Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts: (a) any collective bargaining agreement; (b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub; (c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person; (d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000; (e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice); (f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing; (g) any Contract involving a partnership, joint venture or other cooperative undertaking; (h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub; (i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person; (j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and (k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effect.
Appears in 3 contracts
Samples: Merger Agreement (Orion Acquisition Corp Ii), Merger Agreement (Orion Acquisition Corp Ii), Merger Agreement (Selena Pharmeceuticals Inc)
Contracts. SCHEDULE 5.10 sets (a) Section 2.12(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of each of the following Contracts (true and complete copies of which, together with all Contracts that are (x) material amendments and supplements thereto, have been made available to Purchaser prior to the business or operations execution of Orion, taken as a whole, to either Orion Party; and (ythis Agreement) to which Seller is a party (other than indirectly pursuant to Seller's obligations under the Colstrip Contracts) and which relate to the operation of the Colstrip Facilities or by which any of the Orion Parties Assets are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsbound:
(ai) all Contracts with any collective bargaining agreementPerson containing any provision or covenant prohibiting or limiting the ability of Seller to engage in any activity relating to the operation of the Colstrip Facilities or compete with any Person in connection with the operation of the Colstrip Facilities or prohibiting or limiting the ability of any Person to compete with Seller in connection with the operation of the Colstrip Facilities;
(ii) all partnership, joint venture, shareholders' or other similar Contracts with any Person in connection with the operation of the Colstrip Facilities;
(iii) all Contracts with distributors, dealers, manufacturer's representatives, sales agencies or franchises with whom Seller deals in connection with the operation of the Colstrip Facilities which in any case involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Seller of more than $250,000 annually;
(iv) all Contracts relating to the future disposition or acquisition of any Assets, other than dispositions or acquisitions of Inventory in the ordinary course of business; and
(v) all other Contracts (other than the Real Property Leases) not described above that constitute Assumed Liabilities with respect to the operation of the Colstrip Facilities that (A) involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Seller of more than $250,000 annually and (B) cannot be terminated within sixty (60) days after giving notice of termination without resulting in any material cost or penalty to Seller (or, after the Closing, to Purchaser).
(b) any Each Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(crequired to be disclosed in Section 2.12(a) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf Disclosure Schedule and each of any Person;
(d) any Contract the Colstrip Contracts and the Fuel Contracts and each of the Business Contracts which involves the payment or receipt potential payment by or to Seller of cash or other propertymore than $250,000 annually is in full force and effect and constitutes a legal, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit valid and binding agreement, loan agreementenforceable in accordance with its terms, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(gSeller and of each other party thereto; and except as disclosed in Section 2.12(b) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a wholeDisclosure Schedule neither Seller nor, to either Orion Party. To the Knowledge of the Orion PartiesSeller, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party to such Contract is in violation or parties thereto breach of or default under any such Contract (or with notice or lapse of time or both, would not have an Orion Material Adverse Effectbe in violation or breach of or default under any such Contract).
Appears in 3 contracts
Samples: Asset Purchase Agreement (Pp&l Inc), Asset Purchase Agreement (Puget Sound Energy Inc), Asset Purchase Agreement (Pp&l Resources Inc)
Contracts. SCHEDULE 5.10 sets Except as set forth in Schedule 1.01(a)(v), Schedule 1.01(a)(xi) and Schedule 3.12 (or, in the case of oral Contracts or oral Grain Contracts, true and complete summaries of the material terms of which are set forth in Schedule 3.12), the Seller is not a list of all Contracts that are party to or bound by any agreement, contract, lease, option, license, commitment, instrument or any other binding obligation or arrangement (xoral or written) material to the business by or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either Acquired Assets are bound or to subject or which any of their respective assets or properties are subject, as applicable, including but not limited material to the following types conduct of the Business (collectively, the “Contracts”) including, without limitation, any:
(a) covenant not to compete or other covenant of the Seller (i) limiting or restricting the development, manufacture, marketing, distribution or sale of any collective bargaining agreementof the products of the Business or any future line extension of such products into other forms or (ii) limiting or restricting the ability of the Seller from entering into any market or line of business or competing with any Person in connection with the Business;
(b) any Contract Contracts with any employeeAffiliate of the Seller or any Manager, consultantofficer, advisor, officer or director employee of Orion or Merger Subthe Seller (excluding the Buyer);
(c) any continuing Contract with a sales representativefor the future purchase or price of commodities, manufacturer’s representativeraw materials, distributor, dealer, broker, sales agency, advertising agency supplies or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personequipment;
(d) any Contract which involves the payment or receipt of cash Contracts with distributors or other propertysales representative, an unperformed commitment customers or goods or services, in each case having a value in excess of $10,000suppliers;
(e) any management, employment, service, consulting, severance or other similar type of Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible other than Contracts with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practiceBuyer);
(f) any indenturemortgage, pledge, security agreement, deed of trust, loan agreement, credit agreement, loan indenture, conditional sale or title retention agreement, noteequipment financing obligation or other instrument, mortgagein any case, security agreement, lease granting an Encumbrance upon any of real property or personal property or agreement for financingthe Acquired Assets;
(g) any Contract involving a partnership, joint venture collective bargaining agreement or other cooperative undertakingContract with any labor union or association representing employees;
(h) any Contract involving any restrictions with respect to Contracts for (i) the purchase or lease of any geographical area of operations; real or personal property or (ii) scope the sale or type lease by the Seller of business of Orion any real or Merger Subpersonal property (including, without limitation, the Real Property);
(i) any power Contracts regarding the Release, transportation or disposal of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger SubHazardous Materials, or pursuant the clean-up, abatement or other action relating to which Orion Hazardous Materials or Merger Sub are granted the authority to act for or on behalf of any PersonEnvironmental Laws;
(j) Contracts establishing or creating any Contract relating to any corporate acquisition partnership, joint venture, limited liability company, limited liability partnership or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; andsimilar entity;
(k) Contracts to make any Contract not specified above that is otherwise material capital expenditures or capital additions or improvements;
(l) Contracts relating to the business storage or operations warehousing of Orion, taken as a whole, to either Orion Party. To the Knowledge any Inventory or products of the Orion PartiesBusiness, Orion has made available to Target true and complete copies or the charter or purchase of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation transportation or shipping services;
(m) guarantees or other Contracts in respect of any Contracts listed on SCHEDULE 5.10 at Indebtedness of any time Person; or
(n) any other Contract by or to which any of the other party Acquired Assets are bound or parties thereto would not have an Orion Material Adverse Effectsubject.
Appears in 3 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Green Plains Renewable Energy, Inc.), Asset Purchase Agreement (Green Plains Renewable Energy, Inc.)
Contracts. SCHEDULE 5.10 sets (a) Section 2.13(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of each of the following Contracts (true and complete copies of which, together with all Contracts that are (x) material amendments and supplements thereto, have been made available to Purchaser prior to the business or operations execution of Orion, taken as a whole, to either Orion Party; and (ythis Agreement) to which Seller is a party and relate to the operation of the Generating Assets or by which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsAssets is bound:
(ai) all Contracts (excluding Benefit Plans) providing for a commitment of employment or consultation services for a specified or unspecified term to, or otherwise relating to employment or the termination of employment of, any Employee, the name, position and rate of compensation of each Employee party to such a Contract and the expiration date of each such Contract;
(ii) all Contracts with any Person containing any provision or covenant prohibiting or limiting the ability of Seller to engage in any activity relating to the operation of the Generating Assets or compete with any Person in connection with the operation of the Generating Assets or prohibiting or limiting the ability of any Person to compete with Seller in connection with the operation of the Generating Assets;
(iii) all partnership, joint venture, shareholders' or other similar Contracts with any Person in connection with the operation of the Generating Assets;
(iv) all Contracts with distributors, dealers, manufacturer's representatives, sales agencies or franchises with whom Seller deals in connection with the operation of the Generating Assets which in any case involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Seller of more than $250,000 annually;
(v) all Contracts relating to the future disposition or acquisition of any Assets, other than dispositions or acquisitions of Inventory in the ordinary course of business; and
(vi) all other Contracts (other than Benefit Plans, the Real Property Leases and the collective bargaining agreement;agreements delivered to Purchaser pursuant to Section 2.16) not described above that constitute Assumed Liabilities with respect to the operation of the Generating Assets that (A) involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Seller of more than $250,000 annually and (B) cannot be terminated within sixty (60) days after giving notice of termination without resulting in any material cost or penalty to Seller (or, after the Closing, to Purchaser).
(b) any Each Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(crequired to be disclosed in Section 2.13(a) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf Disclosure Schedule and each of any Person;
(d) any Contract the Colstrip Contracts, the Fuel Contracts and the Power Purchase/Exchange Agreements and each of the Business Contracts which involves the payment or receipt potential payment by or to Seller of cash or other propertymore than $250,000 annually is in full force and effect and constitutes a legal, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit valid and binding agreement, loan agreementenforceable in accordance with its terms, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(gSeller and of each other party thereto; and except as disclosed in Section 2.13(b) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a wholeDisclosure Schedule neither Seller nor, to either Orion Party. To the Knowledge of the Orion PartiesSeller, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party to such Contract is in violation or parties thereto breach of or default under any such Contract (or with notice or lapse of time or both, would not have an Orion Material Adverse Effectbe in violation or breach of or default under any such Contract).
Appears in 3 contracts
Samples: Asset Purchase Agreement (Montana Power Co /Mt/), Asset Purchase Agreement (Pp&l Inc), Asset Purchase Agreement (Pp&l Resources Inc)
Contracts. SCHEDULE 5.10 (a) Schedule 4.08(a) of the Disclosure Schedules sets forth a list of all Contracts that are (x) material forth, by reference to the business or operations applicable subsection of Orionthis Section 4.08(a), taken as a whole, to either Orion Party; and (y) all of the following Contracts to which any of the Orion Parties are a Seller is a party, by which either are bound a Seller or to which any of their respective its assets or properties are subjectbound, as applicableor in respect of which a Seller receives revenue (each, including but not limited to the following types of Contracts:a “Material Contract”):
(ai) any collective bargaining agreementContract (A) with any Top Vendor, or (B) providing for payments (whether fixed, contingent or otherwise) by or to a Seller in an aggregate amount of $15,000 or more;
(bii) any Contract relating to a partnership, joint venture, joint marketing, joint development or similar joint arrangement with any Person;
(iii) any employment agreement or other Contract for or relating to a Seller’s employment or engagement of any manager, officer, Employee or independent contractor, and any other Contract with a Seller’s managers, officers, Employees or independent contractors, including any Contract requiring a Seller to make a payment to any manager, officer, Employee or independent contractor in connection with the transactions contemplated by this Agreement or the documents contemplated hereby;
(iv) any Contract that provides for, or relates to, Indebtedness;
(v) any Contract that restricts a Seller from (A) engaging in any aspect of the Business, (B) participating or competing in any line of business, market or geographic area, (C) freely setting prices for its products (including most favored customer pricing provisions), (D) soliciting potential employees, consultants, contractors, suppliers or customers or (E) enforcing or using any Intellectual Property owned or purported to be owned by a Seller;
(vi) any Contract under which a Seller grants any exclusive rights (including any exclusive Intellectual Property licenses), rights of first refusal or rights of first negotiation to any Person;
(vii) any Contract containing a “requirements” provision or other provision obligating a Seller to purchase or obtain a minimum or specified amount of any product or service from any Person;
(viii) any Contract that, following Closing, would or would purport to: (A) require the Business to grant any Intellectual Property license; (B) restrict Buyer from engaging in any of the activities described in Section 4.08(a)(vi); or (C) require Buyer to grant or be bound by any exclusive rights, rights of first refusal or rights of first negotiation to any Person;
(ix) any Contract with any employeelabor union, consultant, advisor, officer employee association or director of Orion any collective bargaining agreement or Merger Subsimilar Contract with Employees;
(cx) any settlement agreement entered into since the date that is five (5) years from the date of this Agreement (including any agreement under which any employment-related claim is settled);
(A) any Contract that includes an obligation by a Seller to indemnify any other Person against any claim of infringement, misappropriation, misuse, dilution or violation of any Intellectual Property, and (B) any Contract of guarantee, support, indemnification, assumption or endorsement of, or any similar commitment with respect to, the Liabilities or Indebtedness of any other Person;
(xii) other than routine employment-related Contracts, any Contract with a sales representativeRelated Person of a Seller or, manufacturer’s representativeto the knowledge of Sellers, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf a Family Member of any such Related Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(exiii) any Contract pursuant to which either Orion Party (i) a Seller has made acquired a business or will make any loans or advances; (ii) has or will have incurred debtsentity, or become substantially all of the assets of a guarantor business or suretyentity, whether by way of merger, consolidation, purchase of equity interests, purchase of assets, license or pledged its credit on; otherwise;
(xiv) any Contract that involves (A) the sharing of profits with other Persons or (iiiB) has or will have otherwise become responsible with respect the payment of royalties to any undertaking other Person;
(xv) any Contract that contains an earn-out or other contingent payment or obligation (which contingent payment or obligation is not related to a warranty or rights of another (except for the negotiation or collection of negotiable instruments in transactions indemnification granted by a Seller in the ordinary course of business consistent with past practice);
(fxvi) any indentureContract with any Governmental Authority, credit agreementany prime contractor, loan agreementhigher-tier subcontractor or reseller to a Governmental Authority, noteor university, mortgage, security agreement, lease of real property college or personal property or agreement for financingother post-secondary educational institution;
(gxvii) any Contract involving with a partnership, joint venture payment network or other cooperative undertakingprocessor;
(hxviii) any Contract involving that (A) provides for the creation or development of any restrictions with respect Intellectual Property by Sellers for any other Person, or provides for the assignment, sale or other transfer of any interest in Intellectual Property by a Seller to any other Person; (iB) provides for the creation of development of any geographical area Intellectual Property for a Seller by any other Person, or provides for the assignment, sale or other transfer of operationsany interest in Intellectual Property to a Seller from any other Person (C) includes any grant by a Seller to any other Person of a license, permission or right to use any Company IP; (D) includes any grant by any other Person to a Seller of a license, permission or right to use any Intellectual Property (other than licenses for Off-the-Shelf Software); or (iiE) scope restricts, limits or type of business of Orion places any conditions on a Seller’s ability to use, enforce or Merger Sub;
(i) otherwise exploit any power of attorney Intellectual Property owned or agency agreement or arrangement with purported to be owned by a Seller, including any Person pursuant coexistence agreements and covenants not to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementsue; and
(kxix) any other Contract not specified above that is otherwise material to a Seller, the business Business or operations of Oriontheir respective operations, taken as financial condition, properties or assets.
(b) Each Material Contract is valid and binding on a wholeSeller in accordance with its terms and is in full force and effect. No Seller or, to either Orion PartySeller’s knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under) or has provided or received any notice of any intention to terminate, any Material Contract. To No event or circumstance has occurred that, with or without notice or lapse of time or both, would constitute an event of default under any Material Contract or result in a termination thereof or would cause or permit the Knowledge acceleration or other changes of any right or obligation or the Orion Parties, Orion has loss of benefit thereunder. Complete and correct copies of each Material Contract have been made available to Target true and complete copies Buyer. There are no disputes pending or, to the knowledge of each document listed on SCHEDULE 5.10Sellers, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of threatened under any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectContract.
Appears in 3 contracts
Samples: Asset Purchase Agreement (Interactive Strength, Inc.), Asset Purchase Agreement (Interactive Strength, Inc.), Asset Purchase Agreement (Interactive Strength, Inc.)
Contracts. SCHEDULE 5.10 sets forth (a) Section 4.10(a) of the Parent Disclosure Schedule lists the following Parent Contracts in effect as of the date of this Agreement (other than any Parent Benefit Plan) (each, a list “Parent Material Contract”):
(i) a material contract as defined in Item 601(b)(10) of all Contracts Regulation S-K as promulgated under the Securities Act;
(ii) each Contract that are (x) is material to the business or operations of OrionParent and its Subsidiaries, taken as a whole, to either Orion Party; and containing (yA) to which any covenant limiting the freedom of Parent or any of the Orion Parties are a partyits Subsidiaries to engage in any line of business or compete with any Person, by which either are bound (B) any “most-favored nations” pricing provisions or marketing or distribution rights related to which any products or territory, (C) any exclusivity provision, (D) any agreement to purchase minimum quantity of goods or services, or (E) any material non-solicitation provisions applicable to Parent or any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementits Subsidiaries;
(biii) each Contract relating to capital expenditures and requiring payments after the date of this Agreement in excess of $50,000 pursuant to its express terms and not cancelable without penalty;
(iv) each Contract relating to the disposition or acquisition of material assets or any ownership interest in any entity;
(v) each Contract relating to any mortgages, indentures, loans, notes or credit agreements, security agreements or other agreements or instruments relating to material Indebtedness of Parent or any of its Subsidiaries or creating any material Liens with respect to any assets of Parent or any of its Subsidiaries;
(vi) each Contract requiring payment by or to Parent or any of its Subsidiaries after the date of this Agreement in excess of $100,000 pursuant to its express terms relating to: (A) any distribution agreement (identifying any that contain exclusivity provisions); (B) any agreement involving provision of services or products with respect to any pre-clinical or clinical development activities of Parent or any of its Subsidiaries; (C) any dealer, distributor, joint marketing, alliance, joint venture, cooperation, development or other agreement currently in force under which Parent or any of its Subsidiaries has continuing obligations to develop or market any product, technology or service, or any agreement pursuant to which Parent or any of its Subsidiaries has continuing obligations to develop any Intellectual Property Rights that will not be owned, in whole or in part, by Parent or any of its Subsidiaries; or (D) any Contract with to license any employeethird party to manufacture or produce any product, consultant, advisor, officer service or director technology of Orion Parent or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, of its Subsidiaries or any Contract to act as one sell, distribute or commercialize any products or service of the foregoing on behalf Company or any of any Personits Subsidiaries, in each case, except for Contracts entered into in the Ordinary Course of Business;
(dvii) each Contract with any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000Governmental Entity;
(eviii) any each Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of OrionParent and its Subsidiaries, taken as a whole, containing any royalty, dividend or similar arrangement based on the revenues or profits of Parent or any of its Subsidiaries; or
(ix) any other Contract that is not terminable at will (with no penalty or payment) by Parent or its Subsidiaries, as applicable, and (A) which involves payment or receipt by Parent or its Subsidiaries after the date of this Agreement under any such Contract of more than $100,000 in the aggregate, or obligations after the date of this Agreement in excess of $200,000 in the aggregate, or (B) that is material to either Orion Party. To the Knowledge business or operations of the Orion PartiesCompany and its Subsidiaries, Orion taken as a whole.
(b) Parent has delivered or made available to Target true the Company accurate and complete copies of each document listed on SCHEDULE 5.10all Parent Material Contracts, and including all material amendments thereto, but excluding any purchase orders issued under a Parent Material Contract in the Ordinary Course of Business. There are no Parent Material Contracts that are not in written description form. As of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the date of this Agreement, none of Parent, any Contracts listed on SCHEDULE 5.10 at of its Subsidiaries or, to Parent’s Knowledge, any time by the other party to a Parent Material Contract, has breached, violated or parties thereto defaulted under, or received notice that it breached, violated or defaulted under, any of the terms or conditions of, or Laws applicable to, any Parent Material Contract in such manner as would permit any other party to cancel or terminate any such Parent Material Contract, or would permit any other party to seek damages or pursue other legal remedies which would reasonably be expected to be material to Parent or its business or operations. As to Parent and its Subsidiaries, as of the date of this Agreement, each Parent Material Contract is valid, binding, enforceable and in full force and effect, subject to the Bankruptcy and Equity Exception. Since the date of the Parent Balance Sheet, no counterparty to a Parent Material Contract has notified Parent in writing (or, to the Knowledge of Parent, otherwise) that it intends to terminate or not have an Orion renew a Parent Material Adverse EffectContract.
Appears in 3 contracts
Samples: Merger Agreement (Ayala Pharmaceuticals, Inc.), Merger Agreement (Advaxis, Inc.), Merger Agreement (Advaxis, Inc.)
Contracts. SCHEDULE 5.10 (a) Section 4.14 of the Disclosure Schedule sets forth a complete and accurate list of all the following Contracts to which the Company or any of its Subsidiaries is a party as of the date hereof (each, a “Material Contract” and collectively the “Material Contracts”):
(i) any Contract (including purchase orders) that are (x) material involves performance of services or delivery of goods or materials by or to the business Company or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of its Subsidiaries of an amount or value in excess of $25,000 individually or $75,000 in the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to aggregate with the following types of Contracts:
(a) any collective bargaining agreementsame counterparty;
(bii) any Contract relating to capital expenditures and involving future payments in excess of $10,000 individually or $25,000 in the aggregate;
(iii) any Contract that expires more than one year after the date of this Agreement (including any Contract that renews automatically unless a party to such Contract gives notice of non-renewal), except for non-disclosure agreements entered into in the ordinary course of business, employment agreements entered into on the Company’s standard form of employee agreement, licenses for Shrink-Wrapped Code and licenses of Open Source;
(iv) any Contract with support obligations that cannot be terminated with ninety (90) days’ notice without penalty;
(v) any employeeContract providing for indemnification by the Company or any of its Subsidiaries of any Person, consultantother than Contracts entered in the ordinary course of business the purpose of which is not indemnification and where such indemnification is ancillary to the primary purpose of such Contracts;
(vi) any dealer, advisordistributor, reseller, sales representative, affiliate, joint marketing, strategic alliance, or similar Contract;
(vii) (A) any Contract (other than those required to be disclosed pursuant to Section 4.14(a)(xix) hereof) with any current shareholder, officer or director of Orion the Company, or Merger Subany “affiliate” or “associate” of such persons (as such terms are defined in the rules and regulations promulgated under the Securities Act) (any of the foregoing, a “Related Party”), including any Contract providing for the furnishing of services by, rental of real or personal property from, or otherwise requiring payments to or from any Related Party, or (B) any other Affiliate Agreement;
(cviii) any Contract limiting the ability of the Company or any of its Subsidiaries to engage or participate, or compete with a sales representativeany other Person, manufacturer’s representativein any line of business, distributormarket or geographic area, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesto make use of any Intellectual Property, or any Contract granting most favored nation pricing, exclusive sales, distribution, marketing or other exclusive rights, rights of refusal, rights of first negotiation or similar rights and/or terms to act as one any Person, or any Contract otherwise materially limiting the right of the foregoing on behalf Company or any of its Subsidiaries to sell, distribute or manufacture any Personproducts or services or to purchase or otherwise obtain any Intellectual Property, software, components, parts, subassemblies or services;
(dix) any Contract which involves all IP Contracts, excluding licenses for only Shrink-Wrapped Code, licenses of Open Source set forth in Section 4.12(r) of the payment or receipt Disclosure Schedule, non-disclosure Contracts entered into the ordinary course of cash or other propertybusiness consistent with past practice, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except Contracts for the negotiation sale, license, support or collection service of negotiable instruments in transactions Company Products in the ordinary course of business consistent with past practicepractice pursuant to the Company’s or its Subsidiaries’ standard customer Contract, the form of which has been made available to Buyer;
(x) all licenses, sublicenses and other Contracts pursuant to which the Company or any of its Subsidiaries has agreed to any restriction on the right of the Company or any of its Subsidiaries to use or enforce any Company Intellectual Property or pursuant to which the Company or any of its Subsidiaries agrees to encumber, transfer or sell rights in or with respect to any Intellectual Property that are, or were, Company Intellectual Property;
(xi) any Contract providing for the development of any Intellectual Property, independently or jointly, by or for the Company or any of its Subsidiaries, except for any Contract between the Company or any of its Subsidiaries and any of their respective Employees and Contractors;
(xii) any trust, loan agreement, indenture, note, bond, debenture or any other document or Contract evidencing Indebtedness to any Person, any capitalized lease obligation, or any commitment to provide any of the foregoing, or any agreement of guaranty, or other similar commitment with respect to the obligations or Liabilities of any other Person;
(xiii) any Contract for the disposition of any material portion of the assets or business (whether by merger, sale of shares, sale of assets or otherwise) of the Company or any of its Subsidiaries;
(xiv) any Contract for the acquisition of the business or capital stock of another party (whether by merger, sale of stock, sale of assets or otherwise);
(fxv) any indenturehedging, credit agreementfutures or other derivative Contract;
(xvi) any Contract concerning a joint venture, loan agreementjoint development or other similar arrangement with one or more Persons;
(xvii) any (A) Contract, noteincluding any stock option plan, mortgagestock appreciation rights plan, security agreementstock purchase plan or phantom stock plan, any of the benefits of which will be increased, or the vesting of benefits of which will be accelerated or may be accelerated, by the occurrence of any of the transactions contemplated by this Agreement or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated by this Agreement, and (B) Share Restriction Agreement;
(xviii) any Contract creating any obligation with respect to the payment of any severance, retention, bonus, success, change of control or other similar payment to any Person the payment or acceleration of which is triggered by the Company entering into this Agreement, or the consummation of any of the transactions contemplated hereby or any subsequent transactions or events;
(xix) any Contract for the employment or engagement of any director, officer, employee or consultant of the Company or any of its Subsidiaries or any other type of Contract with any officer, employee, director or consultant of the Company or any of its Subsidiaries that is not immediately terminable by the Company or such Company’s Subsidiary without cost or Liability, including any Contract requiring it to make a payment to any director, officer, employee or consultant on account of the Acquisition (other than as expressly contemplated by this Agreement and other than Company Options award agreements);
(xx) any Contract with any labor union or any collective bargaining agreement or similar contract with the Company’s or its Subsidiaries’ employees;
(xxi) any settlement agreement with respect to any Action;
(xxii) any Contract with any investment banker, broker, advisor or similar party, or any accountant, legal counsel or other Person retained by the Company or any of its Subsidiaries, in connection with this Agreement and the transactions contemplated hereby;
(xxiii) any lease of real property or personal property or agreement for financingother Contract materially affecting the ownership of, leasing of, or other interest in, any personal property;
(gxxiv) any Real Property Lease;
(xxv) any Contract involving that as a partnershipresult of the execution of this Agreement by the Company would require the Company or any of its Subsidiaries to provide notice to another Person or take any other action not otherwise required under the terms of such Contract, joint venture or other cooperative undertaking;would give rise to any additional rights or obligations under such Contract; or
(hxxvi) any other Contract involving any restrictions that involves $10,000 individually or $25,000 in the aggregate or more and is not cancellable without penalty within thirty (30) days.
(b) True, complete and correct copies of each Material Contract (including all amendments thereto) have been made available to Buyer. Each Material Contract is a valid and binding agreement of the Company or one of its Subsidiaries and, to the Knowledge of the Company, each other party thereto, enforceable against the Company or one of its Subsidiaries, and, to the Knowledge of the Company, each other party thereto, in accordance with its terms, and is in full force and effect with respect to the Company and its Subsidiaries, as applicable, and, to the Knowledge of the Company, each other party thereto, subject to (i) any geographical area laws of operations; or general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) scope rules of law governing specific performance, injunctive relief and other equitable remedies. The Company and each of its Subsidiaries is in material compliance with and has not materially breached, violated or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subdefaulted under, or pursuant to which Orion received written notice that it has materially breached, violated or Merger Sub are granted defaulted under, any of the authority to act for terms or on behalf conditions of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger SubMaterial Contract, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a wholenor, to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion is any other party to any Material Contract in material breach, violation or default thereunder.
(c) The Company and each of its Subsidiaries has made available performed all material obligations required to Target true and complete copies have been performed by the Company or its Subsidiaries pursuant to each Material Contract.
(d) All outstanding indebtedness for borrowed money of each document listed on SCHEDULE 5.10the Company or its Subsidiaries may be prepaid without penalty, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation premium or other costs of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectkind beyond principal and accrued interest.
Appears in 2 contracts
Samples: Share Purchase Agreement, Share Purchase Agreement (Mimecast LTD)
Contracts. SCHEDULE 5.10 (a) Section 3.11(a) of the Osmotica Disclosure Schedule sets forth forth, as of the date hereof, each of the following unexpired leases, subleases, licenses, bonds, debentures, notes, mortgages, indentures, guarantees, other agreements or contracts or other legally binding instruments (each, a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y“Contract”) to which any of the Orion Parties are Osmotica Company is a party, by which either are bound or to which : any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:Contract,
(ai) the performance of which is reasonably expected to involve annual payments on the part of any collective bargaining Osmotica Company in excess of $1,000,000 and is not terminable by such Osmotica Company on 90 days’ notice or less without premium or penalty (excluding sales orders and purchase orders issued in the ordinary course of business);
(ii) with respect to a joint venture, partnership, distributor, reseller or other similar agreement;
(biii) which limits or purports to limit the ability of any Contract of the Osmotica Companies to compete in any line of business or with any employee, consultant, advisor, officer person or director in any geographic area or during any period of Orion time or Merger Subrequires that any of the Osmotica Companies provide “most favored status,” “favored pricing” (or similar terms) to any customer or other person;
(civ) any Contract with that grants a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Lien (other than an Osmotica Permitted Lien or other Person engaged in sales, distributing or promotional activities, or any Contract to act a Lien that will be released as one of the foregoing Closing) on behalf any material asset of any Personof the Osmotica Companies;
(dv) that is a lease of real property;
(vi) that provides for the acquisition of any person or any business unit thereof or the sale of any material asset (excluding inventory) of any of the Osmotica Companies outside the ordinary course of business;
(vii) under which (A) any person directly or indirectly guarantees any liabilities or obligations of any of the Osmotica Companies, (B) any of the Osmotica Companies guarantees any liabilities or obligations of any other person or (C) any of the Osmotica Companies incurs indebtedness having an outstanding principal amount (or aggregate commitments) in excess of $1,000,000;
(viii) that provides for the manufacture of Osmotica Products (or any part thereof) for any of the Osmotica Companies;
(ix) that is an employment Contract for any current employee and is reasonably expected to involve payments of more than $150,000 in total compensation in 2015;
(x) that is a consulting Contract for any current Contractor and is reasonably expected to involve payments of more than $150,000 in total compensation per year;
(xi) under which involves the payment Osmotica Companies are providing products or receipt services to customers (other than distributors and resellers) and for which the purchase of cash products or other services from the Osmotica Companies for the twelve month period following the date hereof is reasonably expected to exceed $500,000;
(xii) under which any of the Osmotica Companies is (A) a lessee or sublessee of tangible personal property, an unperformed commitment or goods or services(B) a lessor of any tangible personal property owned by the Osmotica Companies, in each case any single lease under (A) or (B) having a an original value in excess of $10,000;500,000; or
(exiii) any Contract pursuant for capital expenditures or the acquisition or construction of fixed assets in excess of $500,000.
(b) All Contracts required to which either Orion Party be set forth in Sections 3.11(a) and 3.10(b) of the Osmotica Disclosure Schedule (isuch Contracts, the “Osmotica Business Contracts”) has made or will make any loans or advances; (ii) has or will have incurred debtsare valid, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible binding and in full force and effect with respect to the applicable Osmotica Company and, to the Knowledge of Osmotica, the other party thereto, subject, as to enforcement, to the Enforceability Exceptions. None of the Osmotica Companies is in material breach or material default under any undertaking Osmotica Business Contract, and, to the Knowledge of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indentureOsmotica, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or no other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating party to any corporate acquisition Osmotica Business Contract is in material breach or disposition material default thereunder. As of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) , none of the Osmotica Companies has received any claim or notice of any material breach of or material default under any Osmotica Business Contract. As of the date hereof, there are no material disputes under any Osmotica Business Contract not specified above and none of the Osmotica Companies has received any notice that is otherwise material any other party to any of the Osmotica Business Contracts intends to cancel or terminate any Osmotica Business Contract. Prior to the business or operations date hereof, complete and correct copies of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has all Osmotica Business Contracts have been made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectVertical/Trigen.
