Common use of Product Warranty; Product Liability Clause in Contracts

Product Warranty; Product Liability. Except as otherwise set forth in Section 3.2(w) of the Disclosure Schedule: (i) there exists no (A) latent defect in the design or manufacture of any of the products of the Business, or (B) pending or, to the Knowledge of LPT, threatened action, suit, inquiry, proceeding or investigation by or before any Governmental Authority relating to any product alleged to have been manufactured, distributed or sold by the Business to others, and alleged to have been defective or improperly designed or manufactured or in breach of any express or implied product warranty; (ii) there exists no pending or, to the Knowledge of LPT, threatened product liability claims, except to the extent reserved for on the face of the Latest Balance Sheet; (iii) to the Knowledge of LPT, there is no reasonable Basis for any such suit, inquiry, action, proceeding, investigation or claim; and (iv) in the three (3) year period prior to the Closing Date, there have been no recalls relating to products manufactured or sold by LPT, and there are no pending, or, to LPT’s Knowledge, threatened recalls relating to products manufactured, distributed or sold by LPT. LPT has provided to the Buyer copies of all material terms and conditions of all express product warranties for products sold by LPT prior to the Closing which are binding upon LPT immediately following the Closing. The expense incurred by LPT to satisfy product warranty claims did not exceed $20,000 in the aggregate in either of the 2015 or 2014 fiscal years.

Product Warranty; Product Liability. Except as otherwise set forth in Section 3.2(w) of the Disclosure Schedule: (i) there exists no (A) latent defect in the design or manufacture of any of the products of the Business, or (B) pending or, to the Knowledge of LPTCompany, threatened action, suit, inquiry, proceeding or investigation by or before any Governmental Authority relating to any product alleged to have been manufactured, distributed or sold by the Business to others, and alleged to have been defective or improperly designed or manufactured or in breach of any express or implied product warranty; (ii) there exists no pending or, to the Knowledge of LPTCompany, threatened product liability claims, except to the extent reserved for on the face of the Latest Balance Sheet; (iii) to the Knowledge of LPT, there is no reasonable Basis for any such suit, inquiry, action, proceeding, investigation or claim; and (iv) in the three (3) year period prior to the Closing Date, there have been no recalls relating to products manufactured or sold by LPTany Opto-tech Entity, and there are no pending, or, to LPTCompany’s Knowledge, threatened recalls relating to products manufactured, distributed or sold by LPTany Opto-tech Entity. LPT has provided to Section 3.2(w) of the Buyer copies of all Disclosure Schedule sets forth the material terms and conditions of all express product warranties for products sold by LPT each Opto-tech Entity prior to the Closing which are binding upon LPT such Opto-tech Entity immediately following the Closing. The expense incurred by LPT the Opto-tech Entities to satisfy product warranty claims did not exceed $20,000 EUR30,000 in the aggregate in either of the 2015 2017 or 2014 2016 fiscal years.. (x)

Product Warranty; Product Liability. Except as otherwise set forth in Section 3.2(w) of the Disclosure Schedule: (i) there exists no (A) latent defect in the design or manufacture of any of the products of the Business, or (B) pending or, to the Knowledge of LPTCompany, threatened action, suit, inquiry, proceeding or investigation by or before any Governmental Authority relating to any product alleged to have been manufactured, distributed or sold by the Business to others, and alleged to have been defective or improperly designed or manufactured or in breach of any express or implied product warranty; (ii) there exists no pending or, to the Knowledge of LPTCompany, threatened product liability claims, except to the extent reserved for on the face of the Latest Balance Sheet; (iii) to the Knowledge of LPT, there is no reasonable Basis for any such suit, inquiry, action, proceeding, investigation or claim; and (iv) in the three (3) year period prior to the Closing Date, there have been no recalls relating to products manufactured or sold by LPTany Opto-tech Entity, and there are no pending, or, to LPTCompany’s Knowledge, threatened recalls relating to products manufactured, distributed or sold by LPTany Opto-tech Entity. LPT has provided to Section 3.2(w) of the Buyer copies of all Disclosure Schedule sets forth the material terms and conditions of all express product warranties for products sold by LPT each Opto-tech Entity prior to the Closing which are binding upon LPT such Opto-tech Entity immediately following the Closing. The expense incurred by LPT the Opto-tech Entities to satisfy product warranty claims did not exceed $20,000 EUR30,000 in the aggregate in either of the 2015 2017 or 2014 2016 fiscal years.