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"definition", "offset": [2308, 2323]}, {"key": "identical-terms", "type": "clause", "offset": [2444, 2459]}, {"key": "the-seller-undertakes", "type": "clause", "offset": [2465, 2486]}, {"key": "hedging-arrangements", "type": "definition", "offset": [2604, 2624]}, {"key": "debt-arrangements", "type": "clause", "offset": [2821, 2838]}, {"key": "the-operation", "type": "clause", "offset": [2897, 2910]}, {"key": "banking-business", "type": "clause", "offset": [3101, 3117]}, {"key": "for-the-seller", "type": "clause", "offset": [3118, 3132]}, {"key": "per-annum", "type": "clause", "offset": [3208, 3217]}, {"key": "terms-of", "type": "definition", "offset": [3226, 3234]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [3328, 3354]}, {"key": "costs-of", "type": "clause", "offset": [3387, 3395]}, {"key": "by-the-seller", "type": "clause", "offset": [3437, 3450]}, {"key": "repayment-of-interest-and-principal", "type": "clause", "offset": [3530, 3565]}, {"key": "no-further-obligations", "type": "clause", "offset": [3606, 3628]}, {"key": "liability-of-the-seller", "type": "clause", "offset": [3661, 3684]}, {"key": "by-the-purchaser", "type": "clause", "offset": [3709, 3725]}, {"key": "breach-of-clause", "type": "clause", "offset": [3742, 3758]}, {"key": "subject-to-the", "type": "definition", "offset": [3772, 3786]}, {"key": "clause-14", "type": "clause", "offset": [3802, 3811]}], "snippet": "6.1 Subject to Clause 6.2 the Seller:\n6.1.1 undertakes to the Purchaser that from 29 April 2008 to the date of this Agreement, save as disclosed by the Disclosure Letter, no Group Member has undertaken any act or matter specified in Schedule 7 without the prior written consent of the Purchaser;\n6.1.2 undertakes to procure that from the date of this Agreement to Completion no Group Member will undertake any act or course of conduct which is outside the ordinary course of the business of such Group Member without the prior consent of the Purchaser (such consent not to be unreasonably withheld or delayed) and that each member of the Group shall carry on the business of such Group Member in the ordinary course; and\n6.1.3 undertakes to procure that from the date of this Agreement until Completion no Group Member shall undertake any of the acts or matters specified in Schedule 7 without the prior written consent of the Purchaser (such consent not to be unreasonably withheld or delayed).\n6.2 Clause 6.1 does not apply in respect of and shall not operate so as to restrict or prevent:\n6.2.1 any matter reasonably undertaken by any Group Member to preserve the safe operation of the Group\u2019s assets or in an emergency or disaster situation with the intention of minimising any adverse effect thereof (and of which the Purchaser will be promptly notified);\n6.2.2 the completion or performance of actions which are reasonably necessary to discharge any obligations undertaken pursuant to any legal or regulatory obligation or pursuant to any contract, arrangement, licence or consent entered into by or relating to any Group Member prior to the date of this Agreement or after the date of this Agreement entered into (or, in the case of a licence or consent, issued or granted) in the ordinary course of business, and in compliance with the requirements of Clause 6.1.3, with a person who is not a Group Member;\n6.2.3 any matter provided for in the Transaction Documents or the Restructuring Documents;\n6.2.4 the amendment by ATL and Angel Locomotive Leasing Limited of their accounting reference date to 31 March 2008;\n6.2.5 any Permitted Leakage (including any draw downs in relation to any payments made under paragraph b(iv) of the definition of Permitted Leakage);\n6.2.6 any matter undertaken at the written request or with the written consent of the Purchaser; or\n6.2.7 any arrangements to rollover, continue or extend the RBS Debt on identical terms.\n6.3 The Seller undertakes that between the date of this Agreement and Completion:\n(a) it will not amend the margin on the RBS Debt and the RBS Hedging Arrangements without the Purchaser\u2019s prior consent;\n(b) it will not enter into any hedging arrangements with the Group without the Purchaser\u2019s prior consent; and\n(c) that if the Seller's Group enters into new debt arrangements with the Group (excluding any arrangements as a result of the operation of Clause 6.2.6) between the date of this Agreement and Completion in compliance with the requirements of Clause 6.1.3 that, subject to such new debt being in the ordinary course of routine banking business for the Seller\u2019s Group, any such debt arrangements will be at no higher margin than 25bps per annum and the terms of such new debt arrangements will not be any more onerous than those found in the RBS Debt and for the avoidance of doubt no arrangement or other fees or costs of any nature will be charged or chargeable by the Seller's Group in relation to such new debt arrangements or the 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"snippet": "REORGANISATION\n13.1 Each of Prudential and \u2587\u2587\u2587\u2587\u2587\u2587\u2587 shall use reasonable endeavours to effect, or procure that members of their Group effect, the following steps prior to Completion (the \u201cPre-Completion Reorganisation\u201d):\n(A) the transfer from PUSH to PCAL of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares, by way of a declaration by the board of directors of PUSH of an interim distribution in specie of certain \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares with a carrying value approximately equal to PUSH\u2019s current distributable profits, and the sale of the remaining \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares currently held by PUSH from PUSH to PCAL, the consideration in respect of such sale being left outstanding as an intercompany receivable owing from PCAL to PUSH;\n(B) the transfer of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares referred to in step (A) above from PUSH to PCAL pursuant to a valid instrument of transfer and the entry of PCAL into \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2019\u2587 register of stockholders as holder of those \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares which transfer shall be of \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares in uncertificated form;\n(C) to the extent required, the entry by PCAL into a joinder agreement to the Stockholders Agreement dated 17 July 2020 between PUSH and Athene (the \u201cStockholders Agreement\u201d), in form and substance reasonably acceptable to \u2587\u2587\u2587\u2587\u2587\u2587\u2587, in which PCAL agrees to be subject to all covenants and agreements of PUSH under the Stockholders Agreement, and the execution of all other agreements in effect immediately prior to step (A) above which are binding on PUSH in its capacity as stockholder of \u2587\u2587\u2587\u2587\u2587\u2587\u2587;\n(D) the declaration by the board of directors of PCAL of an interim distribution in specie of 800 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares to Prudential;\n(E) the transfer of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares referred to in step (D) above from PCAL to Prudential pursuant to a valid instrument of transfer and the entry of Prudential into \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2019\u2587 register of stockholders as holder of those \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares, which transfer shall be of \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Shares in uncertificated form;\n(F) the entry by Prudential into a joinder agreement to the Stockholders Agreement, in form and substance reasonably acceptable to \u2587\u2587\u2587\u2587\u2587\u2587\u2587, in which Prudential agrees to be subject to all covenants and agreements of PCAL under the Stockholders Agreement, and the execution of all other agreements in effect immediately prior to step (D) above which are binding on PCAL in its capacity as stockholder of \u2587\u2587\u2587\u2587\u2587\u2587\u2587;\n(G) the obtaining of any relevant corporate authorisations in order to effect the steps completed by the Pre-Completion Reorganisation (including any required board or shareholder resolutions); and\n(H) any other steps as Prudential and \u2587\u2587\u2587\u2587\u2587\u2587\u2587 agree are reasonably required to be taken.", "size": 5, "samples": [{"hash": "4cBTbyH4NoN", "uri": "/contracts/4cBTbyH4NoN#pre-completion", "label": "Investment Agreement (Jackson Financial Inc.)", "score": 32.5947990417, "published": true}, {"hash": "3myL6rxUJx2", "uri": "/contracts/3myL6rxUJx2#pre-completion", "label": "Demerger Agreement (Jackson Financial Inc.)", "score": 30.5947971344, "published": true}, {"hash": "drg5jJopmDT", "uri": "/contracts/drg5jJopmDT#pre-completion", "label": "Demerger Agreement (Jackson Financial Inc.)", "score": 30.3210124969, "published": true}], "hash": "00bc8638bb0ef4e70a5d5550416d467d", "id": 1}, {"snippet_links": [{"key": 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{"key": "expenses-incurred", "type": "definition", "offset": [4356, 4373]}, {"key": "on-behalf-of", "type": "definition", "offset": [4382, 4394]}, {"key": "trade-debts", "type": "definition", "offset": [4460, 4471]}, {"key": "prior-to-the", "type": "clause", "offset": [4560, 4572]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [4573, 4595]}, {"key": "a-loan", "type": "definition", "offset": [4611, 4617]}, {"key": "deposit-of-money", "type": "clause", "offset": [4643, 4659]}, {"key": "authorised-institution", "type": "definition", "offset": [4668, 4690]}, {"key": "banking-act", "type": "definition", "offset": [4701, 4712]}, {"key": "or-equivalent", "type": "definition", "offset": [4719, 4732]}, {"key": "cash-pooling-arrangements", "type": "clause", "offset": [4781, 4806]}, {"key": "normal-trade-credit", "type": "definition", "offset": [4850, 4869]}, {"key": "to-secure", "type": "clause", "offset": [4954, 4963]}, {"key": "another-person", "type": "clause", "offset": [4964, 4978]}, {"key": "but-excluding", "type": "clause", "offset": [4982, 4995]}, {"key": "a-person", "type": "clause", "offset": [5037, 