Appears in 2 contracts
Samples: Business Combination Agreement (Osmotica Pharmaceuticals PLC), Business Combination Agreement (Osmotica Pharmaceuticals LTD)
Contracts. SCHEDULE 5.10 (a) Section 4.7 of the Company Disclosure Letter sets forth all of the following Contractual Obligations to which the Company or any of the Retained Subsidiaries is a list of all Contracts that are (x) material to the business party or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of them is bound (collectively with each of the Orion Parties are a partyFiled Contracts, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of “Material Contracts:
(a) any collective bargaining agreement”);
(bi) Contractual Obligations (including any Contract purchase order) with any undelivered balance providing for the sale of products or provision of services pursuant to which the Company and the Retained Subsidiaries are entitled to receive payments of more than $1,000,000;
(ii) Contractual Obligations (including any purchase order) with any undelivered balance providing for an expenditure by the Company and the Retained Subsidiaries in excess of $1,000,000;
(iii) Contractual Obligations that relate to the sale of any of the Company’s or any of the Retained Subsidiaries’ assets, other than in the ordinary course of business;
(iv) Contractual Obligations that relate to the acquisition of any business, a material amount of stock or assets of any other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise);
(v) Except for Contractual Obligations relating to trade receivables, Contractual Obligations relating to Indebtedness, in each case having an outstanding principal amount in excess of $1,000,000;
(vi) Contractual Obligations for joint ventures, strategic alliances or partnerships;
(vii) Contractual Obligations that grant to any Person other than the Company or the Retained Subsidiaries any (A) exclusive license, supply, distribution or other rights (it being understood that any requirement to conform to customer specifications will not be considered an exclusive right for purposes of this clause (A)), (B) “most favored nation” rights, (C) rights of first refusal, rights of first negotiation or similar rights or (D) exclusive rights to purchase any of the Company’s or the Retained Subsidiaries’ products or services;
(viii) Distributor, sales representative, marketing or advertising Contractual Obligations;
(ix) Contractual Obligations with any employee, consultant, advisor, officer or director consultant of Orion the Company or Merger Subthe Retained Subsidiaries, including any severance, retention, change of control or other similar Contractual Obligation pursuant to which the Company or any of the Retained Subsidiaries is or may become obligated to make any severance, bonus or other payment;
(cx) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, Contractual Obligations under which the Company or any Contract of its Subsidiaries has made advances or loans to act as one any other Person, except for advances of business expenses of up to $10,000 in the foregoing on behalf ordinary course of any Personbusiness;
(dxi) Contractual Obligations providing for any Contract which involves minimum or guaranteed payments by the payment Company or receipt any of cash the Retained Subsidiaries to any Person in excess of $1,000,000 annually;
(xii) Contractual Obligations with any customer or other property, an unperformed commitment distributor that give any guarantee or goods warranty or make any representation in respect of any Company products or services, in each case having a value valued in excess of $10,0001,000,000, other than (A) any guarantee or warranty implied by law or (B) any standard guarantee or warranty on the form that has heretofore been made available to Parent;
(exiii) Contractual Obligations containing covenants that purport to (A) restrict or limit in any Contract pursuant respect the ability of the Company, the Retained Subsidiaries or any of the Company’s future Subsidiaries or Affiliates to which either Orion Party compete in any geographical area, market or line of business, (iB) has made restrict or will make limit the Company, the Retained Subsidiaries or any loans of the Company’s future Subsidiaries or advances; Affiliates from selling products or delivering services to any Person, (iiC) has other than confidentiality agreements with customers entered into in the Ordinary Course of Business, restrict the Company, the Retained Subsidiaries or will have incurred debts, any of the Company’s future Subsidiaries or become a guarantor or surety, or pledged its credit on; Affiliates from hiring any Person or (iiiD) has or will have otherwise become responsible with respect to any undertaking of another (except for restrict the negotiation or collection of negotiable instruments in transactions in Company, the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Retained Subsidiaries or any acquisition of the Company’s future Subsidiaries or disposition Affiliates from engaging in any aspect of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementits business; and
(kxiv) Contractual Obligations with any Contract not specified above that is otherwise material to the business labor organization, union, works council, workers’ association or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion other employee representative body.
(b) The Company has heretofore made available to Target true Parent correct and complete copies of each document listed on SCHEDULE 5.10Material Contract, together with any and all amendments and supplements thereto and material “side letters” and similar documentation relating thereto. Each Material Contract is in full force and effect and is valid and binding obligation of the Company or its Subsidiaries and, to the knowledge of the Company, each other party thereto. The Company and the Retained Subsidiaries have performed and complied in all material respects with all obligations required to be performed or complied with by it under each Material Contract. There is no default under any Material Contract by the Company or the Retained Subsidiaries or, to the knowledge of the Company, by any other party, and no event has occurred that with the lapse of time or the giving of notice or both would constitute a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time default thereunder by the Company or the Retained Subsidiaries, or, to the knowledge of the Company, by any other party or parties thereto would not have an Orion Material Adverse Effectparty.
Appears in 2 contracts
Samples: Merger Agreement (Symmetry Surgical Inc.), Agreement and Plan of Merger (Symmetry Medical Inc.)
Contracts. SCHEDULE 5.10 sets (i) Except as expressly contemplated by this Agreement, or as set forth in the Schedule of Exceptions, the Company and each of its Subsidiaries is not, and as of each of the Closings the Company and each of its Subsidiaries will not be, a list party to, or bound by, and none of all Contracts that are their respective assets is or will be subject to, any written or oral agreement, contract, commitment, order, license, lease or other instrument and arrangement of the types described below (xthe "Contracts"):
(A) any pension, profit sharing, stock option, employee stock purchase or other plan providing for deferred, incentive or other compensation to employees, any other employee benefit plan, or any contract with any labor union;
(B) any contract for the employment or personal services of any officer, individual employee or other person or entity on a full-time, part-time, consulting, advisory or other basis providing annual compensation in excess of $125,000 or which, in any way, restricts or limits the right of the Company or any Subsidiary to terminate such contract at will;
(C) any loan agreement, indenture, letter of credit, security agreement, mortgage, pledge agreement, deed of trust, bond, note, or other agreement relating to the borrowing of money in excess of $125,000 or to the mortgaging, pledging, transferring of a security interest, or otherwise placing an Encumbrance on any material asset or material group of assets (whether tangible or intangible) of the Company or any Subsidiary;
(D) any guarantee of the payment or performance of any Person in excess of $125,000; any agreement to indemnify any Person or act as a surety for an amount in excess of $125,000; any other agreement to be contingently or secondarily liable for the obligations of any Person; or any "keep well" or similar credit support arrangements;
(E) any lease or agreement under which it is the lessee of or holds or operates any property, real or personal, owned by any other party requiring annual payments in excess of $125,000;
(F) any contract or agreement or group of related agreements with the same party or any group of affiliated parties which requires or may in the future require an aggregate payment by or to the Company or any Subsidiary in excess of $125,000;
(G) any contract or agreement prohibiting it from freely engaging in any business or competing anywhere in the world;
(H) any material licenses, licensing arrangements and other similar contracts providing in whole or in part for the use by a third party of, or limiting the use by the Company or any Subsidiary of, any Intellectual Property;
(I) any brokerage or finder's agreements relating to this Transaction;
(J) any joint venture, partnership and similar contracts involving a sharing of profits or expenses (including joint development and joint marketing contracts);
(K) any asset purchase agreements, stock purchase agreements and other acquisition or divestiture agreements, including any agreements relating to the sale, lease or disposal of any assets of the Company or any of its Subsidiaries for consideration in excess of $50,000 or involving continuing indemnity or other obligations;
(L) any material sales agency, marketing or distributorship agreements;
(M) any contracts which contain "take or pay" provisions;
(N) [Intentionally omitted];
(O) any contracts, agreements or arrangements regarding pre-emptive rights, rights of first refusal, put or call rights or obligations, anti-dilution rights or other restrictions on or with respect to the issuance, sale or redemption of the capital stock of the Company or any of its Subsidiaries;
(P) any contracts, agreements or arrangements regarding the rights, obligations, restrictions on or with respect to the voting of any of the capital stock of the Company or any of its Subsidiaries or the registration of such stock for offering to the public pursuant to the Securities Act; and/or
(Q) any other contract, agreement or commitment not the subject matter of clauses (A) through (P) above which is or could be reasonably expected to be material to the business Company, any Subsidiary or operations the Business.
(ii) The Company and each of Orionits Subsidiaries has performed all obligations required to be performed by it to date and is not in material default under, taken as a wholeor in material breach of, to either Orion Party; and (y) or in receipt of any claim of material default under or material breach of, any agreement to which any of the Orion Parties are it is a party, by which either are bound party or to which any of their respective its assets is subject; the Company has no present expectation or properties are subject, as applicable, including but intention of not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesfully performing, or of permitting any Contract of its Subsidiaries not to act as one of perform fully, all such obligations; and the foregoing on behalf Company does not have any knowledge of any Person;
(d) material breach or anticipated material breach by the other parties to any Contract which involves the payment contract or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made it or will make any loans of its Subsidiaries is a party or advances; (ii) has to which any of its or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or their assets is subject.
(iii) has To the knowledge of the Company, none of the officers of the Company or will have otherwise become responsible any Subsidiary is a party to any oral or written contract which prohibits, restricts or limits his or her performance of his or her duties or the fulfillment of his or her obligations as an employee and an officer of the Company or any Subsidiary.
(iv) Each Contract is a legal, valid, binding and enforceable obligation of the Company or a Subsidiary, and to the knowledge of the Company, the other parties thereto, subject to applicable bankruptcy, insolvency, or other similar laws affecting the enforceability of creditors' rights generally and court decisions with respect to any undertaking thereto, and the discretion of another (except for the negotiation or collection of negotiable instruments courts in transactions granting equitable remedies. Except as set forth in the ordinary course Schedule of business consistent with past practice);
(f) Exceptions, no Consent of any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) Person is required under any Contract involving as a partnership, joint venture result of or other cooperative undertaking;
(h) any Contract involving any restrictions in connection with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted execution and delivery by the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Company or any acquisition of its Subsidiaries or disposition the performance by the Company or any of its Subsidiaries of its obligations hereunder or under any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time Other Agreements or the consummation by the other party Company or parties thereto would not have an Orion Material Adverse Effectany of its Subsidiaries of the transactions contemplated hereby or thereby.
Appears in 2 contracts
Samples: Purchase Agreement (Ubs Capital Americas Iii Lp), Purchase Agreement (Ifx Corp)
Contracts. SCHEDULE 5.10 sets forth (a) Except for this Agreement and the Ancillary Agreements, and except as disclosed on Schedule 4.11, neither Company nor any of its Subsidiaries is a list party to or bound by any of all Contracts the following agreements (whether written or oral):
(i) any partnership, joint venture, or other similar Contract or arrangement, or any Contract relating to the acquisition or disposition of any business or assets (whether by merger, sale of stock, sale of assets, or otherwise);
(ii) any Contract relating to Indebtedness (in any case, whether incurred, assumed, guaranteed, or secured by any asset) or any Contract, indenture, or other instrument that contains restrictions with respect to payment of any distribution in respect of the Capital Stock;
(iii) any Contract that limits the freedom of the Company to market, sell, or otherwise distribute its products or provide its services in any geographic area, or to compete in any line of business or geographic area or with any Person;
(iv) any Contract which limits sub-contracting;
(v) any Contract which limits or restricts offshoring;
(vi) any Contract including most-favored customer or nation, benchmarking or any other provision which resets the pricing therein;
(vii) any Contract which contains limitations on assignment;
(viii) any Contract or arrangement with (i) any of its Affiliates, (ii) any Person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote by any of its Affiliates or (iii) any director or officer of Company or its Subsidiaries or with any “associate” or any member of the “immediate family” (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any such director or officer;
(ix) any management service, consulting, or any other similar type of Contract;
(x) material any warranty, guaranty, or other similar undertaking with respect to a contractual performance extended by the business Company or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementits Subsidiaries;
(bxi) any Contract with no limitation on the Company’s or any of its Subsidiaries’ liability thereunder;
(xii) any Contract which does not exclude implied warranties;
(xiii) any Contract which includes indemnities other than for confidentiality, intellectual property infringement, bodily injury and death, tax liability or compliance with applicable Laws;
(xiv) any employment, deferred compensation, severance, bonus, retirement, or other similar Contract or plan;
(xv) any Contract involving payments by or to the Company or any of its Subsidiaries of more than $25,000 in any consecutive 12-month period;
(xvi) any Contract with any employeeagency, consultantdealer, advisorsales representative, officer or director distributor for the marketing, selling, and distribution of Orion Company’s or Merger Subany of its Subsidiaries’ products and services;
(cxvii) any material license, franchise, or similar Contract;
(xviii) any leases of Company Real Property;
(xix) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesthat would prevent consummation of the transactions contemplated by this Agreement and the Ancillary Agreements, or any Contract to act as one the continued operation of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to Business after the date of this AgreementAgreement or the Closing Date on substantially the same basis as historically operated; andor
(kxx) any other Contract not specified above made in the Ordinary Course that is otherwise material to the business Company or operations any of Orionits Subsidiaries.
(b) Each Contract disclosed on Schedule 4.11 or any other schedule to this Agreement or required to be disclosed on Schedule 4.11 or any other schedule to this Agreement is a valid and binding Contract of the Company or such Subsidiary, taken as a wholeis in full force and effect (subject to the effect, if any, of (i) applicable bankruptcy and other similar laws affecting the rights of creditors generally and (ii) rules of law governing specific performance, injunction relief and other equitable remedies), and neither the Company nor the applicable Subsidiary nor any of their respective Affiliates nor, to either Orion Partythe knowledge of the Company, any other party thereto, is in default or breach under the terms of any such Contract. To the Knowledge knowledge of the Orion PartiesCompany, Orion there is no event, occurrence, condition, or act (including the consummation of the transactions contemplated hereby, and assuming the satisfaction of all conditions to the parties’ respective conditions to Closing) that, with the giving of notice or the passage of time, would reasonably be expected to result in a default or event of default under any such Contract by any of the parties thereto. The Company has made available delivered to Target the Buyer true and complete copies of each document written Contract listed or required to be listed on SCHEDULE 5.10Schedule 4.11 and true and complete summaries of all oral Contracts.
(c) Neither Company nor any of its Subsidiaries has received any written, and a written description or to the knowledge of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the Company any oral, notice alleging breach of any Contracts listed on SCHEDULE 5.10 at Contract, terminating or threatening to terminate any time by the other party Contract or parties thereto would of an intent not have an Orion Material Adverse Effectto renew a Contract.
Appears in 2 contracts
Samples: Merger Agreement (Connecture Inc), Merger Agreement (Connecture Inc)
Contracts. SCHEDULE 5.10 (a) Section 4.11(a) of the Seller’s Disclosure Schedule sets forth a complete and accurate list of all of the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which the Company or any of the Orion Parties are its Subsidiaries is a party, party or by which either are bound the Company or to which any of its Subsidiaries or any of its or their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(ai) any collective bargaining agreementContracts for the purchase or lease of materials, supplies, goods, services, equipment or other assets requiring aggregate payments in excess of $100,000;
(bii) Contracts for the sale by the Company or any Contract with any employeeof its Subsidiaries of materials, consultantsupplies, advisorgoods, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representativeservices, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency equipment or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
assets (dother than coal) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,00050,000;
(eiii) Contracts requiring the Company or any of its Subsidiaries to purchase its total requirements of any product or service from a Third Party or that contain “take or pay” or other minimum purchase requirements provisions;
(iv) Contracts for the purchase, sale or transport of coal (collectively, the “Coal Supply Agreements”);
(v) Contracts with coal brokers for the sale of coal;
(vi) Contracts to supply or provide contract mining services and any other Contracts with coal mine operators or their Affiliates, directors, managers, officers, stockholders or partners;
(vii) partnership, joint venture or similar Contracts;
(viii) employment, severance, stay, bonus, termination, change in control, consulting or similar Contracts;
(ix) Contracts containing covenants not to compete or other covenants restricting or purporting to restrict the right of the Company or any of its Subsidiaries or Affiliates to engage in any line of business, acquire any property, develop or distribute any product, provide any service (including geographic restrictions) or to compete with any Person, or granting any exclusive distribution rights, in any market, field or territory;
(x) Contracts with the Seller or any Affiliate of the Seller, the Company or any of its Subsidiaries, other than Coal Supply Agreements;
(xi) Notes, debentures, bonds, equipment trusts, letters of credit, loans or other Contracts for or evidencing Indebtedness or the lending of money including Bonds;
(xii) Contracts (including keepwell agreements) under which (A) any Contract pursuant to which either Orion Person has directly or indirectly guaranteed Indebtedness or other Liabilities of the Company or any of its Subsidiaries or (B) the Company or any of its Subsidiaries has directly or indirectly guaranteed Indebtedness or other Liabilities of any Third Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except in each case other than endorsements for the negotiation or purpose of collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(fxiii) Contracts under which the Company or any indentureof its Subsidiaries has, directly or indirectly, made any advance, loan, extension of credit agreementor capital contribution to, loan agreementor other investment in, note, mortgage, security agreement, lease of real property or personal property or agreement for financingany Third Party;
(gxiv) Contracts under which there is a continuing obligation to pay any Contract involving a partnership, joint venture “earn out” payment or other cooperative undertakingdeferred or contingent purchase price or any similar payment respecting the purchase of any business or assets;
(hxv) any Contract involving any restrictions with respect Contracts that are material to the conduct of the business of the Company or its Subsidiaries as currently conducted (i) under which any geographical area of operations; Company Intellectual Property is licensed to any Third Party, or (ii) scope that constitute Intellectual Property licensed by the Company or type its Subsidiaries (excluding generally-commercially‑available off‑the‑shelf software programs that in each case has incurred license fees of business less than $2,500), identifying in each case whether such license is exclusive or non‑exclusive;
(xvi) Contracts with any Governmental Entity with a value in excess of Orion $50,000, other than Permits;
(xvii) Contracts other than the Leases, the Contractor Mining Agreements or Merger Sub;the Lafayette Agreements which require payment by the Company or its Subsidiaries of any royalties; and
(xviii) Contracts that are otherwise material to the Mining Operations and not previously disclosed pursuant to this Section 4.11. The Contracts required to be listed on Section 4.11(a) of the Seller’s Disclosure Schedule are collectively referred to herein as the “Company Contracts.” The Seller has made available complete and accurate copies of each Company Contract (including all material amendments, modifications, extensions and renewals thereof and related notices relating thereto) to the Purchaser.
(b) Except as set forth on Section 4.11(b) of the Seller’s Disclosure Schedule, (i) each Company Contract is in full force and effect and valid and enforceable in accordance with its terms, (ii) each of the Company and its Subsidiaries and, to the Knowledge of the Seller, all other parties thereto have complied with and are in compliance with the provisions of each Company Contract in all material respects, (iii) neither the Company nor any of its Subsidiaries is, nor to the Knowledge of the Seller, any other party thereto is, in material default in the performance, observance or fulfillment of any obligation, covenant, condition or other term contained in any Company Contract, and neither the Company nor any of its Subsidiaries has given or received notice to or from any Person relating to any such alleged or potential default that has not been cured, and (iv) the Company Contracts are all of the Contracts that are material to or necessary for the conduct of the Company’s and its Subsidiaries’ businesses or the Mining Operations.
(c) Except as disclosed in Section 4.11(c) of the Seller’s Disclosure Schedule:
(i) neither the Company nor any power of attorney its Subsidiaries has received written notice from any party to a Coal Supply Agreement threatening to suspend shipments under such Coal Supply Agreement due to an alleged breach by the Company or agency agreement any of its Subsidiaries of such Coal Supply Agreement;
(ii) there have been no whole or arrangement with partial assignments or other transfers of any Person of the Coal Supply Agreements or of any interest therein by the Company or any of its Subsidiaries;
(iii) none of the parties to any of the Coal Supply Agreements has made any written claim to the Company or any of its Subsidiaries, either by contractually-required notice or otherwise, of the existence of any force majeure events, which materially affect or could materially affect future deliveries under such Coal Supply Agreement;
(iv) no written claims have been made or, to the Knowledge of the Seller, threatened under any economic hardship or similar provisions of any of the Coal Supply Agreements;
(v) there have been no written demands by any of the parties to any of the Coal Supply Agreements for adequate assurance of performance, whether made pursuant to which such Person is granted the authority to act for or on behalf terms of Orion or Merger Sub, the Coal Supply Agreements or pursuant to which Orion statutory or Merger Sub are granted the authority to act for or on behalf of any Personcommon law;
(jvi) any Contract relating there are no pending or, to the Knowledge of the Seller, threatened material pricing disputes under the Coal Supply Agreements;
(vii) no party to any corporate acquisition or disposition of Orion or Merger Subthe Coal Supply Agreements has currently suspended or, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date Knowledge of this Agreementthe Seller, threatened to suspend its performance of the terms and conditions of the applicable Coal Supply Agreement either under the terms of such Coal Supply Agreement or otherwise;
(viii) none of the customers or sellers under any of the Coal Supply Agreements has sought to renegotiate, alter or terminate any of the terms of the Coal Supply Agreements by any means, including, but not limited to, litigation, arbitration, renegotiation under the terms of the Coal Supply Agreements or renegotiation outside of the terms of the Coal Supply Agreements; and
(kix) neither the Company nor any Contract not specified above that of its Subsidiaries is otherwise material obligated to deliver any quantities of coal under any Coal Supply Agreement, the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion consideration for which has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectbeen pre-paid.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Vectren Corp), Stock Purchase Agreement (Vectren Corp)
Contracts. SCHEDULE 5.10 sets forth a (a) Schedule 4.14(a) is an accurate and complete list of all the Contracts (other than any Contract relating to any Benefit Plan) of the following types to which the Seller or Marconi IP is a party, or by which either is bound, that relate primarily to, or are (x) material to the business operation or operations of Orionconduct of, taken as a whole, to either Orion Party; and (y) the Access Business or to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are Assets is subject, as applicable, including but not limited to the following types of Contracts:
(ai) each Contract which requires, on an annual basis, a payment by any collective bargaining agreementparty in excess of, or a series of payments which in the aggregate exceed, $100,000 (as pertaining to the Access Business) or provides for the delivery of goods or performance of services, or any combination thereof, having a value in excess of $100,000 (as pertaining to the Access Business);
(bii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any each Contract with a sales representative, manufacturer’s 's representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing distribution or promotional activities, or any Contract to act as in one of the foregoing specified capacities on behalf of any Person;
(diii) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) the Seller or Marconi IP has made or will make any loans or advances; (ii) has or will have incurred debts, or has incurred, or is obligated to incur, indebtedness for borrowed money or has become a guarantor or surety, surety or pledged its credit on; for or (iii) has or will have otherwise become responsible with respect to any undertaking of another Person ("Guarantees") (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent business) or any Contract granting a Lien upon any Assets other than Permitted Liens;
(iv) each Contract with past practicesuppliers (including purchase orders) which has a commitment of more than $100,000 on an annual basis;
(v) each covenant not to compete or other covenant of the Seller or any of its Affiliates restricting the development, manufacture, marketing or distribution of the products and services of the Access Business;
(vi) each material Contract with any Affiliate of the Seller (the "Affiliate Contracts");
(fvii) each Contract with any indentureofficer, credit agreement, loan agreement, note, mortgage, security agreement, lease director or employee of real property the Seller or personal property or agreement for financingany of its Affiliates (other than employment agreements and "at will" arrangements);
(gviii) each lease, sublease or similar Contract with any Person under which the Seller is a lessor or sublessor of, or makes available for use to any Person, (A) any Contract involving a partnership, joint venture Assets or other cooperative undertaking(B) any portion of the Bedford Facility;
(hix) each license, sublicense, option or other Contract relating, in whole or in part, to any Transferred Intellectual Property (including any license or other Contract under which the Seller or any of its Affiliates granted the right to use any Transferred Intellectual Property);
(x) each confidentiality agreement (other than (A) any confidentiality agreement entered into in the ordinary course of business with a Person who (together with such Person's Affiliates) does not compete in any manner with the Access Business and (B) any confidentiality agreement entered into in connection with the sale of the Access Business);
(xi) each Contract involving with a customer (including sales order) that involves an obligation of the Seller to deliver products and services for payment of or having a fair market value of more than $100,000;
(xii) each Contract (A) for the sale of any restrictions Asset (other than inventory sales in the ordinary course of business), (B) for the grant of any preferential rights to purchase any Asset (other than inventory in the ordinary course of business) or (C) for the grant of any exclusive right to use any Asset;
(xiii) each Contract with respect any Governmental Authority;
(xiv) each Group Contract;
(xv) each Contract for any joint venture, partnership or similar arrangement; and
(xvi) each written Contract other than as set forth above to which the Parent, the Seller or Marconi IP is a party or by which it or any of its assets or business is bound or subject that is material to the Access Business.
(b) Except as set forth in Schedule 4.14(b), neither the Seller nor Marconi IP nor any Affiliate of the Seller or Marconi IP (as applicable) has since January 1, 2001 (with or without the lapse of time or the giving of notice, or both) materially breached the provisions of, or is in material default under, the terms of (i) any geographical area Contract listed on Schedule 4.14(a) that is a Purchased Contract or is material to the operation of operations; the Access Business or (ii) scope or type any Material Personal Property Lease (collectively, the "Material Contracts"), and, to the Seller's knowledge, no other party to any Material Contract is in material breach of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subprovisions of, or pursuant is in material default under the terms of, any Material Contract. Except as set forth in Schedule 4.14(b), all Material Contracts are valid, binding and in full force and effect and are enforceable against the Seller or Marconi IP (as applicable) and, to which Orion or Merger Sub are granted Seller's knowledge, the authority other party thereto, in accordance with their terms, subject to act for or on behalf the Enforceability Limitations. Neither the Seller nor Marconi IP nor any of their respective Affiliates has received any written notice of the intention of any Person;
(j) party to terminate any Contract relating to any corporate acquisition Material Contract. Complete and correct copies of all Material Contracts have been delivered or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true the Purchaser by the Seller, except as set forth in Schedule 4.10(b) or Schedule 4.14(a) (it being understood and complete copies agreed that certain pricing and product information related to the Other Businesses contained in the Material Contracts has not been made available or delivered to the Purchaser).
(c) Schedule 4.14(c) sets forth each Material Contract with respect to which the Consent of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion must be obtained by virtue of the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or under the Related Agreements to avoid the invalidity of the transfer of such Material Adverse EffectContract, the termination thereof, a breach, violation or default thereunder or any other change or modification to the terms thereof.
Appears in 2 contracts
Samples: Asset Purchase and Sale Agreement (Marconi Corp PLC), Asset Purchase and Sale Agreement (Advanced Fibre Communications Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
Schedule 3.11(a) is a correct and complete list (bby reference to the applicable subsection hereof) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one each of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant following Contracts to which either Orion Party the Company is a party following completion of the Restructuring (the “Material Contracts”): (i) has made each continuing Contract for the purchase of goods or will make any loans or advances; (ii) has or will have incurred debtsthe supply of services that requires the Company, or become a guarantor is reasonably likely to result in the Company being obligated, to pay an annual amount of $50,000 or suretymore in the aggregate after the Agreement Date (excluding Contracts with publishers), or pledged its credit on; that entitles the Company to receive an annual amount of $50,000 or (iii) has more in the aggregate after the Agreement Date, excluding insertion orders entered into by the Company with advertisers or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions marketers in the ordinary course of business, (ii) all Contracts that restrict the Company or any of its Affiliates from competing with or engaging in any business activity anywhere in the world or soliciting for employment, hiring or employing any Person, (iii) all Contracts pursuant to which the Company has acquired or disposed of, or is obligated to acquire or dispose of, a business or an entity, or a material portion of the assets of a business or entity, whether by way of merger, consolidation, purchase or sale of stock, purchase or sale of assets, license or otherwise, and as to which the Company has continuing material obligations or material rights, (iv) all Contracts concerning joint venture or partnership agreements, or the sharing of profits, (v) all Contracts whereby the Company leases, subleases, licenses, or otherwise holds any rights to use or occupy any interest in real property (the “Real Property Leases”), (vi) all Contracts with respect to Indebtedness, (vii) all Contracts with any Governmental Authority, (viii) all Contracts listed on Schedule 3.10(b)(i), (ix) all Contracts listed on Schedule 3.10(b)(ii), (x) all Contracts that contain any “most-favored nation” pricing or similar pricing terms or provisions regarding minimum volumes, or rebates, excluding any Contracts with such provisions that are for the benefit of Company, (xi) any collective bargaining agreements, (xii) all Contracts with respect to the employment of any individual on a full-time, part-time, consulting, or other basis involving annual payments of more than $100,000 and that, in each case, is not immediately terminable by the Company without cost or Liability, (xiii) each Contract with any publisher that resulted in the payment by the Company to such publisher of an amount of $50,000 or more in the aggregate during the twelve month period ended December 31, 2013, and (xiv) all Contracts not made in the ordinary course of the Business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub practice and that are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of OrionBusiness.
(b) Except as set forth on Schedule 3.11(b), taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true correct and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any the Material Contracts listed on SCHEDULE 5.10 at Schedule 3.11(a), together with all modifications and amendments thereto, have previously been delivered or made available to Buyer. Except as set forth on Schedule 3.11(b), each of the Material Contracts is in full force and effect, is valid and enforceable in accordance with its terms, and is not subject to any time claims, charges, set-offs or defenses in connection with the enforcement by the Company of any rights thereunder. Except as set forth on Schedule 3.11(b), the Company is not in material default under, nor has any event occurred which with the giving of notice or the passage of time or both would constitute a material default by the Company under, or which would give rise to any right of notice, modification, acceleration, payment, cancellation or termination of or by another party under, or in any manner release any party thereto from any material obligation under, any Material Contract and, to the knowledge of the Company, no other party is in material default, and no event has occurred which with the giving of notice or parties the passage of time or both would constitute a material default by any other party, or which would give rise to any right of notice, modification, acceleration, payment, cancellation or termination of or by the Company under, or in any manner release any party thereto would not have an Orion from any obligation under, any such Material Adverse EffectContract. Except as set forth on Schedule 3.11(b), neither Seller nor the Company has been notified in writing by any counterparty to any Material Contract that such counterparty is terminating or intends to terminate such Contract.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Lin Television Corp), Stock Purchase Agreement (LIN Media LLC)
Contracts. SCHEDULE 5.10 sets forth (a) For purposes of this Agreement, each of the following shall be deemed to constitute a list “Significant Contract”:
(i) any Contract that would be required to be filed by the Company as an exhibit to any Company SEC Document pursuant to Item 601(b)(4) or 601(b)(10) of all Contracts that Regulation S-K under the Securities Act;
(ii) any Contract (other than Company Employment Agreements) relating to the provision of services to the Acquired Corporations, which services are (x) material to the business or operations of Orionthe Acquired Corporations, taken as a whole, ;
(iii) any material Contract relating to either Orion Party; and (y) to which the lease or sublease by any of the Orion Parties are a party, by which either are bound or to which Acquired Corporations of any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementreal property;
(biv) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Subthe Acquired Corporations’ top 20 customers;
(cv) any Contract with that would reasonably be expected to have a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesmaterial effect on the ability of the Company to perform any of its obligations under this Agreement, or to consummate the Merger or any Contract to act as one of the foregoing on behalf of any Personother Contemplated Transactions;
(dvi) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
Contract: (eA) any Contract pursuant to which either Orion Party (i) has made or any Acquired Corporation will make acquire any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit onreal property; or (iiiB) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiarybusiness containing any profit sharing arrangements or “earn-out” arrangements, divisionindemnification obligations of any Acquired Corporation or other contingent payment obligations;
(vii) any Contract that is material to the Acquired Corporations taken as a whole;
(viii) any other Contract identified in Part 2.10 of the Company Disclosure Schedule (which shall include each Contract imposing any restriction on the right or ability of any Acquired Corporation: (A) to compete with any other Person; (B) to acquire any product or other asset or any services from any other Person; (C) to develop, line of sell, supply, distribute, offer, support or service any product or any technology or other asset to or for any other Person; (D) to perform services for any other Person; or (E) to transact business or real propertywith any other Person, in each case during the five years prior case, which is material to the date Acquired Corporations taken as a whole);
(ix) any Contract that evidences or is the primary document under which there arises indebtedness of this Agreementthe Company or any Company Subsidiary (other than agreements with or among direct or indirect wholly owned Company Subsidiaries) in excess of $20,000,000; and
(kx) any Contract listed in Part 2.9(a)(ii) of the Company Disclosure Schedule. The Company has Made Available to Parent an accurate and complete copy of each Company Contract that constitutes a Significant Contract, other than those specified in Section 2.10(a)(x).
