Ordinary Course of Business definition
Examples of Ordinary Course of Business in a sentence
As of the Closing Date, the World Reach Companies have operated the Business in the Ordinary Course of Business in all material respects and there has not been, with respect to the Business, any event or circumstance that, individually or in the aggregate, has had as of the Closing Date or is reasonably expected to have after the Closing Date a Material Adverse Effect.
Subject to Purchaser’s obligation to cause the World Reach Companies to act in the Ordinary Course of Business to collect the Pre-Closing Receivables, Purchaser shall have no liability to Sellers for failure to collect any Eligible Collections, Sellers’ sole remedy being to terminate the foregoing delegation of collection responsibility.
No power of attorney that is currently in effect has been granted by the World Reach Companies with respect to the Business or the Assets (other than powers of attorney granted in the Ordinary Course of Business, such as to a payroll provider).
The World Reach Companies are not a party to any Tax allocation, Tax sharing or Tax indemnification agreement other than any such agreement entered into in the Ordinary Course of Business (such as a loan or a lease) the primary purpose of which is unrelated to Taxes.
Purchaser shall, and shall cause the World Reach Companies to, discharge this responsibility on Sellers’ behalf using their respective commercially reasonable efforts and, with respect to the World Reach Companies, in the Ordinary Course of Business.