5045]}, {"key": "foreign-exchange-contracts", "type": "definition", "offset": [5119, 5145]}, {"key": "interest-rate-swaps", "type": "definition", "offset": [5147, 5166]}, {"key": "derivative-instruments", "type": "definition", "offset": [5176, 5198]}, {"key": "material-loans", "type": "clause", "offset": [5251, 5265]}, {"key": "financial-facilities", "type": "clause", "offset": [5275, 5295]}, {"key": "comfort-letters", "type": "definition", "offset": [5315, 5330]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [5346, 5364]}, {"key": "any-person", "type": "clause", "offset": [5365, 5375]}, {"key": "voluntary-winding-up", "type": "clause", "offset": [5484, 5504]}, {"key": "any-action", "type": "definition", "offset": [5633, 5643]}, {"key": "mediation-proceedings", "type": "clause", "offset": [5728, 5749]}, {"key": "debt-collection", "type": "definition", "offset": [5770, 5785]}, {"key": "normal-course", "type": "clause", "offset": [5806, 5819]}, {"key": "the-relevant", "type": "clause", "offset": [5823, 5835]}, {"key": "applications-for", "type": "clause", "offset": [5871, 5887]}, {"key": "requisite-consent", "type": "definition", "offset": [5991, 6008]}, {"key": "amount-claimed", "type": "definition", "offset": [6020, 6034]}, {"key": "change-in", "type": "definition", "offset": [6064, 6073]}, {"key": "accounting-procedures", "type": "definition", "offset": [6099, 6120]}, {"key": "accounting-reference-date", "type": "definition", "offset": [6160, 6185]}, {"key": "tax-election", "type": "clause", "offset": [6256, 6268]}, {"key": "tax-return", "type": "clause", "offset": [6282, 6292]}, {"key": "tax-claim", "type": "definition", "offset": [6416, 6425]}, {"key": "tax-authority", "type": "definition", "offset": [6436, 6449]}, {"key": "tax-consolidation", "type": "clause", "offset": [6476, 6493]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [6505, 6531]}, {"key": "vat-group", "type": "definition", "offset": [6534, 6543]}, {"key": "tax-allocation-agreement", "type": "clause", "offset": [6546, 6570]}, {"key": "tax-sharing-agreement", "type": "definition", "offset": [6572, 6593]}, {"key": "tax-indemnity-agreement", "type": "clause", "offset": [6598, 6621]}, {"key": "residence-for-tax-purposes", "type": "clause", "offset": [6713, 6739]}, {"key": "permanent-establishment", "type": "clause", "offset": [6766, 6789]}, {"key": "any-jurisdiction", "type": "definition", "offset": [6793, 6809]}, {"key": "market-value", "type": "clause", "offset": [6879, 6891]}, {"key": "contract-meeting", "type": "definition", "offset": [6927, 6943]}, {"key": "description-of", "type": "clause", "offset": [6948, 6962]}, {"key": "the-definition-of", "type": "definition", "offset": [6998, 7015]}, {"key": "material-contract", "type": "clause", "offset": [7017, 7034]}, {"key": "part-2", "type": "definition", "offset": [7039, 7045]}, {"key": "schedule-4", "type": "definition", "offset": [7049, 7059]}, {"key": "contract-or-agreement", "type": "clause", "offset": [7078, 7099]}, {"key": "the-foregoing", "type": "clause", "offset": [7117, 7130]}, {"key": "executed-by", "type": "definition", "offset": [7146, 7157]}, {"key": "to-the-extent", "type": "clause", "offset": [7353, 7366]}, {"key": "the-formal", "type": "clause", "offset": [7372, 7382]}, {"key": "set-out", "type": "definition", "offset": [7444, 7451]}, {"key": "term-sheet", "type": "clause", "offset": [7497, 7507]}, {"key": "collective-bargaining-agreement", "type": "definition", "offset": [7577, 7608]}, {"key": "benefit-plan", "type": "clause", "offset": [7617, 7629]}, {"key": "a-us", "type": "clause", "offset": [7663, 7668]}, {"key": "in-existence", "type": "definition", "offset": [7694, 7706]}, {"key": "change-of-control", "type": "clause", "offset": [7759, 7776]}, {"key": "termination-compensation", "type": "definition", "offset": [7802, 7826]}, {"key": "benefits-of", "type": "clause", "offset": [7933, 7944]}, {"key": "to-fund", "type": "definition", "offset": [8072, 8079]}, {"key": "payment-of-compensation", "type": "clause", "offset": [8111, 8134]}, {"key": "employee-plan", "type": "definition", "offset": [8157, 8170]}, {"key": "effect-on-the", "type": "clause", "offset": [8350, 8363]}, {"key": "in-clause", "type": "clause", "offset": [8620, 8629]}, {"key": "consent-of-the-purchaser", "type": "clause", "offset": [8649, 8673]}, {"key": "consent-not-to-be-unreasonably-withheld", "type": "clause", "offset": [8680, 8719]}, {"key": "deemed-consent", "type": "clause", "offset": [8758, 8772]}, {"key": "pursuant-to-clause", "type": "clause", "offset": [8773, 8791]}, {"key": "disaster-situation", "type": "definition", "offset": [8870, 8888]}, {"key": "effect-of", "type": "definition", "offset": [8934, 8943]}, {"key": "comply-with", "type": "definition", "offset": [8970, 8981]}, {"key": "regulatory-requirements", "type": "definition", "offset": [9006, 9029]}, {"key": "if-required", "type": "definition", "offset": [9038, 9049]}, {"key": "give-effect-to", "type": "definition", "offset": [9053, 9067]}, {"key": "the-transaction-documents", "type": "clause", "offset": [9106, 9131]}, {"key": "the-transactions", "type": "clause", "offset": [9170, 9186]}, {"key": "disclosed-information", "type": "definition", "offset": [9305, 9326]}, {"key": "by-the-purchaser", "type": "clause", "offset": [9359, 9375]}, {"key": "in-writing", "type": "clause", "offset": [9376, 9386]}, {"key": "for-the-purchaser", "type": "clause", "offset": [9402, 9419]}, {"key": "under-clause", "type": "clause", "offset": [9430, 9442]}, {"key": "in-accordance-with", "type": "clause", "offset": [9492, 9510]}, {"key": "clause-21", "type": "definition", "offset": [9511, 9520]}, {"key": "the-purchaser-shall", "type": "clause", "offset": [9522, 9541]}, {"key": "business-days-of", "type": "clause", "offset": [9554, 9570]}, {"key": "written-consent", "type": "definition", "offset": [9595, 9610]}, {"key": "details-of-the", "type": "clause", "offset": [9766, 9780]}, {"key": "grounds-for-refusal", "type": "clause", "offset": [9781, 9800]}, {"key": "by-the-seller", "type": "clause", "offset": [9857, 9870]}, {"key": "business-day-period", "type": "clause", "offset": [9887, 9906]}, {"key": "consented-to", "type": "definition", "offset": [9946, 9958]}, {"key": "relevant-action", "type": "definition", "offset": [9977, 9992]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [10016, 10040]}, {"key": "notice-to-the-seller", "type": "clause", "offset": [10052, 10072]}, {"key": "at-any-time", "type": "clause", "offset": [10077, 10088]}, {"key": "capable-of-being-cured", "type": "definition", "offset": [10221, 10243]}, {"key": "long-stop-date", "type": "clause", "offset": [10251, 10265]}, {"key": "days-after", "type": "definition", "offset": [10326, 10336]}, {"key": "nature-and-extent", "type": "clause", "offset": [10401, 10418]}, {"key": "the-non", "type": "clause", "offset": [10422, 10429]}, {"key": "provided-that", "type": "definition", "offset": [10487, 10500]}, {"key": "the-purchaser-may-not", "type": "clause", "offset": [10501, 10522]}, {"key": "material-breach-of-the-agreement", "type": "definition", "offset": [10619, 10651]}, {"key": "reasonable-endeavours", "type": "definition", "offset": [10797, 10818]}, {"key": "negotiate-in-good-faith", "type": "definition", "offset": [10823, 10846]}, {"key": "not-agreed", "type": "definition", "offset": [10867, 10877]}, {"key": "from-completion", "type": "clause", "offset": [10897, 10912]}, {"key": "the-purchaser-undertakes-to", "type": "clause", "offset": [10914, 10941]}, {"key": "commercial-agreements", "type": "definition", "offset": [11084, 11105]}, {"key": "group-holdings", "type": "definition", "offset": [11130, 11144]}, {"key": "consistent-with-the", "type": "clause", "offset": [11238, 11257]}, {"key": "become-effective", "type": "clause", "offset": [11317, 11333]}, {"key": "the-seller-and-the-purchaser", "type": "clause", "offset": [11401, 11429]}, {"key": "the-contracting-parties", "type": "definition", "offset": [11482, 11505]}, {"key": "terms-of-the-licence", "type": "clause", "offset": [11529, 11549]}, {"key": "after-the-completion-date", "type": "clause", "offset": [11615, 11640]}, {"key": "right-to-submit", "type": "clause", "offset": [11696, 11711]}, {"key": "to-arbitration", "type": "clause", "offset": [11725, 11739]}, {"key": "referring-party", "type": "clause", "offset": [11760, 11775]}, {"key": "the-process", "type": "clause", "offset": [11796, 11807]}, {"key": "in-this-clause", "type": "clause", "offset": [11818, 11832]}, {"key": "notify-the", "type": "clause", "offset": [11868, 11878]}, {"key": "other-party", "type": "clause", "offset": [11879, 11890]}, {"key": "the-respondent", "type": "clause", "offset": [11892, 11906]}, {"key": "the-arbitration-proceeding", "type": "clause", "offset": [11936, 11962]}, {"key": "receipt-of", "type": "clause", "offset": [12127, 12137]}, {"key": "third-party-expert", "type": "definition", "offset": [12234, 12252]}, {"key": "years-of-experience", "type": "clause", "offset": [12271, 12290]}, {"key": "time-period", "type": "definition", "offset": [12416, 12427]}, {"key": "each-contracting-party", "type": "clause", "offset": [12429, 12451]}, {"key": "independent-experts", "type": "clause", "offset": [12564, 12583]}, {"key": "the-final", "type": "clause", "offset": [12611, 12620]}, {"key": "the-parties-shall", "type": "clause", "offset": [12774, 12791]}, {"key": "the-expert", "type": "clause", "offset": [12859, 12869]}, {"key": "it-is-understood-and-agreed-that", "type": "definition", "offset": [12900, 12932]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [13089, 13111]}, {"key": "costs-of", "type": "clause", "offset": [13117, 13125]}, {"key": "associated-with", "type": "definition", "offset": [13131, 13146]}, {"key": "the-request", "type": "clause", "offset": [13148, 13159]}, {"key": "appointment-of-an-expert", "type": "clause", "offset": [13168, 13192]}, {"key": "between-the-parties", "type": "clause", "offset": [13256, 13275]}, {"key": "days-prior", "type": "definition", "offset": [13593, 13603]}, {"key": "provide-the", "type": "clause", "offset": [13653, 13664]}, {"key": "form-of", "type": "definition", "offset": [13679, 