relationships with suppliers, customers and others having business or professional relationships with the Company;\n(B) continue to pay its creditors and collect debts in the ordinary course of business and within the usual terms of payment of the relevant creditors and debtors;\n(C) maintain all insurance policies or, without prejudice to Clause 5.1.2, provide for substitute insurance policies on equally beneficial terms;\n(D) use commercially reasonable efforts to maintain all licences, consents and authorizations necessary to carry on its business (including the Designation) and comply with the terms and conditions of such licences, consents and authorizations necessary to carry on its business (including the Designation) and applicable Law;\n(E) maintain all accounting and other records in the ordinary course;\n(F) maintain through Completion, its Cash Balances at an amount of at least EUR 2,500,000; and\n(G) continue to meet its pension funding and social insurance obligations and contributions in respect of its employees.\n2. During the period from the date of this Agreement until Completion, Ring shall procure that without the prior written consent of the Purchaser, the Company shall not:\n(A) amend its articles of association or other constitutional documents;\n(B) reclassify, split, consolidate, repay, recapitalize, purchase or redeem any of its own shares;\n(C) issue any shares, securities convertible into shares or other profit sharing instruments or any rights or options to subscribe for or acquire any shares or such securities or other instruments; Exhibit 2.1\n(D) create any Encumbrance or give any guarantee, joint liability undertaking, right of set-off or other assurance for the benefit of any third party;\n(E) declare, make or pay any dividend or any other distribution or payment of capital, profits or reserves of the Company whether in cash or in kind (including in shares) other than the Permitted Dividends;\n(F) change the Current Accounting Rules and Policies, other than as required by a change of Law, provided that prior written notice has been provided to the Purchaser;\n(G) acquire or dispose of, or grant or extend any option to acquire or dispose of, any shares or other equity interest in any company, or any business or any material asset (including with respect to the Shares), other than stock-in-trade in the ordinary course of business and consistent with past practice;\n(H) merge or consolidate with any other person or business, enter into any partnership, consortium, association or joint venture or incorporate any subsidiaries;\n(I) make any material change to the organization, scope or nature of its business (including any expansion outside of the Netherlands or any activity that is not explicitly permitted under the Designation);\n(J) borrow any amount or incur any financial indebtedness, in excess of EUR 100,000 in aggregate;\n(K) lend any amounts to any person, other than to the Sellers provided that such amounts are settled via Permitted Dividends or repaid on or prior to Completion;\n(L) enter into any agreement, arrangement or commitment with a Seller, its Affiliates or its Related Parties;\n(M) enter into or incur any capital expenditure commitment or any other actual or contingent liability in excess of EUR 1,000,000 in aggregate;\n(N) enter into, terminate or amend any agreement or commitment representing a value of more than EUR 100,000 on an annual basis or more than EUR 250,000 over the entire term of the agreement or commitment (including any supply agreement with a coffee shop);\n(O) offer price reductions or discounts or enter into any unusual or onerous agreement, arrangement or commitment in each case other than in the ordinary course of business and consistent with past practice as specifically disclosed in the Disclosure Letter;\n(P) enter into any material leasing, hire, hire purchase or other agreement for payment on deferred terms; Exhibit 2.1\n(Q) engage any employee that would directly report to the Director, dismiss any Key Employee or any employee who reports to the Director as of the date hereof, or make any material change to the remuneration or other terms and conditions of engagement of any Key Employee, any employee who reports to the Director as of the date hereof or the general work force of the Company, other than as required by applicable Law or any applicable collective bargaining agreement;\n(R) change any pension scheme or grant or create any additional retirement or disability benefit other than as required by applicable Law or any applicable collective bargaining agreement;\n(S) enter into, change or terminate any collective bargaining agreement or other arrangements with any trade union or works council;\n(T) initiate or conduct any legal proceedings, settle any dispute or waive any claim, in each case representing an amount of more than EUR 250,000, other than the collection of debts arising in the ordinary course of business and consistent with past practice; or (U) plan, agree or commit to agree to any of the foregoing.\n3. During the period from the date of this Agreement until Completion, Ring shall comply with the provisions of paragraph 2 of Schedule 12 (Tax Matters).\n4. Notwithstanding anything to the contrary in this Agreement, during the period from the date of this Agreement until Completion, Ring shall, and shall procure that the Company shall, except to the extent otherwise agreed between Ring and the Purchaser in writing, in relation to the Odor Issue:\n(A) keep the Purchaser promptly and fully informed of any developments regarding the Odor Issue;\n(B) promptly inform the Purchaser of any communication or correspondence received from the Governmental Authorities regarding the Odor Issue and, to the extent legally permissible, promptly provide the Purchaser with copies of any such communication or correspondence received from any Governmental Authority or other third party in relation thereto, in each case except for communication or correspondence of pure administrative nature;\n(C) timely respond to any communication or correspondence received from the Governmental Authorities regarding the Odor Issue, and supply any available information and documents that may reasonably be requested by a Governmental Authority in relation to the Odor Issue, provided that the Purchaser will first be provided the opportunity to review and provide input on such draft response or information and documents within five (5) Business Days following receipt of such draft response or information and documents, which input will be reasonably considered; Exhibit 2.1\n(D) upon the Purchaser's request, schedule and attend a meeting with the Purchaser and its representatives to discuss the status of the Odor Issue, which meeting shall, except in case of urgency, occur not more than once a week;\n(E) ensure that, to the extent permitted by the relevant Governmental Authority, the Purchaser is given the opportunity to attend and participate in any meetings, discussions or hearings with (representatives of) the relevant Governmental Authorities in connection with the Odor Issue, and in any event keep the Purchaser promptly informed of the content and outcome of any such meetings, discussions or hearings; and\n(F) take any other commercially reasonable action, including to defend, contest and resist any proceedings in case proceedings are initiated or threatened by any Governmental Authority or other person and to have vacated, lifted, reversed or overturned any Order, whether temporary, preliminary or permanent, with respect to the Odor Issue, including timely lodging, and diligently pursuing, any and all appeals against any administrative fines imposed on the Company in connection with the Odor Issue, provided that Ring shall procure that the Company shall inform and consult with the Purchaser in relation to any actions taken in relation to any Order or proceedings initiated or threatened and in no event agree to or accept any commitment, condition, undertaking or any other obligation, other than with the prior written approval of the Purchaser (not to be unreasonably delayed or withheld).\n5. Clauses 5.1.1 to (including) 5.1.3 shall not operate so as to restrict or prevent:\n(A) any matter reasonably undertaken in the case of an emergency or disaster of which the consequences are imminent, to the extent strictly required to minimise or mitigate any material adverse effect on the business of the Company, provided that at all times Ring shall, and shall procure that the Company shall (i) use its best efforts to contact the Purchaser prior to taking any such action, (ii) promptly notify and fully inform the Purchaser of the relevant circumstances, considerations and actions and (iii) provide such information as reasonably requested by the Purchaser;\n(B) completion or performance of any binding obligation undertaken by the Company prior to the date of this Agreement, which has been specifically disclosed in the Disclosure Letter;\n(C) any matter specifically contemplated by this Agreement;\n(D) any matter specifically disclosed against Clause 5.", "hash": 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"definition", "offset": [188, 200]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [201, 248]}, {"key": "comply-with-applicable", "type": "clause", "offset": [341, 363]}, {"key": "as-agreed", "type": "clause", "offset": [387, 396]}, {"key": "consented-to-by", "type": "definition", "offset": [400, 415]}, {"key": "consent-not-to-be-unreasonably-withheld", "type": "clause", "offset": [449, 488]}, {"key": "the-seller-shall", "type": "clause", "offset": [502, 518]}, {"key": "to-the-extent", "type": "clause", "offset": [524, 537]}, {"key": "of-the-seller", "type": "clause", "offset": [582, 595]}, {"key": "eds-entities", "type": "definition", "offset": [620, 632]}, {"key": "commercially-reasonable-efforts", "type": "definition", "offset": [662, 693]}, {"key": "business-as-a-going-concern", "type": "clause", "offset": [786, 813]}, {"key": "relationships-with-customers", "type": "clause", "offset": [879, 907]}, {"key": "key-employees", "type": "clause", "offset": [909, 922]}, {"key": "other-third-parties", "type": "clause", "offset": [952, 971]}, {"key": "each-case", "type": "definition", "offset": [976, 985]}, {"key": "consistent-with-past-practice", "type": "clause", "offset": [986, 1015]}, {"key": "without-prejudice-to-the-generality-of-the-foregoing", "type": "clause", "offset": [1021, 1073]}, {"key": "in-case-of", "type": "clause", "offset": [1130, 1140]}, {"key": "partial-completion", "type": "definition", "offset": [1141, 1159]}, {"key": "set-out", "type": "definition", "offset": [1171, 1178]}, {"key": "in-clause", "type": "clause", "offset": [1179, 1188]}, {"key": "change-in", "type": "definition", "offset": [1224, 1233]}, {"key": "the-nature", "type": "clause", "offset": [1234, 1244]}, {"key": "to-operate", "type": "definition", "offset": [1305, 1315]}, {"key": "material-part", "type": "clause", "offset": [1325, 1338]}, {"key": "exclusive-licence", "type": "clause", "offset": [1392, 1409]}, {"key": "otherwise-dispose-of", "type": "definition", "offset": [1414, 1434]}, {"key": "in-the-case", "type": "clause", "offset": [1440, 1451]}, {"key": "eds-patents", "type": "definition", "offset": [1455, 1466]}, {"key": "eds-copyrights", "type": "definition", "offset": [1468, 1482]}, {"key": "eds-trademarks", "type": "definition", "offset": [1486, 1500]}, {"key": "local-law-requirements", "type": "clause", "offset": [1563, 1585]}, {"key": "third-party-right", "type": "definition", "offset": [1616, 1633]}, {"key": "having-a", "type": "definition", "offset": [1707, 1715]}, {"key": "book-value", "type": "clause", "offset": [1716, 1726]}, {"key": "aggregate-basis", "type": "clause", "offset": [1843, 1858]}, {"key": "retention-of-title", "type": "clause", "offset": [1871, 1889]}, {"key": "similar-arrangements", "type": "definition", "offset": [1893, 