(b) Each Company Contract that constitutes a Significant Contract is: (i) valid and in full force and effect; and (ii) is enforceable in accordance with its terms, subject to: (A) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (B) rules of law governing specific performance, injunctive relief and other equitable remedies, except, in the case of clauses “(i)” and “(ii)” of this sentence, as would not specified above that is otherwise material have and would not reasonably be expected to have or result, individually or in the business aggregate, in a Company Material Adverse Effect.
(c) Except as set forth in Part 2.10(c) of the Company Disclosure Schedule: (i) none of the Acquired Corporations has violated or operations of Orionbreached, taken as a wholeor committed any default under, any Company Contract; (ii) to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion no other Person has made available violated or breached, or committed any default under, any Significant Contract; (iii) to Target true and complete copies the Knowledge of each document listed on SCHEDULE 5.10the Company, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time) could reasonably be expected to: (A) result in a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation violation or breach of any Contracts listed on SCHEDULE 5.10 at of the provisions of any time by Significant Contract; (B) give any Person the right to declare a default under any Significant Contract; (C) give any Person the right to receive or require a rebate, chargeback, penalty or change in delivery schedule under any Significant Contract; (D) give any Person the right to accelerate the maturity or performance of any Significant Contract; or (E) give any Person the right to cancel, terminate or modify any Significant Contract, and (iv) since January 1, 2010, none of the Acquired Corporations has received any written notice or other party communication regarding any actual or parties thereto possible violation or breach of, or default under, any Significant Contract except, in the case of clauses “(i)” through “(iv)” of this sentence, as would not have an Orion and would not reasonably be expected to have or result, individually or in the aggregate, in a Company Material Adverse Effect.
Appears in 2 contracts
Samples: Merger Agreement (Ebay Inc), Merger Agreement (Gsi Commerce Inc)
Contracts. SCHEDULE 5.10 (a) Section 4.03 of the Disclosure Schedules sets forth a true and complete list of all Contracts that are of the following types (x) material to the business which Seller is a party or operations of Orion, taken as a whole, to either Orion Party; by which it is bound and (y) which are used or held for use in, or relate to, in whole or in part, the Business, or to which any of the Orion Parties are Purchased Assets is subject (each such Contract, a party“Material Contract”):
(i) any Contract of any kind with any director, by which either are bound officer, or to which employee of Seller or any of their respective assets its Affiliates, and any Assigned Contract or properties are subject, as applicable, including but not limited to the following types arrangement of Contracts:
(a) any collective bargaining agreementkind with any Affiliate of Seller;
(bii) any Contract with any employee, consultant, advisor, officer that involves performance of services or director delivery of Orion goods or Merger Submaterials by or to Seller of an amount or value in excess of $75,000;
(ciii) any Contract providing for capital expenditures after the Effective Date in an amount in excess of $150,000 individually or in the aggregate;
(iv) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract pursuant to act which Seller acts as one any of the foregoing on behalf of any Person;
(dv) any Contract which involves affecting the payment ownership of, leasing of, title to, use of or receipt of cash any material leasehold or other interest in any material real property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(evi) any Contract that contains a lease, sublease or other contractual arrangement under which Seller is lessee of any equipment or other tangible property, other than Contracts that may be terminated on thirty (30) days or less notice (without penalty or premium) or involve payments of less than $75,000 in any year;
(vii) except with respect to the Pipeline Loans, any Contract pursuant to which either Orion Party (i) Seller has made or will make any loans or advances; (ii) , or has or will have incurred debts, debts or become a guarantor or surety, surety or pledged its credit on; on or (iii) has or will have otherwise become responsible with respect to any undertaking Liability of another Person (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicebusiness);
(fviii) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financingContract relating to material Indebtedness;
(gix) any Contract involving a partnership, joint venture or any other cooperative undertakingundertaking involving a sharing of profits, losses, costs or liabilities between or among Seller and any other Person;
(hx) any Contract involving that (A) materially limits the freedom of Seller to engage in any restrictions line of business or to compete with respect to (i) any geographical area of operationsother Person; or (iiB) scope restrains, restricts, limits or type impedes the ability of Seller to compete with or conduct any business or line of business of Orion or Merger Subin any geographic area;
(ixi) any Contract that is or contains a power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger SubSeller, or pursuant to which Orion or Merger Sub are Seller is granted the authority to act for or on behalf of any Person;
(jxii) any Contract Contract, whether or not fully performed, relating to any corporate acquisition or disposition of Orion any stock of, or Merger Subany material portion of the assets of, Seller or any other Person, or any acquisition or disposition of any subsidiary, division, division or line of business of Seller or any other Person;
(xiii) any Contract pursuant to which Seller has the right or obligation to sell to any Person any Mortgage Loan;
(xiv) any Contract to which any In-Scope Employee is bound which in any manner purports to restrict such In-Scope Employee’s freedom to engage in any line of business or real propertyto compete with any other Person;
(xv) any Contract that grants to Seller a license or sublicense in any material Intellectual Property (other than for the use of commercially available, non-customized software);
(xvi) any Contract under which Seller grants to any third party a license in each case during the five years prior to the date of this Agreementany material Intellectual Property; and
(kxvii) any other Contract not specified above that necessary to operate the Business.
(b) To Seller’s Knowledge, each Assigned Contract is otherwise material to binding against the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true other parties thereto in accordance with its respective terms and complete copies of each document listed on SCHEDULE 5.10(assuming due power and authority of, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by due execution and delivery by, the other party or parties thereto) is valid and binding on Seller in accordance with its terms (except as may be limited by Laws applicable to receivership, bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar Laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies or by general principles of equity) and is in full force and effect. Neither Seller or, to Seller’s Knowledge, any other party thereto is in material breach of or default under (or is alleged to be in breach of or default under), or has provided or received any written notice of any intention to terminate, any Assigned Contract. No event or circumstance has occurred with respect to Seller that, with or without notice or lapse of time or both, would not have constitute an Orion Material Adverse Effectevent of default under any Assigned Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder. To Seller’s Knowledge, no event or circumstance has occurred with respect to any other party thereto that, with or without notice or lapse of time or both, would constitute an event of default under any Assigned Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Impac Mortgage Holdings Inc), Asset Purchase Agreement (Impac Mortgage Holdings Inc)
Contracts. SCHEDULE 5.10 sets Except: (i) with respect to contracts or agreements with the Purchaser or the Purchaser's Subsidiaries, or (ii) as set forth a list of all Contracts that are (x) material on Schedule 3.11 annexed hereto, to the business knowledge of Xxxxx and Suozzi, the Company is not a party to or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, bound by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsany:
(a) contract or agreement involving amounts payable to the Company during any collective bargaining agreement12-month period that will aggregate $100,000 or more;
(b) management, consultant or employment contract under which there are amounts payable by the Company during any Contract with any employee, consultant, advisor, officer 12-month period that will aggregate $75,000 or director of Orion or Merger Submore;
(c) contract obligating the Company to make severance or similar payments to any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency employee or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one officer of the foregoing on behalf Company upon termination of employment or to make payments to any Personofficer or employee of the Company in excess of the officer's or employee's regular salary and reimbursement of ordinary business expenses;
(d) contract or agreement with any Contract distributor, dealer or sales representative that is not cancelable without liability to the Company on a maximum of thirty (30) days notice and under which involves there are amounts payable by the payment Company during any 12-month period that will aggregate $100,000 or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000more;
(e) contract or agreement of any Contract pursuant nature whatsoever between the Company, on the one hand, and any past or present director or officer of the Company or any of its Affiliates, on the other hand;
(f) contract or agreement relating to any loan, factoring or credit line;
(g) lease of Real Property other than those described on Schedule 3.12 annexed hereto;
(h) lease of Tangible Property under which either Orion Party the Company is a lessor or lessee involving payments by or to the Company in excess of $100,000 in any 12-month period;
(i) has made purchase commitments, requirements or similar contracts (or series of related purchase commitments, requirements or similar contracts) involving amounts payable by the Company during any 12-month period that will make any loans aggregate $100,000 or advances; more;
(iij) has outstanding guaranty, subordination or will have incurred debtsother similar type of agreement, whether or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions not entered into in the ordinary course of business consistent with past practice)business;
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) material contract concerning non-competition;
(l) material contract concerning confidentiality, except in the ordinary course of business;
(m) joint venture, partnership, cooperative arrangement or any Contract not specified above other contract involving a sharing of profits;
(n) material contract with any Governmental Authority (including any conciliation agreement, consent decree or letter of commitment); or
(o) proposed arrangement or contract which the Company reasonably believes to be near consummation and of a type that is otherwise material to the business or operations of Orion, taken as if entered into would be a whole, to either Orion Partycontract described in subsections (a) through (n) above. To the Knowledge of the Orion Parties, Orion has made available to Target true Accurate and complete copies of each document such documents have been delivered by the Company and/or Xxxxx or Xxxxxx to the Purchaser or made available to the Purchaser at the Company's offices. To the knowledge of Xxxxx and Suozzi, each material contract to which the Company is a party is in full force and effect and is enforceable by the Company in accordance with its terms against all other parties thereto, subject as to enforceability to bankruptcy, insolvency and similar laws affecting creditors' rights generally. To the knowledge of Xxxxx and Xxxxxx, the Company has not received any notice of a default under any such contract listed on SCHEDULE 5.10Schedule 3.11 or Schedule 3.12 annexed hereto and, to the knowledge of Xxxxx and Suozzi, no event or condition has happened or presently exists which constitutes a written description default or, after notice or lapse of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of time or both, would constitute a default under any Contracts such contract listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectSchedule 3.11 annexed hereto.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Safety Components International Inc), Stock Purchase Agreement (Safety Components International Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) Schedule 6.14(a) (with paragraph references corresponding to those set forth below) contains a true and complete list of each of the following Assumed Contracts (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all amendments and supplements thereto and all waivers of any collective bargaining agreementterms thereof, have been delivered to Acquiror prior to, or will be delivered to Acquiror immediately following, the execution of this Agreement):
(i) all Assumed Contracts providing for a commitment of employment or consultation services for a specified or unspecified term, the name, position and rate of compensation of each Person party to such an Assumed Contract and the expiration date of each such Assumed Contract, other than Assumed Contracts as to which the Acquiror will not be required to make payments after the Closing exceeding $25,000 as to any Assumed Contract or $250,000 as to all the excluded Assumed Contracts;
(bii) any Contract all Assumed Contracts with any employee, consultant, advisor, officer Person containing any provision or director covenant that will prohibit or limit the ability of Orion Acquiror to engage in any business activity or Merger Subcompete with any Person or will prohibit or limit the ability of any Person to compete with Acquiror;
(ciii) any Contract with a sales representativeall partnership, manufacturer’s representativejoint venture, distributor, dealer, broker, sales agency, advertising agency shareholders’ or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of similar Assumed Contracts with any Person;
(div) any Contract which involves the payment or receipt all Assumed Contracts relating to Indebtedness of cash or other property, an unperformed commitment or goods or services, in each case having a value Transferor in excess of $10,00050,000;
(ev) all collective bargaining or similar labor Assumed Contracts;
(vi) all Assumed Contracts that will (A) limit or contain restrictions on the ability of Acquiror to incur Indebtedness, to incur or suffer to exist any Contract pursuant Lien, to purchase or sell any Assets and Properties, to change the lines of business in which either Orion Party it participates or engages or to engage in any Business Combination or (B) require Acquiror to maintain specified financial ratios or levels of net worth or other indicia of financial condition;
(vii) all Assumed Contracts between Transferor on the one hand and any of Transferor or Transferor’s Affiliates or any employees of Transferor on the other hand (other than Benefit Plans and employment contracts already disclosed in Schedule 6.14(a) and described in (i) has made above);
(viii) all other Assumed Contracts, other than Mortgage Notes or will make any loans Mortgage Loan agreements acquired or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions entered into by Transferor in the ordinary course of business consistent with past practice);
practice or Agency Contracts, that (fA) any indentureinvolve the payment or potential payment, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf terms of any Person;
such Assumed Contract, by or to Acquiror after the Closing of more than $25,000 and (jB) cannot be terminated by Acquiror after the Closing within thirty (30) calendar days after giving notice of termination without resulting in any Contract relating material cost or penalty to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementAcquiror; and
(kix) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, extent not otherwise covered by clauses (i) to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10(viii) above, and except for Assumed Contracts related to the actual assignment and sale of individual loans made by Transferor to Mortgagors in the ordinary course of business in accordance with past practices, all Agency Contracts, all Servicing Agreements and all other Assumed Contracts pursuant to which Transferor originates, sells or services Mortgage Loans.
(b) Except as to Assumed Contracts the termination of which, or the liability for breach of which would not reasonably be expected to have a written description Material Adverse Effect either individually or in the aggregate, each Assumed Contract required to be disclosed in Schedule 6.14(a) is in full force and effect and constitutes a legal, valid and binding agreement, enforceable against Transferor to the extent a party thereto in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, recharacterization or other similar Laws affecting creditor’s rights generally and by general equitable principles (regardless of each oral arrangement so listed whether considered in a proceeding in equity or at law); and except as disclosed in Schedule 6.14(b), (i) Transferor is contained on SCHEDULE 5.10. The cancellation not in violation or breach of or default under any Contracts listed on SCHEDULE 5.10 at such Assumed Contract (and with notice or lapse of time or both, would not be in violation or breach of or default under any time by the such Assumed Contract), (ii) Transferor has not received notice that any other party to an Assumed Contract claims that such Assumed Contract is not its legal, valid and binding obligation or is unenforceable against such other party or parties thereto would not have an Orion Material Adverse Effectthat Transferor is in default under such Assumed Contract, and (iii) other than the Assumed Contracts, there are no other Contracts to which Transferor is a party or by which any of its Assets and Properties is bound.
Appears in 2 contracts
Samples: Acquisition Agreement (Municipal Mortgage & Equity LLC), Acquisition Agreement (Municipal Mortgage & Equity LLC)
Contracts. SCHEDULE 5.10 Section 4.13 of the Company Disclosure Schedules sets forth a complete and accurate list of all of the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any Company Entity is a party or by which it is bound as of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of date hereof (such Contracts being “Material Contracts:”):
(a) Contracts for the sale of any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf assets of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having Company Entity with a value in excess of $10,000250,000 individually or $500,000 in the aggregate, other than in the ordinary course of business, or for the grant to any Person of any preferential rights to purchase any of such assets other than in the ordinary course of business;
(b) Contracts for joint ventures, partnerships or sharing of profits;
(c) Contracts containing covenants not to compete in any line of business or with any Person in any geographical area;
(d) Contracts containing covenants not to solicit or hire any Person with respect to employment, except for any such Contracts entered into in the ordinary course with suppliers;
(e) Contracts entered into during the past three (3) years relating to the acquisition or disposition (by merger, purchase of stock or assets or otherwise) by any Contract pursuant to which either Orion Party Company Entity of any business or a material amount of stock or assets of any other Person;
(if) has made Contracts evidencing Indebtedness in excess of $500,000 (whether incurred, assumed, guaranteed or will make secured by any loans or advances; asset);
(iig) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments standard indemnification provisions in transactions Contracts entered in the ordinary course of business consistent with past practice);
(f) any indenturebusiness, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving under which any Company Entity is required to provide continuing indemnification or a partnershipguarantee of obligations of any Person (other than any other Company Entity) or the assumption of any Tax, joint venture environmental or other cooperative undertakingLiability of any Person;
(h) any Contract involving under which any restrictions with respect Company Entity has advanced or loaned any amount to (i) any geographical area of operations; its managers, directors or (ii) scope executive officers and such advance or type of business of Orion or Merger Subloan remains outstanding;
(i) any power Contract between any Company Entity, on the one hand, and any of attorney their respective managers, directors or agency agreement or arrangement with any Person pursuant to which such Person is granted executive officers, on the authority to act for or on behalf of Orion or Merger Subother hand, or pursuant to which Orion or Merger Sub are granted other than the authority to act for or on behalf of any PersonEmployment Contracts;
(j) the Employment Contracts;
(k) collective bargaining agreements or Contracts;
(l) Contracts with suppliers of any Company Entity that involve contractual commitments by a Company Entity to make annual payments in excess of $250,000 per year and that cannot be canceled by a Company Entity without penalty or without more than thirty (30) days’ notice;
(m) other than agreements with third-party paying agents that are owned by a Governmental Authority, any Contract relating with a Governmental Authority in excess of $100,000;
(n) any Contract under which any Company Entity is obligated to make any corporate acquisition capital commitment or disposition expenditure in excess of Orion $250,000 in any twelve month period;
(o) Contracts with each of the Top Paying Agents and the Top Depository Institutions;
(p) Any Contract with a bank or Merger Sub, other provider of transaction processing or any acquisition settlement services for the funding of transfers initiated through services provided by the Company or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementits Subsidiaries; and
(kq) any other Contracts (other than those listed in clauses (a) through (p) of this Section 4.14 and other than the Employment Contracts) (A) that involve aggregate consideration in excess of $250,000 per year, and (B) that cannot be canceled by the Company without penalty or without more than 30 days’ notice. Except as set forth in Section 4.13 of the Company Disclosure Schedules, each Material Contract not specified above that is otherwise material valid, binding and enforceable on the applicable Company Entity in accordance with its terms and, to the business Company’s Knowledge, each other party thereto (assuming the valid execution by such party), and is in full force and effect, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or operations of Orionsimilar Laws relating to or affecting creditors’ rights generally and subject, taken as a wholeto enforceability, to either Orion Partythe effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). No Company Entity, nor to the Company’s Knowledge, any other party thereto is in breach of or default under in any material respect, or has provided or received any written notice of any intention to terminate, any Material Contract. To the Knowledge Company’s Knowledge, as of the Orion Partiesdate hereof, Orion no event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default in any material respect under any Material Contract by the Company Entity party thereto. Complete and correct copies of each Material Contract (including all modifications, amendments and supplements thereto) have been made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectParent.
Appears in 2 contracts
Samples: Merger Agreement (International Money Express, Inc.), Merger Agreement (Fintech Acquisition Corp. II)
Contracts. SCHEDULE 5.10 sets (a) Section 2.18(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of each of the following Contracts or other arrangements (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all Contracts that are (x) material amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Investor prior to the business or operations execution of Orion, taken as a wholethis Agreement), to either Orion Party; and (y) to which the Company or any of the Orion Parties are Subsidiary is a party, party or by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsAssets and Properties is bound:
(aA) all Contracts (excluding Benefit Plans) providing for a commitment of employment or consultant services for a specified or unspecified term, the name, position and rate of compensation of each Person party to such a Contract and the expiration date of each such Contract; and (B) any collective bargaining agreement;
written or unwritten representations, commitments, promises, communications or courses of conduct involving an obligation of the Company or any Subsidiary to make payments (bwith or without notice, passage of time or both) to any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesconnection with, or any Contract to act as one a consequence of, the transactions contemplated hereby (including the exercise of the foregoing on behalf Warrants) or by the Operative Agreements or to any employee who is disclosed in Section 2.22(a) of any Person;
(d) any Contract which involves the payment or receipt of cash or Disclosure Schedule, other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible than with respect to any undertaking of another (except for the negotiation salary or collection of negotiable instruments in transactions incentive compensation payments in the ordinary course of business consistent with past practice);
(fii) all Contracts with any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Person containing any provision or covenant prohibiting or limiting the ability of real property the Company or personal property any Subsidiary to engage in any business activity or agreement for financingcompete with any Person or prohibiting or limiting the ability of any Person to compete with the Company or any Subsidiary or prohibiting or limiting disclosure of confidential or proprietary information;
(giii) any Contract involving a all partnership, joint venture venture, shareholders' or other cooperative undertaking;
(h) any Contract involving any restrictions similar Contracts with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jiv) all Contracts relating to Indebtedness of the Company or any Subsidiary;
(v) all Contracts (A) with independent contractors, distributors, dealers, manufacturers' representatives, sales agencies or franchisees, (B) with aggregators, manufacturers and equipment vendors, and (C) with respect to the sale of services, products or both, to customers;
(vi) all guarantees of any Indebtedness or other obligations of the Company, any Subsidiary or any third Person;
(vii) all Contracts relating to (A) the future disposition or acquisition of any Assets and Properties, other than dispositions or acquisitions in the ordinary course of business consistent with past practice and the provisions of this Agreement and the Operative Agreements, and (B) any Contract relating to any corporate acquisition Business Combination;
(viii) all executory Contracts between or disposition of Orion or Merger Sub, among the Company or any acquisition Subsidiary, on the one hand, and any current or disposition former officer, director, stockholder, manager, member, Affiliate or Associate of the Company or any Subsidiary or any Associate of any subsidiarysuch officer, divisiondirector, line stockholder or Affiliate (other than the Company or any Subsidiary), on the other hand, other than contracts disclosed pursuant to Section 2.18(a)(i);
(ix) all collective bargaining or similar labor Contracts;
(x) all Contracts that (A) limit or contain restrictions on the ability of the Company or any Subsidiary to declare or pay dividends on, to make any other distribution in respect of or to issue or purchase, redeem or otherwise acquire its capital stock, to incur Indebtedness, to incur or suffer to exist any Lien, to purchase or sell any Assets and Properties, to change the lines of business in which it participates or real propertyengages or to engage in any Business Combination, (B) require the Company or any Subsidiary to maintain specified financial ratios or levels of net worth or other indicia of financial condition or (C) require the Company or any Subsidiary to maintain insurance in each case during the five years prior to the date certain amounts or with certain coverages;
(xi) all powers of this Agreementattorney and comparable delegations of authority;
(xii) all Company Management Agreements and Third Party Management Agreements; and
(kxiii) any Contract all other Contracts not specified above that is otherwise required to be disclosed in Section 2.18(a) of the Disclosure Schedule which are material to the business Business or operations Condition of Orionthe Company.
(b) Each Contract required to be disclosed in Section 2.18(a) of the Disclosure Schedule, taken including each Company Management Agreement and each Third Party Management Agreement is in full force and effect (except for breaches and defaults of which neither the Company nor any Subsidiary has any knowledge) and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms, of each party thereto; and, except as a wholedisclosed in Section 2.18(b) of the Disclosure Schedule, neither the Company, any Subsidiary nor, to either Orion Party. To the Knowledge knowledge of the Orion PartiesCompany and the Subsidiaries, Orion any other party to such Contract is, nor has made available to Target true and complete copies received notice that it is, in violation or breach of each document listed on SCHEDULE 5.10or default under any such Contract (or with notice or lapse of time or both, and a written description would be in violation or breach of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation or default under any such Contract).
(c) Neither the Company nor any Subsidiary has knowledge of any Contracts listed on SCHEDULE 5.10 at Contract to which either is a party that could give rise to a material Loss to the Company or any time Subsidiary by reason of the pricing terms or any other party or parties thereto would not have an Orion Material Adverse Effectterms contained therein.
Appears in 2 contracts
Samples: Investment Agreement (Chadmoore Wireless Group Inc), Investment Agreement (Moore Robert W/Nv)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) Except as set forth on Schedule 3.11, LTC is neither a party to, nor bound by, any collective bargaining material lease, agreement, contract, commitment or other legally binding contractual right or obligation (whether written or oral) that is of a type described below (collectively, "Contracts"):
(i) any lease (whether of real or personal property);
(bii) any Contract with any employeeagreement for the purchase of materials, consultantsupplies, advisorgoods, officer services, equipment or director of Orion or Merger Subother assets;
(ciii) any Contract with a sales representativesales, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency distribution or other Person engaged in salessimilar agreement providing for the sale by LTC of materials, distributing supplies, goods, services, equipment or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personother assets;
(div) any Contract which involves the payment or receipt of cash partnership, joint venture or other property, an unperformed commitment similar agreement or goods or services, in each case having a value in excess of $10,000arrangement;
(ev) any Contract pursuant to which either Orion Party any third party has rights to own or use any material asset of LTC, including, without limitation, any Intellectual Property Right of LTC;
(ivi) has made any agreement relating to the acquisition or will make disposition of any loans business (whether by merger, sale of stock, sale of assets or advances; (iiotherwise) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect granting to any undertaking Person a right of another first refusal, first offer or other right to purchase any of LTC's assets;
(except for the negotiation vii) any agreement relating to Indebtedness (in any case, whether incurred, assumed, guaranteed or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicesecured by any asset);
(fviii) any indenturelicense, credit franchise or similar agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(gix) any agency, dealer, sales representative, marketing or other similar agreement;
(x) any Contract involving a partnership, joint venture that may not be terminated by LTC without payment of penalty or other cooperative undertakingon 90 days' or less prior notice;
(hxi) any Contract involving agreement that limits the freedom of LTC to compete in any restrictions line of business, geographic area or with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jxii) any Contract relating agreement with (A) any stockholder of LTC or any other Affiliate of LTC, or (B) any director or officer of LTC or with any "associate" or any member of the "immediate family" (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Exchange Act) of any such director or officer;
(xiii) any management service, consulting or any other similar type of agreement;
(xiv) any warranty, guaranty or other similar undertaking with respect to any corporate acquisition product or disposition of Orion contractual performance (or Merger Sub, or any acquisition or disposition LTC's standard forms of any subsidiaryof the foregoing) or agreement to indemnify any Person;
(xv) any employment, divisiondeferred compensation, line severance, bonus, retirement or other similar agreement or plan in effect as of business the date hereof entered into or real propertyadopted by LTC;
(xvi) any other agreement, commitment, arrangement or plan not made in each case during the five years prior Ordinary Course of Business of LTC that is material to LTC.
(b) Each Contract disclosed in or required to be disclosed in Schedule 3.11 is a valid and binding agreement of LTC and, to the date knowledge of this Agreement; and
(k) any Contract not specified above that is otherwise material LTC, each other party thereto, enforceable in accordance with its respective terms, except to the business or operations extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of Orion, taken as a wholecreditors' rights generally and by general equitable principles. Neither LTC nor, to either Orion Partythe knowledge of LTC, any other party to any such Contract is in default or breach (with or without due notice or lapse of time or both) in any material respect under the terms of any such Contract. To the Knowledge knowledge of LTC, there is no event, occurrence, condition or act which, with the Orion Partiesgiving of notice or the passage of time or both, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation or the happening of any Contracts listed on SCHEDULE 5.10 at other event or condition, would reasonably be expected to become a material default or breach or event of default under any time by the other party or parties thereto would not have an Orion Material Adverse Effectsuch Contract.
Appears in 2 contracts
Samples: Agreement (Lithium Technology Corp), Agreement (Lithium Technology Corp)
Contracts. SCHEDULE 5.10 sets forth a list Section 3.12 of the VCI Disclosure Schedule lists all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) written agreements to which VCI or any of the Orion Parties are its Subsidiaries is a party, party or by which either are bound or to which any of their respective assets or properties are subject, as applicableit is bound, including but not limited to the following types of Contractsto:
(a) any collective bargaining agreementwritten arrangement for the provision of products or services to customers or other third parties;
(b) any Contract with any employeewritten arrangement for the purchase of raw materials, consultantcommodities, advisorsupplies, officer products or director other personal property or for the receipt of Orion consulting or Merger Subother services;
(c) any Contract with written arrangement establishing a sales representativepartnership, manufacturer’s representativejoint venture development, distributor, dealer, broker, sales agency, advertising agency marketing or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Persondistribution arrangement;
(d) any Contract written arrangement under which involves the payment it has created, incurred, assumed, or receipt guaranteed (or may create, incur, assume, or guarantee) indebtedness (including capitalized lease obligations) or under which it has imposed (or may impose) a Security Interest on any of cash its assets, tangible or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000intangible;
(e) any Contract pursuant to which either Orion Party written arrangement concerning confidentiality or noncompetition (i) has made other than standard confidentiality agreements with employees, consultants or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicedirectors);
(f) any indenture, credit written agreement, loan agreement, note, mortgage, security agreement, lease of real property contract or personal property commitment that calls for fixed and/or contingent payments or agreement for financingexpenditures (including without limitation any advertising or revenue sharing arrangement);
(g) any Contract involving a partnershipwritten outstanding sales or advertising contract, joint venture commitment or proposal (including, without limitation, insertion orders, slotting agreements or other cooperative undertaking;agreements under which VCI or any of its Subsidiaries has allowed third parties to advertise on or otherwise be included in World Wide Web sites of VCI or any of its Subsidiaries)
(h) any Contract involving any restrictions written agreements, contracts or commitments with respect to (i) any geographical area of operations; officers, employees, agents, consultants, advisors, salesmen, sales representatives, distributors or (ii) scope dealers that are not cancelable "at will" and without liability, penalty or type of business of Orion or Merger Sub;premium.
(i) any power of attorney written employment, independent contractor or agency agreement similar agreement, contract or arrangement with any Person pursuant to which such Person commitment that is granted the authority to act for not terminable on thirty (30) days' notice or on behalf of Orion less without penalty, liability or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf premium of any Person;type, including, without limitation, severance or termination pay.
(j) any Contract relating written arrangement involving any VCI shareholders or their Affiliates. Neither VCI nor any of its Subsidiaries is a party to any corporate acquisition oral contract, agreement or disposition other arrangement which, if reduced to written form, would be required to be listed in Section 3.12 of Orion the VCI Disclosure Schedule. All of the agreements listed in the VCI Disclosure Schedule to which VCI or Merger Subany of its Subsidiaries is a party are valid, binding, in full force and effect and enforceable in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and except that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefor may be brought (whether at law or in equity). Except as set forth in Section 3.12 of the VCI Disclosure Schedule, no such contract contains any liquidated damages, penalty or similar provision. To VCI's knowledge, no party to any such contract intends to cancel, withdraw, modify or amend such contract, agreement or arrangement. Except as set forth in Section 3.12 of the VCI Disclosure Schedule, neither VCI nor any of its Subsidiaries is in default under or in breach or violation of, nor, to VCI's knowledge, is there any valid basis for any claim of default by VCI or any of its Subsidiaries under, or breach or violation by VCI or any acquisition or disposition of its Subsidiaries of, any material provision of any subsidiary, division, line contract listed on the VCI Disclosure Schedule. Except as set forth in Section 3.12 of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a wholeVCI Disclosure Schedule, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the VCI's knowledge no other party is in default under or parties thereto would not have an Orion Material Adverse Effectin breach or violation of, nor is there any valid basis for any claim of default by any other party under or any breach or violation by any other party of, any such contract.