13686]}, {"key": "written-agreement", "type": "definition", "offset": [13702, 13719]}, {"key": "the-principles", "type": "clause", "offset": [13822, 13836]}, {"key": "proposed-agreement", "type": "definition", "offset": [13993, 14011]}, {"key": "the-contracting-party", "type": "clause", "offset": [14139, 14160]}, {"key": "after-receiving", "type": "clause", "offset": [14216, 14231]}, {"key": "both-contracting-parties", "type": "clause", "offset": [14232, 14256]}, {"key": "each-party", "type": "definition", "offset": [14315, 14325]}, {"key": "in-advance", "type": "clause", "offset": [14403, 14413]}, {"key": "submit-to", "type": "definition", "offset": [14548, 14557]}, {"key": "and-exchange", "type": "clause", "offset": [14569, 14581]}, {"key": "documentary-evidence", "type": "clause", "offset": [14740, 14760]}, {"key": "other-material", "type": "clause", "offset": [14766, 14780]}, {"key": "publicly-available-information", "type": "clause", "offset": [14841, 14871]}, {"key": "neither-party-may", "type": "clause", "offset": [14948, 14965]}, {"key": "other-communications", "type": "clause", "offset": [14975, 14995]}, {"key": "purpose-of", "type": "clause", "offset": [15061, 15071]}, {"key": "following-the", "type": "definition", "offset": [15176, 15189]}, {"key": "arbitration-hearing", "type": "definition", "offset": [15241, 15260]}, {"key": "written-decision", "type": "definition", "offset": [15367, 15383]}, {"key": "select-one", "type": "clause", "offset": [15402, 15412]}, {"key": "without-modification", "type": "definition", "offset": [15468, 15488]}, {"key": "authority-to", "type": "clause", "offset": [15537, 15549]}, {"key": "the-proposed", "type": "clause", "offset": [15603, 15615]}, {"key": "submitted-by", "type": "definition", "offset": [15629, 15641]}, {"key": "either-contracting-party", "type": "clause", "offset": [15642, 15666]}, {"key": "no-discretion", "type": "clause", "offset": [16000, 16013]}, {"key": "final-and-binding", "type": "definition", "offset": [16130, 16147]}, {"key": "agreement-between", "type": "clause", "offset": [16251, 16268]}, {"key": "in-the-case", "type": "clause", "offset": [16329, 16340]}], "snippet": "7.1 Pending Completion, the Seller shall procure that, subject to Applicable Law and this clause 7.1:\n(a) each Target Group Company shall carry on business in the ordinary course (which shall include applying for the renewal, in the ordinary course, of any registrations, permits, licences, and/or domain name registrations of any member of the Target Group which are due to expire on or before Completion) and in compliance in all material respects with Applicable Law; and\n(b) no Target Group Company shall:\n(i) incur capital expenditures exceeding USD1,000,000 in aggregate, with the exception of expenditure that is expressly contemplated by the Budget or that is incurred within the ordinary and usual course of its business; or\n(ii) incur any expenditure exceeding USD250,000 in any given calendar month in relation to sales, marketing, recruitment and/or business development (including capital expenditure in respect of the same); or\n(iii) dispose of or grant any Encumbrance in respect of any material part of its assets or any Intellectual Property Rights owned by a Target Group Company; or\n(iv) accelerate any receivable or delay any payable, other than: (a) in the ordinary and usual course of business and consistent with past practice; or (b) pursuant to the University of Texas\u2019 request to accelerate the contractually agreed prepayment invoicing for September 2025 and September 2026 in the following manner \u2013 to invoice in January 2025 (for September 2025) amounts of [***] for [***] and [***] for NeuraCeq and, following settlement of that invoice, to invoice in April 2025 (for September 2026) amounts of [***] for [***] and [***] for NeuraCeq; or\n(v) waive, forgive, discount or release any liability owing to the Target Group by any member of the Seller\u2019s Group (except as expressly required pursuant to the terms of this agreement);\n(vi) acquire or dispose of any share, shares or other interest in any company or partnership; or\n(vii) amend the terms of its borrowing or indebtedness in the nature of borrowing or any guarantee or performance bond given for its benefit or borrow any money or give any guarantee or performance bond; or\n(viii) declare, make or pay any dividend or other distribution (whether in cash, stock or in kind) or makes any reduction of its paid-up share capital except to another Target Group Company; or\n(ix) save as required by Applicable Law:\n(A) terminate the engagement (other than any termination in circumstances constituting summary dismissal or otherwise for cause) or materially vary terms of engagement of any Senior Employee, which shall mean any variation relating to remuneration, term of service, restrictive covenants and ownership of Intellectual Property Rights;\n(B) amend the terms of employment (including any transfer of employing/engaging entity or change the title, position or duties) of any director, or of any Employee and/or any consultants and self-employed contractors of any Target Group Company, in each case whose gross annual basic salary or fee exceeds USD105,000;\n(C) engage, employ or terminate the employment or engagement (other than any termination in circumstances constituting summary dismissal) of any Employee and/or any consultants and self-employed contractors of any Target Group Company, in each case, whose gross annual basic salary or fee exceeds USD105,000, other than with respect to the engagement or employment of up to the 27 full time employees that the Target Group Companies intend to hire during the calendar year 2025; or\n(x) create, issue, purchase or redeem any shares or create any subsidiary; or\n(xi) make any change to its constitutional documents; or\n(xii) enter into any joint venture, partnership or agreement or arrangement for the sharing of profits or assets; or\n(xiii) other than in the ordinary course of the Target Group\u2019s business, capitalise any reserves, or reduce any amount standing to the credit of the share premium account or capital redemption or other reserve, with respect to such Target Group Company other than where such transaction is between Target Group Companies; or\n(xiv) borrow any money, accept any financial facility (except borrowings from its bankers not exceeding USD50,000 in the aggregate or grant or obtain credit (other than given in the ordinary course of business and advances made to Employees against expenses incurred by them on behalf of any Target Group Company) exceeding USD50,000; or\n(xv) incur any Trade Debts other than consistent with past practice in nature and amount in the previous 12 months prior to the date of this agreement; or\n(xvi) make a loan or advance (other than a deposit of money with an authorised institution under the Banking Act 1987 (or equivalent), any loans between Target Group Companies, any cash pooling arrangements within the Target Group or the granting of normal trade credit or prepayments in the ordinary course of business) or give a guarantee or indemnity to secure another person\u2019s (but excluding a Target Group Company\u2019s) obligations to a person, in each case exceeding USD50,000 in aggregate; or\n(xvii) enter into any foreign exchange contracts, interest rate swaps or other derivative instruments; or\n(xviii) grant, renew or modify the terms of any material loans or other financial facilities or any guarantees, comfort letters or indemnities for the benefit of any person (other than a Target Group Company); or\n(xix) take any step to initiate, consent, approve or acquiesce to a voluntary winding up, dissolution, administration or such other analogous procedure of such Target Group Company; or\n(xx) instigate, settle, or take any action, make any demand or waive any right in relation to any litigation or arbitration or mediation proceedings (except relating to debt collection in the ordinary and normal course of the relevant Target Group Company\u2019s business or applications for an interim injunction or other urgent application where it is not reasonably practicable to obtain the requisite consent) where the amount claimed exceeds USD150,000; or\n(xxi) change in any material respect its accounting procedures, principles or practices or change its accounting reference date or change its auditors; or\n(xxii) make, change or revoke any material Tax election, or file any Tax return in a manner which is inconsistent with past practice in any material respect; or\n(xxiii) settle or compromise any material Tax claim made by a Tax Authority; or\n(xxiv) enter into any Tax consolidation (including for the avoidance of doubt a VAT group), Tax allocation agreement, Tax sharing agreement, or Tax indemnity agreement, in each case with any entity other than another Target Group Company; or\n(xxv) change its residence for Tax purposes or knowingly create a new permanent establishment in any jurisdiction; or\n(xxvi) surrender, dispose of, or transfer any asset at less than market value; or\n(xxvii) amend or terminate any contract meeting the description of paragraphs (a), (c), (d) or (i) of the definition of \u201cMaterial Contract\u201d in Part 2 of Schedule 4 or enter into any contract or agreement which would meet the foregoing description if executed by a Target Group Company;\n(xxviii) enter into or amend any agreement or arrangement with any member of the Seller\u2019s Group, other than to formalise the Licence and Commercial Agreement(s) (but only to the extent that the formal agreement(s) is on terms substantially consistent with those set out in the Licence and Commercial Agreement(s) \u2013 Term Sheet); or\n(xxix) (A) adopt, enter into, terminate or materially amend any collective bargaining agreement or U.S. Benefit Plan or any arrangement that would be a U.S. Benefit Plan if it were in existence on the date of this agreement, (B) grant or pay any change of control, severance, retention or termination compensation or benefits to, or increase in any manner the change of control, severance or termination compensation or benefits of, any employee or consultant, (C) grant or remove restrictions from any awards under any U.S. Benefit Plan, (D) take any action to fund or in any other way secure the payment of compensation or benefits under any employee plan, agreement, contract or arrangement or U.S. Benefit Plan, except as required under any employee plan, agreement, contract or arrangement or U.S. Benefit Plan, in each case, as in effect on the date of this agreement or (E) take any action to accelerate the vesting or payment of any compensation or benefit under any U.S. Benefit Plan; or\n(xxx) agree, conditionally or otherwise, to do any of the foregoing.