1913]}, {"key": "sale-of", "type": "clause", "offset": [1921, 1928]}, {"key": "eds-inventory", "type": "definition", "offset": [1933, 1946]}, {"key": "material-change", "type": "definition", "offset": [2000, 2015]}, {"key": "date-hereof", "type": "clause", "offset": [2137, 2148]}, {"key": "in-respect-of", "type": "clause", "offset": [2199, 2212]}, {"key": "purchase-of-supplies", "type": "clause", "offset": [2217, 2237]}, {"key": "services-in-the", "type": "clause", "offset": [2264, 2279]}, {"key": "management-presentation", "type": "definition", "offset": [2383, 2406]}, {"key": "current-year", "type": "definition", "offset": [2417, 2429]}, {"key": "capital-expenditure-plan", "type": "clause", "offset": [2464, 2488]}, {"key": "signing-date", "type": "clause", "offset": [2526, 2538]}, {"key": "capital-expenditures", "type": "clause", "offset": [2550, 2570]}, {"key": "per-project", "type": "definition", "offset": [2671, 2682]}, {"key": "per-annum", "type": "definition", "offset": [2728, 2737]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [2818, 2844]}, {"key": "maintenance-in", "type": "clause", "offset": [2888, 2902]}, {"key": "existing-material", "type": "definition", "offset": [3031, 3048]}, {"key": "material-contracts", "type": "clause", "offset": [3115, 3133]}, {"key": "in-the-aggregate", "type": "definition", "offset": [3153, 3169]}, {"key": "in-all-material-respects", "type": "definition", "offset": [3194, 3218]}, {"key": "the-terms", "type": "clause", "offset": [3242, 3251]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [3267, 3289]}, {"key": "obligation-of-the", "type": "clause", "offset": [3326, 3343]}, {"key": "eds-entity", "type": "definition", "offset": [3353, 3363]}, {"key": "or-equivalent", "type": "definition", "offset": [3493, 3506]}, {"key": "applicable-local-law", "type": "definition", "offset": [3513, 3533]}, {"key": "right-to-subscribe", "type": "clause", "offset": [3649, 3667]}, {"key": "share-capital", "type": "clause", "offset": [3694, 3707]}, {"key": "other-securities", "type": "clause", "offset": [3711, 3727]}, {"key": "a-person", "type": "definition", "offset": [3934, 3942]}, {"key": "to-acquire", "type": "definition", "offset": [4001, 4011]}, {"key": "agree-to", "type": "clause", "offset": [4015, 4023]}, {"key": "any-person", "type": "definition", "offset": [4091, 4101]}, {"key": "contributions-to", "type": "clause", "offset": [4157, 4173]}, {"key": "investments-in", "type": "clause", "offset": [4177, 4191]}, {"key": "the-business", "type": "clause", "offset": [4248, 4260]}, {"key": "to-advance", "type": "definition", "offset": [4338, 4348]}, {"key": "the-principal-amount", "type": "definition", "offset": [4370, 4390]}, {"key": "save-for", "type": "clause", "offset": [4421, 4429]}, {"key": "net-receivables-amount", "type": "definition", "offset": [4464, 4486]}, {"key": "net-intercompany-amount", "type": "definition", "offset": [4490, 4513]}, {"key": "not-to-exceed", "type": "clause", "offset": [4658, 4671]}, {"key": "any-action", "type": "definition", "offset": [4713, 4723]}, {"key": "the-articles-of-association", "type": "definition", "offset": [4737, 4764]}, {"key": "legal-merger", "type": "definition", "offset": [4844, 4856]}, {"key": "legal-demerger", "type": "definition", "offset": [4858, 4872]}, {"key": "dissolution-or-liquidation", "type": "clause", "offset": [4909, 4935]}, {"key": "any-debt", "type": "definition", "offset": [4986, 4994]}, {"key": "related-securities", "type": "definition", "offset": [5015, 5033]}, {"key": "stock-exchange", "type": "definition", "offset": [5059, 5073]}, {"key": "status-of", "type": "clause", "offset": [5137, 5146]}, {"key": "additional-employees", "type": "clause", "offset": [5192, 5212]}, {"key": "any-employee", "type": "clause", "offset": [5236, 5248]}, {"key": "in-relation-to", "type": "clause", "offset": [5274, 5288]}, {"key": "annual-salary", "type": "clause", "offset": [5328, 5341]}, {"key": "equal-to", "type": "definition", "offset": [5342, 5350]}, {"key": "pounds-sterling", "type": "definition", "offset": [5388, 5403]}, {"key": "the-site", "type": "clause", "offset": [5497, 5505]}, {"key": "regional-leadership-team", "type": "definition", "offset": [5527, 5551]}, {"key": "aggregate-compensation", "type": "definition", "offset": [5607, 5629]}, {"key": "pension-entitlements", "type": "clause", "offset": [5655, 5675]}, {"key": "form-of-compensation", "type": "clause", "offset": [5690, 5710]}, {"key": "taken-as-a-whole", "type": "clause", "offset": [5712, 5728]}, {"key": "per-cent", "type": "definition", "offset": [5824, 5832]}, {"key": "as-required-by", "type": "clause", "offset": [5853, 5867]}, {"key": "applicable-laws", "type": "clause", "offset": [5872, 5887]}, {"key": "collective-bargaining-agreement", "type": "definition", "offset": [5905, 5936]}, {"key": "prior-to", "type": "definition", "offset": [5954, 5962]}, {"key": "no-control", "type": "clause", "offset": [6048, 6058]}, {"key": "no-increase", "type": "clause", "offset": [6169, 6180]}, {"key": "pension-plans", "type": "definition", "offset": [6346, 6359]}, {"key": "benefits-provided", "type": "definition", "offset": [6417, 6434]}, {"key": "cost-of", "type": "clause", "offset": [6575, 6582]}, {"key": "material-benefits", "type": "definition", "offset": [6587, 6604]}, {"key": "nothing-in-this-clause", "type": "clause", "offset": [7086, 7108]}, {"key": "material-benefit-plans", "type": "clause", "offset": [7239, 7261]}, {"key": "employees-who", "type": "clause", "offset": [7276, 7289]}, {"key": "similar-proceedings", "type": "clause", "offset": [7394, 7413]}, {"key": "reasonably-foreseeable", "type": "clause", "offset": [7509, 7531]}, {"key": "payment-to", "type": "clause", "offset": [7558, 7568]}, {"key": "effect-on-the", "type": "clause", "offset": [7709, 7722]}, {"key": "settlement-of", "type": "clause", "offset": [7763, 7776]}, {"key": "other-legal-proceedings", "type": "clause", "offset": [7808, 7831]}, {"key": "in-the-accounts", "type": "clause", "offset": [7860, 7875]}, {"key": "cash-out", "type": "definition", "offset": [8051, 8059]}, {"key": "relate-to", "type": "definition", "offset": [8177, 8186]}, {"key": "collection-of-debts", "type": "clause", "offset": [8191, 8210]}, {"key": "equity-rights", "type": "definition", "offset": [8341, 8354]}, {"key": "reduction-of-capital", "type": "definition", "offset": [8407, 8427]}, {"key": "commitment-to-effect", "type": "clause", "offset": [8459, 8479]}, {"key": "similar-terms", "type": "clause", "offset": [8600, 8613]}, {"key": "relating-to", "type": "definition", "offset": [8640, 8651]}, {"key": "asset-or-assets", "type": "definition", "offset": [8663, 8678]}, {"key": "potential-liability", "type": "clause", "offset": [8790, 8809]}, {"key": "covered-by", "type": "definition", "offset": [8860, 8870]}, {"key": "an-insurance", "type": "clause", "offset": [8900, 8912]}, {"key": "replaced-with", "type": "clause", "offset": [8916, 8929]}, {"key": "alternative-insurance", "type": "clause", "offset": [8933, 8954]}, {"key": "similar-coverage", "type": "definition", "offset": [9018, 9034]}, {"key": "voluntary-insolvency-proceedings", "type": "clause", "offset": [9066, 9098]}, {"key": "permitted-encumbrances", "type": "definition", "offset": [9179, 9201]}, {"key": "other-security", "type": "definition", "offset": [9253, 9267]}, {"key": "eds-assets", "type": "definition", "offset": [9284, 9294]}, {"key": "significant-change", "type": "definition", "offset": [9312, 9330]}, {"key": "method-of-accounting", "type": "clause", "offset": [9338, 9358]}, {"key": "audit-practices", "type": "clause", "offset": [9366, 9381]}, {"key": "accounting-date", "type": "definition", "offset": [9396, 9411]}, {"key": "a-change", "type": "clause", "offset": [9424, 9432]}, {"key": "required-by-law", "type": "definition", "offset": [9433, 9448]}, {"key": "designated-representative", "type": "definition", "offset": [9547, 9572]}, {"key": "request-for-consent", "type": "definition", "offset": [9589, 9608]}, {"key": "written-response", "type": "definition", "offset": [9792, 9808]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [10013, 10035]}, {"key": "days-after", "type": "definition", "offset": [10078, 10088]}, {"key": "in-the-event", "type": "clause", "offset": [10123, 10135]}, {"key": "additional-time", "type": "clause", "offset": [10257, 10272]}, {"key": "an-additional", "type": "clause", "offset": [10279, 10292]}, {"key": "the-request", "type": "clause", "offset": [10326, 10337]}, {"key": "given-by-the-purchaser", "type": "clause", "offset": [10375, 10397]}, {"key": "before-completion", "type": "clause", "offset": [10405, 10422]}, {"key": "tax-authorities", "type": "definition", "offset": [10516, 10531]}, {"key": "tax-return", "type": "clause", "offset": [10536, 10546]}, {"key": "timely-filed", "type": "definition", "offset": [10586, 10598]}, {"key": "with-respect-to", "type": "clause", "offset": [10708, 10723]}, {"key": "dividends-paid", "type": "definition", "offset": [10741, 10755]}, {"key": "management-fees", "type": "clause", "offset": [10798, 10813]}, {"key": "agreed-and-acknowledged", "type": "clause", "offset": [10872, 10895]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [10961, 10980]}, {"key": "in-accordance-with", "type": "clause", "offset": [11004, 11022]}, {"key": "the-principles", "type": "clause", "offset": [11023, 11037]}, {"key": "due-consideration", "type": "clause", "offset": [11076, 11093]}, {"key": "relevant-circumstances", "type": "definition", "offset": [11101, 11123]}, {"key": "immediate-action", "type": "clause", "offset": [11178, 11194]}, {"key": "to-mitigate", "type": "definition", "offset": [11251, 11262]}, {"key": "immediate-threat", "type": "clause", "offset": [11314, 11330]}, {"key": "condition-of", "type": "clause", "offset": [11338, 11350]}, {"key": "likely-to-have", "type": "clause", "offset": [11437, 11451]}, {"key": "immediate-vicinity", "type": "definition", "offset": [11564, 11582]}, {"key": "the-seller-is", "type": "clause", "offset": [11603, 11616]}, {"key": "to-request", "type": "clause", "offset": [11644, 11654]}, {"key": "consent-of-the-purchaser", "type": "clause", "offset": [11659, 11683]}, {"key": "provided-that", "type": "definition", "offset": [11775, 11788]}, {"key": "no-further-action", "type": "clause", "offset": [11911, 11928]}, {"key": "pursuant-to-clause", "type": "clause", "offset": [11995, 12013]}], "snippet": "Ordinary Course of Business\n7.1 Save (i) in so far as expressly contemplated in this Agreement, (ii) in so far as may be reasonably necessary in connection with the implementation of this Agreement or the Transactions contemplated by this Agreement including the implementation of the Disentanglement, (iii) in so far as may be necessary to comply with applicable Law, or (iv) in so far as agreed or consented to by the Purchaser (such agreement or consent not to be unreasonably withheld or delayed), the Seller shall, and to the extent applicable shall cause the relevant members of the Seller\u2019s Group and each of the EDS Entities to, use all their respective commercially reasonable efforts to procure that, between Signing and Completion, they shall (a) continue to conduct the EDS Business as a going concern in the Ordinary Course and (b) preserve the EDS Business and its relationships with customers, key employees, suppliers, distributors and other third parties, in each case consistent with past practice and (without prejudice to the generality of the foregoing) none of them shall, between Signing and Completion (or in case of partial Completion as further set out in Clause 5.6.2):\n7.1.1 make any fundamental change in the nature or organisation of the EDS Business or discontinue or cease to operate all or a material part of the EDS Business;\n7.1.2 sell, transfer, grant any exclusive licence, or otherwise dispose of, or, in the case of EDS Patents, EDS Copyrights or EDS Trademarks, allow to lapse (other than in the case of non-renewal due to local law requirements) or abandon, any, or create a Third Party Right (other