Appears in 2 contracts
Samples: Merger Agreement (Healthcentral Com), Agreement and Plan of Reorganization and Merger (Healthcentral Com)
Contracts. SCHEDULE 5.10 sets forth a list (a) Schedule 4.19(a) of all the Seller Disclosure Schedules lists, as of the Agreement Date, and Seller has made available to Buyer correct and complete copies of, the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are Seller is a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(ai) each Contract or group of related Contracts with the same Person for the performance of services or the delivery of any goods, equipment or materials by Seller (other than the Contracts or group of related Contracts with the same Person entered into by Seller in the Ordinary Course of Business involving aggregate payments to or by Seller of less than $25,000 during any 12-month period);
(ii) each collective bargaining agreement;
(biii) each Contract which provides for the payment of any Contract with severance benefits, retention bonuses or sale bonuses to any employeeBusiness Employee, consultant, advisor, officer or director other than bonuses paid in the Ordinary Course of Orion or Merger SubBusiness;
(civ) agreements between Seller, on the one hand, and Parent or any other of its Affiliates, on the other;
(v) each Contract or group of related Contracts with the same Person relating to the lease of tangible assets, personal property or equipment, specifying in each case whether Seller is the lessee or lessor (other than Contracts or group of related Contracts with the same Person in the Ordinary Course of Business involving aggregate payments to or by Seller of less than $25,000 during any 12-month period);
(vi) each Contract relating to the license or use of Intellectual Property, specifying in each case whether the license is to or from Seller, other than licenses, terms of service agreements and similar Contracts for “shrinkwrap,” “clickwrap,” or other similar “off-the-shelf” software that is available on a retail basis;
(vii) each employment or consulting Contract (other than offer letters on Seller’s standard form) which on its terms provides for annual compensation in excess of $100,000;
(viii) each Contract with a sales representativean Authority;
(ix) each Contract involving capital expenditures in excess of $5,000 or the sale of any capital asset;
(x) each Contract relating to the borrowing of money or to mortgaging, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency pledging or other Person engaged in sales, distributing or promotional activities, or otherwise placing an Encumbrance on any Contract to act as one of the foregoing Purchased Assets or the Business that will survive the Closing;
(xi) each Contract relating to the lending of money (other than advances of expenses to employees in the Ordinary Course of Business, and player markers issued in the Ordinary Course of Business and reflected in the Business’s books and records) or to taking any mortgage, pledge or otherwise placing an Encumbrance on behalf any assets of any Person;
(dxii) any each Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant relating to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertakingjoint development, marketing, sales or similar arrangement;
(hxiii) each Contract containing exclusivity, noncompetition, nonsolicitation or other provisions that prohibit, restrict or limit to any Contract involving any restrictions with respect extent Seller’s right to (i1) freely engage in any geographical area of operations; business anywhere in the world, or (ii2) scope solicit or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted engage the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf services of any Person;
(jxiv) any each Contract relating that grants to any corporate acquisition or disposition Person the right to occupy any portion of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementFacilities; and
(kxv) any each Assigned Contract not specified above that which requires Consent to an assignment of the Contract or to a sale of all or substantially all of Seller’s or the Business’s assets or operations.
(b) Except as set forth in Schedule 4.19(b) of the Seller Disclosure Schedules, (i) each of the Assigned Contracts is otherwise material to the business or operations of Orion, taken as a wholevalid and binding on Seller and, to either Orion Party. To the Knowledge of the Orion PartiesSeller, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10other party thereto, and is in full force and effect; (ii) no Person has given written notice or alleged in writing to Seller (or to the Knowledge of Seller, otherwise alleged) that Seller or any other party to any of the Assigned Contracts is in Breach thereof; (iii) to the Knowledge of Seller no event has occurred, and no circumstance exists that was caused by Seller or Parent, and to the Knowledge of Seller no other circumstance exists, that has resulted or would reasonably be expected to result in a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation Breach of any of the Assigned Contracts listed on SCHEDULE 5.10 at by Seller or by any time by the other party thereto; and (iv) no party to any of the Assigned Contracts has in writing terminated or parties thereto would not have an Orion Material Adverse Effectpurported to terminate or requested any material modification or waiver thereof. There are no Contracts other than the Assigned Contracts and the Leases which are necessary for the operation or for the continued operation by Buyer of the Business as currently conducted in the Ordinary Course of Business.
Appears in 2 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Nevada Gold & Casinos Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) Schedule 4.6 sets forth all Contracts to which the Seller is a party or otherwise bound that are of the following nature (excluding, for clarity, Contracts that have expired or been terminated with no surviving provisions):
(i) any collective bargaining agreementContract for the purchase of services, equipment, materials, products, or supplies that (a) involves payments by the Seller of more than $50,000 individually on an annual basis or (b) which has not been fully performed and which expressly requires payment by the Seller of more than $50,000;
(bii) any Contract relating to or evidencing Indebtedness;
(iii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger SubGovernmental Authority;
(civ) any Contract with any Affiliate of the Seller;
(v) any employment, independent contractor or consulting Contract (excluding offer letters on the Seller’s standard forms provided to the Buyer);
(vi) any Contract with a sales representativenoncompetition, manufacturer’s representativenonsolicitation, distributor, dealer, broker, sales agency, advertising agency “most-favored-nation” pricing or exclusivity agreement or other Person engaged arrangement that would prevent, restrict or limit in salesany way the Seller or, distributing to the extent that such Contract is an Assigned Contract, the Buyer, from carrying on its business in any manner or promotional activities, or in any Contract to act as one of the foregoing on behalf of any Persongeographic location;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(evii) any Contract pursuant to which either Orion Party (i) has made the Seller are the lessee or will make any loans or advances; (ii) has or will have incurred debtslessor of, or become a guarantor or suretyholds, uses, or pledged its credit on; makes available for use to any Person, (a) any real property or (iiib) has any tangible personal property and, in the case of clause (b), that involves an aggregate amount in excess of $20,000;
(viii) any Contract for the sale or purchase of any tangible personal property in an amount in excess of $20,000 individually, or for the sale or purchase (including any option to purchase or right of first refusal or right of first negotiation) of any real property;
(ix) any Contract or commitment for capital expenditures of more than [$20,000] individually;
(x) any license agreement providing for the payment or receipt of royalties or other compensation by the Seller, or the license of any material Intellectual Property Assets which will have otherwise become responsible extend over a period of at least one year, or involve consideration in excess of $20,000 individually;
(xi) any joint venture or partnership, merger, asset or stock purchase or divestiture Contract;
(xii) any Contract to provide a guaranty, indemnification, reimbursement, contribution, assumption or endorsement of, or any substantially similar commitment with respect to, the obligations, Liabilities or Indebtedness of any other Person, except commercial Contracts containing standard indemnification provisions entered into in the ordinary course of business;
(xiii) any confidentiality, secrecy, or non-disclosure agreement entered into outside the ordinary course of business;
(xiv) any Contract that results in any Person holding a power of attorney that relates to the Seller, the Business, the Purchased Assets or the Assumed Liabilities;
(xv) any undertaking of another Contract with a Key Customer or Key Vendor; and
(except for the negotiation xvi) any other Contract, whether or collection of negotiable instruments in transactions not made in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business business, assets, liabilities, condition (financial or otherwise) or results of operations of Orionthe Business.
(b) The Seller is not in material breach of, taken as a wholeor material default under, to either Orion Partyany Assigned Contract. To the Knowledge Seller’s Knowledge, each other Person that has or had any obligation or liability under any Assigned Contract is in full compliance with all applicable terms and requirements of such Assigned Contract. To the Orion PartiesSeller’s Knowledge, Orion no event has made available occurred or circumstance exists that may contravene, conflict with, or result in a violation or breach of, or give the Seller’s or any other Person, the right to Target true and complete copies of each document listed on SCHEDULE 5.10declare a default or exercise any remedy under, and a written description of each or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Assigned Contract. Within the two (2) year period immediately preceding the Closing Date, the Seller has not given to or received from any other Person any notice or other communication (whether oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of or written) regarding any Contracts listed on SCHEDULE 5.10 at actual, alleged, possible, or potential violation or breach of, or default under, any time by the other party or parties thereto would not have an Orion Material Adverse EffectAssigned Contract.
Appears in 2 contracts
Samples: Asset Purchase Agreement (LQR House Inc.), Asset Purchase Agreement (LQR House Inc.)
Contracts. SCHEDULE (a) Schedule 5.10 sets forth a list identifies all of all the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of the Orion Parties Sold Assets are bound or affected or to which a party, Seller is a party or by which either are Seller is bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to in connection with the following types of ContractsSpecialty Plastics Business:
(ai) any collective bargaining Contract not made in the ordinary course involving aggregate consideration in excess of $100,000 and which cannot be cancelled without penalty or without more than 60 days’ notice;
(ii) any Contract that requires Seller to purchase or sell a stated portion of the requirements or outputs of the Specialty Plastics Business or that contain “take or pay” provisions;
(iii) any Contract for employment or personal services or with independent contractors or consultants which by its terms is not terminable without material cost or liability to Seller on notice of 60 days or less or any severance agreement;
(biv) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributorsupplier, dealer, brokerdistributor, sales agency, advertising agency or brokerage Contract;
(v) any Contract relating to the lease or sale to or by others of any of real property;
(vi) any Contract for capital expenditures in excess of $100,000;
(vii) any Contract for the purchase or sale of materials or supplies or the performance of services other than purchase orders in the ordinary course that involves aggregate consideration of more than $100,000;
(viii) any rebate arrangement or other Person engaged in salessimilar Contract given to any customer or received from any supplier;
(ix) any consignment, distributing or promotional activitiescommitted inventory, ledger balance inventory, or similar Contract with either a supplier or a customer;
(x) any Contract restricting Sellers’ ability to act conduct the Specialty Plastics Business or use any trade names that constitute Sold Assets in any place in the world or during any period of time;
(xi) any Contract relating to indebtedness (including without limitation guarantees) that will not be satisfied or released as one of the foregoing on behalf Closing Date;
(xii) any Contract providing for indemnification of any Person or the assumption of any Tax, environmental, or other Liability of any Person;
(dxiii) any Contract which involves the payment relating to a joint venture or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000partnership;
(exiv) any Contract pursuant that relates to which the acquisition or disposition by either Orion Party Seller or any other Person of any portion of the Specialty Plastics Business or a material amount of stock or assets, or any real property used or held for use primarily in the Specialty Plastics Business;
(xv) any Contract with or subcontract involving any Governmental Authority;
(xvi) any Contract for the sale of any of the Sold Assets; or
(xvii) any collective bargaining agreements or other Contracts with any labor union, trade unions, trade associations or labor organizations.
(b) A true and complete copy of each of the Sold Contracts listed on Schedule 2.01(c) has been made available to Buyers or their representatives. Except as set forth on Schedule 5.10, as of the date hereof, each Sold Contract is in full force and effect, and is a valid and binding agreement of the Seller that is a party to such Sold Contract and, to the Knowledge of Sellers, each of the other parties thereto, enforceable by or against such Seller, and, to the Knowledge of Sellers, each of such other parties thereto, in accordance with its terms, subject to the General Enforceability Exceptions. Each Seller has performed and is performing all obligations required to be performed under the Sold Contracts in all material respects. Except as set forth on Schedule 5.10, no condition exists or event has occurred, with or without notice or lapse of time or both, that would constitute a material default by (i) has made either Seller under any Sold Contract or will make any loans or advances; (ii) has or will have incurred debtsto the Knowledge of Sellers, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect any other party to any undertaking Sold Contract. To the Knowledge of another Sellers, (except i) no Sold Contract is subject to any impending cancellation and there are no material disputes pending or threatened under any Sold Contract and (ii) neither Seller is bound by any material commitments under any Sold Contract for the negotiation performance of services or collection delivery of negotiable instruments products in transactions connection with the Specialty Plastics Business that such Seller is unable to perform or deliver in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectbusiness.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Schulman a Inc), Asset Purchase Agreement (Ferro Corp)
Contracts. SCHEDULE 5.10 (a) All Contracts, including amendments thereto, required to be filed with the Securities Authorities on or after January 1, 2020, pursuant to Securities Laws have been filed. All such filed Contracts will be deemed to have been made available to NXDT.
(b) Other than the Contracts described in Section 4.16(a), Section 4.16(b) of the Company Disclosure Letter sets forth a list complete list, in each case as of the date hereof, of each Contract (or the accurate description of principal terms in case of oral Contracts), including all Contracts amendments, supplements and side letters thereto that are (x) modify each such Contract in any material to the business or operations of Orion, taken as a wholerespect, to either Orion Party; and (y) to which the Company or any of the Orion Parties are Company Subsidiaries is a party, party or by which either are it is bound or to which any of their respective assets are subject that:
(i) is a limited liability company agreement, partnership agreement or properties are subjectjoint venture agreement or similar Contract with a third party;
(ii) is a Management Agreement;
(iii) is a Material Company Lease;
(iv) is a Material Company Space Lease;
(v) is a franchise, agency, sales promotion, market research, marketing consulting or advertising Contract;
(vi) contains covenants of the Company or any of the Company Subsidiaries purporting to limit, in any material respect, either the type of business in which the Company or any of the Company Subsidiaries or any of their affiliates may engage or the geographic area in which any of them may so engage;
(vii) evidences Indebtedness for borrowed money or any capitalized lease obligations and other Indebtedness to any Person, (A) in excess of $100,000 of the Company or any of the Company Subsidiaries, whether unsecured or secured or (B) secured by Owned Real Property (such Contracts, the “Existing Loan Documents”);
(viii) provides for the purchase, sale, assignment, ground leasing or disposition of or a Transfer Right to purchase, sell, dispose of, assign or ground lease, in each case, by merger, purchase or sale of assets or stock or otherwise, directly or indirectly, any (A) real property (including any Owned Real Property or any portion thereof) or equity interests of any Person or (B) any other material asset of the Company or any Company Subsidiary with a fair market value or purchase price greater than $200,000;
(ix) except for any capital contribution requirements as set forth in the Organizational Documents of any Person set forth in Section 4.17(b)(ix) of the Company Disclosure Letter, or with respect to any Development Project, (A) requires the Company or any Company Subsidiary to make any investment (in each case, in the form of a loan, capital contribution or similar transaction) in any Company Subsidiary or other Person in excess of $100,000 or (B) evidences a loan (whether secured or unsecured) made to, or on behalf of, any other Person in excess of $100,000;
(x) relates to the settlement (or proposed settlement) of any pending or threatened suit or proceeding, other than any settlement that provides solely for the payment of less than $250,000 in cash (net of any amount covered by insurance or indemnification that is reasonably expected to be received by the Company or any Company Subsidiary);
(xi) with any current executive officer, director or trustee of the Company, as applicable, including but not limited or any of the Company Subsidiaries, any shareholder of the Company beneficially owning 5% or more of outstanding Company Capital Shares or, to the following types knowledge of Contracts:the Company, any member of the “immediate family” (as such term is defined in Item 404 of Regulation S-K promulgated under the Securities Act) of any of the foregoing
(axii) constitutes an interest rate cap, interest rate collar, interest rate swap or other Contract or agreement relating to a holding transaction;
(xiii) is a severance, or change of control agreement or provides for indemnification or holding harmless of any officer, manager, director, trustee or employee, or is an employment, staffing, independent contractor, professional employer organization, staffing company, temporary employment agency, or leased employee agreement or arrangement, or any collective bargaining agreement;
(bxiv) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency has continuing “earn-out” or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the similar contingent purchase price payment or receipt of cash or other property, an unperformed commitment or goods or servicesobligations, in each case having that could result in payments, individually or in the aggregate, with a value in excess of $10,000;100,000; or
(exv) governs the formation, creation, governance, economics or control of any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debtsjoint venture, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture strategic alliance or other cooperative undertaking;
similar arrangement (hor sets forth the materials terms thereof) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orionthe Company and the Company Subsidiaries, taken as a whole, other than with respect to either Orion Partyany partnership that is wholly owned by the Company or any of its wholly owned Subsidiaries; or
(xvi) is not described in clauses (i) through (xiv) above and calls for or guarantees (A) aggregate payments by the Company and the Company Subsidiaries of more than $500,000 over the remaining term of such Contract or (B) annual aggregate payments by the Company and the Company Subsidiaries of more than $100,000. To the Knowledge Each Contract of the Orion Parties, Orion a type described in clauses (a) and (b) of this Section 4.16 is referred to in this Agreement as a “Company Material Contract.” The Company has made available to Target NXDT true and complete copies of each document listed on SCHEDULE 5.10all Company Material Contracts as of the date hereof, including amendments and a supplements thereto.
(i) Neither the Company nor any Company Subsidiary is in (or has received any written description claim of) breach of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation or default under the terms of any Contracts listed on SCHEDULE 5.10 at any Company Material Contract, and, to the knowledge of the Company, no event has occurred that with notice or lapse of time or both would constitute a breach or default thereunder by the Company or any Company Subsidiary, in each case, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect and (ii) to the knowledge of the Company, no other party to any Company Material Contract is in breach of or parties thereto default under the terms of any Company Material Contract where such breach or default would not reasonably be expected to have an Orion a Company Material Adverse Effect. As of the date of this Agreement, each Company Material Contract is a valid and binding agreement of the Company or a Company Subsidiary, as applicable, and, to the knowledge of the Company, the other parties thereto and is in full force and effect, subject to the Bankruptcy and Equity Exception, except as would not reasonably be expected to adversely affect the Company or any of the Company Subsidiaries in any material respect.
Appears in 2 contracts
Samples: Merger Agreement (Nexpoint Diversified Real Estate Trust), Merger Agreement (Nexpoint Diversified Real Estate Trust)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 3.5(a) contains a true and complete list (organized by subclause) of all Contracts that are (x) material related to the business Business to which Seller is a party, or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of the Orion Parties its property or assets are a partybound, by which either are bound that fall into one (1) or to which any more of their respective assets or properties are subject, as applicable, including but not limited to the following types of categories (the “Business Contracts:”):
(ai) all Contracts involving aggregate payment by Seller in excess of $25,000 following the Closing Date or requiring unsatisfied performance by any collective bargaining agreementparty more than six (6) months from the Closing Date, which, in each case, cannot be cancelled without penalty or without more than thirty (30) days’ notice;
(bii) all Contracts between or among the Seller, on the one hand, and any Contract with any employeestockholders, consultantofficers, advisordirectors, officer members, managers or director Affiliate of Orion or Merger SubSeller, on the other hand;
(ciii) all Contracts providing product or service warranties to third parties;
(iv) all Contracts that require Seller to purchase or sell a material stated portion of the requirements or outputs of the Business;
(v) all Contracts the primary purpose of which is to indemnify any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Person or the assumption of any Tax or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf Liability of any Person;
(dvi) all Contracts (excluding, for the avoidance of doubt, any Contract which involves the payment Permit) with any Governmental Authority including any county or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000local recording office;
(evii) all Contracts that limit or purport to limit the ability of Seller to compete in any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course line of business consistent or with past practiceany Person or in any geographic area or during any period of time;
(viii) all joint venture, partnerships or similar Contracts;
(ix) all powers of attorney related to the Purchased Assets;
(x) all Intellectual Property Agreements;
(xi) all Contracts governing the Excluded Intellectual Property (the “Excluded Intellectual Property Agreements”);
(fxii) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement except for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract Contracts relating to any corporate acquisition or disposition of Orion or Merger Subtrade receivables and the Loan Agreement, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during all Contracts relating to Encumbrances against the five years prior to the date of this AgreementPurchased Assets; and
(kxiii) any Contract not specified above that is otherwise material all other Contracts related to the business or operations of Orion, taken as a whole, to either Orion PartyPurchased Assets. To the Knowledge of the Orion Parties, Orion Seller has made available to Target true furnished accurate and complete copies of all of the Business Contracts to Buyer.
(b) The Business Contracts include each document listed on SCHEDULE 5.10of the Assigned Contracts. Each of the Business Contracts that is a Purchased Asset is a valid and binding obligation of Seller and, to Seller’s Knowledge, the other parties thereto, enforceable in accordance with its terms, subject to applicable bankruptcy, and a written description insolvency laws, and to the exercise of each oral arrangement so listed is contained judicial discretion in accordance with general principles of equity. Except as set forth on SCHEDULE 5.10. The cancellation Schedule 3.5(b), there have not been any material defaults by Seller or, to the Knowledge of Seller, material defaults or any Contracts listed on SCHEDULE 5.10 at any time claims of material default or claims of material non-enforceability by the other party or parties thereto under or with respect to any of the Business Contracts that is a Purchased Asset, and to the Knowledge of Seller, there are no facts or conditions that have occurred or, as to assignability, except for the transaction contemplated by this Agreement, which, with the passage of time or the giving of notice, or both, would not have an Orion Material Adverse Effectconstitute a material default by Seller, or to the Knowledge of Seller, by the other party or parties, under any of the Business Contracts that is a Purchased Asset or would cause a creation or imposition of any Encumbrance upon any of the Purchased Assets or otherwise would materially and adversely affect the Purchased Assets.
Appears in 2 contracts
Samples: Asset Purchase Agreement, Asset Purchase Agreement (Nutri System Inc /De/)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts (i) Except as described in the Buyer SEC Documents, there are no contracts, arrangements, commitments or understandings that are (x) material to the business, assets, liabilities, capitalization, prospects, condition (financial or otherwise) or results of operations of Buyer and its Subsidiaries (collectively, the contracts, arrangements, commitments or understandings of the type described in this Section 4.2(j)(i), including those set forth in Section 4.2(j)(i) of the Buyer Disclosure Schedule or filed with the Buyer SEC Documents, "BUYER CONTRACTS," and each a "BUYER CONTRACT").
(ii) Except as set forth in Section 4.2(j)(ii) of the Buyer Disclosure Schedule, neither the Buyer nor any of its Subsidiaries is a party to or is bound by any contract, arrangement, commitment or understanding (whether written or oral): (A) which, upon the consummation or Buyer stockholder approval of the transactions contemplated by this Agreement, will (either alone or upon the occurrence of any additional acts or events) result in a requirement to obtain the consent of the other party to such contract, arrangement, commitment or understanding or in a termination of any such contract; or (B) which materially restricts the conduct of any line of business by Buyer or any Subsidiary thereof (including the Surviving Corporation) upon consummation of the Merger or will materially restrict the ability of Buyer or the Surviving Corporation or any Subsidiary thereof to engage in any line of business or operations the sale of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicableproducts, including but not limited to those products collectively sold by Buyer and the following types of Contracts:Company immediately prior to the Effective Time.
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) Each Buyer Contract is valid and binding on Buyer and any of its Subsidiaries that is a party thereto, as applicable, and in full force and effect, (B) Buyer and each of its Subsidiaries has in all material respects performed all obligations required to be performed by it to date under each Buyer Contract, and (C) neither Buyer nor any of its Subsidiaries knows of, or has received notice of, the existence of any event or condition which constitutes, or, after notice or lapse of time or both, will have otherwise become responsible with respect to constitute, a material default on the part of Buyer or any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);its Subsidiaries under any such Buyer Contract.
(fiv) Neither Buyer nor any indentureof its Subsidiaries has received any notice, credit agreementwhether written or oral, loan agreement, note, mortgage, security agreement, lease from any other party to a Buyer Contract of real property or personal property or agreement for financing;
(g) the other party's intention to terminate any such Buyer Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken whether as a whole, to either Orion Party. To the Knowledge result of the Orion Parties, Orion has made available to Target true and complete copies announcement or consummation of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party transactions contemplated hereby or parties thereto would not have an Orion Material Adverse Effectotherwise.
Appears in 2 contracts
Samples: Merger Agreement (Plato Learning Inc), Merger Agreement (Lightspan Inc)
Contracts. SCHEDULE 5.10 sets forth Section 4.13 of the Parent Disclosure Letter contains a list complete list, as of the date hereof, of all Contracts that are (xtogether with each material amendment, modification, change or waiver thereto) material to by and between any Transferred Subsidiary and one or more third parties (other than this Agreement or the business or operations of OrionAncillary Agreements), taken as a whole, to either Orion Party; and (y) pursuant to which any of the Orion Parties are a party, by which either are bound Transferred Subsidiary is obligated or liable or is entitled to any rights or benefits or pursuant to which any Transferred Subsidiary or any of their respective its properties or assets or properties are is subject, as applicablein each case, including but not limited to which fall within any of the following types categories (such Contracts as are required to be set forth in Section 4.13 of the Parent Disclosure Letter, the "Material Contracts:"):
(a) each advertising and sponsorship Contract pursuant to which payment of more than $100,000 annually is required to be paid to any collective bargaining agreementTransferred Subsidiary;
(b) each Contract providing for the sale, lease or other disposition of a material portion of the assets of any Contract with any employee, consultant, advisor, officer or director Transferred Subsidiary other than in the ordinary course of Orion or Merger Subbusiness;
(c) any each material Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency relating to the production or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf licensing of any Personprogramming for any Network;
(d) each affiliation, distribution, carriage or similar agreement between any Contract Transferred Subsidiary (or under which involves the payment any Transferred Subsidiary is bound or receipt is liable or pursuant to which any Transferred Subsidiary or any of cash its properties or other propertyassets is subject) and any of its affiliates, an unperformed commitment or goods or servicesdistributors, carriers, over-the-air broadcast operators and multichannel video programming distributors, in each case having which such affiliate, distributor, carrier or operator accounts for at least 50,000 subscribers to a value in excess Network operated by such Transferred Subsidiary as of $10,000July 31, 2006;
(e) each material definitive rights agreement relating to the telecast of professional, collegiate conference, university or high school sports teams or any sports related tournaments or events on any Network;
(f) each Contract pursuant to which either Orion Party any Transferred Subsidiary is obligated (or assuming performance of any Contract in effect at the date hereof, would be obligated) to any Person for payments in respect of capital expenditures in excess of $1,000,000;
(g) each currently effective joint venture or partnership or similar agreement and each Contract providing for the formation of a joint venture, limited liability company, long-term alliance or partnership or involving an equity investment;
(h) each currently effective Contract (including any Employment Agreements) which (A) materially restricts the ability of any Transferred Subsidiary or any of its Affiliates or the Transferred Business to engage in any business activity in any geographic area or line of business following the Closing or (B) materially restricts the ability of any Transferred Subsidiary or any of its Affiliates or the Transferred Business to compete with any Person following the Closing;
(i) each Contract (or group of related Contracts) under which there has made or will make any loans or advances; (ii) has or will have incurred debtsbeen created, incurred, assumed, or become a guarantor or suretyguaranteed any Indebtedness, or pledged its credit on; that relates to the lending or advancing of amounts or investment in any other Person, in each case, in excess of $100,000, or providing for the creation of any Encumbrance securing an obligation likely to exceed $100,000 upon any asset of any Transferred Subsidiary;
(iiij) has each lease, sublease or will have otherwise become responsible with respect similar agreement relating to tangible personal property used or held for use in the Transferred Business, for an annual rent in excess of $100,000, or agreement regarding the purchase of real property;
(k) each currently effective material Real Property Lease;
(l) any currently effective Contract concerning the marketing or distribution by third parties of any products or services of the Transferred Business (including any Contract requiring the payment of any sales or marketing or distribution commissions or granting to any undertaking Person rights to market, distribute or sell such products or services) involving sales of another products of more than $100,000 annually;
(except for the negotiation or collection of negotiable instruments in transactions m) any other currently effective Contract which was entered into other than in the ordinary course of business consistent with past practice);involving payments to or from third parties in excess of $500,000 over the remaining term of such Contract; and
(fn) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or each satellite and transponder agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person any Transferred Subsidiary is granted the authority to act for or on behalf of Orion or Merger Sub, a party or pursuant to which Orion any Transferred Subsidiary or Merger Sub are granted the authority under which any Transferred Subsidiary is bound or is liable or pursuant to act for or on behalf of which any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Transferred Subsidiary or any acquisition of its properties or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that assets is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Partysubject. To the Knowledge of the Orion Parties, Orion Parent has made available to Target true LMC or its Representatives (as defined below) correct and complete copies of each document listed on SCHEDULE 5.10all such Material Contracts (other than such Material Contracts referenced in Section 4.13(n) pursuant to which the Transferred Subsidiaries shall have no liabilities or obligations of any kind after Closing other than pursuant to the Technical Services Agreement) with all amendments thereto. Each such Material Contract is valid, binding and enforceable against a Transferred Subsidiary and the other parties thereto in accordance with its terms and is in full force and effect, subject to expiration in accordance with its terms. Except as set forth in Section 4.13 of the Parent Disclosure Letter, none of the Transferred Subsidiaries is in material default under or in material breach of any such Material Contract, and no event has occurred that, with notice or lapse of time, or both, would constitute such a written description material default. Except as set forth in Section 4.13 of the Parent Disclosure Letter, each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party parties to the Material Contracts has performed in all material respects all of the obligations required to be performed by it under, and is not in material default under, any such Material Contract, and to the Knowledge of Parent, no event has occurred that, with notice or parties thereto lapse of time, or both, would not have an Orion Material Adverse Effectconstitute such a material default.
Appears in 2 contracts
Samples: Share Exchange Agreement (Liberty Media Corp), Share Exchange Agreement (News Corp)
Contracts. SCHEDULE 5.10 sets forth a list (a) Section 2.20 of all Contracts that are (x) material the Company Disclosure Schedule lists, by reference to the business applicable subsection of this Section 2.20, all material Contracts of the Company or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of its Subsidiaries (the Orion Parties are a party“Listed Business Contracts”), by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsincluding:
(ai) all employment or other contracts (including non-competition, confidentiality, loans to employees, directors or officers, severance or indemnification agreements as well as any collective bargaining agreementagreement or other labor union contracts or agreements) with or in respect of any employee or current or former officer or director or stockholder of the Company or any Subsidiary;
(bii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Suball consulting contracts;
(ciii) instruments for borrowed money (including any Contract with a sales representativeindentures, manufacturer’s representativeguarantees, distributorloan agreements, dealersale and leaseback agreements, brokermortgages, sales agencypledges, advertising agency hypothecations, deeds of trust, conditional sale or title retention agreements, security agreements or equipment financing obligations);
(iv) agreements for acquisitions or dispositions (by merger, purchase or sale of assets or stock or otherwise) of material assets, as to which the Company or any Subsidiary has continuing obligations or rights;
(v) joint venture or partnership agreements, licensing arrangements, Contracts for sharing of profits or proprietary information, licensing and distribution Contracts;
(vi) purchase Contracts or agreements giving rise to Liabilities of the Company or any Subsidiary;
(vii) guarantees, suretyships, indemnification, contribution agreements or other Person engaged sources of contingent liability in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf respect of any indebtedness or obligations of any other Person;
(dviii) all leases of personal property;
(ix) all Contracts providing for payments by or to the Company or any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value Subsidiary in excess of $10,000500,000 per year;
(ex) all Contracts obligating the Company or any Subsidiary to provide or obtain products or services for a period of one year or more;
(xi) all Contracts containing covenants purporting to limit the Company’s or any Subsidiary’s freedom to compete with any Person or in any geographic area;
(xii) all Contracts for construction or the purchase of real estate, improvements, equipment, machinery and other items which constitute capital expenditures or which involve or are reasonably expected to involve capital expenditures;
(xiii) all agreements, Contracts, licenses or arrangements (a) granting or obtaining any right to use or practice any rights under any Intellectual Property (other than non-customized software subject to customary “shrinkwrap” or “click-through” type contracts) or (b) restricting the Company’s or any Subsidiary’s rights to use, practice or register any Intellectual Property, or permitting other Persons to use, practice or register any Intellectual Property owned by the Company or any Subsidiary;
(xiv) any agreement or Contract not terminable or cancelable by the Company or any Subsidiary upon notice of not longer than 60 days and without liability, penalty or premium;
(xv) any Contract pursuant to between the Company or any Subsidiary, on the one hand, and any director, officer or Affiliate of the Company or any Subsidiary, on the other hand;
(xvi) any exclusive sales representative or exclusive distribution Contract; and
(xvii) any agreement or Contract which either Orion Party (i) has was not made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);.