\n7.2 The Seller may do any of the matters in clause 7.1 with the prior consent of the Purchaser (such consent not to be unreasonably withheld, conditioned or delayed), including a deemed consent pursuant to clause 7.3, or without such consent:\n(a) if reasonably undertaken in an emergency or disaster situation with the intention of minimising any adverse effect of such situation; or\n(b) to comply with any applicable legal or regulatory requirements; or\n(c) if required to give effect to, or permitted by, the terms of any of the Transaction Documents, including for the avoidance of doubt the transactions described in clause 7.8 below; or\n(d) if required to be done or not done to comply with any contract Disclosed in the Disclosed Information; or\n(e) if explicitly requested by the Purchaser in writing.\n7.3 A request for the Purchaser\u2019s consent under clause 7.1 (as referred to in clause 7.2) shall be sent in accordance with clause 21. The Purchaser shall, within ten Business Days of receiving a request for written consent under clause 7.1 (and in accordance with clause 21): (i) give such consent; or (ii) inform the Seller that its request has been refused (giving reasonable details of the grounds for refusal). If the Purchaser\u2019s consent or refusal is not received by the Seller within such ten Business Day period, the Purchaser shall be deemed to have consented to the taking of the relevant action.\n7.4 The Purchaser may terminate this agreement by written notice to the Seller if, at any time before Completion, the Seller has not complied in all material respects with clause 7.1, and such non-compliance either: (a) is not capable of being cured by the Long Stop Date; or (b) has not been cured by the Seller within 20 Business Days after the Purchaser gives written notice to the Seller specifying the nature and extent of the non-compliance or by the Long Stop Date (whichever is later) provided that the Purchaser may not terminate this agreement pursuant to this clause 7.4 if it, or the Purchaser\u2019s Guarantor, is in material breach of the agreement.\n7.5 From the date of this agreement, the Seller, the Target Group Companies and the Purchaser (as applicable) undertake to use their respective reasonable endeavours and negotiate in good faith (and, to the extent not agreed before Completion, from Completion, the Purchaser undertakes to procure that the relevant Target Group Company uses its reasonable endeavours and negotiates in good faith) to agree the terms of one or more commercial agreements between Life Healthcare Group Holdings (or one or more of its Affiliates) and a Target Group Company and such agreement(s) shall be consistent with the Licence and Commercial Agreement(s) \u2013 Term Sheet and shall become effective at, or as soon as reasonably practicable after, Completion.\n7.6 If the Seller and the Purchaser (on behalf of the Target Group Companies) (together the Contracting Parties) cannot agree upon the terms of the Licence and Commercial Agreement(s) by the date that is 60 Business Days after the Completion Date:\n(a) either the Seller or the Purchaser shall have the right to submit such dispute to arbitration for resolution (the Referring Party) in accordance with the process described in this clause 7.6;\n(b) the Referring Party shall notify the other party (the Respondent) of its decision to initiate the arbitration proceeding pursuant to this clause 7.6 by delivering written notice to the Respondent within two Business Days of making such referral;\n(c) within ten Business Days following receipt of such notice, the Contracting Parties shall use reasonable endeavours to agree on an independent Third Party expert with at least ten years of experience in the licensing of pharmaceutical compounds or products. If the Contracting Parties cannot agree on such expert within such time period, each Contracting Party shall nominate one independent expert satisfying such criteria within such ten Business Day period, and the two independent experts so selected shall nominate the final independent expert within five Business Days of their nomination. If the two experts so selected cannot agree on the final independent expert, either of the Parties shall request the ICC International Centre for ADR to appoint an expert (the Expert). For the avoidance of doubt, it is understood and agreed that such final independent expert should have at least ten years of experience in the licensing of pharmaceutical compounds or products and should be appointed as soon as practicable. All costs of, and associated with, the request for the appointment of an expert by the ICC International Centre for ADR shall be borne equally between the Parties;\n(d) within five Business Days of its appointment, the Expert shall set a date for the arbitration, which date shall be no more than 40 Business Days after the date the arbitration is demanded under subclause 7.6(a) above;\n(e) the arbitration shall be \u201cbaseball-style\u201d arbitration; accordingly, at least ten Business Days prior to the arbitration, each Contracting Party shall provide the Expert with a form of the definitive written agreement of the Licence and Commercial Agreement(s) proposed by it which in each case, must be consistent with the principles outlined in the Licence and Commercial Agreement(s) \u2013 Term Sheet and must not contain any provisions that contradict or undermine those principles (each, a Proposed Agreement). Each such Proposed Agreement may be no more than 55 single-sided, single-spaced pages, and must clearly provide and identify the Contracting Party\u2019s position with respect to the disputed matter(s);\n(f) after receiving both Contracting Parties\u2019 Proposed Agreements, the Expert will promptly distribute each Party\u2019s Proposed Agreement(s) to the other Party. No later than five Business Days in advance of the arbitration or, if earlier, seven Business Days following receipt of such Proposed Agreement(s), the Contracting Parties shall submit to the Expert and exchange response briefs of no more than ten single-sided, single-spaced pages. The Contracting Parties\u2019 briefs may include or attach relevant exhibits in the form of documentary evidence, any other material voluntarily disclosed to the Referring Party in advance, or publicly available information. The Contracting Parties\u2019 briefs may also include or attach demonstratives. Neither Party may have any other communications (either written or oral) with the Expert other than for the sole purpose of engaging the expert or as expressly permitted in this clause 7.6;\n(g) no later than seven Business Days following the arbitration (or, if the Expert does not require an arbitration hearing, the deadline for receipt of each Contracting Party\u2019s response briefs), the Expert shall issue his or her written decision. The Expert shall select one Contracting Party\u2019s Proposed Agreement(s) (in full and without modification) as his or her decision, and shall not have the authority to render any substantive decision other than to select the Proposed Agreement(s) submitted by either Contracting Party. For the avoidance of doubt, the Expert may only be permitted to select a Proposed Agreement if such agreement contains terms which are consistent with the principles outlined in the Licence and Commercial Agreement(s) \u2013 Term Sheet and does contain any provisions that contradict or undermine those principles. The Expert shall have no discretion or authority with respect to modifying the positions of the Contracting Parties;\n(h) the Expert\u2019s decision shall be final and binding on the Contracting Parties and the written agreement selected by the Expert shall constitute a binding agreement between the Contracting Parties (which, for the avoidance of doubt, in the case of the Purchaser shall be binding on the re", "size": 3, "samples": [{"hash": "a7LfrMMboSL", "uri": "/contracts/a7LfrMMboSL#pre-completion", "label": "Sale and Purchase Agreement (Lantheus Holdings, Inc.)", "score": 35.1540031433, "published": true}], "hash": "a50d033a8dccb2c3233d80960a1a0932", "id": 3}, {"snippet_links": [{"key": "management-sellers", "type": "definition", "offset": [16, 34]}, {"key": "exercise-of-the-rights", "type": "clause", "offset": [97, 119]}, {"key": "sale-shares", "type": "definition", "offset": [138, 149]}, {"key": "where-applicable", "type": "clause", "offset": [154, 170]}, {"key": "director-of", "type": "clause", "offset": [176, 187]}, {"key": "a-group-company", "type": "definition", "offset": [188, 203]}, {"key": "pending-completion", "type": "clause", "offset": [211, 229]}, {"key": "in-accordance-with", "type": "clause", "offset": [275, 293]}, {"key": "the-company-shall", "type": "clause", "offset": [309, 326]}, {"key": "each-group-company", "type": "clause", "offset": [351, 369]}, {"key": "the-pre", "type": "clause", "offset": [389, 396]}, {"key": "completion-undertakings", "type": "clause", "offset": [397, 420]}, {"key": "set-out", "type": "definition", "offset": [424, 431]}, {"key": "schedule-7", "type": "definition", "offset": [435, 445]}, {"key": "nothing-in-this-clause", "type": "clause", "offset": [451, 473]}, {"key": "disaster-situation", "type": "definition", "offset": [593, 611]}, {"key": "adverse-effect", "type": "clause", "offset": [650, 664]}, {"key": "relevant-time", "type": "clause", "offset": [768, 781]}, {"key": "the-buyer-will", "type": "clause", "offset": [796, 810]}, {"key": "to-the-extent", "type": "clause", "offset": [862, 875]}, {"key": "relevant-group-company", "type": "definition", "offset": [904, 