than any Permitted Encumbrance) over any, EDS Asset to the extent having a book value in excess of, EUR 100,000 (one hundred thousand euros) per item or EUR 300,000 (three hundred thousand euros) on an aggregate basis, other than retention of title or similar arrangements or the sale of any EDS Inventory, in each case in the Ordinary Course;\n7.1.3 make any material change in its stock-taking policies;\n7.1.4 enter into any Contract in connection with the EDS Business that, if existing on the date hereof, would constitute a Material Contract, other than in respect of the purchase of supplies or sale of inventories or services in the Ordinary Course;\n7.1.5 commit to any capital expenditure project (other than those contemplated in the Management Presentation, the \u201cAFC Current Year\u201d or \u201cFC Next Year\u201d columns of the Capital Expenditure Plan or otherwise committed to before the Signing Date) where the capital expenditures contemplated are expected to exceed an amount greater than EUR 100,000 (one hundred thousand euros) per project or EUR 500,000 (five hundred thousand euros) per annum for all such capital expenditures in the EDS Business, in each case other than, for the avoidance of doubt, in respect of the purchase of supplies or maintenance in the Ordinary Course;\n7.1.6 amend, modify, waive, renew or terminate, in each case, in any material respect, any right under any existing Material Contract, except renewals, extensions or replacements of existing Material Contracts on terms that are, in the aggregate, at least as favourable in all material respects to the EDS Entities as the terms thereof on the date of this Agreement or fail to comply with any material obligation of the relevant EDS Entity under any Material Contract;\n7.1.7 create, allot or issue, or allow to be created, allotted or issued, any share in the capital (or equivalent under applicable local Law) of any of the EDS Entities other than to another EDS Entity;\n7.1.8 repay, redeem, repurchase, grant any option or right to subscribe for or acquire any of its share capital or other securities, or allow to be repaid, redeemed, repurchased, granted any option or right to subscribe for or acquire any share capital (or equivalent under applicable local Law) of any of the EDS Entities, to or held by a person other than another EDS Entity;\n7.1.9 allow any EDS Entity to acquire or agree to acquire any share(s) (or equivalent under applicable local Law) in any person (other than any other EDS Entity), or make any capital contributions to or investments in any person (other than any other EDS Entity) or acquire the business of any person (other than any other EDS Entity);\n7.1.10 allow any EDS Entity to advance or borrow any money, the principal amount of which exceeds EUR 100,000, save for: (i) amounts accounted for in the Net Receivables Amount or Net Intercompany Amount in each case to the extent incurred in the Ordinary Course; and (ii) amounts loaned by any of the EDS Entities to an EDS Employee, such amounts not to exceed EUR 10,000 per EDS Employee;\n7.1.11 take any action to (i) amend the articles of association or any other similar Organisational Document of any EDS Entity, (ii) procure a legal merger, legal demerger (division), insolvency, bankruptcy, dissolution or liquidation of any EDS Entity, (iii) apply for the listing of any debt or equity or equity-related securities of any EDS Entity on any stock exchange and/or (iv) enter into any transaction which affects the legal status of any EDS Entity;\n7.1.12 engage or appoint any additional employees or workers (or promote any employee or worker to a position) in relation to the EDS Business either (i) earning an annual salary equal to more than GBP 60,000 (sixty thousand pounds sterling) per annum; or (ii) who will (once appointed or promoted (as applicable)) become a member of the site leadership team, the regional leadership team or the commercial team;\n7.1.13 materially increase the aggregate compensation (wages, salary, bonuses, pension entitlements and any other form of compensation, taken as a whole) of the EDS Employees or Workers (materially, for these purposes, meaning an increase of three per cent or more) other than as required by any applicable Laws or an applicable collective bargaining agreement which was agreed prior to Signing or which is agreed following Signing and in relation to which the Seller has no control (such as a collective bargaining agreement agreed at national or industry level) provided, in any event, that no increase will be made or agreed other than in the Ordinary Course;\n7.1.14 only to the extent such action impacts an EDS Employee (i) adopt, establish, amend or terminate any Pension Plans or material benefit plan or (ii) materially increase the benefits provided under any such Pension Plans or material benefit plan (materially, for these purposes, meaning an increase of three per cent or more in the cost of any material benefits or cost of providing benefits under the Pension Plans), other than as required by any applicable Laws or an applicable collective bargaining agreement which was agreed prior to Signing or which is agreed following Signing and in relation to which the Seller has no control (such as a collective bargaining agreement agreed at national or industry level) provided, in any event, that no increase will be made or agreed other than in the Ordinary Course. For the avoidance of doubt, nothing in this clause shall restrict the ability of the Seller or a member of the Seller\u2019s Group from taking any action in relation to Pension Plans or material benefit plans in respect of employees who are not EDS Employees;\n7.1.15 allow any EDS Entity to settle or initiate any litigation, arbitration or similar Proceedings (save for initiation of any counter Proceedings or Proceedings to preserve rights) where it is reasonably foreseeable that it could result in a payment to or by a EDS Entity of EUR 160,000 (one hundred and sixty thousand euros) or the outcome of the matter may otherwise have a material adverse effect on the EDS Business, unless with regard (i) to settlement of any litigation, arbitration or other legal Proceedings that have been provided for in the Accounts whereby the overall amount (including fees) payable in connection with such settlement of any litigation, arbitration or other legal Proceedings does not exceed the estimated cash out under such provisions as Disclosed prior to Signing, or (ii) litigation, arbitration or other legal Proceedings that relate to the collection of debts owed to the EDS Business (including any EDS Entity) in the Ordinary Course;\n7.1.16 make any distribution (whether in cash, stock, equity rights or property), declare or pay any dividend, effect a reduction of capital, or enter into any contractual commitment to effect any of the foregoing;\n7.1.17 terminate any of its Insurances or fail to renew any Insurance other than on substantially similar terms except (i) for Insurances relating to a specific Asset or Assets where such Asset or Assets has ceased to be owned or otherwise held by an EDS Entity and no EDS Entity has any potential liability in respect of such Asset or Assets which would be covered by that insurance or (ii) where an Insurance is replaced with an alternative Insurance (whether or not with the same insurer) providing substantially similar coverage;\n7.1.18 enter into any form of voluntary Insolvency Proceedings (or the equivalent under applicable local Law);\n7.1.19 other than in respect of Permitted Encumbrances, grant or issue any mortgage, charge, debenture or other security over any of the EDS Assets;\n7.1.20 make any significant change in its method of accounting or any audit practices or change its accounting date, other than a change required by Law; and\n7.1.21 agree, conditionally or otherwise, to do any of the foregoing.\n7.2 The Seller (or its designated Representative) shall send any request for consent in connection with Clause 7.1 to \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 and \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 at \u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587, \u2587\u2587\u2587.\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587 and \u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587. A written response to a request for consent, which consent shall not be unreasonably withheld or delayed, shall be provided by any one or more of such individuals by reply email to the relevant Representative of the Seller as soon as practicable and in any event within five (5) Business Days after the time of sending of the email. In the event that such written response is not received within five (5) Business Days, other than where a response is sent requesting additional time up to an additional forty-eight 48 hours to consider the request, consent will be deemed to have been given by the Purchaser. On or before Completion, the Seller shall, or shall procure that the French EDS Entities shall, file with the French Tax Authorities any Tax return required to be filed and which was not timely filed and/or regularise with the French Tax Authorities any Tax return which was not correctly filed, in each case with respect to (i) interest and dividends paid by the French EDS Entities (IFU) and (ii) management fees (DAS2) paid by the French EDS Entities.\n7.3 It is further agreed and acknowledged that:\n7.3.1 in applying and enforcing Clause 7.1, the Seller and the Purchaser shall act towards each other in accordance with the principles of reasonableness and fairness giving due consideration to all relevant circumstances; and\n7.3.2 if and to the extent circumstances require immediate action from any member of the Seller\u2019s Group or any EDS Entity to mitigate or avoid any losses or liabilities arising from an immediate threat to the condition of an EDS Asset which if not mitigated or addressed, as appropriate, would be reasonably likely to have a material adverse effect on the relevant EDS Asset or the health, safety or welfare of any person on or in the immediate vicinity of a EDS Asset, and the Seller is not reasonably able timely to request the consent of the Purchaser or await a response from the Purchaser to such request, no such consent shall be required; provided that the Seller shall inform the Purchaser of any such situation as soon as reasonably practicable thereafter and procure that no further action is taken until after the consent of the Purchaser has been sought pursuant to Clause 7.1.", "hash": "18c052eb06d689f2db1bd40cf5358168", "id": 1}, {"samples": [{"hash": "kr96X6WPC2a", "uri": "/contracts/kr96X6WPC2a#pre-completion-covenants", "label": "Sale of Business Agreement (Allied World Assurance Co Holdings, AG)", "score": 23.6461334229, "published": true}], "size": 3, "snippet_links": [{"key": "until-completion", "type": "clause", "offset": [4, 20]}, {"key": "the-seller-shall", "type": "clause", "offset": [21, 37]}, {"key": "to-the-extent-permitted-by-law", "type": "clause", "offset": [39, 69]}, {"key": "subject-to-clause", "type": "clause", "offset": [74, 91]}, {"key": "the-provisions-of", "type": "clause", "offset": [109, 126]}, {"key": "schedule-5", "type": "clause", "offset": [127, 137]}, {"key": "written-notice", "type": "clause", "offset": [226, 240]}, {"key": "given-to-the-purchaser", "type": "clause", "offset": [250, 272]}, {"key": "in-relation-to", "type": "clause", "offset": [277, 291]}, {"key": "final-determination", "type": "clause", "offset": [327, 346]}, {"key": "days-in", "type": "definition", "offset": [371, 378]}, {"key": "respond-in-writing", "type": "definition", "offset": [627, 645]}, {"key": "failure-to-make", "type": "clause", "offset": [688, 703]}, {"key": "in-this-clause", "type": "clause", "offset": [825, 839]}, {"key": "agrees-to", "type": "clause", "offset": [862, 871]}, {"key": "best-endeavours", "type": "definition", "offset": [880, 895]}, {"key": "respond-to", "type": "definition", "offset": [899, 