(fb) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving The Company has heretofore provided to Purchaser a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies copy of each document listed on SCHEDULE 5.10Listed Business Contract (together with all amendments thereto). Each Listed Business Contract is a legal, valid and binding obligation of the Company or the applicable Subsidiary and, to the knowledge of the Company, the other parties thereto, enforceable against such parties in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws affecting creditors generally and by the availability of equitable remedies. None of the Company, any Subsidiary or, to the knowledge of the Company, any other party thereto, is in default, violation or breach in any respect under any Listed Business Contract, and no event has occurred and is continuing that constitutes or with notice or the passage of time would constitute, a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of default, violation or breach in any Contracts listed on SCHEDULE 5.10 at respect under any time by the other party or parties thereto would not have an Orion Material Adverse EffectListed Business Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Section 2.10(a) of the Seller Disclosure Letter sets forth a complete and correct list of all Contracts each Contract to which Seller or any of its Affiliates is a party that are (x) material relates to the business or operations of OrionAcquired Assets and that is (each, taken as a whole, to either Orion Party; and “Material Contract”):
(yi) to which any of the Orion Parties are a party, Contract providing for payments by which either are bound or to which any Person in excess of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
$100,000 over any twelve (a12) any collective bargaining agreementmonth period;
(bii) a Contract relating to any Contract partnership, commercial collaboration or joint venture or other agreement involving a sharing of profits, losses, costs or Liabilities by Seller or any of its Affiliates with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(diii) a Contract with any Contract which involves the payment Governmental Entity, other than any MTAs or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000CTAs;
(eiv) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any the acquisition or disposition of any subsidiaryassets outside the Ordinary Course, divisionincluding any securities purchase agreements, line asset purchase agreements, merger agreements, business combination agreements and any earn‑out or agreement for the deferred payment of business or real property, purchase price entered into in each case during the five years prior connection therewith;
(v) an Assigned Contract;
(vi) a Contract relating to the date manufacture, storage, distribution or commercialization of this Agreement; andthe Transferred Products;
(kvii) a Contract relating to the research or development of the Transferred Products, excluding any NDAs, MTAs and CTAs;
(viii) a Contract that is a confidentiality or non‑disclosure agreement, other than those related to business development activities (“NDAs”), material transfer (or other similar research) agreement (“MTAs”) or clinical trial agreement (“CTAs”);
(ix) a Contract relating to the testing, auditing or controlling of the Transferred Products, including any pharmacovigilance Contracts and quality Contracts;
(x) a Contract that: (A) contains a covenant by Seller not specified above to compete or otherwise limits the freedom of Seller from engaging in the research, ownership, operation, development, manufacture, distribution or commercialization of the Transferred Products; (B) grants any rights of exclusivity to any Person; (C) grants any right of first refusal, first offer, first negotiation or similar preferential right; (D) grants any “most favored customer,” Americas 92425100 “most favored supplier” or similar rights to any Person; or (E) contains a “requirements” obligation requiring Seller to purchase a designated portion of any type of material; or
(xi) a Contract that is otherwise material to the business Acquired Assets.
(b) Each of the Material Contracts is in full force and effect and constitutes a legal, valid and binding agreement of Seller, and to the knowledge of Seller, each other party thereto, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or operations similar Laws of Oriongeneral application affecting or relating to the enforcement of creditors’ rights generally, taken as a wholeand subject to general principles of equity. Neither Seller, nor, to either Orion Partythe knowledge of Seller, any other party thereto is (with or without notice or lapse of time, or both) in material breach or default in the performance, observance or fulfillment of any obligation or covenant contained in any Material Contract, nor does there exist any condition which upon the passage of time or the giving of notice or both, would reasonably be expected to cause such material violation of or material default under or permit the termination or modification of, or acceleration of any obligation under, any Material Contract. To Seller has not given or received written or, to the Knowledge knowledge of Seller, oral notice to or from any Person relating to any such actual or alleged, breach or default. Seller has not received any written or, to the Orion Partiesknowledge of Seller, Orion oral notice from a Third Party stating that such Third Party intends to terminate any Material Contract and Seller has made available to Target true not waived any right under the Material Contracts. True and complete copies of each document listed on SCHEDULE 5.10all Material Contracts including all schedules, exhibits, appendices, amendments, modifications and a written description waivers relating thereto have been made available to Buyer, except to the extent such Material Contracts have been redacted to (i) enable compliance with Laws relating to antitrust or the safeguarding of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by data privacy; (ii) comply with confidentiality obligations owed to Third Parties; or (iii) exclude information not related to the other party or parties thereto would not have an Orion Material Adverse EffectAcquired Assets.
Appears in 1 contract
Samples: Asset Purchase Agreement (Vertex Pharmaceuticals Inc / Ma)
Contracts. SCHEDULE 5.10 sets forth (a) Part 3.10(a) of the Disclosure Letter lists each Acquired Company Contract:
(i) which provides for indemnification of any director or agent;
(ii) that: (A) is an Acquired Company IP Contract; (B) is a list Contract for the acquisition or sale of all Contracts any material Intellectual Property Right; or (C) is a Contract for the development of any material Intellectual Property Right other than in the case of “(A)” any Specified Customer Contract and in the case of clauses “(B)” and “(C)”: (1) any Specified Customer Contract; (2) any Contract that are (x) is not material to the business of any Acquired Company; or operations (3) any other Acquired Company Contract for the sale or license of Orionany Acquired Company Product or sale or provision of any Acquired Company Service prior to January 1, taken as 2005;
(iii) that is a wholeSpecified Customer Contract;
(iv) (A) creating or establishing any partnership or joint venture or any sharing of revenues, profits, losses, costs or liabilities (including the sharing with any Person of any fees or royalties received by any of the Acquired Companies for the licensing of any Acquired Company IP); (B) imposing on an Acquired Company an obligation to provide or grant most favored nation pricing; (C) involving a right of first refusal, right of first negotiation or other similar right with respect to an Acquired Company, an Acquired Company Product or an Acquired Company Service; or (D) involving exclusive marketing or other exclusive rights, or exclusive or non-exclusive sales, distribution or reseller rights, with respect to a material Acquired Company Product or Acquired Company Service in each case under clauses “(A)” through “(D)” other than: (1) any Specified Customer Contract; (2) any other Acquired Company Contract for the sale or license of any Acquired Company Product or sale or provision of any Acquired Company Service prior to January 1, 2005; (3) an Acquired Company IP Contract, or (4) a Contract that is not material to the business of an Acquired Company;
(v) imposing any restriction on any of the Acquired Companies: (A) to compete with any other Person; (B) to acquire any product or other asset or any services from any other Person, to either Orion sell any product or other asset to or perform any services for any other Person, or to transact business or deal in any other manner with any other Person; or (C) to develop or distribute any technology, in each case under clauses “(A)” through “(C)” other than: (1) any Specified Customer Contract; (2) any Contract that is not material to the business of any Acquired Company, and (3) any other Acquired Company Contract for the sale or license of any Acquired Company Product or sale or provision of any Acquired Company Service prior to January 1, 2005;
(vi) involving any loan, guaranty, pledge, performance or completion bond or surety arrangement in excess of EUR 25.000;
(vii) with a sole source supplier of a product or service that is material to the operation of the business of an Acquired Company or pursuant to which any Acquired Company is obligated to purchase all, or any specific portion or percentage of, its requirements for, or any minimum amount of, any product, good or service that are material to such Acquired Company;
(viii) with any Related Party; and and
(yix) to which any Governmental Body is a party or under which any Governmental Body has any rights or obligations, or involving or benefiting any Governmental Body, other than operating licenses or permits, tax registrations and similar Contracts. (Contracts in the respective categories described in clauses “(i)” through “(xi)” above and all Contracts identified, or required to be identified, in Part 3.10 of the Orion Parties Disclosure Letter are a party, by which either are bound or referred to which any of their respective assets or properties are subject, in this Agreement as applicable, including but not limited to the following types of “Material Contracts:
(a) any collective bargaining agreement;.”)
(b) any Contract with any employee, consultant, advisor, officer or No director of Orion any of the Acquired Companies has an outstanding right to any compensation, nor the right to participate in the profits of any Acquired Companies, solely in his or Merger Sub;her capacity as a director of an Acquired Company.
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged The Company has delivered to the Purchaser accurate and complete copies of all written Material Contracts identified in sales, distributing or promotional activities, or any Contract to act as one Part 3.10(a) of the foregoing on behalf Disclosure Letter, including all amendments thereto. Each Contract identified in Part 3.10(a) of any Person;the Disclosure Letter is, to the Company’s Knowledge, valid and in full force and effect, and, is enforceable by the respective Acquired Company in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.
(d) Except as set forth in Part 3.10(d) of the Disclosure Letter: (i) none of the Acquired Companies has materially violated or breached, or committed any material default under, any Material Contract, which remains uncured, and, to the Company’s Knowledge, no other Person has violated or breached, or committed any default under, any such Material Contract which involves remains uncured; (ii) to the payment Company’s Knowledge, no event has occurred, and no circumstance or receipt condition exists, that (with or without notice or lapse of cash time) will, or other propertycould reasonably be expected to: (A) result in a violation or breach of any of the material provisions of any Material Contract; (B) give any party to such Material Contract the right to declare a default or exercise any remedy under any such Material Contract; (C) give any party to such contact the right to accelerate the maturity or performance of any such Material Contract; or (D) give any party to such contract the right to cancel, terminate or modify any Material Contract; and (iii) since 31 December 2005, none of the Acquired Companies has received any notice regarding any actual or possible violation or breach of, or default under, any Material Contract by an unperformed commitment or goods or services, in each case having a value in excess of $10,000;Acquired Company.
(e) No Acquired Company has received notice of any Contract pursuant pending or threatened claims, and to which either Orion Party (i) has made or will make the Company’s Knowledge, there is no basis for any loans or advances; (ii) has or will have incurred debtssuch material claims, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to against any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);Acquired Company under any Material Contract.
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Part 3.10(f) of real property or personal property or agreement for financing;the Disclosure Letter identifies all powers of attorney granted by each of the Acquired Companies and in effect as of the date of this Agreement other than in connection with the prosecution of Registered IP.
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(hPart 3.10(g) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available Disclosure Letter lists the foreign exchange forward or similar Contracts entered into or otherwise committed to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of be entered into by any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectAcquired Company.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Section 3.17(a)(i) of the Disclosure Schedule sets forth a complete and accurate list of all of the following Contracts that are (x) material to which the business Seller is a party or operations of Orion, taken as a whole, to either Orion Party; and (y) to is otherwise bound or by which any of the Orion Parties Acquired Assets are subject (and with respect to any oral Contract provides a partycomplete description of the terms of such Contract) (the “Scheduled Contracts”):
(i) all notes, loans, credit agreements, mortgages, indentures, security agreements, operating leases, capital leases and other Contracts relating to Indebtedness and any Contract of suretyship or guaranty;
(ii) all employment, consulting and independent contractor Contracts, and all bonus, commission, compensation, pension, insurance, retirement, deferred compensation and other plans, Contracts and other arrangements for the benefit of any Business Employee;
(iii) all Contracts involving an annual payment to or by which either are bound the Seller from or to any Person in excess of $5,000 individually or $20,000 in the aggregate with respect to all Contracts with such Person;
(iv) all Contracts for capital expenditures or the purchase or sale of any asset or property of the Seller in excess of $5,000 individually for any Person or $20,000 in the aggregate for all Contracts with such Person;
(v) all customer Contracts for the purchase of products or services from the Seller;
(vi) all joint venture, partnership or other Contracts involving a share of profits or losses with another Person;
(vii) all Contracts with any Affiliate of the Seller;
(viii) all Contracts restricting competition, solicitation or the business activities of the Seller;
(ix) all Contracts pursuant to which the Seller has granted or received manufacturing rights, most favored nation pricing provisions or exclusive marketing, sales or other similar rights relating to any product, service, technology, asset or territory;
(x) all Government Contracts and Government Bids;
(xi) all sales, agency, representative, distributor, franchise or similar Contracts;
(xii) all Contracts under which the Seller subcontracts services to a third party;
(xiii) any material Contract which is terminable upon or prohibits a sale of substantially all of the assets of Seller;
(xiv) all Contracts granting or permitting any Lien on any of their respective assets the Acquired Assets;
(xv) all Contracts with any vendors, suppliers or properties contractors; and
(xvi) any other Contracts that are subject, as applicablematerial to the Seller or the Business and have not been previously disclosed pursuant to this Section 3.17. The Seller has delivered to Buyer complete and accurate copies of all Assigned Contracts and Scheduled Contracts, including but all amendments thereto. Except as set forth in Section 3.17(a)(ii) of the Disclosure Schedule, the Parent is not limited a party to or bound by any Contract that relates to the following types operation of the Business other than the Parent Assigned Contracts:
(a) any collective bargaining agreement;.
(b) Neither the Seller nor the Parent is in breach or default in any material respects under the terms of any Assigned Contract and, there exists no event, condition or occurrence which (with or without due notice or lapse of time, or both) would constitute such a breach or default by the Seller or the Parent, nor has the Seller or the Parent received any employeenotice of any breach or default or alleged breach or default under any Assigned Contract. To the knowledge of the Seller or the Parent, consultantno other party to any Assigned Contract is in default under the terms thereof, advisorand, officer to the knowledge of the Seller or director the Parent, there exists no event, condition or occurrence which (with or without due notice or lapse of Orion time, or Merger Sub;both) would constitute such a breach or default by any such party, nor has the Seller or the Parent received any notice of any breach or default by any such party.
(c) The Assigned Contracts are in full force and effect and are valid and binding obligations of the Seller and, to the knowledge of the Seller or the Parent, the other parties thereto. Neither the Seller nor the Parent has received any notice from any other party to a Assigned Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency of the termination or other Person engaged in sales, distributing or promotional activitiesthreatened termination thereof, or of any Contract claim, dispute or controversy with respect thereto, nor, to act as one the knowledge of the foregoing on behalf of Seller or the Parent, is there any Person;basis therefor.
(d) No consent of, or notice to, any third party is required under any Assigned Contract which involves as a result of or in connection with, and neither the payment enforceability nor any of the terms or receipt provisions of cash any Assigned Contract will be affected in any manner by, the execution, delivery and performance of this Agreement or other propertyany Related Agreement, an unperformed commitment or goods the transactions contemplated hereby or services, in each case having a value in excess of $10,000;thereby.
(e) any Contract pursuant to which either Orion Party Except as set forth in Section 3.17(e) of the Disclosure Schedule, (i) has made there are no non-United States citizens employed by the Seller or will make any loans of its Affiliates actively working on any Government Contract nor are there any employees or advances; contractors working on Government Contracts outside of the United States, (ii) has or will the final indirect rate submissions, including all support schedules, submitted to any Governmental Authority with respect to Government Contracts have incurred debts, or become a guarantor or surety, or pledged its credit on; or been approved and (iii) has or will to the extent required by Law, all Government Contracts have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenturebeen awarded, credit agreementand all Government Bids have been submitted, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving under a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf full and open procurement process without preferential treatment of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Partykind. To the Knowledge knowledge of the Orion PartiesSeller or the Parent, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and there exists no basis for a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation claim of any Contracts listed liability by any Governmental Authority as a result of defective cost and pricing data submitted to such Governmental Authority, including any such data relating to liabilities accrued on SCHEDULE 5.10 at the Seller’s books or in its financial accounts for deferred compensation to any time by Business Employee. To the other party knowledge of the Seller or parties thereto would not have an Orion Material Adverse Effectthe Parent, no audit or review of any Government Contract will likely result in the disallowance of, or claim for, any amount paid or payable to the Seller under such Government Contract, whether as a result of excess payments, excess profit recapture or otherwise.
Appears in 1 contract
Samples: Asset Purchase Agreement (Cardium Therapeutics, Inc.)
Contracts. SCHEDULE 5.10 sets forth (a) For purposes of this Agreement, each of the following shall be deemed to constitute a list “Significant Contract”:
(i) any Contract that would be required to be filed by the Company as an exhibit to any Company SEC Document pursuant to Item 601(b)(4) or 601(b)(10) of all Contracts that Regulation S-K under the Securities Act;
(ii) any Contract (other than Company Employee agreements) relating to the provision of services to the Company or the Subsidiaries, which services are (x) material to the business or operations of Orionthe Company and the Subsidiaries, taken as a whole;
(iii) any material Contract relating to the lease or sublease by the Company and the Subsidiaries of any real property;
(iv) any Contract with the Company’s and the Subsidiaries’ top 20 customers;
(v) any Contract that would reasonably be expected to have a material effect on the ability of the Company to perform any of its obligations under this Agreement, or to either Orion Party; and (y) to which consummate the Merger or any of the Orion Parties are a party, by which either are bound or other Contemplated Transactions;
(vi) any Contract: pursuant to which the Company or the Subsidiaries
(A) will acquire any real property; or (B) will acquire any personal property, equipment or fixtures with a cost in excess of their respective assets or properties are subject, as applicable, including but not limited $100,000;
(vii) any Contract that is material to the following types of Contracts:Company or the Subsidiaries taken as a whole;
(aviii) any collective bargaining agreement;other Contract identified in Part 2.10(a) of the Company Disclosure Schedule (which shall include each Contract imposing any restriction on the right or ability of the Company: (A) to compete with any other Person; (B) to acquire any product or other asset or any services from any other Person; (C) to develop, sell, supply, distribute, offer, support or service any product or other asset to or for any other Person; (D) to perform services for any other Person; or (E) to transact business with any other Person, in each case, which is material to the Company taken as a whole); and
(ix) any Contract that evidences or is the primary document under which there arises indebtedness of the Company or any Subsidiary (other than agreements with or among direct or indirect wholly owned Subsidiaries) in excess of $100,000.
(b) any Each Company Contract that constitutes a Significant Contract is: (i) valid and in full force and effect; and (ii) is enforceable in accordance with any employeeits terms, consultantsubject to: (A) laws of general application relating to bankruptcy, advisorinsolvency and the relief of debtors; and (B) rules of law governing specific performance, officer or director of Orion or Merger Sub;injunctive relief and other equitable remedies.
(c) Except as set forth in Part 2.10(c) of the Company Disclosure Schedule: (i) neither the Company nor the Subsidiaries have violated or breached, or committed any Contract default under, any Significant Contract; (ii) to the Knowledge of the Company, no other Person has violated or breached, or committed any default under, any Significant Contract; (iii) to the Knowledge of the Company, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time) could reasonably be expected to: (A) result in a sales representativeviolation or breach of any of the provisions of any Significant Contract; (B) give any Person the right to declare a default under any Significant Contract; (C) give any Person the right to receive or require a rebate, manufacturer’s representativechargeback, distributorpenalty or change in delivery schedule under any Significant Contract; (D) give any Person the right to accelerate the maturity or performance of any Significant Contract; or (E) give any Person the right to cancel, dealerterminate or modify any Significant Contract, brokerand (iv) since January 1, sales agency2011, advertising agency neither the Company nor the Subsidiaries have received any written notice or other Person engaged in sales, distributing communication regarding any actual or promotional activitiespossible violation or breach of, or default under, any Contract to act as one of the foregoing on behalf of any Person;Significant Contract.
(d) any Contract which involves the payment or receipt of cash or other property, The Company has Made Available to Parent an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true accurate and complete copies copy of each document listed on SCHEDULE 5.10, and Company Contract that constitutes a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectSignificant Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 2.7(a) contains a list of all Contracts that are the following written agreements or contracts to which the Company or the Subsidiary is a party as of the date hereof: (xi) material pursuant to which the Company or the Subsidiary incurred expenses or made capital expenditures in excess of $100,000.00 in the first six months of calendar year 2006 or generated revenue in excess of $400,000.00 in the first six months of calendar year 2006, (ii) to the business or operations extent not provided pursuant to clause (i) above, the top 20 DA customers, the top 5 CRM customers and the top 2 OS customers of Orionthe Company and the Subsidiary ( all measured based on revenue for the first six months of calendar year 2006), taken as a wholeand contracts with Jacent, to either Orion PartyTellMe and CTI ; and (yiii) pursuant to which any of the Orion Parties are a partyCompany or the Subsidiary leases real property (the “Leased Real Property”), by which either are bound including all amendments or addendums with respect thereto (the “Leases”); (iv) partnership or joint venture agreements; (v) pursuant to which the Company or the Subsidiary is a lessor of or permits any third party to hold or operate any real or personal property involving annual payments in excess of their respective assets $50,000.00; (vi) pursuant to which the Company or properties are subject, as applicable, including but not limited to the following types of Contracts:
Subsidiary is prohibited from freely engaging in business anywhere in the world; (avii) any collective bargaining agreement;agreements; (viii) performance bonds, surety agreements or stand-alone indemnification agreements obligating the Company or the Subsidiary to indemnify any Person for services performed; (ix) employment, consulting or similar agreements involving compensation equal to or in excess of $50,000.00 per annum (any such contract required to be listed on Schedule 2.7(a) pursuant to subsections (i) through (ix), collectively, the “Material Contracts”).
(b) any Contract with any employeeOther than as set forth on Schedule 2.7(b), consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) the Company or the Subsidiary has made performed in all material respects all of the material obligations required to be performed by it under such Material Contract, the Company or will make any loans or advances; (ii) the Subsidiary has or will have incurred debtsnot, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect and to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion PartiesSellers, Orion no other party has, accelerated, terminated or cancelled any Material Contract, (ii) each of the Material Contracts is the legal, valid and binding obligation of the Company or the Subsidiary, enforceable against the Company or the Subsidiary in accordance with its terms, except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium, or other laws relating to or affecting the enforcement of creditors’ rights and remedies generally and except as enforcement may be limited by general principles of equity, (iii) no consent of any party to a Material Contract is required in connection with the execution of this Agreement or the consummation of the transactions contemplated hereby and (iv) the Buyer has made available been provided access to Target a true and complete copies correct copy of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion all Material Adverse EffectContracts.
Appears in 1 contract
Samples: Purchase Agreement (INFONXX, Inc.)
Contracts. SCHEDULE 5.10 sets forth Section 3.11 of the Disclosure Schedule lists all of the Contracts to which Seller is a list of all Contracts party that are (x) material primarily related to its operation of the business Business or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any Acquired Asset is bound or is subject as of the Orion Parties are a party, by date hereof and which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) are Contracts, other than Educational Institution Contracts, that involve individually, or in the aggregate with all other related Contracts, in excess of one hundred thousand dollars ($100,000) in any collective bargaining agreement;
twelve (12) month period and by its terms is not terminable upon thirty (30) days notice, (b) any Contract with any employeeprovides for a grant by Seller of “most favored nation” pricing provisions or exclusive marketing rights, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with obligates Seller to purchase goods or services exclusively from a sales representativecertain Person, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves concerns the payment establishment or receipt operation of cash a partnership, joint venture or other propertylimited liability company, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) imposes (or may impose) a Lien (other than a Permitted Lien) on any Contract pursuant to which either Orion Party Acquired Asset (ior any asset that would be an Acquired Asset if the Closing occurred on the date hereof), (f) has made provides for the disposition by Seller of any significant assets or will make any loans the acquisition by Seller of the assets or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking business of another Person (except for the negotiation or collection other than purchases of negotiable instruments in transactions supplies in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) contains any non-solicitation, non-competition, confidentiality or similar obligations binding Seller or which otherwise prohibits Seller from entering into any line of business, or from freely providing services or supplying products to any customer or potential customer, or in any part of the world (other than any Contract involving with a partnershipcustomer or supplier entered into in the ordinary course of business, joint venture or other cooperative undertaking;
consistent with past practice, otherwise described by this clause (g) solely because it contains customary confidentiality restrictions), (h) provides for the employment by Seller of any Contract involving Person or the service by any restrictions with respect Person as a consultant or independent contractor to Seller, or imposes any severance obligation on Seller, (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement Seller entered into with any Person pursuant to which such Person is granted the authority to act for current or on behalf former stockholder, director, officer or employee of Orion Seller or Merger Subany other Affiliate of Seller, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Subis a Lease, (k) is, or is required to be, listed in Section 3.10 of the Disclosure Schedule, (l) is an Educational Institution Contract that varies in any acquisition material respect from the form agreements included in Section 2.6 of the “Project Tango” Internet-based datasite administered by IntraLinks, Inc. (the “Datasite”), provided that, the parties acknowledge and agree that any Educational Institution Contract that does not contain any variances from such from agreements other than those variances described under the heading “Standard Deviations” in Section 3.11(l) of the Disclosure Schedule shall not be deemed to vary in any material respect from such form agreements or disposition (m) under which the consequences of any subsidiarya Default or termination would reasonably be expected to have a Material Adverse Effect (the Contracts listed or required to be listed in Section 3.11 of the Disclosure Schedule being collectively referred to as the “Material Contracts”). Complete copies of each Material Contract, divisionincluding amendments thereto, line of business or real property, have been made available to Buyer by their presence in each case during the five years Datasite by 5:00 pm Eastern Time on the third (3rd) Business Day prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge All of the Orion PartiesMaterial Contracts and all of the Educational Institution Contracts are in full force and effect and are enforceable against Seller and, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10To Seller’s Knowledge, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto in accordance with their respective terms, subject to the Enforceability Exceptions. Seller has performed in all material respects all obligations required to be performed by it pursuant to the Material Contracts and the Educational Institution Contracts, and there is no existing or, To Seller’s Knowledge, threatened Default under any of the Material Contracts or Educational Institution Contracts by Seller or, To Seller’s Knowledge, any other party thereto and there exists no condition or event which, after notice or lapse of time, or both, would not have an Orion Material Adverse Effectconstitute any such Default by Seller or, To Seller’s Knowledge, any other party thereto.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets (a) Section 2.19(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of each of the following Contracts or other arrangements (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Bancorp prior to the execution of this Agreement), to which Xxxxx is a party or by which any of its Assets and Properties is bound:
(A) all Contracts that are (xexcluding Benefit Plans) material providing for a commitment of employment or consultation services for a specified or unspecified term, the name, position and rate of compensation of each Person party to such a Contract and the business or operations expiration date of Orion, taken as a whole, to either Orion Partyeach such Contract; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(aB) any collective bargaining agreementwritten or unwritten representations, commitments, promises, communications or courses of conduct (excluding Benefit Plans) involving an obligation of Xxxxx to make payments in any year, other than with respect to salary or incentive compensation payments in the ordinary course of business, to any employee;
(bii) any Contract all Contracts with any employeePerson containing any provision or covenant prohibiting or limiting the ability of Xxxxx or any officer, consultant, advisor, officer director or director employee of Orion Xxxxx to engage in any business activity or Merger Subcompete with any Person or prohibiting or limiting the ability of any Person to compete with Xxxxx;
(ciii) any Contract with a sales representativeall partnership, manufacturer’s representativejoint venture, distributorregistration rights, dealer, broker, sales agency, advertising agency shareholders' or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of similar Contracts with any Person;
(div) any Contract which involves the payment all Contracts relating to Indebtedness of Xxxxx or receipt of cash or to preferred stock issued by Xxxxx (other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant than Indebtedness owing to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practiceXxxxx);
(fv) all Contracts (A) with distributors, vendors, dealers, manufacturer's representatives, sales agencies or franchisees, including, without limitation, any indenturevendor program agreements, credit agreementand (B) with clients, loan agreementcustomers or other Persons that, notein the case of this clause (B), mortgage, security agreement, lease of real property provide for (y) rebates or personal property any fee sharing or agreement for financingother similar arrangement or (z) maintenance or other servicing responsibilities;
(gvi) all Contracts relating to (A) the future disposition or acquisition of any Assets and Properties or (B) any Contract involving a partnership, joint venture or other cooperative undertakingBusiness Combination;
(hvii) all Contracts between or among Mears, on the one hand, and either Shareholder, any Contract involving officer, director, Affiliate or Associate of either Shareholder or any Associate of any such officer, director or Affiliate (other than Xxxxx), on the other hand;
(viii) all collective bargaining or similar labor Contracts;
(ix) all Contracts that (A) limit or contain restrictions with on the ability of Xxxxx to declare or pay dividends on, to make any other distribution in respect of or to (i) issue or purchase, redeem or otherwise acquire its capital stock, to incur Indebtedness, to incur or suffer to exist any geographical area Lien, to purchase or sell any Assets and Properties, to change the lines of operations; business in which it participates or engages or to engage in any Business Combination or (iiB) scope require Xxxxx to maintain specified financial ratios or type levels of business net worth or other indicia of Orion financial condition;
(x) all take or Merger Sub;pay or requirements Contracts or any other Contracts or agreements requiring Xxxxx to pay regardless of whether products or services are received; and
(xi) all other Contracts that (A) involve the payment or potential payment, pursuant to the terms of any such Contract, by or to Xxxxx and (B) cannot be terminated within thirty (30) calendar days after giving notice of termination without resulting in any material cost or penalty to Xxxxx.
(b) Each Contract required to be disclosed in Section 2.19(a) of the Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms, of each party thereto; and except as disclosed in Section 2.19(b) of the Disclosure Schedule neither Xxxxx, nor, to the knowledge of Shareholders, any other party to such Contract is, or has received notice that it is, in violation or breach of or default under any such Contract (or with notice or lapse of time or both, would be in violation or breach of or default under any such Contract).
(c) Except as disclosed in Section 2.19(c) of the Disclosure Schedule:
(i) each Company Lease is evidenced by a written agreement, there are no material understandings, agreements, undertakings or arrangements between Xxxxx and the lessees or transferees under any power Company Lease which are not set forth in such Company Lease or in a written agreement (including correspondence, memoranda and notations on the computer system of attorney Xxxxx) included in the file of Xxxxx relating to such Company Lease and such written agreements constitute all documents reasonably necessary to enforce such Company Lease;
(ii) no payments required to be made under any Company Lease have been paid, at the request or agency agreement suggestion of Xxxxx, more than 60 days in advance of the due dates thereof and the payments due under the Company Leases have not been assigned, pledged or arrangement otherwise hypothecated by Xxxxx;
(iii) Xxxxx has not acted, or failed to act, in a manner which would materially alter or reduce any of its rights or benefits under any manufacturers' or vendors' warranties or guarantees relating to property covered by any Company Lease;
(iv) the Books and Records with respect to each Company Lease are complete and accurate;
(v) Xxxxx has properly prepared and filed financing statements covering all property subject to each Company Lease necessary to duly perfect a first lien security interest therein, except in the case of individual Company Leases for which Xxxxx'x policy is not to file financing statements in accordance with Xxxxx'x policy (a complete and correct copy of which has been provided to Bancorp by Shareholders);
(vi) each Company Lease (and any Person related guarantees) is and will continue to be after Closing, a valid, binding and enforceable, non-cancelable obligation of the lessee thereunder (and guarantors thereof) in accordance with its terms, each of which lessees and guarantors shall be a bona fide party thereto, having legal capacity to contract;
(vii) to the knowledge of Shareholders, no lessee under a Company Lease is threatened with or subject to a proceeding involving bankruptcy or insolvency;
(viii) the property that is the subject of each Company Lease has been or will be delivered to the lessee thereunder, and accepted by such lessee, except where delivery has been waived prior to payment of the vendor pursuant to a supplement to a Company Lease;
(ix) Xxxxx shall have absolute, complete and indefeasible title to the property subject to each Company Lease (or a duly perfected first-lien security interest in the property subject to such Company Lease except with respect to the property subject to those Company Leases for which such Person Xxxxx'x policy is granted not to file financing statements), the authority to act for Company Lease and all sums due thereunder, free and clear of any and all Liens or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf claims of any Person;
(j) any Contract relating to any corporate acquisition ; the supplier or disposition vendor of Orion said property has received or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real will receive payment in full for said property, in each case during the five years prior to the date of this Agreement; and
(kx) in the six (6) months immediately prior to Closing, all Company Leases and loans have had payments made only by the party who is the named contractual customer thereunder except from time to time said payments may be made by a guarantor or a vendor with the express permission of Xxxxx.
(d) Except as disclosed in Section 2.19(d) of the Disclosure Schedule, Xxxxx is not a party to or bound by any Contract not specified above that is otherwise material has been or could reasonably be expected to be, individually or in the aggregate with any other such Contracts, materially adverse to the business Business or operations Condition of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectXxxxx.
Appears in 1 contract
Samples: Merger Agreement (Bancorp, Inc.)