926]}, {"key": "in-relation-to", "type": "clause", "offset": [956, 970]}, {"key": "relevant-matter", "type": "definition", "offset": [975, 990]}, {"key": "action-required", "type": "clause", "offset": [1057, 1072]}, {"key": "entered-into", "type": "clause", "offset": [1120, 1132]}, {"key": "company-in", "type": "clause", "offset": [1146, 1156]}, {"key": "ordinary-course", "type": "clause", "offset": [1161, 1176]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [1193, 1215]}, {"key": "the-undertakings-set", "type": "clause", "offset": [1242, 1262]}, {"key": "prior-to-the", "type": "clause", "offset": [1423, 1435]}, {"key": "data-room", "type": "definition", "offset": [1494, 1503]}, {"key": "to-the-buyer", "type": "clause", "offset": [1504, 1516]}, {"key": "reasonable-belief", "type": "definition", "offset": [1760, 1777]}, {"key": "of-the-company", "type": "clause", "offset": [1778, 1792]}, {"key": "compliance-with-applicable-laws", "type": "clause", "offset": [1845, 1876]}, {"key": "relating-to", "type": "definition", "offset": [1908, 1919]}, {"key": "prudential-matters", "type": "definition", "offset": [1920, 1938]}, {"key": "other-requirements", "type": "definition", "offset": [1943, 1961]}, {"key": "regulatory-authority", "type": "definition", "offset": [1967, 1987]}, {"key": "managing-agent", "type": "clause", "offset": [1998, 2012]}, {"key": "contractual-obligations", "type": "clause", "offset": [2149, 2172]}, {"key": "members-of-the", "type": "clause", "offset": [2180, 2194]}, {"key": "authority-to", "type": "clause", "offset": [2261, 2273]}, {"key": "requested-by", "type": "definition", "offset": [2386, 2398]}, {"key": "authority-and", "type": "clause", "offset": [2415, 2428]}, {"key": "pursuant-to-such", "type": "clause", "offset": [2495, 2511]}, {"key": "the-performance", "type": "clause", "offset": [2528, 2543]}, {"key": "share-purchase-documents", "type": "definition", "offset": [2572, 2596]}, {"key": "written-request", "type": "definition", "offset": [2631, 2646]}, {"key": "written-consent", "type": "definition", "offset": [2659, 2674]}, {"key": "of-the-buyer", "type": "clause", "offset": [2746, 2758]}, {"key": "permitted-leakage", "type": "definition", "offset": [2792, 2809]}, {"key": "action-taken", "type": "definition", "offset": [2828, 2840]}, {"key": "in-connection-with", "type": "clause", "offset": [2919, 2937]}, {"key": "related-financing", "type": "clause", "offset": [3005, 3022]}, {"key": "year-of-account", "type": "definition", "offset": [3060, 3075]}, {"key": "conflicts-policy", "type": "clause", "offset": [3249, 3265]}, {"key": "payment-of", "type": "definition", "offset": [3312, 3322]}, {"key": "in-respect-of", "type": "clause", "offset": [3326, 3339]}, {"key": "before-completion", "type": "clause", "offset": [3390, 3407]}, {"key": "taxation-authority", "type": "definition", "offset": [3425, 3443]}, {"key": "the-obligations", "type": "clause", "offset": [3479, 3494]}, {"key": "b-of", "type": "definition", "offset": [3511, 3515]}, {"key": "the-buyer-shall", "type": "clause", "offset": [3582, 3597]}, {"key": "funds-necessary", "type": "clause", "offset": [3615, 3630]}, {"key": "consideration-payable", "type": "clause", "offset": [3651, 3672]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [3673, 3699]}, {"key": "the-account", "type": "clause", "offset": [3703, 3714]}, {"key": "the-paying-agent", "type": "definition", "offset": [3718, 3734]}, {"key": "terms-of-the", "type": "clause", "offset": [3758, 3770]}, {"key": "paying-agent-agreement", "type": "definition", "offset": [3771, 3793]}, {"key": "the-conditions", "type": "clause", "offset": [3870, 3884]}, {"key": "business-days-of", "type": "clause", "offset": [3956, 3972]}, {"key": "satisfaction-of", "type": "clause", "offset": [3973, 3988]}, {"key": "contact-details", "type": "clause", "offset": [4148, 4163]}, {"key": "by-the-company", "type": "clause", "offset": [4183, 4197]}, {"key": "account-with", "type": "definition", "offset": [4323, 4335]}, {"key": "transfer-agent", "type": "definition", "offset": [4348, 4362]}, {"key": "information-required", "type": "clause", "offset": [4371, 4391]}, {"key": "customer-requirements", "type": "definition", "offset": [4447, 4468]}, {"key": "in-good-time", "type": "definition", "offset": [4485, 4497]}, {"key": "compliance-issues", "type": "clause", "offset": [4719, 4736]}, {"key": "to-open", "type": "clause", "offset": [4790, 4797]}, {"key": "seller-shall", "type": "clause", "offset": [4900, 4912]}, {"key": "in-good-faith", "type": "clause", "offset": [4946, 4959]}, {"key": "an-appropriate", "type": "clause", "offset": [4968, 4982]}, {"key": "to-receive", "type": "definition", "offset": [5023, 5033]}, {"key": "consideration-allocation", "type": "definition", "offset": [5044, 5068]}, {"key": "buyer-and-the", "type": "clause", "offset": [5091, 5104]}, {"key": "acting-reasonably", "type": "clause", "offset": [5120, 5137]}, {"key": "the-final", "type": "clause", "offset": [5178, 5187]}, {"key": "following-the", "type": "definition", "offset": [5220, 5233]}, {"key": "the-sellers-and-the-buyer", "type": "clause", "offset": [5322, 5347]}, {"key": "right-to", "type": "definition", "offset": [5390, 5398]}, {"key": "direct-payment", "type": "definition", "offset": [5440, 5454]}, {"key": "each-seller", "type": "definition", "offset": [5458, 5469]}, {"key": "schedule-4", "type": "definition", "offset": [5599, 5609]}, {"key": "paragraph-2", "type": "definition", "offset": [5619, 5630]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [5679, 5698]}], "snippet": "6.1 Each of the Management Sellers shall (so far as they are lawfully able) procure (through the exercise of the rights attached to their Sale Shares and where applicable as a director of a Group Company) that, pending Completion or the earlier termination of this Agreement in accordance with its terms, and the Company shall, and shall procure that each Group Company shall, comply with the Pre-Completion Undertakings as set out in Schedule 7.\n6.2 Nothing in this Clause 5.16 or Schedule 7 shall operate so as to prevent or restrict:\n(a) any matter reasonably undertaken in an emergency or disaster situation, with the intention of mitigating any adverse effect thereof and which is considered reasonable and proportionate given the prevailing circumstances at the relevant time (and of which the Buyer will be notified as soon as reasonably practicable, and to the extent reasonably practicable, the relevant Group Company shall consult with the Buyer in relation to the relevant matter where such matter would otherwise contravene Schedule 7);\n(b) any action required in accordance with any contract or arrangement entered into by any Group Company in the ordinary course on or after the date of this Agreement which does not contravene the undertakings set out in this Clause 5.1 or Schedule 7;\n(c) the completion or performance of any obligations undertaken pursuant to any contract or arrangement entered into:\n(i) prior to the date of this Agreement and which has been provided in the Data Room to the Buyer; or\n(ii) in the ordinary course on or after the date of this Agreement and which does not contravene the undertakings set out in this Clause 5.1 or Schedule 7;\n(d) the carrying out of any act or the undertaking of any matter necessary (in the reasonable belief of the Company and each relevant Group Company) in order to ensure compliance with Applicable Laws (including any Applicable Laws relating to prudential matters and other requirements of a Regulatory Authority);\n(e) the Managing Agent taking any action (or refraining from taking any action) to the extent necessary (in its reasonable belief) to comply with its legal or contractual obligations to the members of the Syndicates;\n(f) a Group Company from committing to any Regulatory Authority to carry out any act or undertake any matter required or reasonably (in the opinion of the relevant Group Company) requested by that Regulatory Authority and the carrying out of any act or undertaking of any matter required pursuant to such commitment;\n(g) the performance of any obligation under any Share Purchase Documents;\n(h) any matter undertaken at the written request or with the written consent (such consent not to be unreasonably conditioned, withheld or delayed) of the Buyer;\n(i) the incurrence or making of Permitted Leakage Payments;\n(j) any action taken by the Managing Agent, the Company or ABL (and to the extent relevant APL 16) in connection with the finalisation of the syndicate lists for the Syndicates and the related financing (including reinsurance) for the 2026 Year of Account (with the Company and ABL providing updates and taking into account reasonable observations of the Buyer, to the extent permitted by Applicable Law and the Managing Agent\u2019s conflicts policy); or\n(k) the making by a Group Company of any payment of or in respect of Taxation in the ordinary course which is or which before Completion becomes due to a Taxation Authority.\n6.3 The Company shall comply with the obligations set out in Part B of Schedule 7 between the date of this Agreement and Completion.\n6.4 The Buyer shall:\n(a) deposit the funds necessary to satisfy the Cash Consideration payable pursuant to this Agreement in the account of the Paying Agent in accordance with the terms of the Paying Agent Agreement in order to enable Completion to occur on 1 January (if the last in time of the Conditions is satisfied by 5pm on 24 December 2025) or otherwise within three (3) Business Days of satisfaction of the last in time of the Conditions, to enable Completion to occur in accordance with Clause 7.1(b);\n(b) liaise with all Management Sellers (once the necessary contact details have been provided by the Company, and the Buyer shall liaise with the Company as to what is required in this respect) as to the means of opening a book-entry account with the Buyer\u2019s transfer agent and the information required in connection therewith, including customary Know-Your-Customer requirements, and will do so in good time ahead of Completion, and intends to commence this process within 15 Business Days of the date of this Agreement (and shall do so in any event before 30 November 2025); and\n(c) should any technical, AML / KYC and/or other compliance issues arise regarding the Buyer\u2019s transfer agent\u2019s ability to open a book-entry account in the name of any Management Seller, the Buyer, the Company and that Management Seller shall cooperate and act reasonably and in good faith to find an appropriate solution in order to enable that Seller to receive its Share Consideration Allocation.