909]}, {"key": "request-for-consent", "type": "definition", "offset": [912, 931]}, {"key": "hours-of", "type": "clause", "offset": [1007, 1015]}, {"key": "receipt-of", "type": "clause", "offset": [1020, 1030]}, {"key": "entered-into", "type": "clause", "offset": [1157, 1169]}, {"key": "by-the-seller", "type": "clause", "offset": [1170, 1183]}, {"key": "the-business", "type": "clause", "offset": [1208, 1220]}, {"key": "prior-to-the", "type": "clause", "offset": [1221, 1233]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [1234, 1256]}, {"key": "of-the-seller", "type": "clause", "offset": [1323, 1336]}, {"key": "disaster-situation", "type": "definition", "offset": [1391, 1409]}, {"key": "adverse-effect", "type": "definition", "offset": [1447, 1461]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [1484, 1503]}, {"key": "in-advance", "type": "clause", "offset": [1524, 1534]}, {"key": "legally-permissible", "type": "definition", "offset": [1568, 1587]}, {"key": "the-purchaser-will", "type": "clause", "offset": [1625, 1643]}, {"key": "agreement-or", "type": "definition", "offset": [1703, 1715]}, {"key": "other-transaction-documents", "type": "definition", "offset": [1720, 1747]}, {"key": "payment-for", "type": "clause", "offset": [1757, 1768]}, {"key": "written-request", "type": "clause", "offset": [1833, 1848]}, {"key": "of-the-purchaser", "type": "clause", "offset": [1849, 1865]}, {"key": "any-action", "type": "definition", "offset": [1871, 1881]}, {"key": "reasonable-belief", "type": "clause", "offset": [1900, 1917]}, {"key": "order-to-comply", "type": "definition", "offset": [1936, 1951]}, {"key": "applicable-law-or-regulation", "type": "definition", "offset": [1976, 2004]}, {"key": "government-agency", "type": "definition", "offset": [2080, 2097]}, {"key": "material-matter", "type": "definition", "offset": [2126, 2141]}, {"key": "notice-to-terminate", "type": "clause", "offset": [2286, 2305]}, {"key": "agreements-or-arrangements", "type": "clause", "offset": [2306, 2332]}, {"key": "members-of-the", "type": "clause", "offset": [2368, 2382]}, {"key": "amendment-agreements", "type": "definition", "offset": [2447, 2467]}, {"key": "provide-for", "type": "clause", "offset": [2471, 2482]}, {"key": "on-completion", "type": "clause", "offset": [2500, 2513]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [2530, 2553]}], "snippet": "5.1 Until Completion the Seller shall, to the extent permitted by law and subject to clause 5.2, comply with the provisions of Schedule 5.\n5.2 Clause 5.1 shall not operate so as to restrict or prevent:\n(a) any matter of which written notice has been given to the Purchaser but in relation to which the Purchaser has not made a final determination within (i) two Business Days in relation to any matter referred to in paragraph 1.3(f) of Schedule 5 or (ii) five Business Days in relation to any matter referred to in paragraph 1.3 other than paragraph 1.3(f), from the date on which such written notice was sent (and failure to respond in writing to a written notice shall be deemed to be failure to make a final determination in respect of the matter contained within such written notice). Notwithstanding anything contained in this clause 5.2(a), the Purchaser agrees to use its best endeavours to respond to a request for consent from the Seller in relation to paragraph 1.3(i)(i) of Schedule 5 within 24 hours of the receipt of any such request for consent;\n(b) the completion or performance of any obligations required under any contract or arrangement entered into by the Seller or in respect of any of the Business prior to the date of this agreement;\n(c) any matter reasonably undertaken by the Seller or any member of the Seller\u2019s Group in respect of the Business in an emergency or disaster situation with the intention of minimising any adverse effect thereof (and of which the Purchaser shall be consulted as far in advance as is reasonably practicable and legally permissible in the circumstances, failing which, the Purchaser will be promptly notified);\n(d) any matter contemplated in this agreement or the other Transaction Documents;\n(e) any payment for or in respect of Tax when due;\n(f) any matter undertaken at the written request of the Purchaser;\n(g) any action necessary (in the reasonable belief of the Seller) in order to comply with any requirement of applicable law or regulation (including any rules or requirements of or any direction received from any Government Agency) and in respect of any such material matter the Purchaser shall be consulted as far in advance as is reasonably practicable and legally permissible in the circumstances;\n(h) the giving of notice to terminate agreements or arrangements in respect of services provided by members of the Seller\u2019s Group in relation to the Business or the entry into of amendment agreements to provide for such termination on Completion pursuant to the terms of this agreement;", "hash": "dae8a5bccc7591f6dee45f795a96d4b9", "id": 4}, {"samples": [{"hash": "aFab3GRVeAH", "uri": "/contracts/aFab3GRVeAH#pre-completion-covenants", "label": "Contribution and Framework Agreement (VEON Ltd.)", "score": 28.2525672913, "published": true}, {"hash": "3LJBngZVqvi", "uri": "/contracts/3LJBngZVqvi#pre-completion-covenants", "label": "Contribution and Framework Agreement (VimpelCom Ltd.)", "score": 26.2450370789, "published": true}], "size": 2, "snippet_links": [{"key": "such-party", "type": "clause", "offset": [55, 65]}, {"key": "at-any-time", "type": "clause", "offset": [118, 129]}, {"key": "prior-to", "type": "definition", "offset": [130, 138]}, {"key": "the-other-parties", "type": "clause", "offset": [193, 210]}, {"key": "contrary-to", "type": "definition", "offset": [278, 289]}, {"key": "the-transaction-documents", "type": "clause", "offset": [290, 315]}], "snippet": "19.1 Neither VIP, HET, H3G II nor \u2587\u2587\u2587\u2587\u2587 shall and each such Party shall procure that none of their Subsidiaries shall at any time prior to and including Completion without the prior consent of the other parties pass or join in passing any resolution of H3G II or \u2587\u2587\u2587\u2587\u2587 which is contrary to the Transaction Documents.", "hash": "4b7ca6cec3e9c9408e5ed9fefbec92f9", "id": 6}, {"samples": [{"hash": "OYt5Ax4TRz", "uri": "/contracts/OYt5Ax4TRz#pre-completion-covenants", "label": "Share Sale and Purchase Agreement (Telesystem International Wireless Inc)", "score": 18.0, "published": true}], "size": 1, "snippet_links": [{"key": "date-hereof", "type": "clause", "offset": [18, 29]}, {"key": "the-completion-date", "type": "definition", "offset": [34, 53]}, {"key": "party-hereto", "type": "definition", "offset": [60, 72]}, {"key": "the-other-parties", "type": "clause", "offset": [124, 141]}, {"key": "would-be-likely", "type": "definition", "offset": [199, 214]}, {"key": "conditions-to-be-satisfied", "type": "clause", "offset": [228, 254]}, {"key": "the-sellers", "type": "clause", "offset": [288, 299]}, {"key": "notice-to-the", "type": "clause", "offset": [375, 388]}, {"key": "other-shareholders", "type": "clause", "offset": [389, 407]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [408, 430]}, {"key": "third-business-day", "type": "clause", "offset": [489, 507]}], "snippet": "8.1.1 Between the date hereof and the Completion Date, each party hereto covenants and agrees that it shall promptly notify the other parties of the occurrence, or non-occurrence of any event, which would be likely to cause any Conditions to be satisfied by it not to be satisfied;\n8.1.2 The Sellers hereby covenant and agree that they will send the TIW Czech Share Transfer Notice to the other Shareholders as soon as practicable after the date hereof and in any event, no later than the third Business Day thereafter.", "hash": "9eae5a604d8bc5adeace496cee9ab761", "id": 8}, {"samples": [{"hash": "3Z1aCePKQD", "uri": "/contracts/3Z1aCePKQD#pre-completion-covenants", "label": "Agreement for the Sale and Purchase of Shares", "score": 25.799451828, "published": true}], "size": 3, "snippet_links": [{"key": "in-relation-to", "type": "clause", "offset": [25, 39]}, {"key": "the-group-companies", "type": "clause", "offset": [50, 69]}, {"key": "the-period", "type": "clause", "offset": [78, 88]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [101, 123]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [170, 191]}, {"key": "to-the-extent", "type": "clause", "offset": [212, 225]}, {"key": "legal-privilege", "type": "clause", "offset": [347, 362]}, {"key": "not-prohibited", "type": "clause", "offset": [372, 386]}, {"key": "applicable-laws", "type": "clause", "offset": [390, 405]}, {"key": "competition-laws", "type": "clause", "offset": [417, 433]}, {"key": "sole-expense", "type": "definition", "offset": [455, 467]}, {"key": "provide-the", "type": "clause", "offset": [473, 484]}, {"key": "reasonable-access", "type": "definition", "offset": [524, 541]}, {"key": "the-directors", "type": "clause", "offset": [545, 558]}, {"key": "books-and-records", "type": "definition", "offset": [579, 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"clause", "offset": [1383, 1410]}, {"key": "other-rights", "type": "clause", "offset": [1419, 1431]}, {"key": "available-under", "type": "clause", "offset": [1443, 1458]}, {"key": "articles-of-association", "type": "definition", "offset": [1472, 1495]}, {"key": "constitutional-documents", "type": "clause", "offset": [1499, 1523]}, {"key": "fiduciary-duty", "type": "definition", "offset": [1544, 1558]}, {"key": "days-after", "type": "definition", "offset": [1665, 1675]}, {"key": "provisions-of-this", "type": "clause", "offset": [1719, 1737]}, {"key": "to-ensure", "type": "clause", "offset": [1745, 1754]}, {"key": "consent-requirements", "type": "clause", "offset": [1797, 1817]}, {"key": "set-out", "type": "definition", "offset": [1818, 1825]}, {"key": "in-this-clause", "type": "clause", "offset": [1826, 1840]}, {"key": "activities-of-the", "type": "clause", "offset": [1875, 1892]}, {"key": "in-all-material-respects", "type": "definition", "offset": [1903, 1927]}, {"key": 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"clause", "offset": [7313, 7327]}, {"key": "budget-of", "type": "clause", "offset": [7452, 7461]}, {"key": "financial-year", "type": "clause", "offset": [7479, 7493]}, {"key": "fairly-disclosed", "type": "definition", "offset": [7519, 7535]}, {"key": "disclosed-information", "type": "clause", "offset": [7543, 7564]}, {"key": "pursuant-to", "type": "clause", "offset": [7586, 7597]}, {"key": "regulatory-requirements", "type": "clause", "offset": [7607, 7630]}, {"key": "court-ruling", "type": "clause", "offset": [7636, 7648]}, {"key": "emergency-situations", "type": "clause", "offset": [7744, 7764]}, {"key": "not-limited", "type": "clause", "offset": [7781, 7792]}, {"key": "reasonably-necessary", "type": "clause", "offset": [7927, 7947]}, {"key": "effect-of", "type": "definition", "offset": [8023, 8032]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [8097, 8116]}, {"key": "contemplated-action", "type": "definition", "offset": [8165, 8184]}, {"key": "permitted-leakage", "type": "clause", "offset": [8209, 8226]}, {"key": "the-transaction-documents", "type": "clause", "offset": [8282, 8307]}, {"key": "it-is-agreed-that", "type": "clause", "offset": [8322, 8339]}, {"key": "and-the-purchaser", "type": "clause", "offset": [8395, 8412]}, {"key": "in-accordance-with", "type": "clause", "offset": [8442, 8460]}, {"key": "the-principles", "type": "clause", "offset": [8461, 8475]}, {"key": "due-consideration", "type": "clause", "offset": [8514, 8531]}, {"key": "relevant-circumstances", "type": "definition", "offset": [8539, 8561]}, {"key": "urgent-matters", "type": "clause", "offset": [8575, 8589]}, {"key": "the-operations", "type": "clause", "offset": [8598, 8612]}, {"key": "the-assets", "type": "clause", "offset": [8616, 8626]}, {"key": "timely-request", "type": "clause", "offset": [8707, 8721]}, {"key": "immediate-action", "type": "clause", "offset": [8829, 