Contracts. SCHEDULE 5.10 (a) Schedule 4.12 sets forth a an accurate and complete list of (i) all material Contracts that are (xA) material entered into since January 1, 2005, (B) pursuant to the business which Seller is providing services or operations of Orion, taken as a whole, (C) which is otherwise still in effect and pursuant to either Orion Party; which Seller has any Liabilities and (yii) to which any each of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsContracts to which Seller is a party or by which it is bound, or to which its assets are subject:
(ai) any collective bargaining agreementemployment, consulting, management, personal service, agency or other Contract of any kind with an employee, officer or member of Seller or any of its Affiliates;
(bii) any Contract with any employeeloan agreement, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency credit facility or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any similar Contract pursuant to which either Orion Party (i) Seller has made any loans or advances that are outstanding or will make any loans or advances; ;
(iiiii) any loan agreement, credit facility or other similar Contract pursuant to which Seller has or will have incurred debts, incur debts or become a guarantor or surety, surety or pledged its credit on; on behalf of or (iii) has or will have otherwise become responsible with respect to any an undertaking of by another Person (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicecourse);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(giv) any Contract involving a partnership, joint venture venture, or other cooperative undertaking;
(hv) any Contract involving any restrictions restriction with respect to (i) any geographical the geographic area of operations; operations or (ii) scope or type of business of Orion or Merger SubSeller;
(ivi) any power Contract involving the provision of attorney consulting or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for other services by or on behalf of Orion Seller, including all Contracts evidencing the In-Process Engagements and Support Engagements;
(vii) all Contracts by which Seller licenses or Merger Subotherwise obtains the right to use the Intellectual Property Rights of any other Person (other than click-wrap, shrink-wrap or similar standard end-user object code licenses to commercially available off-the-shelf software) or by which Seller is restricted in its right to use or register, or licenses or otherwise permits any other Person to use or register, Intellectual Property Rights;
(viii) any Contract that requires Seller to obtain the Consent of a Person upon the occurrence of a change of control or which gives a Person a right of termination, amendment, cancellation or acceleration upon the occurrence of a change of control;
(ix) any Contract pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf Seller leases any material items of any Persontangible personal property;
(jx) any material Contract relating pursuant to which Seller leases any corporate acquisition real property (whether by virtue of direct lease, ground lease or disposition sublease) (each, a “Material Lease”) and any additional Contract pursuant to which Seller leases any real property (whether by virtue of Orion direct lease, ground lease or Merger Subsublease) but which would not be considered material to the operation of Seller (each, an “Additional Lease” and together with the Material Leases, the “Leases”);
(xi) any agreement by which Seller indemnifies or holds harmless any acquisition or disposition of any subsidiary, division, line other Person other than agreements entered into in the ordinary course of business or real property, in each case during the five years prior to the date of this Agreementconsistent with past practice; and
(kxii) any Contract not specified above that is otherwise material to agreement involving the business acquisition, merger or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge purchase of the Orion Parties, Orion assets or business of a Person other than purchases of inventory and equipment in the ordinary course of business consistent with past practice.
(b) Seller has made available delivered to Target true Purchaser accurate and complete copies of each document Contract set forth on Schedule 4.12. Each Contract listed or required to be listed on SCHEDULE 5.10such schedule is a legal, valid, binding, obligation of Seller and, to the Knowledge of Seller, the other Persons party thereto and is enforceable in accordance with the terms thereof, subject to the Enforceability Limitations. Seller is not in material breach or material default of any Contract, and a written description to the Knowledge of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the Seller, (i) no other party to any such Contract is in material breach or parties thereto material default thereof and (ii) no event has occurred which, with notice or lapse of time, would not have an Orion Material Adverse Effectconstitute a material breach or material default, or permit termination, modification or acceleration under any such Contract.
Appears in 1 contract
Samples: Asset Purchase Agreement (Huron Consulting Group Inc.)
Contracts. SCHEDULE 5.10 (a) Section 3.17(a)(i) of the Written Schedule of Exceptions sets forth a complete and accurate list of all of the following Contracts that are (x) material to which the business Seller is a party or operations of Orion, taken as a whole, to either Orion Party; and (y) to is otherwise bound or by which any of the Orion Parties Acquired Assets are subject (and with respect to any oral Contract provides a party, by which either are bound or to which any complete description of their respective assets or properties are subject, as applicable, including but not limited to the following types terms of such Contract) (the “Scheduled Contracts:”):
(ai) all notes, loans, credit agreements, mortgages, indentures, security agreements, operating leases, capital leases and other Contracts relating to Indebtedness and any collective bargaining agreementContract of suretyship or guaranty;
(bii) all employment, consulting and independent contractor Contracts, and all bonus, commission, compensation, pension, insurance, retirement, deferred compensation and other plans, Contracts and other arrangements for the benefit of any Contract with any employee, consultant, advisor, officer or director of Orion or Merger SubBusiness Employee;
(ciii) all Contracts involving an annual payment to or by the Seller from or to any Contract Person in excess of $25,000 individually or $50,000 in the aggregate with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract respect to act as one of the foregoing on behalf of any all Contracts with such Person;
(div) all Contracts for capital expenditures or the purchase or sale of any Contract which involves asset or property of the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value Seller in excess of $10,00025,000 individually for any Person or $50,000 in the aggregate for all Contracts with such Person;
(ev) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except all customer Contracts for the negotiation purchase of products or collection of negotiable instruments in transactions services from the Seller other than purchase orders received in the ordinary course of business consistent with past practice)in an amount not greater than $50,000;
(fvi) any indentureall joint venture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property partnership or personal property or agreement for financing;
(g) any Contract other Contracts involving a partnership, joint venture share of profits or other cooperative undertaking;
(h) any Contract involving any restrictions losses with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any another Person;
(jvii) all Contracts with any Contract Affiliate of the Seller;
(viii) all Contracts restricting competition, solicitation or the business activities of the Seller;
(ix) all Contracts pursuant to which the Seller has granted or received manufacturing rights, most favored nation pricing provisions or exclusive marketing, sales or other similar rights relating to any corporate acquisition product, service, technology, asset or disposition territory;
(x) all Government Contracts and Government Bids outstanding;
(xi) all sales, agency, representative, distributor, franchise or similar Contracts in excess of Orion $25,000 individually or Merger Sub$50,000 in the aggregate with respect to all Contracts with such Person ;
(xii) all Contracts under which the Seller subcontracts services to a third party in excess of $25,000 individually or $50,000 in the aggregate with respect to all Contracts with such Person;
(xiii) any material Contract which is terminable upon or prohibits a sale of substantially all of the assets of Seller;
(xiv) all Contracts granting or permitting any Lien on any of the Acquired Assets;
(xv) all Contracts with any vendors, suppliers or any acquisition contractors in excess of $25,000 individually or disposition of any subsidiary, division, line of business or real property, $50,000 in each case during the five years prior aggregate with respect to the date of this Agreementall Contracts with such Person; and
(kxvi) any Contract not specified above other Contracts that is otherwise are material to the business Seller or operations the Business and have not been previously disclosed pursuant to this Section 3.17.
(b) The Seller has delivered to the Buyer complete and accurate copies of Orionall Assigned Contracts and Scheduled Contracts, taken as including all amendments thereto. The Seller is not in breach or default in any material respects under the terms of any Assigned Contract and, there exists no event, condition or occurrence which (with or without due notice or lapse of time, or both) would constitute such a whole, to either Orion Partybreach or default by the Seller nor has the Seller received any notice of any breach or default or alleged breach or default under any Assigned Contract. To the Knowledge of the Orion PartiesSeller, Orion no other party to any Assigned Contract is in default under the terms thereof, and, to the Knowledge of the Seller, there exists no event, condition or occurrence which (with or without due notice or lapse of time, or both) would constitute such a breach or default by any such party, nor has made available the Seller received any notice of any breach or default by any such party.
(c) The Assigned Contracts are in full force and effect and are valid and binding obligations of the Seller and, to Target true and complete copies the Knowledge of each document listed on SCHEDULE 5.10the Seller, the other parties thereto. The Seller has not received any notice from any other party to an Assigned Contract of the termination or threatened termination thereof, nor of any claim, dispute or controversy with respect thereto, nor, to the Knowledge of the Seller, is there any basis therefor.
(d) No consent of, or notice to, any third party is required under any Assigned Contract as a result of or in connection with, and a written description neither the enforceability nor any of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the terms or provisions of any Contracts listed on SCHEDULE 5.10 at Assigned Contract will be affected in any time manner by, the execution, delivery and performance of this Agreement or any Related Agreement, or the transactions contemplated hereby or thereby, other than as disclosed in Section 3.17(a)(i) of the Written Schedule of Exceptions.
(e) Except as set forth in Section 3.17(e) of the Written Schedule of Exceptions, (i) there are no non-United States citizens employed by the other party Seller or parties thereto would not any of its Affiliates actively working on any Government Contract nor are there any employees or contractors working on Government Contracts outside of the United States, (ii) the final indirect rate submissions, including all support schedules, submitted to any Governmental Authority with respect to Government Contracts have an Orion Material Adverse Effectbeen approved and (iii) to the extent required by Law, all Government Contracts have been awarded, and all Government Bids have been submitted, under a full and open procurement process without preferential treatment of any kind. To the Knowledge of the Seller, there exists no basis for a claim of any liability by any Governmental Authority as a result of defective cost and pricing data submitted to such Governmental Authority, including any such data relating to liabilities accrued on the Seller’s books or in its financial accounts for deferred compensation to any Business Employee. To the Knowledge of the Seller, no audit or review of any Government Contract will likely result in the disallowance of, or claim for, any amount paid or payable to the Seller under such Government Contract, whether as a result of excess payments, excess profit recapture or otherwise.
Appears in 1 contract
Samples: Asset Purchase Agreement (Cardium Therapeutics, Inc.)
Contracts. SCHEDULE 5.10 (a) Schedule 2.10(a) sets forth a true, correct and complete list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:categories (Contracts disclosed on
(a) are hereafter referred to as "Material Contracts"):
(i) Employment contracts and severance agreements, including, without limitation, Contracts (A) to employ or terminate executive officers or other personnel and other contracts with present or former employees of the Business currently in effect or (B) that will result in the payment by, or the creation of any collective bargaining agreementcommitment or obligation (absolute or contingent) to pay on behalf of Seller or the Company any severance, termination, "golden parachute," or other similar payments to any present or former employees of the Business following termination of employment or otherwise as a result of the consummation of the transactions contemplated by this Agreement;
(bii) any Contract with any employeeMaterial distribution, consultantfranchise, advisorlicense, officer sales, commission, consulting agency or director of Orion or Merger Subadvertising contracts which are not cancelable on thirty (30) calendar days notice;
(ciii) Material options to buy or sell any Contract with a sales representativeproperty, manufacturer’s representativereal or personal, distributor, dealer, broker, sales agency, advertising agency or other Person engaged included in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any PersonAssets;
(div) any Contract which involves the payment Contracts, NVOC Contracts and OCC Contracts each individually involving aggregate expenditures of $100,000 or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value aggregate receipts in excess of $10,0001,000,000;
(ev) Contracts containing covenants limiting the freedom of the Company to compete with any Contract pursuant to which either Orion Party (i) has made or will make Person during any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for period following the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)Closing;
(fvi) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;Partnership and joint venture agreements related to the Business; and
(gvii) any Contract involving a partnership, joint venture Commitments for capital expenditures that have been approved or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years made prior to the date of this Agreement; andAgreement in excess of $250,000 by Seller in respect of the Business or the Company and that remain outstanding as of the date hereof.
(kb) any Contract not specified above that is otherwise material Each of Seller, the Company, NVOC or OCC (as applicable) has furnished or shall have made available to Buyer prior to the business Closing a true and correct and complete copy of each Material Contract. Each Material Contract assigned or operations to be assigned (i) by Seller to the Company pursuant to the ACA, (ii) by NVOC to the Company pursuant to the NVOC Asset Purchase Agreement, or (iii) by OCC to the Company pursuant to the OCC Asset Purchase Agreement, is valid and in full force and effect according to its terms. Except in regard to collective bargaining agreements (which is the subject of OrionSection 2.15), taken each of Seller, the Company, NVOC, or OCC (as a wholeapplicable) has duly performed all of its material obligations under such Material Contracts to the extent those obligations to perform have accrued and no material violation of, to either Orion Partyor material default or breach under, such Material Contracts by Seller, the Company, NVOC or OCC (as applicable) has occurred. To the Knowledge of Seller, the Orion PartiesCompany, Orion NVOC or OCC (as applicable), the other parties to any of the Material Contracts are not in material default or breach under any such Material Contract nor has made available to Target true and complete copies Seller, the Company, NVOC or OCC received notice that with notice or lapse of each document listed on SCHEDULE 5.10, and a written description time or both such other parties would be in violation or breach of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of or default under any such Material Contract.
(c) Except for those Material Contracts listed on SCHEDULE 5.10 at Schedule 2.10(c), no Material Contract assigned to the Company pursuant to the Asset Contribution Agreement, assigned by NVOC to the Company pursuant to the NVOC Asset Purchase Agreement or assigned by OCC to the Company pursuant to the OCC Asset Purchase Agreement requires the consent of any time by the other party thereto to effectuate the assignment thereof to the Company or parties thereto its subsidiaries.
(d) Except as indicated on Schedule 2.10(d), neither Seller nor the Company has received written notice of any actual or threatened termination, cancellation, or limitation of, or any amendment, modification, or change to (i) any Material Contract, (ii) the business relationship of Seller or the Company with any customer, distributor or related group of customers or distributors whose purchases individually or in the aggregate are material to the operations and financial condition of the Business, (iii) the requirements of any customer or related group of customers of Seller or the Company whose purchases individually or in the aggregate are material to the operations and financial condition of the Business, or (iv) the business relationship of Seller or the Company with any material supplier to the Business, which termination, cancellation, limitation, amendment, modification or change would not have an Orion a Material Adverse Effect.
Appears in 1 contract
Samples: LLC Interest Sale and Purchase Agreement (Owens Corning)
Contracts. SCHEDULE 5.10 sets forth (a) Except as disclosed in Schedule 3.1.10, neither the Company nor any Subsidiary is a list of all Contracts that are (x) material party to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsby:
(ai) any collective bargaining agreementlease (whether of real or personal property) providing for annual rentals of $25,000 or more that cannot be terminated on not more than 60 days' notice without payment by the Company or any Subsidiary of any material penalty;
(bii) any Contract with any employeeagreement for the purchase or license of materials, consultantsupplies, advisorgoods, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representativeservices, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency equipment or other Person engaged in sales, distributing assets providing for either (i) annual payments by the Company and the Subsidiaries of $25,000 or promotional activities, more or any Contract to act as one (ii) aggregate payments by the Company and the Subsidiaries of the foregoing on behalf of any Person;
(d) any Contract which involves the payment $25,000 or receipt of cash or other property, an unperformed commitment or goods or servicesmore, in each case having a value in excess that cannot be terminated on not more than 60 days' notice without payment by the Company or any Subsidiary of $10,000any material penalty;
(eiii) any Contract pursuant to which either Orion Party (i) has made sales, distribution, lease or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except other similar agreement providing for the negotiation sale or collection lease by the Company or any Subsidiary of negotiable instruments in transactions in materials, supplies, goods, services, equipment or other assets (whether of real or personal property) that provides for annual payments to the ordinary course Company and the Subsidiaries of business consistent with past practice)$25,000 or more;
(fiv) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property cooperative development agreement or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertakingsimilar agreement or arrangement;
(hv) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any the acquisition or disposition of any subsidiarymaterial business (whether by merger, divisionsale of stock, line sale of business assets or real propertyotherwise);
(vi) any agreement relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, in each case during the five years prior whether incurred, assumed, guaranteed or secured by any asset), except any such agreement (A) with an outstanding principal amount not exceeding $25,000 or (B) entered into subsequent to the date of this Agreement; andAgreement as permitted by Section 3.1.8(d);
(kvii) any Contract not specified above agreement that is otherwise material limits the freedom of the Company or any Subsidiary to the compete in any line of business or operations with any Person or in any area; or
(viii) any agreement with any Seller or any Affiliate of Orionany Seller that will bind the Company or any Subsidiary after the Closing.
(b) Each agreement, taken contract, plan, lease, arrangement or commitment required to be disclosed pursuant to this Section is a valid and binding agreement of the Company or a Subsidiary, as a wholethe case may be, and is in full force and effect, and none of the Company, any Subsidiary or, to either Orion Party. To the Knowledge of the Orion PartiesCompany or Sellers, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed any other party thereto is contained on SCHEDULE 5.10. The cancellation in default or breach in any respect under the terms of any Contracts listed on SCHEDULE 5.10 at any time by the other party such agreement, contract, plan, lease, arrangement or parties thereto would not have an Orion Material Adverse Effectcommitment.
Appears in 1 contract
Samples: Stock Purchase Agreement (Sigmatron International Inc)
Contracts. SCHEDULE 5.10 (a) Schedule 4.06(a) sets forth a list of all of the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are Company is a party, party or by which either are it is bound or to which Seller or any of their respective assets or properties are subject, as applicable, including but not limited its Affiliates is a party to the following types of extent primarily related to the Facility (such Contracts required to be listed on Schedule 4.06(a), whether or not actually listed, the “Material Contracts:”):
(ai) any collective bargaining agreementContract requiring payments, either individually or in the aggregate, in excess of $50,000 per annum;
(bii) any Contract under which it has created, incurred, assumed or guaranteed any Debt;
(iii) any Contract for the purchase or sale of equipment or services in excess of $50,000;
(iv) any Contract concerning a partnership or joint venture;
(v) any Contract containing exclusivity, noncompetition or nonsolicitation provisions or that would otherwise prohibit or restrict the Company from freely engaging in business anywhere in the world or prohibiting or limiting the solicitation of the employees or contractors of any other Person;
(vi) any Contract requiring the Company to purchase or sell a stated portion of the requirements or outputs of the business or that contain “take or pay” provisions;
(vii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger SubGovernmental Authority;
(cviii) any Contract with for the employment of any individual on a sales representativefull-time, manufacturer’s representativepart-time, distributor, dealer, broker, sales agency, advertising agency consulting or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value basis providing annual compensation in excess of $10,00050,000 or providing severance benefits;
(eix) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect granting to any undertaking Person rights to purchase any of another the assets, Interests or business of the Company (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practiceother than this Agreement);
(fx) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Contract terminable by the other party upon a change of real property or personal property or agreement for financingcontrol of the Company;
(gxi) any Contract involving a partnershipunder which the Company has advanced or loaned any amount to any Person other than advances to directors, joint venture or other cooperative undertakingofficers and employees in the Ordinary Course;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jxii) any Contract relating to any corporate acquisition surety bond or disposition letter of Orion or Merger Sub, or credit required to be maintained by the Company;
(xiii) any acquisition or disposition Contract granting any power of any subsidiary, division, line of business or real property, in each case during the five years prior attorney with respect to the date affairs of this Agreementthe Company; and
(kxiv) any Contract not specified above that is otherwise material to between the business Company, on the one hand, and Seller or operations any of Orionits Affiliates (other than the Company), taken as a whole, to either Orion Party. To on the Knowledge of the Orion Parties, Orion other hand.
(b) Seller has made available to Target Purchaser copies of, or access to, true and complete copies of all Material Contracts (as amended to date).
(c) Except as set forth on Schedule 4.06(c) hereto, each document listed on SCHEDULE 5.10Material Contract is a legal, valid and binding obligation of the Company, Seller or an Affiliate, as applicable, and, to the Knowledge of Seller, the other parties thereto, enforceable against the Company, Seller or an Affiliate, as applicable, and, to the Knowledge of Seller, the other parties thereto in all material respects in accordance with their respective terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether considered in a proceeding at law or in equity.
(d) Neither the Company nor, to the Knowledge of Seller, any other party to a Material Contract is in breach or default thereunder, and to the Knowledge of Seller, no event has occurred that, with lapse of time, notice or action by a written description of each oral arrangement so listed third party, would constitute a breach or default, or permit termination, modification or acceleration, under any Material Contract to which the Company is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other a party or parties thereto would by which it is bound or to which its assets or property is subject. No party has repudiated any material provision of the Material Contracts.
(e) Schedule 4.06(e) sets forth a list of the Contracts to which Seller or any of its Affiliates is a party that (i) are not have an Orion Material Adverse Effectprimarily related to the Facility and (ii) are necessary to enable the operation of the Facility (collectively the “Shared Contracts”).
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list (i) Section 3.2(n)(i) of all the Disclosure Schedule lists the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which the Company is a party (each a “Company Contract”) (1) Company Contracts relating to any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value Company Indebtedness in excess of $10,000;
500,000 or a guarantee of any such obligation, together with any hedge or swap agreements or similar arrangements; (2) Company Contracts concerning completed (since January 1, 2020) or pending transfers of Mortgage Loans or mortgage servicing rights by the Company to another Person (other than any Company Contract for which the sole remaining obligations pertain to advances, servicing transfers, indemnification, and repurchase obligations); (3) any Company Contract that by its terms limits the payment of dividends or distributions by the Company; (4) any Company Contract that is a joint venture or partnership agreement; (5) any Company Contract that grants any right of first refusal or right of first offer or similar right to third parties or that limits or purports to limit the ability of the Company in any material respect to pledge, sell, transfer or otherwise dispose of any material amounts of assets or business; (6) any Company Contract providing for any material future payments that are conditioned, in whole or in part, on a change of control with respect to the Company; (7) material agency, broker, sale representative, marketing, referral, affinity, lead-generation or similar Company Contracts; (8) any Company Contract that contains noncompetition or exclusivity provisions or a “most favored nation” clause obligating the Company to change the material terms and conditions of such Contract based on better terms or conditions provided to other parties in similar contracts; (9) Company Contracts, other than this Agreement and any Ancillary Agreements, that commit Holdings or the Company to consummate (A) any merger or business combination concerning the Company, (B) the acquisition by the Company of all or substantially all of the capital stock or assets or any material branch offices of any other Person, or (C) the disposition by the Company of all or substantially all of its assets to any other Person; (10) any written Company Contract with any (A) manager, director, corporate officer, employee, shareholder, or Affiliate of the Company (other than a loan officer of the Company) involving base salary or annual fees in excess of $150,000 per year (other than offer letters to employees made in the Ordinary Course of Business) or (B) loan officer of the Company involving payments or compensation in excess of $250,000 per year, in each case, that is currently in effect or for which outstanding amounts are or are reasonably expected to become due and payable; (11); other Company Contracts involving aggregate annual expenditures or revenues of the Company in excess of $100,000; (12) Servicing Agreements and any other Contract with a Governmental Entity; and (13) Company Contracts related to the license of material Company Intellectual Property, excluding (a) non-exclusive licenses for off-the-shelf Software; (b) licenses for open source Software; (c) licenses for Software or other IP Rights embedded in any equipment, fixtures, components, or finished products; (d) non-exclusive implied licenses of IP Rights granted to the Company; (e) any Contract pursuant licenses granted to which either Orion Party third parties in the Ordinary Course of Business; (if) has made or will make any loans or advanceslicenses entered into with customers in the Ordinary Course of Business; and (g) non-exclusive licenses that are not the primary purpose of the applicable contract.
(ii) The Company has delivered to Buyer a correct and complete copy of each written Material Contract, together with all amendments, exhibits, attachments, waivers or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or other changes thereto. Section 3.2(n)(ii) of the Disclosure Schedule contains an accurate and complete description of all material terms of all oral Material Contracts.
(iii) has or will have otherwise become responsible Each Material Contract is legal, valid, binding and enforceable against the Company in accordance with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real propertyits terms, in each case during the five years prior to the date of this Agreement; full force and effect and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of Holdings, binding upon the Orion Partiesother parties thereto. Except as set forth in Section 3.2(n)(iii) of the Disclosure Schedule, Orion (1) no Material Contract has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time been materially breached or cancelled by the Company or, to the Knowledge of Holdings, any other party thereto; (2) the Company has performed all material obligations under such Material Contracts required to be performed by the Company; (3) to the Knowledge of Holdings, there is no event which, upon giving of notice or parties thereto lapse of time or both, would constitute a material breach or default under any such Material Contract or would permit the termination, modification or acceleration of such Material Contract; and (4) the Company has not have an Orion assigned, delegated or otherwise transferred to any Person any of its rights, title or interest under any such Material Adverse EffectContract.
Appears in 1 contract
Samples: Merger Agreement (Guild Holdings Co)
Contracts. SCHEDULE 5.10 sets forth Schedule 3.12 of the Disclosure Schedules contains a true, complete and accurate list of all Contracts that are (x) material by reference to the business or operations of Orion, taken applicable subsection hereof) as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any date of their respective assets or properties are subject, as applicable, including but not limited to this Agreement of the following types of (each, a “Material Contract” and collectively, the “Material Contracts:”):
(a) each Contract that requires the Company to pay, or entitles the Company to receive, or could result in obligations of the Company in the amount of, in the aggregate, $50,000 or more in any collective bargaining agreementcalendar year;
(b) each Contract that restricts the Company or any Contract of its present Affiliates from competing with or engaging in any employeebusiness activity anywhere in the world or soliciting for employment, consultant, advisor, officer hiring or director of Orion or Merger Subemploying any Person;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any each Contract to act acquire or dispose (by merger, division, conversion, consolidation, purchase or sale of assets or stock or otherwise) of material assets, as one of to which the foregoing on behalf of any PersonCompany has continuing material obligations or material rights;
(d) any each Contract which involves concerning a joint venture, strategic alliance, collaboration or partnership agreements, or the payment or receipt sharing of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000profits;
(e) each Contract whereby the Company leases, subleases, licenses, or otherwise holds any rights to use or occupy any interest in real property (the “Real Property Leases”);
(f) each Contract with respect to Indebtedness;
(g) each Contract with any Governmental Authority;
(h) each Contract that includes a license of, or covenant not to sxx with respect to Intellectual Property (i) from the Company to any third party (excluding non-exclusive licenses to customers and end users granted in the ordinary course of business), and (ii) to the Company from any third party (excluding generally commercially available, off the shelf software programs licensed to the Company pursuant to a shrink-wrap or “click to accept” agreements), in each case, which are material to its business as currently conducted (collectively, the “Company IP Agreements”);
(i) each Contract pursuant to which either Orion Party the Company leases, licenses or otherwise authorizes another Person to use, distribute, sell, resell or incorporate any Company Intellectual Property;
(ij) has made each Contract that contains any fixed or will make any loans indexed pricing, “most-favored nation” pricing or advances; (ii) has similar pricing terms or will have incurred debtsprovisions regarding minimum volumes, volume discounts, or become a guarantor or surety, or pledged its credit on; or rebates;
(iiik) has or will have otherwise become responsible each Contract with respect to bonus or other incentive compensation, deferred compensation, equity purchase award, salary continuation, pension, profit sharing or retirement plan;
(l) each Contract with any undertaking current Service Providers;
(m) each Contract with a Related Party;
(n) each Contract that is not terminable by the Company with notice of another 90 days or less without penalty;
(except for o) each Contract that grants any Person other than the Company any rights of first refusal, rights of first negotiation or collection similar rights;
(p) each Contract that contains indemnification obligations of negotiable instruments in transactions the Company;
(q) each Government Contract (including each Contract required to be listed on Schedule 3.28); and
(r) each Contract not made in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property practice or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material material. True, complete and correct copies of the Contracts listed or required to be listed on Schedule 3.12 of the Disclosure Schedules, together with all modifications and amendments thereto, have previously been delivered or made available to Parent, or, to the business extent any of such Contracts are oral, Schedule 3.12 of the Disclosure Schedules contains a description of the material terms thereof. Each Material Contract is in full force and effect, is valid, binding and enforceable in accordance with its terms, subject only to the Bankruptcy and Equity Exception. Except as set forth on Schedule 3.12 of the Disclosure Schedules, the Company is not in breach or operations of Oriondefault, taken as a wholenor, to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion has made available any event occurred which with the giving of notice or the passage of time or both would constitute a breach or default by the Company of, or which would give rise to Target true and complete copies any right of each document listed on SCHEDULE 5.10notice, modification, acceleration, payment, cancellation or termination of or by another party under, or in any manner release any party thereto from, any obligation under, any Material Contract and, to the Knowledge of the Company, no counterparty is in breach or default, and no event has occurred which with the giving of notice or the passage of time or both would constitute a written description breach or default by any other party, or which would give rise to any right of each oral arrangement so listed is contained on SCHEDULE 5.10notice, modification, acceleration, payment, cancellation or termination of or by the Company under, or in any manner release any party thereto from any obligation under, any Material Contract. Since its incorporation, the Company has not received any notice or communication regarding any violation or breach of, or default under any Material Contract. The cancellation of Company has not been notified in writing by any Contracts listed on SCHEDULE 5.10 at counterparty to any time by the other party Material Contract that such counterparty is terminating, modifying, repudiating or parties thereto would not have an Orion Material Adverse Effectrescinding, or intends to terminate, modify, repudiate or rescind such Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Schedule 3.19 sets forth a complete and correct list of all Contracts that are each of the following contracts (x) material to the business including any amendment, supplement or operations of Orionmodification, taken as a wholewhether written or verbal, to either Orion Party; and (ythereto) to which Seller is a party and which relates to the Business or any of the Orion Purchased Assets (each, a “Material Contract“) other than those which have terminated in accordance with their terms or by consent of the Parties are thereto (and which have no continuing rights or obligations thereunder):
(i) any financial services agreement, transmitter agreement and similar agreement entered into by Seller in connection with the conduct of the Business;
(ii) any contract entered into by Seller and a party, Key Customer;
(iii) any agreement entered into by which either are bound or Seller relating to the outsourcing of customer service;
(iv) any voice response unit and maintenance agreement entered into by Seller;
(v) any agreement pursuant to which Seller engaged a collection agency on its behalf;
(vi) any of their respective assets or properties are subject, as applicablecredit reporting agreement entered into by Seller, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementLexis Nexis and Experian credit reporting agreements;
(bvii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Subagreement entered into between Seller and a temporary staffing agencies regarding temporary employment by Seller;
(cviii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency all agreements relating to the destruction or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one retention and preservation of the foregoing on behalf of any Persondocuments;
(dix) any Contract which involves agreements relating to disaster recovery;
(x) any agreement relating to lobbying activities of Seller or any Person engaged by Seller in connection with the payment conduct of the Business;
(xi) any agreements relating to telephones and communication systems used by Seller in the conduct of the Business;
(xii) all mystery shop and customer survey agreements;
(xiii) any contract for the purchase, sale or receipt license of cash materials, supplies, goods, services, equipment or other propertyassets or rights (including Intellectual Property) that provides for, an unperformed commitment or goods for which transactions entered into or made pursuant thereto have generated, either (A) annual payments by Seller of $20,000 or more or (B) aggregate payments during the term of such contract or agreement by such entity of $50,000 or more;
(xiv) any sales, distribution or other similar contract providing for the sale by Seller of materials, supplies, goods, services, in each case having a value equipment or other assets or rights (including Intellectual Property) that provides for, or for which transactions entered into or made pursuant thereto have generated, either (A) annual payments to Seller of $20,000 or more or (B) aggregate payments during the term of such contract or agreement to such entity of $50,000 or more;
(xv) any contract relating to or affecting the use of any Scheduled Tangible Personal Property which involve annual rental maintenance or other payments in excess of $10,000;
(exvi) any Contract pursuant contract pertaining to which either Orion Party the use or license of any Scheduled Intellectual Property that involves annual payments in excess of $10,000;
(ixvii) has made any joint venture, partnership, limited liability company or will make other agreement involving a sharing of profits, losses, costs or liabilities by Seller with any loans other Person;
(xviii) any mortgage, indenture, security agreement, guaranty, letter of credit or advances; other agreement or instrument relating to the borrowing of money or extension of credit (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions other than accounts receivable and accounts payable in the ordinary course of business consistent with past practicepractice or security therefor);
(fxix) any indenturecontracts, credit agreementagreements, loan agreement, note, mortgage, security agreement, lease purchase orders or contract awards with Governmental Entities reasonably anticipated to involve payments to or by Seller of real property or personal property or agreement for financingmore than $10,000 annually;
(gxx) any Contract involving a partnershipcontracts imposing confidentiality obligations on Seller or any of its Affiliates or any of their employees, joint venture or other cooperative undertakingofficers and agents thereof;
(hxxi) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger SubLease;
(ixxii) any power of attorney or agency non-competition agreement or arrangement with any Person pursuant other agreement or obligation which purports to which such Person is granted limit (A) the authority to act for or on behalf of Orion or Merger Submanner in which, or pursuant the localities in which, the Business may be conducted or (B) the ability of Seller to which Orion or Merger Sub are granted the authority to act for or on behalf provide any type of any Person;
(j) any Contract service relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementBusiness; and
(kxxiii) any contract that grants any Person the exclusive right to sell products or provide services within any geographical region.
