Common use of Recent Activities Clause in Contracts

Recent Activities. (a) Since January 15, 2002 no Catastrophic Event has occurred which has resulted in a Material Adverse Change. (b) Since December 28, 2001: (i) no Seller has increased or agreed to increase in any material respect the compensation payable to any of its employees or agents or made or agreed to make any bonus or severance payment to any of its employees or agents in any material respect except in the ordinary course of the Business and consistent with past practice or as specifically approved by Buyer and the Bankruptcy Court; (ii) no Seller has sold, assigned, transferred, distributed or otherwise disposed of any of the material Assets, except in the ordinary course of the Business consistent with past practice; (iii) no Seller has canceled or waived any material rights in respect of the Assets, except in the ordinary course of the Business consistent with past practice; 20 (iv) there has been no material change in any accounting method, policy or practice of any Seller, except as required by announcements of the Financial Accounting Standards Board or as disclosed in the ITG SEC Documents; (v) there has been no material change in the manner in which any Employee Benefit Plan and any assets or liabilities related thereto has been administered; (vi) no material Environmental Claim has been made against any Seller or against or regarding the Assets or Business; and (vii) no Seller has received from any Governmental Authority written notice that it is in material violation of any Legal Requirement.

Recent Activities. (a) Since January 15, 2002 no Catastrophic Event has occurred which has resulted in a Material Adverse Change. (b) Since December 28, 2001: (i) no Seller has increased or agreed to increase in any material respect the compensation payable to any of its employees or agents or made or agreed to make any bonus or severance payment to any of its employees or agents in any material respect except in the ordinary course of the Business and consistent with past practice or as specifically approved by Buyer and the Bankruptcy Court; (ii) no Seller has sold, assigned, transferred, distributed or otherwise disposed of any of the material Assets, except in the ordinary course of the Business consistent with past practice; (iii) no Seller has canceled or waived any material rights in respect of the Assets, except in the ordinary course of the Business consistent with past practice; 20; (iv) there has been no material change in any accounting method, policy or practice of any Seller, except as required by announcements of the Financial Accounting Standards Board or as disclosed in the ITG SEC Documents; (v) there has been no material change in the manner in which any Employee Benefit Plan and any assets or liabilities related thereto has been administered; (vi) no material Environmental Claim has been made against any Seller or against or regarding the Assets or Business; and (vii) no Seller has received from any Governmental Authority written notice that it is in material violation of any Legal Requirement.