Common use of Business Pending the Closing Clause in Contracts

Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET or as is otherwise permitted or contemplated by this Agreement: (i) ESIO shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one year; (ii) no change shall be made in the authorized capitalization of ESIO except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof shall be entered into, except for the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMET; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise; (v) no amendment shall be made to ESIO’s Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification shall be made in ESIO’s present employee benefit programs or in its present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO and its suppliers, customers, regulatory agencies, and other having business relations with it; (ix) ESIO shall make no amendments or contributions to any profit sharing plan; and (x) the Board of Directors of ESIO will not declare any dividends on, or otherwise make any distribution in respect of, its outstanding shares of capital stock;

Appears in 2 contracts

Samples: Agreement of Share Exchange and Plan of Reorganization (Esio Water & Beverage Development Corp.), Agreement of Share Exchange and Plan of Reorganization (Esio Water & Beverage Development Corp.)

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Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET Rimmer or as is otherwise ix xxxerwise permitted or contemplated by this Agreement: (i) ESIO RC (which term shall, where applicable in this paragraph 6, also refer to the subsidiaries of Rimmer specifxxx xn paragraph 10 hereof) shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one year; (ii) no change shall be made in the authorized capitalization of ESIO RC except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO Rimmer shall be authorized xx xxthorized for issuance or issued and no agreement or commitment for the issuance hereof shall be entered into, except for the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMET; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise; (v) no amendment shall be made to ESIO’s RC's Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification shall be made in ESIO’s RC's present employee benefit programs or in its present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO RC and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO RC will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO RC and its suppliers, customers, regulatory agencies, and other having business relations with it; (ix) ESIO RC shall make no amendments or contributions to any profit sharing plan; and (x) the Board of Directors of ESIO RC will not declare any dividends on, or otherwise make any distribution in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Agreement of Share Exchange and Plan of Reorganization (Rim Com Inc)

Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET OI or as is otherwise permitted or contemplated by this Agreement: (i) ESIO CC shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one year; (ii) no change shall be made in the authorized capitalization of ESIO CC except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO CC shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof shall be entered into, except for the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMET; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise; (v) no amendment shall be made to ESIOCC’s Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification shall be made in ESIOCC’s present employee benefit programs or in its present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO CC and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO CC will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO CC and its suppliers, customers, regulatory agencies, and other having business relations with it; (ix) ESIO CC shall make no amendments or contributions to any profit sharing plan; and (x) the Board of Directors of ESIO CC will not declare any dividends on, or otherwise make any distribution in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Agreement of Share Exchange and Plan of Reorganization (Cytta Corp.)

Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET ESW or as is otherwise permitted or contemplated by this Agreement: (i) ESIO TSYW (which term shall, where applicable in this paragraph 6, also refer to the subsidiaries of TSYW specified in paragraph 10 hereof) shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one yearindebtedness; (ii) no change shall be made in the authorized capitalization of ESIO TSYW except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO TSYW shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof thereof shall be entered into, except into in excess of the number of shares set forth for TSYW in the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMETExchange Agreement; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise, to the extent such rights shall result in the commitment for the issuance of shares in excess of the number set forth for TYSW in the Exchange Agreement; (v) no amendment shall be made to ESIOTSYW’s Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification modifications shall be made in ESIOTSYW’s present employee benefit programs or in its is present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO TSYW and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO TSYW will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO TSYW and its suppliers, customers, regulatory agencies, and other others having business relations with it; (ix) ESIO TSYW shall make no amendments or contributions to any profit sharing planplans; and (x) the Board of Directors of ESIO TSYW will not declare any dividends on, or otherwise make any distribution distributions in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Agreement of Share Exchange (Tankless Systems Worldwide Inc)

Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET OI or as is otherwise permitted or contemplated by this Agreement: (i) ESIO SRI shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one year; (ii) no change shall be made in the authorized capitalization of ESIO SRI except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO SRI shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof shall be entered into, except for the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMET; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise; (v) no amendment shall be made to ESIO’s SRI's Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification shall be made in ESIO’s SRI's present employee benefit programs or in its present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO SRI and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO SRI will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO SRI and its suppliers, customers, regulatory agencies, and other having business relations with it; (ix) ESIO SRI shall make no amendments or contributions to any profit sharing plan; and (x) the Board of Directors of ESIO SRI will not declare any dividends on, or otherwise make any distribution in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Agreement of Share Exchange (Tari Inc)

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Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET GEN-BIOFUEL or as is otherwise permitted or contemplated by this Agreement: (i) ESIO EBLC shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one year; (ii) no change shall be made in the authorized capitalization of ESIO EBLC except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO EBLC shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof shall be entered into, except for the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMET; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise; (v) no amendment shall be made to ESIO’s EBLC's Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification shall be made in ESIO’s present employee benefit programs or in its present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO EBLC and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO EBLC will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO EBLC and its suppliers, customers, regulatory agencies, and other having business relations with it; (ix) ESIO EBLC shall make no amendments or contributions to any profit sharing plan; and (x) the Board of Directors of ESIO EBLC will not declare any dividends on, or otherwise make any distribution in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Agreement (Earthblock Technologies, Inc.)

Business Pending the Closing. (a) From the date of this Agreement to and including the Closing Date, except as may be first approved by IMET SOE or as is otherwise permitted or contemplated by this Agreement or in furtherance of the objectives of this Agreement: (i) ESIO DVSO (which term shall, where applicable in this paragraph 5, also refer to the subsidiaries of DVSO specified in paragraph 9 hereof) shall conduct its business only in the usual and ordinary course without the creation of any additional indebtedness for money borrowed maturing in more than one yearindebtedness; (ii) no change shall be made in the authorized capitalization of ESIO DVSO except as contemplated by this Agreement; (iii) no shares of capital stock of ESIO DVSO shall be authorized for issuance or issued and no agreement or commitment for the issuance hereof thereof shall be entered into, except into in excess of the number of shares set forth for DVSO in the commitment to receive an additional $10,000 in consideration for issuing 200,000 restricted common stock shares to a non-affiliated investor as previously agreed to by IMETExchange Agreement; (iv) no rights or elections shall be created or granted to purchase stock under any employee stock bonus, thrift or purchase plan or otherwise, to the extent such rights shall result in the commitment for the issuance of shares in excess of the number set forth for DVSO in the Exchange Agreement; (v) no amendment shall be made to ESIODVSO’s Articles of Incorporation or Bylaws, except as contemplated by this Agreement; (vi) no modification modifications shall be made in ESIODVSO’s present employee benefit programs or in its is present policies in regard to the payment of salaries or compensation to its personnel and no increase shall be made in the compensation of its personnel; (vii) no contract or commitment shall be entered into by or on behalf of ESIO DVSO and no sale or purchase of assets shall be made except in the ordinary course of business; (viii) ESIO DVSO will use all reasonable and proper efforts to preserve its business organization intact, to keep available the services of its present employees and to maintain satisfactory relationships between ESIO DVSO and its suppliers, customers, regulatory agencies, and other others having business relations with it; (ix) ESIO DVSO shall make no amendments or contributions to any profit sharing planplans; and (x) the Board of Directors of ESIO DVSO will not declare any dividends on, or otherwise make any distribution distributions in respect of, its outstanding shares of capital stock;

Appears in 1 contract

Samples: Stock Purchase Agreement (Studio One Media, Inc.)

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