\n6.5 The Sellers, the Buyer and the Company shall, acting reasonably and in good faith, agree and enter into the final Paying Agent Agreement promptly following the date of this Agreement. If the Paying Agent Agreement has not been entered into between the Sellers and the Buyer before Completion, the Buyer reserves the right to satisfy the Cash Consideration by way of direct payment of each Seller\u2019s Cash Consideration Allocation to an account to be notified to it by that Seller, and in such case the Buyer\u2019s obligation under Schedule 4, Part B, paragraph 2 shall be deemed amended as necessary (including for the purposes of Clause 7.3).", "size": 3, "samples": [{"hash": "gTzu49TsF40", "uri": "/contracts/gTzu49TsF40#pre-completion", "label": "Share Purchase Agreement (Skyward Specialty Insurance Group, Inc.)", "score": 36.6851471595, "published": true}], "hash": "a9841b8e08d0dd3af32b6896944fcdf4", "id": 4}, {"snippet_links": [{"key": "until-completion", "type": "clause", "offset": [4, 20]}, {"key": "the-seller-shall", "type": "clause", "offset": [36, 52]}, {"key": "in-good-faith", "type": "clause", "offset": [63, 76]}, {"key": "in-relation-to", "type": "clause", "offset": [77, 91]}, {"key": "applicable-law", "type": "clause", "offset": [118, 132]}, {"key": "material-interruption", "type": "definition", "offset": [153, 174]}, {"key": "business-and-operations", "type": "clause", "offset": [182, 205]}, {"key": "to-the-buyer", "type": "clause", "offset": [238, 250]}, {"key": "documents-and-information", "type": "clause", "offset": [254, 279]}, {"key": "by-the-buyer", "type": "clause", "offset": [336, 348]}, {"key": "the-arrangement", "type": "clause", "offset": [358, 373]}, {"key": "discussions-between", "type": "clause", "offset": [377, 396]}, {"key": "officers-of-the", "type": "clause", "offset": [437, 452]}, {"key": "buyer-may", "type": "definition", "offset": [466, 475]}, {"key": "reasonably-request", "type": "definition", "offset": [476, 494]}, {"key": "finances-and-accounts", "type": "clause", "offset": [523, 544]}, {"key": "provided-always-that", "type": "clause", "offset": [559, 579]}, {"key": "information-provided", "type": "clause", "offset": [584, 604]}, {"key": "pursuant-to", "type": "definition", "offset": [618, 629]}, {"key": "clause-5", "type": "definition", "offset": [635, 643]}, {"key": "confidential-information", "type": "clause", "offset": [676, 700]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [701, 720]}, {"key": "clause-15", "type": "clause", "offset": [721, 730]}, {"key": "the-box", "type": "definition", "offset": [811, 818]}, {"key": "tax-election", "type": "clause", "offset": [820, 832]}, {"key": "available-to", "type": "definition", "offset": [872, 884]}, {"key": "upon-request", "type": "definition", "offset": [904, 916]}, {"key": "of-the-buyer", "type": "clause", "offset": [944, 956]}, {"key": "provided-that", "type": "definition", "offset": [958, 971]}, {"key": "by-the-seller", "type": "clause", "offset": [1084, 1097]}, {"key": "the-basis", "type": "clause", "offset": [1119, 1128]}, {"key": "reasonable-grounds-to-believe", "type": "definition", "offset": [1141, 1170]}, {"key": "business-days", "type": "definition", "offset": [1220, 1233]}, {"key": "fca-authorisation", "type": "clause", "offset": [1294, 1311]}, {"key": "written-evidence", "type": "clause", "offset": [1386, 1402]}, {"key": "form-satisfactory", "type": "clause", "offset": [1408, 1425]}, {"key": "will-provide", "type": "clause", "offset": [1526, 1538]}, {"key": "list-of-shareholders", "type": "clause", "offset": [1560, 1580]}, {"key": "changes-to-the", "type": "clause", "offset": [1597, 1611]}, {"key": "on-completion", "type": "clause", "offset": [1654, 1667]}, {"key": "calendar-month", "type": "definition", "offset": [1687, 1701]}, {"key": "in-advance", "type": "clause", "offset": [1702, 1712]}, {"key": "the-buyer-will", "type": "clause", "offset": [1728, 1742]}, {"key": "to-the-seller", "type": "definition", "offset": [1751, 1764]}, {"key": "reasonable-assistance", "type": "clause", "offset": [1788, 1809]}, {"key": "notice-of", "type": "clause", "offset": [1966, 1975]}, {"key": "regulatory-action", "type": "definition", "offset": [2026, 2043]}, {"key": "reasonable-endeavours", "type": "definition", "offset": [2092, 2113]}, {"key": "relevant-group-company", "type": "definition", "offset": [2139, 2161]}, {"key": "consent-to-the-transaction", "type": "clause", "offset": [2207, 2233]}, {"key": "relevant-counterparties", "type": "definition", "offset": [2243, 2266]}, {"key": "by-palm", "type": "clause", "offset": [2375, 2382]}, {"key": "canada-inc", "type": "clause", "offset": [2393, 2403]}, {"key": "loan-agreement", "type": "clause", "offset": [2430, 2444]}, {"key": "proposed-change-of-control", "type": "definition", "offset": [2464, 2490]}, {"key": "in-connection-with", "type": "clause", "offset": [2572, 2590]}, {"key": "to-request", "type": "clause", "offset": [2664, 2674]}, {"key": "terms-of", "type": "definition", "offset": [2847, 2855]}, {"key": "change-of-control-provision", "type": "definition", "offset": [2908, 2935]}, {"key": "in-a-timely-manner", "type": "definition", "offset": [2993, 3011]}, {"key": "the-consents", "type": "clause", "offset": [3053, 3065]}, {"key": "in-this-clause", "type": "clause", "offset": [3078, 3092]}, {"key": "each-group-company", "type": "clause", "offset": [3188, 3206]}, {"key": "applicable-to", "type": "clause", "offset": [3254, 3267]}, {"key": "the-group-companies", "type": "clause", "offset": [3268, 3287]}, {"key": "prior-to-the", "type": "clause", "offset": [3391, 3403]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [3404, 3426]}, {"key": "no-group-company", "type": "clause", "offset": [3436, 3452]}, {"key": "schedule-2", "type": "definition", "offset": [3493, 3503]}, {"key": "reserved-matters", "type": "definition", "offset": [3505, 3521]}, {"key": "nothing-in-clause", "type": "clause", "offset": [3584, 3601]}, {"key": "the-performance", "type": "clause", "offset": [3743, 3758]}, {"key": "entered-into", "type": "clause", "offset": [3775, 3787]}, {"key": "comply-with", "type": "definition", "offset": [3850, 3861]}, {"key": "as-required-by", "type": "clause", "offset": [3884, 3898]}, {"key": "written-consent", "type": "definition", "offset": [3927, 3942]}, {"key": "if-the-buyer", "type": "clause", "offset": [4037, 4049]}, {"key": "relates-to", "type": "definition", "offset": [4119, 4129]}, {"key": "in-accordance-with", "type": "clause", "offset": [4265, 4283]}, {"key": "clause-29", "type": "clause", "offset": [4284, 4293]}, {"key": "in-writing", "type": "clause", "offset": [4325, 4335]}, {"key": "by-email", "type": "clause", "offset": [4336, 4344]}, {"key": "written-request", "type": "definition", "offset": [4386, 4401]}, {"key": "transaction-document", "type": "definition", "offset": [4440, 4460]}, {"key": "notify-the", "type": "clause", "offset": [4483, 4493]}, {"key": "following-the", "type": "definition", "offset": [4534, 4547]}, {"key": "breach-of-clause", "type": "clause", "offset": [4577, 4593]}], "snippet": "5.1 Until Completion, the Buyer and the Seller shall cooperate in good faith in relation to, so far as permissible by applicable Law and without causing material interruption to the business and operations of the Group:\n(a) the provision to the Buyer of documents and information in relation to the Group as may be reasonably requested by the Buyer; and\n(b) the arrangement of discussions between the Buyer and such senior employees and officers of the Group as the Buyer may reasonably request in relation to the affairs, finances and accounts of the Group, provided always that any information provided to the Buyer pursuant to this Clause 5.7 shall constitute the Seller's Confidential Information for the purposes of Clause 15 until Completion.\n5.2 Until Completion, the Seller shall ensure that the 'check the box' Tax election status for all Group Companies is made available to the Buyer promptly upon request.\n5.3 Promptly upon request of the Buyer (provided that the Buyer has first consulted with the Seller in relation to such request and taken account of any request made by the Seller for a short delay on the basis that it has reasonable grounds to believe that the authorisation will be received within 5 Business Days), the Seller shall procure that the pending application for FCA authorisation in relation to Globe Underwriting Limited is withdrawn, and shall provide written evidence in a form satisfactory to the Buyer that such withdrawal has taken place.\n5.4 The Seller shall procure that Ed Broking LLP will provide TIRA with an updated List of Shareholders (reflecting the changes to the List of Shareholders that will take place on Completion) no later than one calendar month in advance of Completion. The Buyer will provide to the Seller and Ed Broking LLP all reasonable assistance necessary to prepare the updated List of Shareholders.\n5.5 Until Completion, the Seller shall promptly inform the Buyer if it or any Group Company receives notice of, or if the Seller otherwise becomes aware of, any Regulatory Action.\n5.6 Until Completion, the Seller shall use its reasonable endeavours to procure that:\n(a) the relevant Group Company has obtained the prior written unconditional consent to the Transaction from the relevant counterparties to the Change of Control Leases; and\n(b) Ed Broking LLP has obtained the prior written unconditional waiver by Palm Insurance Canada Inc. under the Palm Insurance Loan Agreement in relation to the proposed Change of Control (as that term is defined in the Palm Insurance Loan Agreement) of Ed Broking LLP in connection with the Transaction provided that (i) approaching Palm Insurance Canada Inc. to request such consent would not be otherwise prejudicial to Ed Broking LLP\u2019s interests under the Palm Insurance Loan Agreement, and (ii) Ed Broking has not already renegotiated the terms of Palm Insurance Loan Agreement removing the relevant change of control provision, and the Seller shall keep the Buyer reasonably informed in a timely manner in relation to its progress in obtaining the consents referred to in this Clause 5.6.