8845]}, {"key": "take-into-account", "type": "definition", "offset": [9195, 9212]}, {"key": "further-action", "type": "clause", "offset": [9268, 9282]}, {"key": "liability-of-the-sellers", "type": "clause", "offset": [9314, 9338]}, {"key": "arising-out-of", "type": "definition", "offset": [9339, 9353]}, {"key": "in-connection-with", "type": "clause", "offset": [9357, 9375]}, {"key": "breach-of-this-clause", "type": "clause", "offset": [9390, 9411]}, {"key": "after-the-completion-date", "type": "clause", "offset": [9462, 9487]}, {"key": "information-of", "type": "clause", "offset": [9533, 9547]}, {"key": "employee-representative-bodies", "type": "definition", "offset": [9552, 9582]}], "snippet": "6.1 Sellers\u2019 obligations in relation to access to the Group Companies\u200c\n(a) In the period between the date of this Agreement and Completion, the Sellers shall, subject to the provisions of the NDA and the CTA and to the extent: (x) reasonably possible and taking into account commercial sensitivities; (y) not jeopardising client-attorney or other legal privilege; and (z) not prohibited by applicable Laws (including competition Laws), at the Purchaser\u2019s sole expense:\n(i) provide the Purchaser and its Representatives such reasonable access to the directors/managers and to the books and records of each of the Group Companies and, at such times during normal business hours on any Business Day, under the supervision of any Representative of the Sellers, and in such a manner as not to unreasonably interfere with the normal operations of any relevant member of any Seller\u2019s Group and/or the Company, as the Purchaser may reasonably request in writing specifying the purpose of the request and the extent of access requested; and\n(ii) provide such information regarding the business and affairs of each of the Group Companies as the Purchaser may reasonably request in writing specifying the purpose of the request and the extent of access requested.\u200c\n6.2 Sellers\u2019 obligations in relation to the conduct of the business by the Group Companies\n(i) exercising their voting rights as shareholders of the Company and any other rights reasonably available under the Company\u2019 articles of association or constitutional documents, but subject to any fiduciary duty they may have, and (ii) by notifying the statutory directors of the Group Companies ultimately 2 Business Days after the date of this Agreement of the relevant provisions of this clause to ensure such statutory directors are aware of the consent requirements set out in this clause) to ensure that:\n(a) the business activities of the Group are in all material respects conducted in the ordinary course of business including maintaining an ordinary course level of inventory and turnover days for accounts receivable and accounts payable in the ordinary course and consistent with past practice; and\n(b) the Group preserves and protects its present business organisations, lines of business, assets and goodwill and its relationships with customers, suppliers, and other third parties, in the ordinary course of business and consistent with past practice; and\u200c\n(c) no Group Company shall:\n(i) change its accounting procedures, principles or practices (except as required by Law, applicable GAAP or changes in official interpretations thereof, or otherwise applying generally to the Sellers, the Company and the other members of such Seller\u2019s Group); or\n(ii) create any Encumbrance (other than a Permitted Encumbrance) in respect of any part of its assets or over its securities; or\n(iii) have its articles of association or other constitutional documents amended; or\n(iv) create, allot or issue, or allow to be created, allotted or issued, any share capital of any Group Company or issue any instrument to a Person other than a Group Company that gives the right to obtain shares in the relevant Group Company; or\n(v) declare, make or pay any dividend, return of capital or other distribution to any member of such Seller\u2019s Group, whether in cash or in kind; or\u200c\n(vi) be wound-up, merged or de-merged; or\n(vii) approve the contribution or sale of its business, as a whole or in part; or\n(viii) acquire any shares or other interest in any other company or business or take a participation in any co-operation, partnership or joint venture; or\n(ix) dispose of any shares or other interest in any Group Company, amend or terminate a participation in any co-operation, partnership or joint venture; or\n(x) form any subsidiary, participate in, or terminate any participation in, any co-operation, partnership or joint venture; or\n(xi) borrow or lend any money (or incur or assume any debt including entering into credit agreements, leasing and or hire purchase arrangements) in excess of USD 50,000, except for normal trade credit in the ordinary course of business or in respect of the financing of any permitted acquisition of an interest in a business, or voluntarily decide to repay any money under the term loans under the Group Indebtedness; or\n(xii) incur any individual capital expenditure (on a single asset basis) in excess of USD 150,000; or\n(xiii) give any guarantee, indemnity, or otherwise agree to secure an obligation of any Person other than any Group Company, in each case other than for the benefit of the Group or in the ordinary course of business; or\n(xiv) enter into, vary or terminate any transaction or agreement between a Group Company and a member of a Seller\u2019s Group, other than in the ordinary course of business and on arm\u2019s length terms; or\n(xv) make any change in the terms and conditions of employment/engagement of its Key Persons (except changes resulting from amendments to applicable collective bargaining agreements or applicable Law), or unilaterally terminate (except for good cause) the services or employment agreement of any Key Person; or\n(xvi) materially increase the aggregate compensation (wages, salaries, bonuses, pensions and any other form of compensation, taken as a whole) of the Employees of the Group which would result in an aggregate increase to the aggregate annual employee base salary costs of the Group in excess of 0.5% or materially increase the compensation of any top 20 Employee with 5% unless required under applicable Laws or any collective labour agreements; or\n(xvii) make changes to the Group\u2019s current social plan or similar redundancy arrangements (including extending their term beyond the originally agreed term) or enter into other (collective) redundancy terms providing rights to Employees above the statutory minimum level; or\n(xviii) enter into, make any change to or terminate any collective bargaining agreement or other arrangements with any trade union, works council or any other recognised employee representative body representing the employees of the Group Companies in excess of USD 60,000; or\n(xix) agree to or permit the institution or settlement of any litigation where it could result in a payment to or by a Group Company of USD 1,000,000 or more; or\u200c\n(xx) change in residence for any Tax purpose (including for the purpose of a double taxation arrangement), or create any place of business in a jurisdiction in which it is not so resident; or\n(xxi) change the conduct of its Tax affairs, including its methods, policies, principles or practices of Tax accounting or methods of reporting or claiming any amounts for Tax purposes, in a manner which is inconsistent with such conduct prior to the date of this Agreement; or\n(xxii) amend any Tax return, or the amend or withdrawal of any claim, election, surrender, notice, consent or other relevant filing for Tax purposes; or\n(xxiii) enter into any agreement or discussion with any Tax Authority or settle any dispute with or enquiry by any Tax Authority; or\n(xxiv) agree, conditionally or otherwise, or authorize or resolve to do any of the foregoing,\n(xxv) with the prior consent of the Purchaser (which shall not be unreasonably delayed or withheld and which shall be deemed to be given if no response is received by the Sellers within three (3) Business Days following a request from the Sellers); or\n(xxvi) if already specifically provided for in the budget of the then running financial year for any Group Company as Fairly Disclosed in the Disclosed Information; or\n(xxvii) required pursuant to legal or regulatory requirements or a court ruling; or\n(xxviii) is required to be undertaken by the Sellers or the Group Companies as a result of emergency situations (including, but not limited to, Covid-19 or any new variants thereof arising between the date of this Agreement and Completion, or any other pandemic), as deemed reasonably necessary by the relevant Group Company with the intention of minimising any adverse effect of such situation in relation to the Group Companies (and of which the Purchaser shall be promptly notified); or\n(xxix) insofar as the contemplated action or decision constitutes Permitted Leakage; or\n(xxx) as expressly provided for or contemplated in the Transaction Documents. Furthermore, it is agreed that: (i) in applying and enforcing Clause 6.2, the Sellers and the Purchaser shall act towards each other in accordance with the principles of reasonableness and fairness giving due consideration to all relevant circumstances; and (ii) in urgent matters whereby the operations or the assets of any Group Company are immediately threatened, the Sellers may not be able to timely request the Purchaser\u2019s consent, or await the Purchaser\u2019s response to such request, if these circumstances require immediate action from the Sellers or the Group Companies and prior consent of the Purchaser cannot reasonably be obtained, but in such event the Sellers shall nevertheless inform the Purchaser of any such situation as soon as reasonably practicable thereafter (and in any event within one (1) Business Day after having taken the relevant immediate action) and shall take into account any reasonable comments of the Purchaser in taking any further action in respect of such matter. The liability of the Sellers arising out of or in connection with any Claim for breach of this Clause 6.2 shall terminate on the date falling 12 months after the Completion Date.