Bulk Sales; Sales Tax. The parties hereby waive compliance with the requirements of any applicable bulk sales or bulk transfer statutes of any states having jurisdiction, and IFT hereby agrees to be responsible for and shall indemnify and hold harmless TNCI against any liability that may arise as a result of any obligations imposed by such statutes. Additionally, IFT shall be responsible for and shall indemnify and hold harmless TNCI for any sales tax due upon the transfer of the Assets pursuant to this Agreement or any sales tax which should have been collected by IFT in connection with operation of the Business being transferred on or prior to the Closing Date.
Appears in 4 contracts
Samples: Asset Purchase and Sale Agreement (Interactive Flight Technologies Inc), Asset Purchase and Sale Agreement (Network Connection Inc), Asset Purchase and Sale Agreement (Interactive Flight Technologies Inc)