\n5.7 Until Completion, the Seller shall procure that: 11/66881024_3419\n(a) the business of each Group Company is carried on in material compliance with Laws applicable to the Group Companies and in substantially the same manner as its businesses have been carried on during the 12 month period prior to the date of this Agreement; and\n(b) no Group Company shall do any of the things specified in Schedule 2 (Reserved Matters ), or give any binding undertaking to do any such things.\n5.8 Nothing in Clause 5 shall impose any obligation on the Seller to prevent or restrict any Group Company from doing or omitting to do anything:\n(a) required for the performance of any contract entered into prior to the date of this Agreement;\n(b) required in order to comply with any applicable Law or as required by any Authority;\n(c) with the written consent (not to be unreasonably withheld, conditioned or delayed, and to be deemed to have been given if the Buyer does not reply promptly to a request which the Seller has made clear relates to a matter which requires it to take immediate or prompt steps having regard to the expected consequences, provided such request is made in accordance with Clause 29 (Communications) and also made in writing by email to \u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587\u2587\u2587\u2587\u2587@\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587.\u2587\u2587\u2587, or at the written request of, the Buyer; or\n(d) required by any Transaction Document.\n5.9 The Seller shall notify the Buyer as soon as reasonably practicable following the Seller becoming aware of any breach of Clause 5.7 by the Seller.", "size": 3, "samples": [{"hash": "hC6VJpmuAlY", "uri": "/contracts/hC6VJpmuAlY#pre-completion", "label": "Agreement for the Sale and Purchase of Share Capital (BGC Partners, Inc.)", "score": 30.5947971344, "published": true}], "hash": "942b54c7ff2a83cc16b42dd09062a5b1", "id": 5}, {"snippet_links": [{"key": "subject-to-subclause", "type": "clause", "offset": [33, 53]}, {"key": "prior-to-completion", "type": "clause", "offset": [59, 78]}, {"key": "the-seller-shall", "type": "clause", "offset": [80, 96]}, {"key": "of-the-seller", "type": "clause", "offset": [129, 142]}, {"key": "relevant-group-company", "type": "definition", "offset": [158, 180]}, {"key": "promptly-following", "type": "clause", "offset": [205, 223]}, {"key": "execution-of-this-agreement", "type": "clause", "offset": [224, 251]}, {"key": "the-australian", "type": "clause", "offset": [295, 309]}, {"key": "regulatory-notifications", "type": "clause", "offset": [310, 334]}, {"key": "new-zealand", "type": "definition", "offset": [404, 415]}, {"key": "the-seller-and-the-purchaser", "type": "clause", "offset": [495, 523]}, {"key": "determine-the", "type": "clause", "offset": [553, 566]}, {"key": "promptly-notify", "type": "definition", "offset": [690, 705]}, {"key": "other-third-party", "type": "definition", "offset": [799, 816]}, {"key": "each-case", "type": "definition", "offset": [821, 830]}, {"key": "relating-to", "type": "definition", "offset": [831, 842]}, {"key": "necessary-and-appropriate", "type": "clause", "offset": [961, 986]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [999, 1018]}, {"key": "relevant-member", "type": "definition", "offset": [1046, 1061]}, {"key": "to-the-extent", "type": "clause", "offset": [1215, 1228]}, {"key": "relevant-regulatory-authority", "type": "definition", "offset": [1332, 1361]}, {"key": "a-party-may", "type": "clause", "offset": [1363, 1374]}, {"key": "other-party", "type": "clause", "offset": [1392, 1403]}, {"key": "promptly-provide", "type": "clause", "offset": [1409, 1425]}, {"key": "additional-information", "type": "definition", "offset": [1431, 1453]}], "snippet": "Pre-Completion notifications\n7.1 Subject to subclause 7.3, prior to Completion, the Seller shall (or shall procure that a member of the Seller\u2019s Group or the relevant Group Company, as applicable, shall), promptly following execution of this agreement, make (and does not withdraw):\n(a) each of the Australian Regulatory Notifications to the relevant Australian Regulatory Authority; and\n(b) each of the New Zealand Regulatory Notifications to the relevant New Zealand Regulatory Authority.\n7.2 The Seller and the Purchaser:\n(a) must together agree and determine the strategy for making each of the Australian Regulatory Notifications and the New Zealand Regulatory Notifications;\n(b) must promptly notify each other of any communication (whether written or oral) from a Regulatory Authority or any other third party, in each case relating to the Australian Regulatory Notifications or the New Zealand Regulatory Notifications; and\n(c) must promptly supply all necessary and appropriate information for the purposes of enabling the Seller or the relevant member of the Seller\u2019s Group or Group Company (as applicable) to make the Australian Regulatory Notifications and the New Zealand Regulatory Notifications.\n7.3 To the extent that any notification under subclause 7.1 is not accepted or otherwise deemed to be ineffective by the relevant Regulatory Authority, a party may request, and the other party must promptly provide, any additional information for the purposes of allowing the Seller or the relevant member of the Seller\u2019s Group or Group Company (as applicable) to rectify or otherwise resubmit the relevant notification.", "size": 2, "samples": [{"hash": "1cPY6K7drb7", "uri": "/contracts/1cPY6K7drb7#pre-completion", "label": "Sale and Purchase Agreement (Strategic Education, Inc.)", "score": 29.5927448273, "published": true}], "hash": "85fbefe23fe86cf67b814791b9993792", "id": 7}, {"snippet_links": [{"key": "the-provisions-of", "type": "clause", "offset": [4, 21]}, {"key": "schedule-5", "type": "definition", "offset": [22, 32]}, {"key": "clause-5", "type": "definition", "offset": [66, 74]}, {"key": "the-buyer-will", "type": "clause", "offset": [156, 170]}, {"key": "for-the-seller", "type": "clause", "offset": [240, 254]}, {"key": "law-or-regulation", "type": "clause", "offset": [326, 343]}, {"key": "disaster-situation", "type": "definition", "offset": [402, 420]}, {"key": "adverse-effect", "type": "clause", "offset": [459, 473]}, {"key": "pursuant-to", "type": "definition", "offset": [547, 558]}, {"key": "entered-into", "type": "clause", "offset": [587, 599]}, {"key": "prior-to-the", "type": "clause", "offset": [600, 612]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [613, 635]}, {"key": "reinsurance-contracts", "type": "definition", "offset": [651, 672]}, {"key": "provided-that", "type": "definition", "offset": [675, 688]}, {"key": "to-the-buyer", "type": "clause", "offset": [741, 753]}, {"key": "the-undertaking", "type": "clause", "offset": [826, 841]}, {"key": "reasonable-belief", "type": "definition", "offset": [874, 891]}, {"key": "relevant-group-company", "type": "definition", "offset": [913, 935]}, {"key": "in-order-to-ensure", "type": "clause", "offset": [937, 955]}, {"key": "continued-compliance", "type": "clause", "offset": [956, 976]}, {"key": "relating-to", "type": "definition", "offset": [1029, 1040]}, {"key": "prudential-matters", "type": "definition", "offset": [1041, 1059]}, {"key": "authority-to", "type": "clause", "offset": [1095, 1107]}, {"key": "required-by", "type": "definition", "offset": [1163, 1174]}, {"key": "resulting-from", "type": "definition", "offset": [1210, 1224]}, {"key": "the-buyer-is", "type": "definition", "offset": [1308, 1320]}, {"key": "participate-in", "type": "definition", "offset": [1401, 1415]}, {"key": "relevant-communications", "type": "clause", "offset": [1416, 1439]}, {"key": "does-not-permit", "type": "clause", "offset": [1503, 1518]}, {"key": "the-performance", "type": "clause", "offset": [1560, 1575]}, {"key": "share-purchase-documents", "type": "definition", "offset": [1604, 1628]}, {"key": "written-request", "type": "definition", "offset": [1663, 1678]}, {"key": "of-the-buyer", "type": "clause", "offset": [1679, 1691]}, {"key": "a-group-company", "type": "definition", "offset": [1714, 1729]}, {"key": "payment-of-taxation", "type": "clause", "offset": [1737, 1756]}, {"key": "tax-authority", "type": "definition", "offset": [1762, 1775]}, {"key": "without-prejudice-to-the-generality", "type": "clause", "offset": [1781, 1816]}, {"key": "prior-to-completion", "type": "clause", "offset": [1835, 1854]}, {"key": "the-seller-shall", "type": "clause", "offset": [1855, 1871]}, {"key": "commercially-reasonable-endeavours", "type": "definition", "offset": [1895, 1929]}, {"key": "the-group-companies", "type": "clause", "offset": [1946, 1965]}, {"key": "subject-to-applicable-laws", "type": "clause", "offset": [1973, 1999]}, {"key": "agreements-with-third-parties", "type": "clause", "offset": [2049, 2078]}, {"key": "upon-reasonable-notice", "type": "clause", "offset": [2112, 2134]}, {"key": "reasonable-access", "type": "definition", "offset": [2136, 2153]}, {"key": "copies-of", "type": "clause", "offset": [2170, 2179]}, {"key": "access-to-individuals", "type": "clause", "offset": [2230, 2251]}, {"key": "obligations-of-the-seller", "type": "clause", "offset": [2319, 2344]}, {"key": "information-which", "type": "clause", "offset": [2402, 2419]}, {"key": "by-the-seller", "type": "clause", "offset": [2448, 2461]}, {"key": "activities-of-the-seller", "type": "clause", "offset": [2485, 2509]}, {"key": "information-of-the-group", "type": "clause", "offset": [2549, 2573]}, {"key": "such-information", "type": "definition", "offset": [2587, 2603]}, {"key": "in-compliance-with-applicable-laws", "type": "clause", "offset": [2656, 2690]}], "snippet": "5.1 The provisions of Schedule 5 shall apply.