\n6.3 Sellers\u2019 obligations in relation to the information of the employee representative bodies", "hash": "fcfa66ccf07b195b1d8a5741d54805de", "id": 5}, {"samples": [{"hash": "7lyGxtNZ295", "uri": "/contracts/7lyGxtNZ295#pre-completion-covenants", "label": "Share Sale and Purchase Agreement (Advanced Semiconductor Engineering Inc)", "score": 18.0, "published": true}], "size": 1, "snippet_links": [{"key": "the-seller-parties", "type": "clause", "offset": [0, 18]}, {"key": "the-completion-date", "type": "definition", "offset": [71, 90]}, {"key": "conduct-the-business", "type": "definition", "offset": [107, 127]}, {"key": "split-date", "type": "definition", "offset": [193, 203]}, {"key": "ordinary-course", "type": "clause", "offset": [217, 232]}, {"key": "applicable-seller", "type": "definition", "offset": [246, 263]}, {"key": "the-transaction-documents", "type": "clause", "offset": [289, 314]}, {"key": "prior-to-the", "type": "clause", "offset": [338, 350]}], "snippet": "The Seller Parties shall observe each of the following covenants until the Completion Date:\n(a) NECY shall conduct the Business, and cause the Company to conduct the Business after the Company Split Date, only in the ordinary course; and\n(b) The applicable Seller Parties shall enter into the Transaction Documents with the Company at or prior to the Completion Date.", "hash": "1e4cf8c08092eec2e9418c907313ca2c", "id": 7}, {"samples": [{"hash": "7dkxTFNBCDQ", "uri": "/contracts/7dkxTFNBCDQ#pre-completion-covenants", "label": "Share Purchase Agreement (American Tower Corp /Ma/)", "score": 30.5770015717, "published": true}], "size": 1, "snippet_links": [{"key": "until-completion", "type": "clause", "offset": [4, 20]}, {"key": "seller-shall", "type": "clause", "offset": [27, 39]}, {"key": "all-reasonable-endeavours", "type": "definition", "offset": [95, 120]}, {"key": "the-warrantors", "type": "clause", "offset": [137, 151]}, {"key": "to-ensure", "type": "clause", "offset": [187, 196]}, {"key": "business-of-the-group", "type": "clause", "offset": [206, 227]}, {"key": "ordinary-and-usual-course", "type": "clause", "offset": [254, 279]}, {"key": "on-the-same-basis", "type": "definition", "offset": [280, 297]}, {"key": "prior-to-the", "type": "clause", "offset": [350, 362]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [363, 385]}, {"key": "business-relations", "type": "clause", "offset": [572, 590]}, {"key": "without-limiting-the-generality-of-the-foregoing", "type": "clause", "offset": [602, 650]}, {"key": "consent-of-the-purchaser", "type": "clause", "offset": [690, 714]}, {"key": "company-will", "type": "clause", "offset": [783, 795]}, {"key": "loan-capital", "type": "clause", "offset": [860, 872]}, {"key": "other-securities", "type": "clause", "offset": [876, 892]}, {"key": "any-person", "type": "definition", "offset": [896, 906]}, {"key": "split-up", "type": "clause", "offset": [927, 935]}, {"key": "other-transaction", "type": "definition", "offset": [957, 974]}, {"key": "share-capital-increases", "type": "clause", "offset": [1117, 1140]}, {"key": "company-in", "type": "clause", "offset": [1192, 1202]}, {"key": "interim-dividend", "type": "definition", "offset": [1358, 1374]}, {"key": "other-distribution", "type": "definition", "offset": [1387, 1405]}, {"key": "a-distribution", "type": "clause", "offset": [1468, 1482]}, {"key": "amendment-to-the-terms", "type": "clause", "offset": [1561, 1583]}, {"key": "amendments-to", "type": "clause", "offset": [1770, 1783]}, {"key": "organizational-documents", "type": "definition", "offset": [1806, 1830]}, {"key": "require-the", "type": "clause", "offset": [1872, 1883]}, {"key": "change-in", "type": "definition", "offset": [1933, 1942]}, {"key": "nature-of", "type": "clause", "offset": [1947, 1956]}, {"key": "new-lines-of-business", "type": "clause", "offset": [1985, 2006]}, {"key": "entering-into", "type": "clause", "offset": [2030, 2043]}, {"key": "services-for", "type": "clause", "offset": [2110, 2122]}, {"key": "active-infrastructure", "type": "definition", "offset": [2123, 2144]}, {"key": "each-case", "type": "definition", "offset": [2162, 2171]}, {"key": "member-of-the-group", "type": "definition", "offset": [2202, 2221]}, {"key": "a-party", "type": "clause", "offset": [2230, 2237]}, {"key": "prior-written-notice", "type": "definition", "offset": [2327, 2347]}, {"key": "additional-cost", "type": "clause", "offset": [2360, 2375]}, {"key": "other-liability", "type": "definition", "offset": [2397, 2412]}, {"key": "in-connection-with", "type": "clause", "offset": [2462, 2480]}, {"key": "subsidiary-companies", "type": "clause", "offset": [2519, 2539]}, {"key": "the-group-companies", "type": "clause", "offset": [2595, 2614]}, {"key": "any-business", "type": "definition", "offset": [2643, 2655]}, {"key": "single-transaction", "type": "clause", "offset": [2719, 2737]}, {"key": "related-transactions", "type": "clause", "offset": [2751, 2771]}, {"key": "in-the-aggregate", "type": "definition", "offset": [2800, 2816]}, {"key": "provided-that", "type": "definition", "offset": [2844, 2857]}, {"key": "the-acquisition", "type": "clause", "offset": [2858, 2873]}, {"key": "tower-transaction", "type": "definition", "offset": [2904, 2921]}, {"key": "the-purchase-price", "type": "clause", "offset": [2994, 3012]}, {"key": "assumed-debt", "type": "definition", "offset": [3028, 3040]}, {"key": "value-added", "type": "definition", "offset": [3103, 3114]}, {"key": "stamp-or-similar-taxes", "type": "clause", "offset": [3126, 3148]}, {"key": "dispose-of", "type": "definition", "offset": [3242, 3252]}, {"key": "aggregate-value", "type": "definition", "offset": [3520, 3535]}, {"key": "agreement-for", "type": "clause", "offset": [3710, 3723]}, {"key": "the-construction", "type": "clause", "offset": [3724, 3740]}, {"key": "a-site", "type": "definition", "offset": [3781, 3787]}, {"key": "passive-infrastructure", "type": "definition", "offset": [3799, 3821]}, {"key": "telecommunication-services", "type": "clause", "offset": [3826, 3852]}, {"key": "site-agreements", "type": "definition", "offset": [3930, 3945]}, {"key": "master-lease-agreements", "type": "definition", "offset": [3961, 3984]}, {"key": "loading-capacity", "type": "definition", "offset": [4058, 4074]}, {"key": "energy-use", "type": "clause", "offset": [4076, 4086]}, {"key": "space-rental", "type": "clause", "offset": [4097, 4109]}, {"key": "adjustment-of", "type": "clause", "offset": [4151, 4164]}, {"key": "installed-equipment", "type": "definition", "offset": [4165, 4184]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [4191, 4225]}, {"key": "new-leases", "type": "definition", "offset": [4243, 4253]}, {"key": "relevant-jurisdiction", "type": "definition", "offset": [4368, 4389]}, {"key": "market-terms", "type": "definition", "offset": [4405, 4417]}, {"key": "remaining-term", "type": "definition", "offset": [4532, 4546]}, {"key": "from-time-to-time", "type": "clause", "offset": [4570, 4587]}, {"key": "ground-rent", "type": "clause", "offset": [4624, 4635]}, {"key": "prevailing-market", "type": "definition", "offset": [4657, 4674]}, {"key": "with-respect-to", "type": "clause", "offset": [4799, 4814]}, {"key": "work-thereunder", "type": "clause", "offset": [4883, 4898]}, {"key": "other-term", "type": "clause", "offset": [4906, 4916]}, {"key": "the-group-company", "type": "definition", "offset": [4961, 4978]}, {"key": "comply-with-the", "type": "clause", "offset": [4982, 4997]}, {"key": "service-level-obligations", "type": "clause", "offset": [4998, 5023]}, {"key": "agreements-with-customers", "type": "clause", "offset": [5044, 5069]}, {"key": "the-service-provider", "type": "clause", "offset": [5092, 5112]}, {"key": "in-accordance-with", "type": "clause", "offset": [5146, 5164]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [5165, 5189]}, {"key": "extension-of-the-term", "type": "clause", "offset": [5216, 5237]}, {"key": "longstop-date", "type": "clause", "offset": [5292, 5305]}, {"key": "terms-and-conditions-of-the-agreement", "type": "clause", "offset": [5336, 5373]}, {"key": "increases-limited", "type": "clause", "offset": [5412, 5429]}, {"key": "aggregate-basis", "type": "clause", "offset": [5461, 5476]}, {"key": "in-respect-of", "type": "clause", "offset": [5477, 5490]}, {"key": "consumer-price-index", "type": "definition", "offset": [5553, 5573]}, {"key": "at-the-time", "type": "definition", "offset": [5574, 5585]}, {"key": "amendments-or-variations", "type": "clause", "offset": [5622, 5646]}, {"key": "adversely-affect", "type": "definition", "offset": [5662, 5678]}, {"key": "operation-of-the", "type": "clause", "offset": [5683, 5699]}, {"key": "waivers-of-rights", "type": "clause", "offset": [5786, 5803]}, {"key": "framework-agreements", "type": "definition", "offset": [5896, 5916]}, {"key": "economic-impact", "type": "clause", "offset": [6039, 6054]}, {"key": "terms-of-the", "type": "clause", "offset": [6284, 6296]}, {"key": "effect-on-the", "type": "clause", "offset": [6336, 6349]}, {"key": "price-discounts", "type": "clause", "offset": [6418, 6433]}, {"key": "reference-to", "type": "definition", "offset": [6458, 6470]}, {"key": "current-rates", "type": "clause", "offset": [6476, 6489]}, {"key": "tier-1", "type": "clause", "offset": [6582, 6588]}, {"key": "tier-2", "type": "definition", "offset": [6602, 6608]}, {"key": "collection-of-receivables", "type": "clause", "offset": [6740, 6765]}, {"key": "volume-rebates", "type": "definition", "offset": [6773, 6787]}, {"key": "material-payments", "type": "clause", "offset": [6942, 6959]}, {"key": "the-recipients", "type": "clause", "offset": [7022, 7036]}, {"key": "change-to", "type": "definition", "offset": [7157, 7166]}, {"key": "the-accounting", "type": "clause", "offset": [7167, 7181]}, {"key": "in-place", "type": "definition", "offset": [7223, 7231]}, {"key": "as-required-by", "type": "clause", "offset": [7267, 7281]}, {"key": "tax-election", "type": "clause", "offset": [7380, 7392]}, {"key": "methods-of-accounting", "type": "clause", "offset": [7415, 7436]}, {"key": "reporting-for-tax-purposes", "type": "clause", "offset": [7440, 7466]}, {"key": "tax-audit", "type": "definition", "offset": [7524, 7533]}, {"key": "by-the-sellers", "type": "clause", "offset": [7599, 7613]}, {"key": "right-of-the", "type": "clause", "offset": [7714, 7726]}, {"key": "residence-for-tax-purposes", "type": "clause", "offset": [7855, 7881]}, {"key": "permanent-establishment", "type": "clause", "offset": [7897, 7920]}, {"key": "current-residence", "type": "definition", "offset": [8033, 8050]}, {"key": "changes-to", "type": "clause", "offset": [8091, 8101]}, {"key": "insurance-policies", "type": "clause", "offset": [8106, 8124]}, {"key": "agree-to", "type": "clause", "offset": [8154, 8162]}, {"key": "amount-claimed", "type": "definition", "offset": [8224, 8238]}, {"key": "related-claims", "type": "definition", "offset": [8279, 8293]}, {"key": "payment-to", "type": "clause", "offset": [8345, 8355]}, {"key": "insurance-recoveries", "type": "clause", "offset": [8395, 8415]}, {"key": "to-maintain", "type": "clause", "offset": [8538, 8549]}, {"key": "operating-licences", "type": "clause", "offset": [8554, 8572]}, {"key": "payment-of", "type": "clause", "offset": [8591, 8601]}, {"key": "renewal-fees", "type": "clause", "offset": [8614, 8626]}, {"key": "amendment-of", "type": "clause", "offset": [8749, 8761]}, {"key": "material-permits", "type": "definition", "offset": [8847, 8863]}, {"key": "of-the-sellers", "type": "clause", "offset": [8941, 8955]}, {"key": "material-and-adverse-effect", "type": "definition", "offset": [9002, 9029]}, {"key": "relevant-group-company", "type": "definition", "offset": [9037, 9059]}, {"key": "applications-for", "type": "clause", "offset": [9068, 9084]}, {"key": "site-permits", "type": "definition", "offset": [9089, 9101]}, {"key": "modifications-or-amendments", "type": "clause", "offset": [9208, 9235]}, {"key": "indebtedness-for-borrowed-money", "type": "definition", "offset": [9294, 9325]}, {"key": "financing-of-the", "type": "clause", "offset": [9365, 9381]}, {"key": "receipt-of", "type": "clause", "offset": [9424, 9434]}, {"key": "trade-credit", "type": "definition", "offset": [9435, 9447]}, {"key": "existing-facilities", "type": "definition", "offset": [9473, 9492]}, {"key": "overdraft-facilities", "type": "definition", "offset": [9518, 9538]}, {"key": "any-loan", "type": "clause", "offset": [9616, 9624]}, {"key": "third-parties", "type": "clause", "offset": [9632, 9645]}, {"key": "employees-of-the", "type": "clause", "offset": [9683, 9699]}, {"key": "services-provided", "type": "clause", "offset": [9827, 9844]}, {"key": "loans-to", "type": "clause", "offset": [9874, 9882]}, {"key": "third-party", "type": "definition", "offset": [9942, 9953]}, {"key": "material-assets", "type": "clause", "offset": [10113, 10128]}, {"key": "obligations-of", "type": "clause", "offset": [10199, 10213]}, {"key": "agreement-or", "type": "definition", "offset": [10298, 10310]}, {"key": "material-agreement", "type": "clause", "offset": [10340, 10358]}, {"key": "trade-union", "type": "clause", "offset": [10368, 10379]}, {"key": "works-council", "type": "clause", "offset": [10381, 10394]}, {"key": "employee-representatives", "type": "clause", "offset": [10414, 10438]}, {"key": "termination-payment", "type": "clause", "offset": [10461, 10480]}, {"key": "any-employee", "type": "clause", "offset": [10503, 10515]}, {"key": "permitted-leakage", "type": "clause", "offset": [10648, 10665]}, {"key": "bonus-terms", "type": "clause", "offset": [10764, 10775]}, {"key": "engagement-of", "type": "clause", "offset": [10788, 10801]}, {"key": "removal-of", "type": "definition", "offset": [10850, 