Continuity Planning for WEBTEC’s Business Sample Clauses

Continuity Planning for WEBTEC’s Business. Before July 31 (the “Confirmation Date”), WEBTEC will provide CNS with a plan for continuing the operation of the business of WEBTEC and full performance under this Agreement despite any unavailability, incapacity, death, or removal of one or more of the Principals of WEBTEC (defined as the owners of WEBTEC on the Effective Date), including also without limitation the sale or transfer of all or a part of the interest in WEBTEC, whether assets, shares, or otherwise, on the part of any such Principal(s) or WEBTEC itself, whether through voluntary or involuntary action. To the extent that WEBTEC is owned by another entity rather than individuals, the foregoing provision concerning Principals refers to owners of such entity on the Effective Date. Before the Confirmation Date WEBTEC will supply to CNS agreements and other required documentation (such as but not limited to information on corporate structures and ownership) to guarantee performance of the foregoing provisions of this Section 18.2 and to provide to CNS a right of first refusal to acquire the shares of any Principal that are to be sold or transferred as described above, such right to apply to acquisition by CNS on terms at least as favorable as those on which transfer is proposed in a bona fide transaction. In the event of transfer, or a conversion from joint tenancy to other ownership, following death of a Principal, the right of first refusal will be at an appraised value. Failure to supply the required information and documentation under this Section is a material breach of this agreement.
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