\n5.2 Nothing in this clause 5 or Schedule 5 shall operate so as to restrict or prevent the following (of which the Buyer will be notified as soon as reasonably practicable so far as it is lawful for the Seller to do so and would not cause any Group Company to breach any contract, law or regulation):\n(a) any matter reasonably undertaken in an emergency or disaster situation, with the intention of minimising any adverse effect thereof;\n(b) the completion or performance of any obligations undertaken pursuant to any contract or arrangement entered into prior to the date of this Agreement (including the Reinsurance Contracts), provided that any such contract or arrangement has been disclosed to the Buyer prior to the date of this Agreement;\n(c) the carrying out of any act or the undertaking of any matter necessary (in the reasonable belief of the Seller or the relevant Group Company) in order to ensure continued compliance with Applicable Laws (including any Applicable Laws relating to prudential matters);\n(d) committing to any Regulatory Authority to carry out any act or undertake any matter requested or required by it and the carrying out of any act resulting from such commitment, provided that before any such commitment or undertaking is given, the Buyer is notified of the matter and if reasonably practicable afforded an opportunity to participate in relevant communications with the Regulatory Authority (unless the Regulatory Authority does not permit such notification or participation);\n(e) the performance of any obligation under any Share Purchase Documents;\n(f) any matter undertaken at the written request of the Buyer; or\n(g) the making by a Group Company of any payment of Taxation to a Tax Authority.\n5.3 Without prejudice to the generality of this clause 5, prior to Completion the Seller shall, and shall use all its commercially reasonable endeavours to procure that the Group Companies shall, subject to Applicable Laws and any obligations they may have under existing agreements with third parties, allow the Buyer and its agents, upon reasonable notice, reasonable access to, and to take copies of, the books, records, and documents and reasonable access to individuals of or relating in whole or in part to the Group, provided that the obligations of the Seller under this clause shall not extend to allowing access to information which is:\n(a) reasonably regarded by the Seller as confidential to the activities of the Seller\u2019s Group; or\n(b) commercially sensitive information of the Group Companies if such information cannot be shared with the Buyer prior to Completion in compliance with Applicable Laws.", "size": 2, "samples": [{"hash": "avjWdmSnD0E", "uri": "/contracts/avjWdmSnD0E#pre-completion", "label": "Share Purchase Agreement (Enstar Group LTD)", "score": 22.603012085, "published": true}], "hash": "fc21acb235c92ba3ccf70ff0882a6737", "id": 8}, {"snippet_links": [{"key": "acknowledge-and-agree", "type": "clause", "offset": [14, 35]}, {"key": "prior-to-completion", "type": "clause", "offset": [44, 63]}, {"key": "group-member", "type": "definition", "offset": [77, 89]}, {"key": "reasonably-likely", "type": "definition", "offset": [161, 178]}, {"key": "breach-of", "type": "definition", "offset": [197, 206]}, {"key": "tax-warranty", "type": "definition", "offset": [233, 245]}, {"key": "a-\u2587", "type": "clause", "offset": [249, 252]}, {"key": "notify-the", "type": "clause", "offset": [516, 526]}, {"key": "provided-that", "type": "definition", "offset": [571, 584]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [586, 612]}, {"key": "purpose-of-clause", "type": "clause", "offset": [671, 688]}, {"key": "agreement-or", "type": "definition", "offset": [701, 713]}], "snippet": "Boral and USG acknowledge and agree that if prior to Completion:\n(a) a Boral Group Member becomes aware of any facts, matters or circumstances which give or are reasonably likely to give rise to a breach of a Boral Warranty, a Boral Tax Warranty or a \u2587\u2587\u2587\u2587\u2587 \u2587\u2587 Warranty; or\n(b) a USG Group Member becomes aware of any facts, matters or circumstances which give or are reasonably likely to give rise to a breach of a USG Warranty, a USG Tax Warranty or a USG JV Warranty; then Boral or USG (as relevant) will promptly notify the other of such fact, matter or circumstance, provided that, for the avoidance of doubt, such notice will in no way constitute disclosure for the purpose of clause 7.1 of this Agreement or otherwise limit or exclude any Claim.", "size": 2, "samples": [{"hash": "a54OopM9aiN", "uri": "/contracts/a54OopM9aiN#pre-completion", "label": "Share Sale and Subscription Agreement (Usg Corp)", "score": 24.7891845703, "published": true}], "hash": "a78a36e6156bffe30006d22d27b9346f", "id": 9}, {"snippet_links": [{"key": "the-pre", "type": "clause", "offset": [74, 81]}, {"key": "in-accordance-with", "type": "clause", "offset": [108, 126]}, {"key": "set-out", "type": "definition", "offset": [150, 157]}, {"key": "schedule-19", "type": "definition", "offset": [161, 172]}, {"key": "completed-by", "type": "clause", "offset": [259, 271]}, {"key": "after-the-completion-date", "type": "clause", "offset": [345, 370]}, {"key": "expiry-of", "type": "clause", "offset": [405, 414]}, {"key": "one-year", "type": "definition", "offset": [415, 423]}, {"key": "the-parties-shall", "type": "clause", "offset": [451, 468]}, {"key": "assets-and-liabilities", "type": "definition", "offset": [499, 521]}, {"key": "with-a-view-to", "type": "definition", "offset": [535, 549]}, {"key": "in-good-faith", "type": "clause", "offset": [563, 576]}, {"key": "allocated-to", "type": "definition", "offset": [667, 679]}, {"key": "member-of-the-group", "type": "definition", "offset": [682, 701]}, {"key": "seller-group", "type": "clause", "offset": [739, 751]}, {"key": "of-the-seller", "type": "clause", "offset": [793, 806]}, {"key": "by-the-group", "type": "clause", "offset": [843, 855]}, {"key": "the-transfer", "type": "clause", "offset": [918, 930]}, {"key": "no-further-consideration", "type": "clause", "offset": [936, 960]}, {"key": "entitled-party", "type": "definition", "offset": [1004, 1018]}, {"key": "held-on-behalf-of", "type": "definition", "offset": [1082, 1099]}, {"key": "the-position", "type": "clause", "offset": [1172, 1184]}], "snippet": "REORGANISATION\n12.1 Pre-Completion Reorganisation\n(a) AWI shall implement the Pre-Completion Reorganisation in accordance with the restructuring plan set out in Schedule 19 (Pre-Completion Reorganisation) and procure that the Pre-Completion Reorganisation is completed by no later than the Completion Date.\n(b) As soon as reasonably practicable after the Completion Date and in any event on or before the expiry of one year after the Completion Date, the Parties shall review the composition of the assets and liabilities of the Group with a view to establishing in good faith whether, as a result of the Pre-Completion Reorganisation, any asset or liability (i) was allocated to a member of the Group but should have been retained by the Seller Group, or (ii) which was allocated to a member of the Seller Group but should have been retained by the Group (each a \u201cWrong-Box Item\u201d). The Parties shall promptly procure the transfer, for no further consideration, of any Wrong-Box Items to such entity the entitled Party specifies. Pending such transfer, the Wrong-Box Items shall be held on behalf of the entitled Party and the Parties shall economically put each other in the position they would be in if the respective Wrong-Box Items were held by the entitled Party.", "size": 1, "samples": [{"hash": "jAytDLROIWF", "uri": "/contracts/jAytDLROIWF#pre-completion", "label": "Share Purchase Agreement (Armstrong World Industries Inc)", "score": 26.8850097656, "published": true}], "hash": "d4247da0aacc7c5ab415ade739dd7b1c", "id": 10}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhdwcmUtY29tcGxldGlvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["conditions-to-completion", "Conditions to Completion"], ["notice-of-any-change", "Notice of any change"], ["transitional-services", "Transitional Services"], ["waiver-of-conditions", "Waiver of Conditions"], ["cooperation", "Cooperation"]], "parents": [["completion", "Completion"], ["pre-completion", "Pre-Completion"], ["language", "LANGUAGE"], ["\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587-holding-s", "\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 HOLDING S"], ["definitions", "DEFINITIONS"]], "title": "PRE-COMPLETION", "size": 61, "id": "pre-completion", "related": [["sale-completion", "Sale : Completion", "Sale : Completion"], ["project-completion", "Project Completion", "Project Completion"], ["final-completion", "Final Completion", "Final Completion"], ["completion", "Completion", "Completion"], ["construction-completion", "Construction Completion", "Construction Completion"]], "related_snippets": [], "updated": "2025-09-10T05:50:56+00:00", "also_ask": ["What are the essential elements that must be included in a pre-completion clause to protect both parties?", "How can the pre-completion clause be strategically negotiated to allocate risk for delays or defects?", "What are the most common legal pitfalls or fatal flaws in pre-completion clauses?", "How do pre-completion obligations differ across jurisdictions or standard contract forms?", "What factors do courts consider when determining the enforceability of pre-completion provisions?"], "drafting_tip": "Specify pre-completion obligations, set clear timelines, and allocate responsibilities to prevent disputes and ensure timely project delivery.", "explanation": "The PRE-COMPLETION clause outlines the rights, obligations, and procedures that apply before a project or transaction is officially completed. Typically, it governs activities such as inspections, approvals, or the handling of property and risk prior to the formal closing or handover. For example, it may specify who is responsible for maintenance, insurance, or access to the site during this interim period. The core function of this clause is to ensure that both parties understand their responsibilities and protect their interests before the final completion, thereby reducing the risk of disputes or misunderstandings."}, "json": true, "cursor": ""}}