10860]}, {"key": "for-cause", "type": "clause", "offset": [10893, 10902]}, {"key": "plan-of", "type": "definition", "offset": [11009, 11016]}, {"key": "employment-of", "type": "clause", "offset": [11051, 11064]}, {"key": "benefits-of", "type": "clause", "offset": [11097, 11108]}, {"key": "payable-to", "type": "definition", "offset": [11131, 11141]}, {"key": "consistent-with-past-practice", "type": "clause", "offset": [11243, 11272]}, {"key": "modifications-to", "type": "clause", "offset": [11392, 11408]}, {"key": "office-lease", "type": "clause", "offset": [11438, 11450]}, {"key": "a-month", "type": "definition", "offset": [11479, 11486]}, {"key": "basis-of", "type": "clause", "offset": [11496, 11504]}, {"key": "term-of-the", "type": "clause", "offset": [11509, 11520]}, {"key": "january-2020", "type": "clause", "offset": [11599, 11611]}, {"key": "july-2020", "type": "clause", "offset": [11669, 11678]}, {"key": "reference-number", "type": "definition", "offset": [11738, 11754]}, {"key": "february-2020", "type": "clause", "offset": [11779, 11792]}, {"key": "to-the-extent", "type": "clause", "offset": [11940, 11953]}, {"key": "to-extend", "type": "clause", "offset": [12015, 12024]}, {"key": "extension-term", "type": "clause", "offset": [12291, 12305]}, {"key": "agreement-to", "type": "clause", "offset": [12377, 12389]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [12415, 12434]}, {"key": "clause-7", "type": "definition", "offset": [12440, 12448]}, {"key": "to-the-sellers", "type": "clause", "offset": [12508, 12522]}, {"key": "respective-rights", "type": "clause", "offset": [12540, 12557]}, {"key": "nominee-directors", "type": "definition", "offset": [12566, 12583]}, {"key": "board-of-directors-of-the-company", "type": "definition", "offset": [12591, 12624]}, {"key": "capacity-as-shareholders", "type": "clause", "offset": [12665, 12689]}, {"key": "meetings-of-the-company", "type": "clause", "offset": [12711, 12734]}, {"key": "nothing-in-this-clause", "type": "clause", "offset": [12782, 12804]}, {"key": "respective-affiliates", "type": "definition", "offset": [12905, 12926]}, {"key": "to-act", "type": "definition", "offset": [12947, 12953]}, {"key": "any-action", "type": "definition", "offset": [13049, 13059]}, {"key": "specifically-disclosed", "type": "definition", "offset": [13060, 13082]}, {"key": "disclosure-letter", "type": "clause", "offset": [13090, 13107]}, {"key": "the-\u2587", "type": "clause", "offset": [13155, 13160]}, {"key": "following-completion", "type": "clause", "offset": [13284, 13304]}, {"key": "director-or-officer", "type": "definition", "offset": [13315, 13334]}, {"key": "complying-with", "type": "clause", "offset": [13411, 13425]}, {"key": "fiduciary-duties", "type": "clause", "offset": [13437, 13453]}, {"key": "in-an-emergency", "type": "clause", "offset": [13584, 13599]}, {"key": "extraordinary-situation", "type": "definition", "offset": [13609, 13632]}, {"key": "with-a-view-to", "type": "definition", "offset": [13633, 13647]}, {"key": "material-adverse-effect-on", "type": "definition", "offset": [13663, 13689]}, {"key": "order-to-comply", "type": "definition", "offset": [13865, 13880]}, {"key": "applicable-law-or-regulation", "type": "definition", "offset": [13891, 13919]}, {"key": "applicable-governmental-authority", "type": "definition", "offset": [13952, 13985]}, {"key": "reasonably-necessary", "type": "clause", "offset": [14002, 14022]}, {"key": "entered-into", "type": "clause", "offset": [14117, 14129]}, {"key": "action-taken", "type": "clause", "offset": [14293, 14305]}, {"key": "written-request", "type": "clause", "offset": [14313, 14328]}, {"key": "give-effect-to", "type": "definition", "offset": [14456, 14470]}, {"key": "exercise-of-rights", "type": "definition", "offset": [14482, 14500]}, {"key": "the-transaction-documents", "type": "clause", "offset": [14508, 14533]}, {"key": "on-behalf-of", "type": "definition", "offset": [14568, 14580]}, {"key": "actions-necessary", "type": "clause", "offset": [14609, 14626]}, {"key": "to-exercise", "type": "clause", "offset": [14627, 14638]}, {"key": "the-drag", "type": "clause", "offset": [14639, 14647]}, {"key": "waiver-of", "type": "clause", "offset": [14682, 14691]}, {"key": "rights-of", "type": "definition", "offset": [14696, 14705]}, {"key": "of-the-company-and-the-shareholders", "type": "clause", "offset": [14801, 14836]}, {"key": "to-the-company", "type": "definition", "offset": [14857, 14871]}, {"key": "on-completion", "type": "clause", "offset": [14960, 14973]}, {"key": "free-of-encumbrances", "type": "clause", "offset": [14974, 14994]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [14999, 15018]}, {"key": "the-shares-are", "type": "definition", "offset": [15074, 15088]}, {"key": "copies-of-all", "type": "definition", "offset": [15147, 15160]}, {"key": "related-materials", "type": "definition", "offset": [15178, 15195]}, {"key": "other-shareholders", "type": "clause", "offset": [15213, 15231]}, {"key": "reasonable-access", "type": "definition", "offset": [15438, 15455]}, {"key": "during-normal-working-hours", "type": "clause", "offset": [15456, 15483]}, {"key": "senior-employees", "type": "clause", "offset": [15492, 15508]}, {"key": "the-information", "type": "clause", "offset": [15515, 15530]}, {"key": "information-protocol", "type": "definition", "offset": [15593, 15613]}, {"key": "warranty-deed", "type": "definition", "offset": [15633, 15646]}, {"key": "subject-to-the", "type": "clause", "offset": [15659, 15673]}, {"key": "under-the-supervision-of", "type": "definition", "offset": [15715, 15739]}, {"key": "in-the-case", "type": "clause", "offset": [15825, 15836]}, {"key": "transition-process", "type": "definition", "offset": [15952, 15970]}, {"key": "the-operations", "type": "clause", "offset": [16048, 16062]}, {"key": "the-senior", "type": "clause", "offset": [16106, 16116]}, {"key": "duties-and-responsibilities", "type": "definition", "offset": [16147, 16174]}, {"key": "notice-to", "type": "clause", "offset": [16292, 16301]}, {"key": "general-oversight", "type": "clause", "offset": [16310, 16327]}], "snippet": "7.1 Until Completion, each Seller shall, insofar as it is legally able to do so, and shall use all reasonable endeavours to procure that the Warrantors: (i) use all reasonable endeavours to ensure that the business of the Group will be carried on in the ordinary and usual course on the same basis and in substantially the same manner as immediately prior to the date of this Agreement, (ii) use all reasonable endeavours to preserve the goodwill and organization of the Group\u2019s businesses and the relationships with its customers, suppliers, employees and other material business relations, and (iii) without limiting the generality of the foregoing, ensure that without the prior written consent of the Purchaser (not to be unreasonably withheld, delayed or conditioned), no Group Company will:\n(a) acquire, sell or otherwise dispose or transfer any shares, loan capital or other securities of any person (whether by merger, split up, contribution or any other transaction affecting its share capital);\n(b) increase, redeem or decrease its share or loan capital, authorize or issue any other securities, except for share capital increases or issuances of loan capital subscribed by a Group Company in another Group Company or redemption or decreases in share or loan capital by a Group Company from another Group Company;\n(c) declare or pay a dividend, an interim dividend or make any other distribution (whether in cash, stock or in kind) (other than a dividend or a distribution declared or paid from a Group Company to another Group Company);\n(d) make any amendment to the terms of any shares, loan capital or other securities of any Group Company (other than shares, loan capital or other securities of a Group Company held by another Group Company);\n(e) make any amendments to its constitutional or organizational documents (other than any amendment that would not require the vote of its shareholders);\n(f) make any material change in the nature of its business, or enter into new lines of business, including agreeing or entering into arrangements or agreements for providing management and ancillary services for active infrastructure or equipment, in each case on terms where the applicable member of the Group that is a party thereto is not able to terminate such arrangement or agreement on no more than 6 months\u2019 prior written notice without any additional cost, expense, penalty or other liability or obligation imposed on any member of the Group in connection with such termination;\n(g) incorporate any Subsidiary companies or resolve the dissolution and/or winding-up of any of the Group Companies;\n(h) acquire all or part of any business undertaking (including by acquiring assets or securities) in a single transaction or series of related transactions, at a price or with a value in the aggregate in excess of US$5,000,000; provided that the acquisition in connection with the Airtel Tower Transaction shall not require the prior written consent of the Purchaser so long as the purchase price (including any assumed debt) therefor does not exceed US$21,000,000 (excluding any sales, value added, transfer, stamp or similar Taxes that may be borne by any Group Company in connection with the Airtel Tower Transaction);\n(i) dispose of all or part of any business undertaking (including by disposing of assets or securities), (1) in a single transaction or series of related transactions, at a price or with a value in the aggregate in excess of US$2,500,000; or (2) where such disposal would cause the aggregate value for all such disposals to exceed US$5,000,000;\n(j) enter into, vary, apply for, amend, renew, extend or terminate, or waive any right under, or voluntarily fail to renew any agreement for the construction, lease, occupation, operation or use of a site containing passive infrastructure for telecommunication services (including in-building solutions), except for:\n(i) entry into any individual site agreements under existing master lease agreements or BTS Agreements in connection with (A) new Colocations, (B) additional loading capacity, energy use or ground space rental, or (C) the updating, reconfiguration or adjustment of installed equipment, each in the ordinary course of business;\n(ii) entry into new leases in the ordinary course of business for the use of such sites that are owned or operated by a Group Company on the Relevant Jurisdiction\u2019s then-current market terms;\n(iii) renewals of leases for the use of such sites that are owned or operated by a Group Company that (A) have a remaining term of less than 18 months from time to time and/or (B) result in an increase in ground rent consistent with then prevailing market ground rent in the Relevant Jurisdiction;\n(iv) variations or amendments to any existing operation and maintenance contracts with respect to a site owned or operated by a Group Company, including the scope of work thereunder or any other term that would negatively affect the ability of the Group Company to comply with the service level obligations under then-existing agreements with customers, other than (A) where the service provider fails to perform its obligations in accordance with the terms and conditions of any such contract, (B) extension of the term of any such contract that is due to expire before the Longstop Date (as may be extended under the terms and conditions of the Agreement) of no more than 12 months, (C) price increases limited to the greater of (x) 5% on an aggregate basis in respect of such contract (as stated in LCY) and (y) the applicable local Consumer Price Index at the time of such price increase, and (D) any amendments or variations that would not adversely affect the operation of the applicable site or the Group Company\u2019s obligations to its customers at such site;\n(v) waivers of rights under, variations or amendments to any existing master lease agreements or other equivalent framework agreements with