Assets Necessary for Normal Operations Sample Clauses
The "Assets Necessary for Normal Operations" clause defines which assets are essential for a business to continue its usual activities without disruption. In practice, this clause typically identifies specific equipment, inventory, intellectual property, or contractual rights that must remain with the business to ensure ongoing operations. By clearly delineating these critical assets, the clause helps prevent their removal or transfer during transactions, thereby safeguarding the business’s ability to function and minimizing operational risk.
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Assets Necessary for Normal Operations. Except as set forth on Schedule 5.15, at the Closing Date, the assets of the Company and its Subsidiaries (a) constitute all of the assets necessary or required to permit the Company to carry on the normal operation of business substantially in accordance with past practice and (b) constitute all of the assets of the Company and its Subsidiaries used in the normal operation of business and as conducted since January 1, 2007. The assets of the Company and its Subsidiaries have been maintained in material conformity with industry practice. To the Knowledge of the Company, none of the Company’s Affiliates provides any services to the Company.