Common use of Contracts and Other Obligations Clause in Contracts

Contracts and Other Obligations. Except for contracts disclosed in this Agreement (the "Material Contracts"), Seller will have no material leases, employment contracts, contracts for services or maintenance or any other form of agreement, commitment, covenant, or obligation of any kind, nature or description which is not cancelable without penalty upon thirty (30) days' notice. Each of the Material Contracts, is in full force and effect and there exists no default or event of default or event, occurrence, condition or act (including the execution and performance of this Agreement), which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default or event of default thereunder. Seller has not received notice that any party to any of the Material Contracts intends to cancel, terminate or refuse to renew the same.