respect to Colocations and BTS Agreements that are operationally driven and are neither material nor have an adverse economic impact on any Group Company;\n(vi) waivers of rights, variations or amendments that are operationally driven and are neither material nor have an adverse economic impact on any Group Company;\n(vii) adjustments in pricing pursuant to the terms of the relevant individual site agreements in effect on the date of this Agreement;\n(viii) variations or amendments that effect price discounts of not more than 5% (by reference to then-current rates) in any individual site agreements that are in effect as of the date of this Agreement with Tier 1 Customers or Tier 2 Customers; and\n(ix) enter into a master lease agreement and new Colocations with Lycamobile in Uganda;\n(i) accelerate or delay the collection of receivables, grant volume rebates or discounts to customers or factor receivables, in each case outside the ordinary course of business or inconsistent with past practice or (ii) make any material payments other than in a manner consistent with previous dealings with the recipients of such payments, in each case outside the ordinary course of business or inconsistent with past practice;\n(l) make any change to the accounting bases, practices, policies or procedures in place within the Group Companies, except as required by applicable law or IFRS;\n(i) make, change or revoke, or permit to be made, changed or revoked, any Tax election, or change any of its methods of accounting or reporting for Tax purposes, except as required by applicable law or (ii) settle any Tax audit, provided that nothing done, made, changed, revoked or permitted by the Sellers or the Warrantors without the consent of the Purchaser under this sub-Clause (m) shall restrict the right of the Purchaser to make a claim against the Sellers or the Warrantors (as appropriate) under any Transaction Document;\n(n) change its residence for Tax purposes or establish a permanent establishment or any other presence which may be subject to Tax under applicable law in a jurisdiction other than that of its current residence for Tax purposes;\n(o) make any material changes to its insurance policies;\n(p) institute or settle, or agree to settle, any litigation or injunction in respect of which the amount claimed is in excess of US$250,000 or series of related claims in excess of US$250,000 or which would result in a payment to or by any Group Company (excluding any insurance recoveries) greater than US$250,000;\n(i) omit timely to make any filing with or pay any fees to any Governmental Authority necessary to maintain any operating licences (including timely payment of all licence renewal fees) or permits, (ii) terminate or fail to renew or extend any operating licence or permit (iii) agree to any modification or amendment of any of its operating licences or permits, or (iv) seek any new operating licences or material permits, in each case other than (A) as required by applicable law or any obligation of the Sellers under this Agreement, (B) as would not have a material and adverse effect on the relevant Group Company and (C) applications for new site permits (including build, aviation or airspace safety, environmental, radiation or fire permits) or the renewals, modifications or amendments thereof in the ordinary course of business;\n(r) incur any Indebtedness for borrowed money, other than in connection with (i) the financing of the Airtel Tower Transaction, or (ii) (A) the receipt of trade credit, (B) drawdowns under the Existing Facilities, or (C) use of available overdraft facilities, in each case (A), (B) and (C) in the ordinary course of business;\n(s) grant any loan to any third parties (including to directors, officers or employees of the Group Companies) outside the ordinary course of business or inconsistent with past practice, except payment terms for goods or services provided to any person and except for loans to another Group Company;\n(t) guarantee the obligation of any third party (other than another Group Company) outside the ordinary course of business or inconsistent with past practice;\n(u) create any Encumbrance over any part of its material assets outside the ordinary course of business or guarantee or indemnify the obligations of any third party (other than another Group Company);\n(v) enter into any material new agreement or amend or modify any existing material agreement with any trade union, works council or similar body of employee representatives;\n(w) pay any bonus or termination payment or other emolument to any Employee which is outside the ordinary course of business or is inconsistent with past practice, other than if such payment is or would be a Permitted Leakage;\n(x) appoint or remove any Senior Employee or director or make any amendment to the remuneration, bonus terms or terms of engagement of any Senior Employee or director, other than any removal of any Senior Employee or director for cause, other than if such action is or would be a Permitted Leakage;\n(y) vary or amend any management incentive plan of any Group Company or the terms of employment of, bonus or remuneration or other benefits of any nature whatsoever payable to any Senior Employee, in each case other than any variations made in the ordinary course of business, consistent with past practice, or if such action is or would be a Permitted Leakage;\n(z) terminate, renew, extend or make any material amendments or modifications to any Group Company\u2019s existing office lease, other than an extension on a month-to-month basis of the term of the Group\u2019s lease in respect of (i) \u2587\u2587-\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587 \u2587\u2587\u2587 to 11 January 2020, (ii) GoldCrest Executive, Al Thanyah Fifth, Dubai to 31 July 2020, (iii) Part of 9th Floor, Tower B, Reliable Towers on Land Reference Number 209/5959, Nairobi to 29 February 2020 and (iv) Part of 10th Floor, Tower B, Reliable Towers on Land Reference Number 209/5959, Nairobi to 29 February 2020, provided that, in each case, to the extent that, after the Sellers have taken all reasonable endeavours to extend such leases on a month-to-month basis, the Group is unable to obtain such extension, the Group may enter into longer extensions in respect of such leases, provided that the Sellers shall have taken all reasonable endeavours to ensure that such extensions contain an extension term as short as practically possible; or\n(aa) enter into any commitment or agreement to do any of the above.\n7.2 For the purposes of this Clause 7, \u201cthe Sellers using all reasonable endeavours\u201d shall refer to the Sellers exercising their respective rights through nominee directors on the board of directors of the Company (as applicable) and in their respective capacity as shareholders at the shareholders\u2019 meetings of the Company in a manner consistent with this Clause 7.\n7.3 Nothing in this Clause 7.1 shall operate so as to restrict or prevent, or so as to require any Seller, any of the Sellers\u2019 respective Affiliates, or a Group Company to act in a manner that restricts or prevents, between the date of this Agreement and Completion:\n(a) any action specifically Disclosed in the Disclosure Letter;\n(b) any action reasonably required to satisfy the \u2587\u2587\u2587\u2587\u2587 Towers Egypt Condition (provided such action does not impose any liability or obligation on the Purchaser or the Group following Completion);\n(c) any director or officer of any Seller, the Sellers\u2019 respective Affiliates or any Group Company from complying with his or her fiduciary duties under applicable law;\n(d) any action reasonably undertaken by any Seller, the Sellers\u2019 respective Affiliates or any Group Company in an emergency or other extraordinary situation with a view to minimizing any material adverse effect on any Seller, the Sellers\u2019 respective Affiliates or Group Company;\n(e) any action or conduct which any Group Company is required to take, or omit to take, as a result of, or in order to comply with any, applicable law or regulation or any request or demand of any applicable Governmental Authority;\n(f) any action reasonably necessary to discharge any obligation pursuant to any contract, arrangement, licence or consent that is entered into prior to the date of this Agreement (to the extent such contract, arrangement, licence or consent has been Disclosed prior to the date of this Agreement);\n(g) any action taken at the written request of the Purchaser or with the written consent of the Purchaser; or\n(h) any matter provided for or action reasonably required to give effect to, including exercise of rights under, the Transaction Documents.\n7.4 The Sellers\u2019 Representative (on behalf of the Sellers) shall take all actions necessary to exercise the drag-along rights under, and cause the waiver of all rights of pre-emption or similar rights over any of the Shares conferred by, the articles of association of the Company and the shareholders\u2019 agreement relating to the Company. The Sellers shall procure that all of the Shares shall be transferred to the Purchaser on Completion free of Encumbrances and the Purchaser shall not be required to proceed to Completion unless all of the Shares are so delivered to the Purchaser. True, correct and complete copies of all such notices and related materials delivered to the Other Shareholders shall be promptly delivered to the Purchaser.\n7.5 Each of the Sellers shall use all reasonable endeavours to procure that the Purchaser and its representatives shall, at the Purchaser\u2019s sole cost, be given reasonable access during normal working hours to: (i) Senior Employees; (ii) the information listed in, and in accordance with the terms of, the Access to Information Protocol (as defined in the Warranty Deed); and (iii) subject to the prior written consent of a Warrantor and under the supervision of a relevant Senior Employee, to the Group Companies\u2019 management and premises, and (x) in the case of paragraphs (i) and (iii) above, such access shall be only as is reasonably required to facilitate the ownership transition process and only to the extent that such access does not unreasonably interfere with the operations of the Group Companies or the discharge by the Senior Employees of their day-to-day duties and responsibilities with respect to the Group Companies and further provided that such access shall in each case be given subject to the notice to and the general oversight by the Sellers\u2019 Representative and (y) in the case of pa", "hash": "801dac63b4cc66ca1f1dcd2222826dda", "id": 10}], "next_curs": "CmESW2oVc35sYXdpbnNpZGVyY29udHJhY3Rzcj0LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiFwcmUtY29tcGxldGlvbi1jb3ZlbmFudHMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 46, "title": "PRE-COMPLETION COVENANTS", "children": [["consent-matters", "Consent matters"], ["permitted-actions", "Permitted actions"], ["pending-completion", "Pending Completion"], ["general-conduct", "General conduct"], ["purchaser-ipo", "Purchaser IPO"]], "parents": [["covenants", "Covenants"], ["representations-and-warranties", "Representations and Warranties"], ["continuing-representations-and-warranties", "Continuing Representations And Warranties"], ["the-parties-therefore-agree-as-follows", "The Parties Therefore Agree as Follows"], ["opportunity-partners-b", "OPPORTUNITY PARTNERS B"]], "id": "pre-completion-covenants", "related": [["operating-covenants", "Operating Covenants", "Operating Covenants"], ["financial-condition-covenants", "Financial Condition Covenants", "Financial Condition Covenants"], ["post-closing-covenants", "Post-Closing Covenants", "Post-Closing Covenants"], ["interim-covenants", "Interim Covenants", "Interim Covenants"], ["financial-condition-covenant", "Financial Condition Covenant", "Financial Condition Covenant"]], "related_snippets": [], "updated": "2026-01-25T05:58:16+00:00"}, "json": true, "cursor": ""}}