(b) With respect to each Material Contract, except as set forth in Schedule 3.19]: (i) such Material Contract not specified above that is otherwise material the legal and valid obligation of Seller and, to the business or operations knowledge of OrionSeller, taken as a wholeof each other party thereto, and constitutes the binding and enforceable obligation of Seller and, to either Orion Partythe knowledge of Seller, of each other party thereto, in accordance with its terms; (ii) such Material Contract has not been terminated, and Seller is not, nor, to the knowledge of Seller, is any other Person, in breach or default thereunder and, to the knowledge of Seller, no event has occurred (including any event that with notice or lapse of time, or both) that would constitute a material breach or default, or permit termination, modification in any manner adverse to Purchaser or the Business or acceleration thereunder; (iii) to the knowledge of Seller, no party has asserted nor has (except by operation of Law) any right to offset, discount or otherwise xxxxx any amount owing under such Material Contract except as expressly set forth in such contract; and (iv) no written amendments or modifications have been made thereto except those, if any, reflected in the copies previously furnished to Purchaser. To the Knowledge None of the Orion Partiesrights of Seller under the Material Contracts have been assigned (including by an absolute assignment of rents or contracts) or collaterally assigned, Orion has made available to Target true and complete copies assigned for the purpose of each document listed on SCHEDULE 5.10granting security, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of or are affected by any Contracts listed on SCHEDULE 5.10 at any time by the other party security interest or parties thereto would not have an Orion Material Adverse Effectsimilar encumbrance.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Pacific Capital Bancorp /Ca/)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (xa) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any Section 3.15 of the Orion Parties are Company Disclosure Letter lists each Contract (other than Company Plans listed with respect to Section 3.10(a) and Contracts entered into in connection with a party, by which either are bound or to which any Permitted Asset Disposition) of their respective assets or properties are subject, as applicable, including but not limited to the following types to which the Company or any of Contractsits Subsidiaries is a party:
(ai) any collective bargaining agreementContract that would be required to be filed by the Company as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act or disclosed by the Company on a Current Report on Form 8-K;
(bii) any Contract that materially limits the ability of the Company or any of its Subsidiaries (or, following the consummation of the Mergers and the other transactions contemplated by this Agreement, would limit the ability of Parent or any of its Subsidiaries, including the Surviving Company) to compete in any line of business or with any Person or in any geographic area, or that restricts the right of the Company and its Subsidiaries (or, following the consummation of the Mergers and the other transactions contemplated by this Agreement, would limit the ability of Parent or any of its Subsidiaries, including the Surviving Company) to sell to or purchase from any Person or to hire any Person, or that grants the other party or any third Person “most favored nation” status or any type of special discount rights;
(iii) any Contract with any employeerespect to the formation, consultantcreation, advisoroperation, officer management or director control of Orion a joint venture or Merger Sub;
(c) any Contract partnership with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any another Person;
(div) any Contract which involves relating to Indebtedness incurred by the payment Company or receipt any of cash or other propertyits Subsidiaries, an unperformed commitment or goods or services, in each case having a value in excess of $10,000except for Permitted Indebtedness;
(ev) any Contract pursuant to which either Orion Party involving the acquisition or disposition, directly or indirectly (iby merger or otherwise), of assets or capital stock or other equity interests for aggregate consideration (in one or a series of transactions) has made under such Contract of $500,000 or will make any loans more (other than acquisitions or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking dispositions of another (except for the negotiation or collection of negotiable instruments in transactions inventory in the ordinary course of business consistent with past practice);
(fvi) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Contract (other than Contracts with employees and individual independent contractors) that by its terms calls for aggregate payment or receipt by the Company and its Subsidiaries under such Contract of real property or personal property or agreement for financingmore than $500,000 over the remaining term of such Contract;
(gvii) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Company or any acquisition of its Subsidiaries has continuing guarantee, “earn-out” or disposition of any subsidiary, division, line of business or real propertyother contingent payment obligations, in each case during the five years prior to the date that could result in payments in excess of this Agreement; and$500,000;
(kviii) any Contract not specified above that is otherwise a license agreement (including all regional licensing transactions), covenant not to sue agreement or co-existence agreement or similar agreement that is material to the business or operations of Orionthe Company and its Subsidiaries, taken as a whole, to either Orion Party. To which the Knowledge Company or any of its Subsidiaries is a party and licenses in Intellectual Property owned by a third party or licenses out Intellectual Property owned by the Company or its Subsidiaries or agrees not to assert or enforce Intellectual Property owned by the Company or such Subsidiary, other than non-exclusive Contracts entered into in the ordinary course of business of the Orion PartiesCompany consistent for past practices for generally commercially available services, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10software, and products;
(ix) any Contract that obligates the Company or any of its Subsidiaries to make (A) any loan, or (B) any capital commitment or expenditure, except, in the case of clause (B), in the ordinary course of business consistent with practice and in an aggregate amount not greater than $500,000;
(x) any Contract that requires a written description consent to or otherwise contains a provision relating to a “change of each oral arrangement so listed is contained control” that would or would reasonably be expected to prevent, materially delay or impair the consummation of the transactions contemplated by this Agreement; or
(xi) any Contract with a top ten (10) supplier of the Company based on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time aggregate amounts paid by the Company and its Subsidiaries during the twelve (12)-month period ended December 31, 2023 or a top five (5) customer of the Company based on revenue earned during the twelve (12)-month period ended December 31, 2023. Each contract of the type described in clauses (i) through (xi) is referred to herein as a “Material Contract.”
(b) Each Material Contract is valid and binding on the Company and each of its Subsidiaries party thereto (as applicable) and, to the knowledge of the Company, any other party thereto. Except as would not, individually or parties thereto would not in the aggregate, reasonably be expected to have an Orion a Material Adverse Effect, there is no default under any Material Contract by the Company or any of its Subsidiaries party thereto or, to the knowledge of the Company, any other party thereto, and no event has occurred that with the lapse of time or the giving of notice or both would constitute a default thereunder by the Company or any of its Subsidiaries party thereto or, to the knowledge of the Company, any other party thereto.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Schedule 5.19 sets forth a list of all Contracts that are (x) material written agreements, arrangements or commitments to the business which Skypersonic or operations of Orion, taken as any Subsidiary is a whole, to either Orion Party; and (y) to party or by which any of the Orion Parties are a party, by which either are its assets is bound or affected (all such contracts, agreements, arrangements or commitments as are required to which any of their respective assets or properties are subjectbe set forth on Schedule 5.19 being referred to herein collectively as the “Contracts”), as applicableincluding, including but not limited without limitation with respect to the following types of ContractsSkypersonic and each Subsidiary:
(a) any collective bargaining agreement;
(b) any Contract each partnership, joint venture or similar agreement of Skypersonic and each Subsidiary with any employee, consultant, advisor, officer or director of Orion or Merger Subanother Person;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency each contract or other Person engaged in sales, distributing or promotional activities, agreement under which Skypersonic or any Contract to act as one Subsidiary has created, incurred, assumed or guaranteed (or may create, incur, assume or guarantee) indebtedness of the foregoing more than US$25,000 in principal amount or under which Skypersonic or any Subsidiary has imposed (or may impose) a Lien on behalf any of any Personits assets, whether tangible or intangible securing indebtedness in excess of US$25,000;
(d) any Contract each contract or agreement which involves the an aggregate payment or receipt commitment per contract or agreement on the part of cash or other property, an unperformed commitment or goods or services, in Skypersonic and each case having a value in excess Subsidiary of $10,000more than US$25,000 per year;
(e) each contract or agreement which involves or contributes to Skypersonic or any Contract pursuant to Subsidiary, aggregate annual remuneration which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking exceeds 5% of another (except such Company’s consolidated annual net revenues for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)twelve months ended December 31, 2018 and 2019;
(f) all leases and subleases from any indenturethird person to Skypersonic or any Subsidiary, credit agreement, loan agreement, note, mortgage, security agreement, in each case requiring annual lease payments in excess of real property or personal property or agreement for financingUS$25,000;
(g) each contract or agreement to which such Skypersonic or any Contract involving Subsidiary or any of its Affiliates is a partnershipparty limiting the right of Skypersonic or any Subsidiary (i) to engage in, joint venture or other cooperative undertakingto compete with any person in, any business, including each contract or agreement containing exclusivity provisions restricting the geographical area in which, or the method by which, any business may be conducted by such Company or (ii) to solicit any customer or client;
(h) any Contract involving any restrictions with respect all collective bargaining or other labor union contracts or agreements to (i) any geographical area of operations; which such Company is a party or (ii) scope applicable to persons employed by Skypersonic or type of business of Orion or Merger Subsuch Subsidiary;
(i) any power of attorney all licenses, licensing agreements and other agreements providing in whole or agency agreement or arrangement with any Person pursuant to which such Person is granted part for the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf use of any Person;Intellectual Property of Skypersonic or such Subsidiary; and
(j) any Contract relating to any corporate acquisition all other contracts or disposition of Orion agreements which individually or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise aggregate are material to Skypersonic or such Subsidiary or the business conduct of its business, other than those which are terminable upon no more than 30 days’ notice by such Company without penalty or operations other adverse consequence. Schedule 5.19 further identifies each of Orionthe Contracts which contain anti-assignment, taken as change of control or notice of assignment provisions. The Contracts are each in full force and effect and are the valid and legally binding obligations of Skypersonic and each Subsidiary which is a whole, to either Orion Partyparty thereto. To the Knowledge of Principal Sellers and the Orion PartiesCompany, Orion has made available neither Skypersonic nor any Subsidiary is a party to, nor is its business or any of its assets bound by, any oral agreement. Neither Skypersonic nor any Subsidiary is in default under any Contract to Target true and complete copies of each document listed on SCHEDULE 5.10which it is a party, and no event has occurred which with the giving of notice or lapse of time or both would constitute such a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectdefault.
Appears in 1 contract
Contracts. SCHEDULE 5.10 Each correspondingly lettered section of Schedule 4.14 sets forth a true, correct and complete list of all the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) currently in force to which any of the Orion Parties are Company is a party, by or under which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:Company has continuing liabilities and/or obligations (other than the Company Benefit Plans set forth on Schedule 4.17(a) and the insurance policies on Schedule 4.19):
(a) bonds, debentures, notes, credit or loan agreements or loan commitments, mortgages, indentures, guarantees or other Contracts relating to the borrowing of money or the deferred purchase price of property or binding upon any collective bargaining agreementproperties or assets (real, personal or mixed, tangible or intangible);
(b) any Contract Contracts that were not entered into in the ordinary course of business, consistent with any employee, consultant, advisor, officer or director of Orion or Merger Subpast practice;
(c) any Contract with a sales representativeleases relating to the Leased Real Property, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf leases of any Personpersonal property, and all other Contracts involving any properties or assets (whether real, personal or mixed, tangible or intangible), involving an annual commitment or payment of or performance having a value of more than $5,000 by the Company;
(d) Contracts that (i) limit or restrict the Company or any Contract which involves officers, directors, employees, Securityholders, agents or representatives of the Company (in their capacity as such) from engaging in any business or other activity in any jurisdiction, (ii) create or purport to create any exclusive or preferential relationship or arrangement, or (iii) otherwise restrict or limit the Company’s ability to operate or expand the Business, or (iv) impose, or purport to impose, any obligations or restrictions on Affiliates of the Company;
(e) Contracts for capital expenditures or the acquisition or construction of fixed assets requiring the payment or receipt by the Company of cash or other property, an unperformed commitment or goods or services, in each case having a value amount in excess of $10,000;
(ef) Contracts that provide for any Contract pursuant payment or benefit upon the execution hereof or the Closing or in connection with the transactions contemplated hereby, including accelerated vesting or other similar rights;
(g) Contracts granting any Person a Lien on all or any part of any properties or assets of the Company;
(h) Contracts granting to which either Orion Party any Person an option or a right of first refusal, first-offer or similar preferential right to purchase or acquire any assets of the Company;
(i) Contracts with any agent, distributor or representative that is not terminable without penalty on thirty (30) days or less notice;
(j) Contracts for the granting or receiving of a license, sublicense or franchise or under which any Person is obligated to pay or has made the right to receive a royalty, license fee, franchise fee or will make any loans or advances; similar payment;
(iik) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or Contracts (iiii) has or will have otherwise become responsible with respect to Company Intellectual Property licensed or transferred to any undertaking of another third party (except for the negotiation or collection of negotiable instruments in transactions other than end user Licenses in the ordinary course of business consistent with past practice);
(fbusiness) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope pursuant to which a third party has licensed or type of business of Orion or Merger Subtransferred any Company Intellectual Property to the Company;
(il) any power of attorney Contracts providing for the indemnification or agency agreement or arrangement with any Person pursuant to which such Person is granted holding harmless by the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf Company of any officer, director, employee or other Person;
(jm) Joint venture or partnership Contracts or Contracts entitling any Contract relating Person to any corporate acquisition profits, revenues or disposition cash flows of Orion the Company or Merger Subrequiring payments or other distributions based on such profits, revenues or cash flows;
(n) Contracts with Customers or Suppliers;
(o) Outstanding powers of attorney empowering any acquisition Person to act on behalf of the Company;
(p) Contracts with any Governmental Entity;
(q) Employment Agreements;
(r) Contracts with any independent contractor or disposition consultant which involve annual payment in excess of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement$10,000; and
(ks) any Contract not specified above Contracts (other than those described in subsections (a) through (r) of this Section 4.14) to which the Company is a party or by which its properties or assets are bound (i) involving an annual commitment or annual payment to or from the Company of more than $15,000 individually or (ii) that is otherwise are material to the business Company, individually or operations in the aggregate. True, correct and complete copies of Orionall Contracts have been provided to ExamWorks in the data room. The Contracts are legal, taken valid, binding and enforceable in accordance with their respective terms with respect to the Company, except as a wholesuch enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws in effect which affect the enforcement of creditors’ rights generally and by equitable principles and, to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion has made available each other party thereto. There is no existing material default or breach of the Company or under any Contract (or event or condition that, with notice or lapse of time or both could constitute a material default or breach) and, to Target true and complete copies the Knowledge of each document listed the Company, there is no such material default (or event or condition that, with notice or lapse of time or both, could constitute a material default or breach) with respect to any third party to any Contract. There is no term, obligation, understanding or agreement that would modify any term of a Contract or any right or obligation of a party thereunder which is not reflected on SCHEDULE 5.10, and a written description the face of each oral arrangement so listed is contained on SCHEDULE 5.10such Contract. The cancellation Company is not participating in any discussions or negotiations regarding modification of or amendment to any Contracts listed on SCHEDULE 5.10 at Contract or entry in any time by the other party or parties thereto would not have an Orion Material Adverse Effectnew Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets (a) Section 2.11(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of all each of the following Contracts that are (x) material to the business which either Seller is a party or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsAssets is bound:
(ai) all Contracts (excluding Benefit Plans) providing for a commitment of employment or consultation services for a specified or unspecified term to, or otherwise relating to employment or the termination of employment of, any collective bargaining agreementEmployee;
(bii) any Business Contract with (excluding Real Property Leases and Personal Property Leases) for the purchase of materials, supplies, services, equipment or other assets, in each case relating primarily to the Business, providing for annual or aggregate remaining payments by the Sellers under any employee, consultant, advisor, officer such Business Contract of $100,000 or director of Orion or Merger Submore;
(ciii) other than Customer Contracts entered into in the ordinary course and other than the Contracts described in Section 2.11(a)(vi), any Business Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one for the sale by Sellers of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess relating primarily to the Business, providing for annual or aggregate payments to Sellers of $10,000100,000 or more;
(eiv) any Business Contract of any Seller as borrower relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), in either case relating primarily to the Business, except any such agreement with an aggregate outstanding principal amount not exceeding $100,000 which may be prepaid on not more than ten days' notice without the payment of any penalty;
(v) any Business Contract entered into primarily in connection with the Business that limits the freedom of any Seller to compete in any line of business or with any Person or in any area or to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any Asset and which would so limit the freedom of Purchaser after the Closing Date; and
(vi) any Contract pursuant between Sellers and the fully disclosed clearing brokers relating to which either Orion Party the FDC Business.
(ib) has made Each Contract required to be disclosed in Section 2.11(a) of the Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms, of the Seller and of each other party thereto; and except as disclosed in Section 2.11(b) of the Disclosure Schedule neither Seller nor, to the Knowledge of Sellers, any other party to such Contract is in violation or will make breach of or default under any loans such Contract (or advances; (iiwith notice or lapse of time or both, would be in violation or breach of or default under any such Contract) has the effect of which, individually or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course aggregate, could reasonably be expected to have a Materially Adverse Effect on the Condition of business consistent with past practice);the Business.
(fc) any indentureAttached to Section 2.11(c) of the Disclosure Schedule is a current form of customer agreement used in connection with the Business. Except for instances of noncompliance which would not be reasonably expected, credit agreementindividually or in the aggregate, loan agreement, note, mortgage, security agreement, lease to have a Material Adverse Effect on the Condition of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;the Business:
(i) any power Each of attorney or agency agreement or arrangement the Sellers is in compliance with any Person pursuant the terms of each Customer Contract, and each such Customer Contract is in full force and effect with respect to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Personapplicable Customer;
(jii) any Contract relating Each extension of credit by Sellers to any corporate acquisition or disposition Customer (i) is in full compliance with Regulation T of Orion or Merger Sub, the Federal Reserve Board or any acquisition or disposition substantially similar regulation of any subsidiaryRegulatory Authority and (ii) Sellers have first priority perfected security interests in the collateral securing such extension; and
(iii) As of the Closing, divisionthe Sellers will have supplied or made available all identification and basic background information in their possession with respect to Customers, including any information describing the person's source of wealth and line of business or real propertyregarding references, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business referrals or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party potential "red-flags" or parties thereto would not have an Orion Material Adverse Effectsuspicious transactions.
Appears in 1 contract
Samples: Asset Purchase Agreement (First Albany Companies Inc)
Contracts. SCHEDULE 5.10 (a) Disclosure Schedule Section 3.05(a) sets forth a list all of all the following Contracts that (other than Contracts which are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (yExcluded Assets) to which any Seller is a party related to the Business as of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsdate hereof:
(a) any collective bargaining agreement;
(bi) any Contract with any employee, consultant, advisor, officer or director for the sale of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, broadcast time for advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of purposes for cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has that was not made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicepractices;
(ii) any Contract relating to Program Rights;
(iii) any Contract involving the purchase or sale of Real Property;
(iv) any Contract relating to the acquisition or disposition of any material portion of the Business (whether by merger, sale of stock, sale of assets or otherwise);
(fv) any indentureContract involving construction, credit agreementarchitecture, loan agreementengineering or other agreements relating to uncompleted construction projects, note, in each case that involve payments in excess of $100,000;
(vi) any mortgage, pledge or security agreement, lease deed of real property trust or personal property or agreement for financingother instrument granting a Lien (other than Permitted Liens) upon any Purchased Asset;
(gvii) any Contract involving a partnership, joint venture or other cooperative undertakingsimilar agreement with another party;
(hviii) any Contract involving compensation to any employee, independent contractor, or consultant in excess of $50,000;
(ix) any Contract involving any restrictions with respect to (i) any geographical area labor agreement or collective bargaining agreement of operations; or (ii) scope or type of business of Orion or Merger SubSeller;
(ix) any power Contract that contains a covenant restricting the ability of attorney Seller to compete in any business or agency agreement or arrangement with any Person or in any geographic area;
(xi) any Contract with any Affiliate of Seller (other than among members of Sellers and other than employment or compensation-related Contracts);
(xii) any Contract that is a local marketing agreement, joint sales agreement or similar agreement;
(xiii) any Contract with a Governmental Authority (other than ordinary course Contracts with Governmental Authorities as a customer) which imposes any material obligation or restriction on Seller;
(xiv) any Contract pursuant to which such Person any Indebtedness for borrowed money of Seller is granted the authority to act for outstanding or on behalf of Orion or Merger Sub, may be incurred or pursuant to which Orion or Merger Sub are granted the authority to act Seller has guaranteed any Indebtedness for or on behalf borrowed money of any Personother Person (other than a member of Seller and excluding trade payables arising in the ordinary course of business);
(jxv) any Contract relating to any corporate acquisition or disposition the non-broadcast use of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementStation’s digital bit stream; and
(kxvi) any Contract not specified above all other Contracts (including all programming contracts) that is otherwise material (A) involve the payment or potential payment, pursuant to the business terms of any such Contract, by or operations to Seller of Orion, taken as a wholemore than $100,000 annually and (B) cannot be terminated within one hundred and eighty (180) days after giving notice of termination without resulting in any material cost or penalty to Seller.
(b) No Seller and, to either Orion Party. To the Knowledge of Seller, no other party, is in material breach or default under any material Assumed Contract.
(c) Each material Assumed Contract is in full force and effect and constitutes a legal, valid and binding obligation of Seller and, to the Orion PartiesKnowledge of Seller, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party thereto (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or parties thereto would not have an Orion Material Adverse Effectother Laws from time to time in effect relating to creditors’ rights and remedies generally and general principles of equity).
Appears in 1 contract
Samples: Asset Purchase Agreement (Sinclair Broadcast Group Inc)
Contracts. SCHEDULE 5.10 sets forth a (a) Section 3.11(a) of Sellers' Disclosure Schedule contains an accurate and complete list of all each of the following Seller Contracts to be included in the Assets (other than the Seller Contracts listed on Section 3.11(a)(x) of Sellers' Disclosure Schedule which may be identified as Excluded Contracts subject to Section 5.10):
(i) each Seller Contract that are was not entered into in the Ordinary Course of Business;
(xii) material to the business each Seller Contract that is a letter of credit, bond or operations other indemnity (including letters of Orioncredit, taken bonds or other indemnities as a whole, to either Orion Party; and (y) to which Seller is the beneficiary but excluding endorsements of instruments for collection in the Ordinary Course of Business) or guarantee of a third party's obligation;
(iii) each Seller Contract with respect to Intellectual Property (including Contracts with current or former employees, consultants or contractors regarding the appropriation or the non-disclosure of any of the Orion Parties are Intellectual Property) except for any license implied by the sale of a partyproduct and perpetual, by paid-up licenses for commonly available software programs with a value of less than $25,000 under which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to a Seller is the following types of Contracts:
(a) any collective bargaining agreementlicensee;
(biv) any each Seller Contract with any employee, consultant, advisor, officer labor union or director other employee representative of Orion or Merger Suba group of employees;
(cv) each Seller Contract other than Seller Benefit Plans involving a sharing of profits, losses, costs or Liabilities by a Seller with any other Person;
(vi) each Seller Contract containing covenants that in any way purport to restrict the business activity of any Seller or limit the freedom of any Seller to engage in any line of business or to compete with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(dvii) each Seller Contract providing for payments over $10,000 to or by any Contract which involves the payment Person based on or receipt of cash determined by reference to sales, purchases or profits, other property, an unperformed commitment or than direct payments for goods or servicesstandard form employee bonus plans;
(viii) each power of attorney that is currently effective and outstanding, other than limited powers of attorneys issued in the Ordinary Course of Business, such as to custom brokers;
(ix) each case having a value Seller Contract for capital expenditures in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement100,000; and
(kx) any each Seller Contract not specified above that is otherwise material to not a vendor contract, a customer contract or a Real Property Lease, which Seller Contract provides for payments in excess of $100,000 in the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has aggregate.
(b) Sellers have made available to Target Buyer a true and complete copies copy of each document of the Seller Contracts listed on SCHEDULE 5.10in Section 3.11(a) of Sellers' Disclosure Schedule.
(c) Except as may result from the Contemplated Transactions, each Seller Contract listed in Section 3.11(a) of Sellers' Disclosure Schedule is in full force and effect and is valid and enforceable in accordance with its terms, subject to bankruptcy, reorganization, insolvency, moratorium, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10other laws affecting creditors' rights generally from time to time in effect and to general equitable principles. The cancellation Sellers have not given or received notice and have no Knowledge of any Contracts other communication (written or oral) regarding any actual, alleged or potential Contravention of any Seller Contract listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectin Section 3.11(a) of Sellers' Disclosure Schedule.
Appears in 1 contract
Samples: Asset Purchase Agreement (Anixter International Inc)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 2.20(a) contains a true and complete list of all Contracts that are of the following agreements, leases, licenses, evidences of indebtedness, mortgages, security agreements or other contracts (xwhether written or oral) material or other arrangements (true and complete copies (or, if none, reasonably complete and accurate written descriptions) which, together with all amendments and supplements thereto, have been delivered or made available to ATMI prior to the business or operations of Orion, taken as a wholedate hereof), to either Orion Partywhich the Company is a party or by which any of its assets or properties is bound (such agreements, leases, licenses, and other items required to be set forth on Schedule 2.20(a) being referred to herein as the “Contracts”) (with paragraph references corresponding to those set forth below):
(i) all Contracts with customers or suppliers of the Company involving the sale or purchase of goods in excess of $25,000;
(ii) (A) all Contracts (excluding Company Plans) providing for a commitment of employment or consultation services for a specified or unspecified term or otherwise relating to employment or the termination of employment, the name, position and rate of compensation of each person or entity party to such a Contract and the expiration date of each such Contract; and (yB) any written or unwritten representations, commitments, promises, communications or courses of conduct (excluding Company Plans and any such Contracts referred to which any in clause (A)) involving an obligation of the Orion Parties are a partyCompany to make payments in any year, by which either are bound other than with respect to salary or incentive compensation payments in the Ordinary Course, to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementemployee;
(biii) all Contracts containing any Contract provision or covenant prohibiting or materially restricting the ability of the Company to engage in any lawful business activity or compete with any employee, consultant, advisor, officer person or director of Orion or Merger Subentity;
(civ) all Contracts providing for “exclusivity” or any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiessimilar requirement under which the Company is restricted, or which after the Closing would restrict ATMI or any Contract of its subsidiaries, with respect to act as one of the foregoing on behalf of any Persondistribution, licensing, marketing, development or manufacture;
(dv) any Contract which involves all Contracts relating to indebtedness (other than trade payables arising in the payment or receipt Ordinary Course) of cash or other property, an unperformed commitment or goods or services, in each case having a value the Company in excess of $10,000;
(evi) all Contracts relating to (A) the future disposition or acquisition of any assets with a fair market value in excess of $10,000 in the aggregate, or (B) any merger or other business combination;
(vii) all Contracts that require consent, approval or waiver of, or notice to, a Governmental Authority or other third party in the event of or with respect to the Merger, including in order to avoid termination of or loss of a material benefit under any such Contract;
(viii) all Contracts containing any provisions (A) dealing with a “change of control” or similar event with respect to the Company, (B) prohibiting or imposing any restrictions on the assignment of all or any portion thereof by the Company to any other person, or (C) having the effect of providing that the consummation of any of the transactions contemplated by this Agreement or the Related Agreements will conflict with, result in a violation or breach of, or constitute a default under (with or without notice or lapse of time or both), such Contract or give rise under such Contract to any right of, or result in, a termination, right of first refusal, amendment, revocation, cancellation or acceleration, or loss of material benefit, or to any increased, guaranteed, accelerated or additional rights or entitlements of any person;
(ix) all Contracts providing for payments of royalties or other license fees to third parties;
(x) all Contracts granting a third party any express license to Intellectual Property that is not limited to the internal use of such third party;
(xi) all Contracts pursuant to which either Orion Party (i) the Company has made or will make been granted any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect license to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)Intellectual Property;
(fxii) all Contracts entered into in the last five (5) years in connection with the settlement or other resolution of any indenturesuit, credit agreementclaim, loan agreementaction, note, mortgage, security agreement, lease of real property investigation or personal property or agreement for financingproceeding;
(gxiii) any Contract involving all collective bargaining or similar labor Contracts to which the Company is a partnership, joint venture party or other cooperative undertakingby the terms of which it is bound;
(hxiv) all Contracts that (A) limit or contain restrictions on the ability of the Company to declare or pay dividends on, to make any Contract involving other distribution in respect of or to issue or purchase, redeem or otherwise acquire its capital stock, to incur indebtedness, to incur or suffer to exist any restrictions with respect lien, to (i) purchase or sell any geographical area of operations; assets, or to engage in any business combination or merger or (iiB) scope require the Company to maintain specified financial ratios or type levels of business net worth or other indicia of Orion or Merger Subfinancial condition;
(ixv) all Contracts between the Company, on the one hand, and any power of attorney shareholder, officer, director or agency agreement Affiliate or arrangement with any Person pursuant to which such Person is granted the authority to act for or Company, on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementother hand; and
(kxvi) any Contract not specified above all other Contracts (other than Company Plans and insurance policies) that is otherwise material (A) involve the payment or potential payment, pursuant to the business terms of any such Contract, by or operations to Company of Orionmore than $10,000 annually and (B) cannot be terminated within thirty (30) days after giving notice of termination without resulting in any material cost or penalty to the Company.
(b) Each Contract required to be disclosed on Schedule 2.20(a) is in full force and effect and constitutes a legal, taken as valid and binding agreement, enforceable in accordance with its terms, of each party thereto, except to the extent the illegality, invalidity, unenforceability or non-binding nature of any such Contracts would not, individually or in the aggregate, have a wholeMaterial Adverse Effect on the Company. The Company is not, and, to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the no other party to such Contract is, or parties thereto has received notice that it is, in violation or breach of or default under any such Contract (or with notice or lapse of time or both, would not be in violation or breach of or default under any such Contract), except to the extent any such violations, breaches or defaults would not, individually or in the aggregate, have an Orion a Material Adverse EffectEffect on the Company.
Appears in 1 contract
Samples: Merger Agreement (Atmi Inc)
Contracts. SCHEDULE 5.10 (a) Section 5.19 of the Disclosure Schedule sets forth a complete and accurate list of all Contracts that in effect as of the Closing Date (i) (A) to which the Company or the Subsidiary is a party, (B) by which the Company or the Subsidiary or any of its respective assets or properties are or may become bound or under which the Company or the Subsidiary has, or may become subject to, any obligations or (C) under which the Company or the Subsidiary has or may acquire any right or interest and (ii) fall within any of the following categories (the “Material Contracts”):
(i) Contracts involving the annual payment or receipt of more than One Hundred Thousand U.S. Dollars (US$100,000);
(ii) Contracts not terminable by the Company or the Subsidiary, as applicable, without penalty upon thirty (30) days or less prior notice;
(iii) Contracts providing for the employment, retention, bonus, severance, consulting or other service relationship with any Company Employee or any current or former officer, director, consultant or other Person requiring compensation by the Company or the Subsidiary;
(iv) Contracts governing Indebtedness or any guarantee thereof, or the imposition of a Lien on any assets of the Company or the Subsidiary;
(v) All material licensing agreements with third parties pursuant to which the Company or the Subsidiary grants or obtains the right to use or exploit Intellectual Property (other than agreements granting rights to use readily available commercial Software);
(vi) All real property leases or similar agreements (including, without limitation, domicile agreements) of the Company or the Subsidiary or relating to their respective businesses;
(vii) Contracts establishing joint ventures or partnerships constituting a portion of the Company’s or the Subsidiary’s business;
(viii) Research and development contracts;
(ix) Contracts between the Company or the Subsidiary and any Related Person;
(x) material Contracts relating to consulting services or information technology.
(xi) All powers of attorney or similar Contracts involving the Company or the Subsidiary (other than powers of attorney entered into in the Ordinary Course of Business with the Company’s or the Subsidiary’s patent agents and law firms and their lawyers);
(xii) All Contracts under which the Company or the Subsidiary agrees to indemnify any Person; and
(xiii) Contracts that purport (whether as of the Closing Date or on a contingent basis) to (A) limit, curtail or restrict the ability of the Company or the Subsidiary to compete in any geographic area or line of business, (B) restrict the Persons to whom the Company or the Subsidiary may sell products or deliver services or require exclusive dealings, or (C) restrict the Persons with whom the Company or the Subsidiary may solicit or hire for employment.
(b) Each Material Contract is legal, valid and binding and enforceable against the Company or the Subsidiary, as applicable, and to the business Knowledge of the Sellers, against each party thereto, in each case, in accordance with the express terms thereof. There does not exist under any Material Contract any violation, breach or operations event of Oriondefault, taken or alleged violation, breach or event of default, or event or condition that, after notice or lapse of time or both, would constitute a violation, breach or event of default thereunder on the part of the Company or the Subsidiary or, to the Knowledge of the Sellers any other party thereto. No party to any of the Material Contracts has exercised any termination rights with respect thereto, and no such party has given notice of any significant dispute with respect to any Material Contract. Neither the Company nor the Subsidiary has waived any of its respective material rights under any Material Contract. Sellers have delivered to Purchaser and Parent true, correct and complete copies of all of the Material Contracts.
(c) Except as expressly contemplated under this Agreement, neither the Company nor the Subsidiary is contemplating any modification, waiver or termination of any Material Contract. No Material Contract is terminable or cancelable as a whole, to either Orion Party; and result of the Transactions.
(yd) There are no non-competition or non-solicitation agreements or any similar agreements or arrangements that could restrict or hinder the operations or conduct of the business of the Company or the Subsidiary or the use of its properties or assets or any “earn-out” agreements or arrangements (or any similar agreements or arrangements) to which any of the Orion Parties are Sellers or the Company or the Subsidiary is a party, by which either are party or may be subject or bound or to which any of their respective assets or properties are subject, as applicable, including but not limited (other than pursuant to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practiceTransaction Documents);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effect.
Appears in 1 contract
Samples: Stock Purchase Agreement (Sucampo Pharmaceuticals, Inc.)
Contracts. SCHEDULE 5.10 sets (a) Except as set forth in the Employee Benefits Schedule or on the “Contracts Schedule” attached hereto as Schedule 3.12(a) (all such Contracts required to be disclosed thereon or hereon, collectively, the “Company Contracts”), no Company Group Member is a list of all Contracts that are (x) material party to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which bound by any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsfollowing:
(ai) any collective bargaining agreementbonus, pension, profit sharing, retirement or deferred compensation plan or stock purchase, stock option, hospitalization insurance or similar plan or practice, whether formal or informal;
(bii) Contract for the (A) employment of any current or former (to the extent of any ongoing Liability) officer, individual employee, director or other Person on a full-time or part-time basis (other than the hiring of employees in the Ordinary Course of Business) or (B) engagement of any current or former (to the extent of any ongoing Liability) individual consultant or individual independent contractor, in either case, that provides for (1) a payment or aggregate payments by any Company Group Member in excess of Fifty Thousand Dollars ($50,000), (2) payment of any material severance benefits not in the Ordinary Course of Business or (3) any Contract with any employeechange in control, consultant, advisor, officer retention or director other payments that would be triggered solely by the consummation of Orion or Merger Subthe Contemplated Transactions;
(ciii) Contract providing for or relating to (A) the borrowing of money or incurrence of Indebtedness by any Contract with Company Group Member, (B) mortgaging, pledging or otherwise placing a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Lien (other than Permitted Liens) on any Company Assets or other Person engaged in sales, distributing or promotional activities, or (C) the guaranty by any Contract to act as one Company Group Member of the foregoing on behalf indebtedness of any Personthird party;
(div) Contract with respect to the lending or investing of funds to or in other Persons;
(v) license (excluding license of “off-the-shelf” Software), royalty Contract or other Contract relating to any Company Proprietary Rights which individually requires a payment or aggregate payments thereunder of Fifty Thousand Dollars ($50,000) or more by or to any Company Group Member;
(vi) Contract under which any Company Group Member is lessee of or holds or operates any personal property owned by any other Person, in each case which individually requires a payment or aggregate payments thereunder of One Hundred Thousand Dollars ($100,000) or more by or to such Company Group Member;
(vii) Contract under which any Company Group Member is lessor of or permits any third party to hold or operate any property, real or personal, owned or controlled by it, in each case which individually requires a payment or aggregate payments thereunder of One Hundred Thousand Dollars ($100,000) or more by or to such Company Group Member;
(viii) Contract which prohibits any Company Group Member from freely engaging in the Business or which restrains any Company Group Member’s business activities anywhere in the world, including any Contract which involves that requires any Company Group Member to work exclusively with any Person or to provide products or services exclusively in any geographic region;
(ix) Contract relating to the payment manufacture or receipt distribution of cash or other property, an unperformed commitment or goods any Company Group Member’s products or services, in each case having which individually requires a value payment or aggregate payments thereunder of One Hundred Thousand Dollars ($100,000) or more by or to such Company Group Member;
(x) Contract with any director, officer, manager, member, partner, direct or indirect equityholder or other insider or Affiliate of any Company Group Member;
(xi) Contract for which any Company Group Member has granted any third party any “most favored nation” or similar pricing terms;
(xii) Contract that requires any Company Group Member to purchase substantially all of its requirements of any product or service from a third party or that contains “take or pay” provisions;
(xiii) Contract for acquisitions or dispositions (in each case whether by merger, purchase or sale of Assets or Equity Interests or otherwise) by any Company Group Member of any Person (or all or substantially all of its Assets), business or line of business, (A) entered into during the period commencing on January 1, 2021 (the “Lookback Date”), and ending on the Closing Date, for consideration in excess of One Hundred Thousand Dollars ($10,000100,000) and (B) as to which such Company Group Member has any continuing indemnification or financial obligations or rights or any other material obligation or rights;
(exiv) Contract granting to any Person an Option to purchase or acquire any Company Assets;
(xv) Contract pursuant that relates to the formation, creation or operation of any joint venture, partnership or other arrangement based on the sharing or distribution of any profits, revenue, costs or Liabilities of any Company Group Member or any other Person;
(xvi) Contract with any Governmental Authority to which either Orion Party a Company Group Member is a party (i) has made or will make any loans or advances; (ii) has or will have incurred debtseach, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice“Government Contract”);
(fxvii) Contract with any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financingMaterial Customers and Material Suppliers;
(gxviii) any Contract involving a partnership, joint venture collective bargaining agreement or other cooperative undertakingContract with a Union (each a “CBA”);
(hxix) any Contract involving any restrictions with respect the performance of which is reasonably expected to require capital commitments or capital expenditures in excess of One Hundred Thousand Dollars (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub$100,000);
(ixx) Contract by which any Company Group Member has granted a continuing power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jxxi) Contract that contains restrictions with respect to payment of dividends or any other distribution in respect of the capital stock or other Equity Interests of any Company Group Member (other than the Constituent Documents of any Company Group Member);
(xxii) Contract pursuant to which any Company Group Member has agreed to assume, undertake, become subject to or provide an indemnity with respect to any Liability of any Person relating to Environmental Laws or otherwise not in the Ordinary Course of Business;
(xxiii) Contract that evidences performance bonds, customs bonds, surety bonds, bankers acceptances and fidelity bonds;
(xxiv) Contract with any corporate acquisition professional employer organization, staffing agency, temporary employee agency or disposition similar company or service;
(xxv) Contract related to any Real Property; or
(xxvi) Contract that individually requires a payment or aggregate payments thereunder of Orion Two Hundred Fifty Thousand Dollars ($250,000) or Merger Submore by or to any Company Group Member (other than those Contracts required to be disclosed or excepted pursuant to clauses (i) through (xxv) above).
(b) True, complete and correct copies of the Company Contracts, together with all amendments, exhibits, annexes or any acquisition or disposition of any subsidiary, division, line of business or real propertyother supplements thereto, in each case during case, in existence as of the five years prior Closing Date, have been made available to the date Purchaser. Except as specifically disclosed on the Contracts Schedule, (i) the Company Group Members have performed in all material respects the obligations required to be performed by them under the Company Contracts and are not in breach of this Agreement; any Company Contract, (ii) no event has occurred which, with the passage of time or the giving of notice or both, would result in a breach or default in any material respect under, or would give rise to a right of termination, cancellation or acceleration of any material right or material obligation under, any Company Contract, (iii) all such Company Contracts are valid, binding and enforceable against the applicable Company Group Member and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion PartiesCompany, Orion the other Persons party thereto in accordance with their respective terms (except that such enforceability may be limited by the Enforceability Exceptions) and (iv) no Company Group Member has made available to Target true and complete copies received written notice of each document listed on SCHEDULE 5.10breach, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time termination, cancellation, nonrenewal or material modification by the other party or parties thereto would not have an Orion Material Adverse Effectto any Company Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth (a) Section 4.18(a) of the Disclosure Schedule contains a true and complete list of each of the following Contracts or other arrangements (true and complete copies or, if none, reasonably complete and accurate written descriptions of which, together with all Contracts that are (x) material amendments and supplements thereto and all waivers of any terms thereof, have been made available in the “Intralinks” electronic data-room to Purchaser prior to the business or operations execution of Orionthis Agreement), taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are Business Subsidiary is a party, by which either are bound or any of its Assets and Properties is bound, to which any of their respective assets or properties are subject, as applicable, including but not limited Asset Seller is bound with respect to the following types conduct of Contracts:the Business or by which any of the Business Assets is bound (other than the Business Real Property Leases):
(ai) (A) all Contracts providing for a commitment of employment or consultation services with an Executive Employee; and (B) all Contracts creating an obligation of any collective bargaining agreementBusiness Subsidiary or any Asset Seller to make payments (with or without notice, passage of time or both) to any Executive Employee in connection with the transactions contemplated in this Agreement;
(bii) any Contract all Contracts with any employee, consultant, advisor, officer Person containing any provision or director covenant prohibiting or limiting the ability of Orion the Business or Merger Subany Business Subsidiary to engage in any business activity or compete with any Person or prohibiting or limiting the ability of any Person to compete with the Business or any Business Subsidiary;
(ciii) all partnership, joint venture, stockholders’ or other similar Contracts between any Contract Business Subsidiary and any other Person;
1- NY/2171027.1 24
(iv) all Contracts relating to Indebtedness of any Business Subsidiary or any Asset Seller with a sales representative, manufacturer’s representativerespect to the Business;
(v) all Contracts with each independent contractor, distributor, dealer, brokermanufacturers’ representative, sales agency, advertising agency or franchisee that, during the fiscal year ended on the Financial Statement Date, accounted for more than 1.0% of the net sales of the Business;
(vi) all Contracts relating to (A) the future disposition or acquisition of any Assets and Properties, other Person engaged than dispositions or acquisitions in salesthe Ordinary Course, distributing the provisions of this Agreement and the Operative Agreements, and other Contracts providing for the future disposition or promotional acquisition of any item with a value less than $1,000,000 or other dispositions in the aggregate not greater than $500,000 and for any individual item not greater than $50,000, and (B) any Business Combination;
(vii) [Intentionally omitted.];
(viii) all collective bargaining or similar labor Contracts (the “Collective Bargaining Agreements”);
(ix) all Contracts that (A) limit or contain restrictions on the ability of any Business Subsidiary to declare or pay dividends on, to make any other distribution in respect of or to issue or purchase, redeem or otherwise acquire its capital stock (or equity interests), to incur Indebtedness, to incur or suffer to exist any Lien, to purchase or sell any Assets and Properties, to change the lines of business in which it participates or engages or to engage in any Business Combination or business activities, or (B) require any Contract Business Subsidiary or the Business to act as one maintain specified financial ratios or levels of the foregoing on behalf net worth or other indicia of any Personfinancial condition;
(dx) any Contract which involves all Contracts with customers or suppliers required to be disclosed in Section 4.23(a) or 4.23(b) of the payment or receipt of cash Disclosure Schedule that are not purchase orders or other property, an unperformed commitment standard-form Contracts;
(xi) all Contracts which require any Business Subsidiary or goods Asset Seller with respect to the Business to purchase its total requirements of any product or services, service from a third party or that contains “take or pay” provisions;
(xii) all Contracts for the sale of products or provision of services to any Governmental Authority; and
(xiii) all Contracts for any capital expenditure or leasehold improvement in each any one case having a value in excess of $10,000;
(e) any Contract pursuant 1,000,000 that are not included in a capital budget of an Asset Seller or a Business Subsidiary provided to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years Purchaser prior to the date of this Agreement; andhereof.
(kb) any The Business Contracts include valid and enforceable purchase orders from the customers required to be disclosed in Section 4.23(a) of the Disclosure Schedules for the purchase by such customers of exhaust systems or components for vehicle platforms indicated in such Section 4.23(a) of the Disclosure Schedules.
(c) Each Contract not specified above that required to be disclosed in Section 4.18(a) of the Disclosure Schedule is otherwise material to the business in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms of each Seller or operations of Orion, taken as a wholeBusiness Subsidiary or party thereto and, to either Orion Party. To the Knowledge of Sellers, the Orion Partiesother parties thereto; and except as disclosed in Section 4.18(c) of the Disclosure Schedule, Orion has made available to Target true and complete copies neither the Business Subsidiaries nor the Asset Sellers nor any other party thereto is, or with notice or lapse of each document listed on SCHEDULE 5.10time would result in, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation default in the performance, observance or fulfillment in any material respect of any Contracts listed on SCHEDULE 5.10 at obligation, covenant, condition or other term contained in any time by the such Contract, other party or parties thereto than any such default which would not have an Orion reasonably be expected to result in a Business Material Adverse Effect; neither the Business Subsidiaries nor any Asset Seller has given notice or received written notice to or from any Person relating to any such alleged or potential default that has not been cured.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets Set forth on Schedule 3.7 is a list of all the following Contracts that in each case which are (x) material used or held for use in or related to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any conduct of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsBusiness:
(a) any collective bargaining agreementContract, sales order or purchase order (i) to which Seller is a party or which is otherwise binding on Seller or the Business and is presently in effect which involves aggregate future payments by or to the Business in excess of $20,000 in any 12-month period or extends for a period of more than one year and is not terminable at will without penalty (other than normal course inventory purchase or sale Contracts) or (ii) between Seller and any distributors, customers, manufacturers’ agents or selling agents in excess of $10,000 (excluding advertising insertion orders);
(b) any each joint venture, partnership, teaming or similar Contract with any employee, consultant, advisor, officer involving a sharing of profits or director of Orion or Merger Subexpenses to which Seller is a party;
(c) any each Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract agreement entered into outside the ordinary course of business under which Seller has agreed to act as one of the foregoing on behalf of indemnify any Person;
(d) any Contract which involves the payment or receipt of cash each non-competition, restrictive covenant, exclusivity covenant or other propertyagreement that restricts Seller or, an unperformed commitment or goods or servicesto the Knowledge of Seller, any of its Employees from doing business anywhere in each case having a value in excess of $10,000the world;
(e) each Contract presently in effect, whether or not fully performed, by Seller with any Contract pursuant to which either Orion Party current or former officer, director, consultant, independent contractor, other Employee (ior group of Employees) has made or will make any loans equity holder (or advances; (ii) has or will have incurred debtsgroup of equity holders), or become a guarantor or suretylabor organization representing Employees, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)Seller;
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease each Contract pursuant to which the Business is committed to make a capital expenditure or to purchase a capital asset in excess of real property or personal property or agreement $50,000 which is not contemplated by Seller’s capital expenditure budget for financingthe Business;
(g) each Contract between Seller and any Contract involving a partnershipconsultant, joint venture representative or other cooperative undertakingbroker of Seller;
(h) any each Contract involving any restrictions with respect that is material to the Business and which relates to the Business IP or to third-party Intellectual Property Rights (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Subincluding licenses-in and licenses-out);
(i) any power of attorney or agency agreement or arrangement with each Contract that (A) grants any Person pursuant other than Seller and its Affiliates any (1) exclusive license, supply or distribution rights or other exclusive rights, (2) “most favored nation” rights or (3) rights of first refusal, rights of first negotiation or similar rights with respect to which such Person is granted any Business Product or Business IP or (B) contain any provision that requires the authority to act for purchase of all or on behalf a given portion of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any PersonBusiness’s requirements from a given third party;
(j) any each Contract relating to the employment of any corporate acquisition Employee and any change in control or disposition retention agreement or other compensatory agreement under which benefits (including any severance, termination or “golden parachute” payments or similar payments, additional rights or benefits) exist or will arise, be increased or accelerated by the occurrence of Orion the Transactions or Merger Sub, upon the termination of employment or any acquisition or disposition other compensatory agreement (other than any agreement for “at will” employment) that provides for aggregate payments to any Person in any calendar year in excess of any subsidiary, division, line of business or real property, in $50,000;
(k) each case during the five years prior other Contract that is material to the date Business or outside the ordinary course of this Agreementbusiness; and
(l) each Contract that would reasonably be expected to have a Material Adverse Effect if (i) any other party cancelled or terminated such Contract (with or without notice or passage of time), (ii) any other party claimed monetary damages (either individually or in the aggregate with all other such claims under such Contract) from Seller, or (iii) any obligation were accelerated or any benefit were lost under such Contract (the items described in clauses (a) through (k) any Contract not specified above that is otherwise material together with the Leases and Business IP Contracts being collectively referred to herein as the business or operations of Orion, taken as a whole, to either Orion Party“Material Contracts”). To the Knowledge of the Orion Parties, Orion Seller has made available to Target true Buyer correct and complete copies of each document all Contracts listed or required to be listed on SCHEDULE 5.10Schedule 3.7, together with all modifications or supplements thereto (or a description if unwritten). Seller has performed, or is performing, in all material respects all contractual obligations required to be performed by it to date under all Material Contracts. Seller is not in default in any material respect under any Material Contract, and a written description to the Knowledge of each oral arrangement so listed Seller, no other party is contained on SCHEDULE 5.10. The cancellation in breach or default under or has repudiated any term of any Contracts listed on SCHEDULE 5.10 at any time by Material Contract. Each Material Contract is legally valid and binding and enforceable against Seller and, to the Knowledge of Seller, against each other party thereto, in either case subject to the effect of bankruptcy, insolvency, moratorium or parties thereto would other similar Laws affecting the enforcement of creditors’ rights generally and except as the availability of equitable remedies may be limited by general principles of equity. Each Material Contract will continue to be legally valid and binding and enforceable immediately following the Closing in accordance with its terms as in effect prior to the Closing, subject to the effect of bankruptcy, insolvency, moratorium or other similar Laws affecting the enforcement of creditors’ rights generally and except as the availability of equitable remedies may be limited by general principles of equity. Seller has no Liabilities under any Material Contract providing for (i) penalties in the event of misfeasance by Seller in the performance of its duties thereunder, or (ii) the renegotiation or redetermination of profits or prices, nor will any of Seller’s costs which are incurred or accruable prior to the Closing under Material Contracts, or under subcontracts entered into between Seller and any other Person, be subject to disallowance. Seller has not have an Orion received any written notice of termination, cancellation or non-renewal with respect to any Material Adverse EffectContract, and to the Knowledge of Seller, no other party to a Material Contract plans to terminate, cancel or not renew any Material Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Schedule 4.9(a) of the COP Disclosure Schedule sets forth a true and complete list as of the date of this Agreement of all Contracts that are (x) material contracts, agreements and commitments of the following categories, whether oral or written, express or implied, primarily relating to the business Empress System Business or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties comprising the Empress System Business are subjectbound (excluding the agreements to be entered into on the Closing contemplated by this Agreement) (collectively, as applicablethe “COP Material Contracts”):
(i) any contract (other than gas or natural gas liquids purchase and/or sale agreements) involving or requiring expenditures or receipts of more than $200,000 in any calendar year and not cancelable or terminable within one year from the Applicable Closing Date;
(ii) any contract (other than those contracts described in clause (viii) immediately below) involving or requiring expenditures or receipts of more than $500,000 in any calendar year or any material contract that grants a right of first refusal or a right of first negotiation or other preferential right to a third-party;
(iii) any partnership, including but not limited joint venture or operating agreements with regard to material assets of the Empress System Business;
(iv) any contract containing covenants limiting the freedom to engage in any line of business or compete with any Person or operate at any location;
(v) any contract between ES Transferor or PTC relating to the following types Empress System Business, on one hand, and any Affiliate of Contracts:COP (other than ES Transferor and PTC), on the other hand;
(avi) any collective bargaining agreement;
(bvii) any Contract with any employeeemployment, consultantpersonal services, advisorconsulting, officer noncompetition, severance, golden parachute or director of Orion or Merger Sub;
(c) any Contract with a sales representativesimilar contract, manufacturer’s representativefor officers, distributor, dealer, broker, sales agency, advertising agency directors or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
individuals either (dx) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value term of longer than one year or (y) requiring payments in excess of $10,00075,000 per calendar year;
(eviii) any Contract pursuant contract having a term of one year or more that pertains to which the purchase, sale, processing, treating, compression, gathering, storage, exchange, extraction, transportation or transmission or marketing of natural gas in all its forms and all other hydrocarbons (including such contracts relating to liquid products), together with all deposits (either Orion Party in products or cash) related to such contracts, involving the delivery or receipt of more than 1,000 mcf per day (i) has made or will make 200 bbl/d if relating to liquid products), and any loans liquids balancing agreement or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)similar arrangement;
(fix) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease contract that pertains to the processing of real property natural gas having a term that exceeds 31 days and involving the delivery or personal property or agreement for financingreceipt of more than 50 mmcfd;
(gx) any Contract contract that pertains to the purchase, sale, processing, treating, exchange, extraction, transportation or transmission or marketing of natural gas liquids involving a partnership, joint venture the delivery or other cooperative undertakingreceipt of more than 50,000 bbls over the term of the contract or that pertains to the storage of natural gas liquids involving more than 30,000 bbls over the term of the contract;
(hxi) any Contract involving any restrictions with respect to contract entered into since December 31, 2004 for the acquisition or disposition, sale or lease of properties or assets (iby merger, purchase or sale of assets or stock or otherwise) any geographical area requiring aggregate expenditures or receipts in excess of operations; or (ii) scope or type of business of Orion or Merger Sub$1,000,000;
(ixii) any power material lease of attorney one or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementmore railcars; and
(kxiii) any Contract not specified above that is otherwise material commitment or agreement to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge enter into any of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectforegoing.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth (a) Part 2.11(a) of the Company Disclosure Schedule identifies each Company Contract that, as of the date of this Agreement, constitutes a list “Material Contract.” For purposes of all Contracts that are this Agreement, each of the following shall be deemed to constitute a “Material Contract”:
(xi) material any Contract: relating to the business employment of, or operations the performance of Orionservices by, taken as a whole, to either Orion Partyany employee or consultant; and (y1) pursuant to which any of the Orion Parties are a partyAcquired Corporations is or may become obligated to make any severance, termination or similar payment in excess of $25,000 to any current or former employee or director (except as required by any applicable Legal Requirements in the case of employees outside the United States and except for offer letters providing for “at will” employment with no right to severance other than in accordance with the Company’s standard severance policies as identified in reasonable detail in Part 2.18(i) of the Company Disclosure Schedule, copies of which either are bound have been made available to Parent); or (2) pursuant to which any of their respective assets the Acquired Corporations is or properties are subject, as applicable, including but not limited may become obligated to make any bonus or similar payment (other than payments constituting base salary) in excess of $100,000 to any current or former employee or director (except for severance payments required by any applicable Legal Requirements outside of the following types of Contracts:
(a) any collective bargaining agreementUnited States);
(bii) any Contract under which the Company leases any of the Leased Real Property;
(iii) any Company IP Contract;
(iv) any Contract relating to the acquisition, sale, spin-off, outsourcing or disposition of any business operation or unit or any product line of any Acquired Corporation (other than Contracts for transactions consummated prior to January 1, 2007 under which no Acquired Corporation has any obligations);
(v) any Contract in which another Person is appointed as an exclusive distributor, reseller or sales representative with respect to, or otherwise is authorized to exclusively market, promote, distribute, resell, sublicense, support or solicit orders for, any Company Product;
(vi) any Contract with any employeeof the top ten (10) distributors or resellers of Company Products (based on revenue recognized from sales through, consultantand to, advisor, officer or director the Company’s distributors and resellers) for each of Orion or Merger Subfiscal year 2009 and the first six (6) months of fiscal year 2010;
(cvii) any Contract that provides for indemnification of any Company Associate (an “Indemnification Contract”);
(viii) any Contract imposing any restriction on the right or ability of any Acquired Corporation: (1) to compete with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency any other Person; (2) to acquire any product or other Person engaged in sales, distributing or promotional activities, asset or any Contract services from any other Person; (3) to act solicit, hire or retain any Person as one of the foregoing on behalf of an employee, consultant or independent contractor; (4) to develop, sell, supply, distribute, offer, support or service any product or any technology or other asset to or for any other Person; (5) to perform services for any other Person; or (6) to transact business or deal in any other manner with any other Person;
(dix) any Contract which involves (other than Contracts evidencing Company Options): (1) relating to the payment acquisition, issuance, voting, registration, sale or receipt transfer of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advancessecurities; (ii2) has providing any Person with any preemptive right, right of participation, right of maintenance or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible similar right with respect to any undertaking securities; or (3) providing any of another the Acquired Corporations with any right of first refusal with respect to, or right to repurchase or redeem, any securities;
(x) any Contract incorporating or relating to any guaranty, any warranty, any sharing of liabilities or any indemnity or similar obligation, except for (1) Contracts substantially similar in all material respects to the negotiation standard forms of end-user licenses previously delivered by the Company to Parent and (2) product or collection of negotiable instruments in transactions service warranties in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jxi) any Contract relating to any corporate acquisition currency hedging;
(xii) any Contract: (1) to which any Governmental Body is a party or disposition under which any Governmental Body has any rights or obligations; or (2) directly or indirectly benefiting any Governmental Body (including any subcontract or other Contract between any Acquired Corporation and any contractor or subcontractor to any Governmental Body);
(xiii) any Contract requiring that any of Orion the Acquired Corporations give any notice or Merger Subprovide any information to any Person prior to considering or accepting any Acquisition Proposal or similar proposal, or prior to entering into any acquisition discussions, agreement, arrangement or disposition understanding relating to any Acquisition Transaction or similar transaction;
(xiv) any Contract that provides for the payment or delivery of any subsidiarycash or other consideration in an amount or having a value in excess of $250,000 in fiscal year 2010 (other than Contracts for the sale of Company Products, division, line or procurement of business or real propertyinventory, in each case during the five years prior to the date ordinary course of this Agreementbusiness); and
(kxv) any Contract not specified above that is otherwise could reasonably be expected to have or result in a material to effect on: (1) the business business, condition (financial or operations otherwise), capitalization, assets (including Intellectual Property), liabilities (accrued, contingent or otherwise), operations, financial performance or prospects of Orion, taken as a whole, to either Orion Party. To the Knowledge any of the Orion PartiesAcquired Corporations; or (2) the ability of the Company to perform any of its obligations under this Agreement or to consummate any of the Contemplated Transactions; and
(xvi) any other Contract, Orion has made available if a breach of such Contract could reasonably be expected to Target true and complete copies of each document listed on SCHEDULE 5.10, and have or result in a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Company Material Adverse Effect. The Company has delivered to Parent an accurate and complete copy of each Company Contract that constitutes a Material Contract (other than Company IP Contracts that do not need to be specifically identified in Part 2.10 of the Company Disclosure Schedule).
(b) Each Company Contract that constitutes a Material Contract is valid and in full force and effect, and is enforceable in accordance with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.
(c) Except as set forth in the applicable subsections of Part 2.11(c) of the Company Disclosure Schedule: (i) none of the Acquired Corporations has in any material respect violated or breached, or committed any material default under, any Material Contract; and, to the knowledge of the Company, no other Person has in any material respect violated or breached, or committed any material default under, any Material Contract; (ii) no Material Contract will expire according to its terms on or before December 31, 2011; to the knowledge of the Company, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time) could reasonably be expected to: (1) result in a violation or breach of any of the provisions of any Material Contract; (2) give any Person the right to declare a default under any Material Contract; (3) give any Person the right to receive or require a rebate, chargeback, penalty in excess of $25,000; (4) give any Person the right to materially change the delivery schedule under any Company Contract; (5) give any Person the right to accelerate the maturity or performance of any Material Contract; or (6) give any Person the right to cancel, terminate or modify any Material Contract; and (iii) since January 1, 2007, none of the Acquired Corporations has received any notice or other communication regarding any actual or possible violation or breach of, or default under, any Material Contract which remains unresolved.
Appears in 1 contract
Samples: Merger Agreement (Rae Systems Inc)
Contracts. SCHEDULE 5.10 (a) Schedule 4.13 sets forth a true and complete list of all material Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound each Seller or to which any of their respective assets or properties are subject, as applicablethe Business, including but not limited to each of the following types of Contracts:Contracts (whether or not material):
(ai) Contracts relating to or evidencing any collective bargaining agreementIndebtedness of either Seller or the Business;
(bii) any Contract Contracts with any employee, consultant, advisor, current Affiliate or current or former officer or director of Orion or Merger Subeither Seller;
(ciii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract Contracts relating to act as one of the foregoing on behalf of any PersonInternet Rights;
(div) any Contract which involves partnership, limited liability company and joint venture Contracts involving either Seller or the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000Business;
(ev) Contracts providing for payments to or from either Seller of $10,000 or more in any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debtsconsecutive twelve-month period, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions other than purchase orders entered into in the ordinary course of business consistent with past practice);
(fvi) any indenturelicense, credit agreementsubsidiary rights, loan agreementdistribution, notefranchise, mortgagemanufacturer’s agent or sales agency Contracts, security agreementor Contracts in respect of similar rights, lease of real property granted to or personal property held by or agreement for financinggranted by either Seller or the Business;
(gvii) Contracts that limits the freedom of either Seller or the Business to compete in any Contract involving a partnershipline of business, joint venture with any Person, in any geographical area or other cooperative undertakingwhich could so limit the freedom of either Seller or the Business so to compete after the Closing;
(hviii) any Contract involving any restrictions with respect to (i) any geographical area of operations; Tax sharing Contracts or (ii) scope or type of business of Orion or Merger Subother arrangements;
(iix) confidentiality Contracts;
(x) stockholders’, investors’ or similar Contracts;
(xi) Contracts relating to the disposition or acquisition of any power assets or properties, other than dispositions or acquisitions of attorney Inventory or agency agreement or arrangement purchase orders entered into in the ordinary course of business consistent with past practice;
(xii) author, performer, contributor and work-made-for-hire Contracts;
(xiii) employment Contracts with any Person employee of either Seller, consulting Contracts with any consultant to either Seller or Contracts pursuant to which such Person is granted the authority to act for severance or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating stay payments may be payable to any corporate acquisition or disposition employee of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementSellers; and
(kxiv) any Contract other Contracts not specified above that is otherwise material to made in the ordinary course of business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has consistent with past practice.
(b) The Sellers have each heretofore made available to Target the Purchaser true and complete copies of each document listed of the Contracts required to be disclosed on SCHEDULE 5.10Schedule 4.13, including all amendments, waivers and modifications thereto. All Contracts required to be disclosed on Schedule 4.13 are valid and binding Contracts of Seller being a party thereto, are in full force and effect in accordance with their respective terms, and a written description neither the Seller nor, to the Knowledge of each oral arrangement so listed the Seller, any other party thereto, is contained on SCHEDULE 5.10. The cancellation (or with notice or lapse of time or both would be) in violation or breach of, or in default under, the terms of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectsuch Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (i) Schedule 6(j) sets forth all of the following Contracts relating to the Business (each such item required to be set forth on Schedule 6(j) being referred to as a list of "Material Contract"):
(A) all Contracts that are (xor groups of related Contracts) material for the purchase or sale of raw materials, commodities, supplies, products or other personal property, or for the furnishing or receipt of services, the performance of which will (i) extend over a period of one (1) year or more or (ii) involve consideration in excess of TWENTY-FIVE THOUSAND DOLLARS ($25,000);
(B) all Contracts concerning a partnership or joint venture;
(C) all Contracts (or groups of related Contracts) which evidence or relate to, or under which the Business has created, incurred, assumed or guaranteed, any indebtedness for borrowed money;
(D) all Contracts concerning confidentiality or non-competition (other than standard non-disclosure forms signed by employees generally), except for any such Contract entered into by Seller or TSM with any Person (other than Buyer) for the purpose of considering the purchase of the Business, or a portion thereof, by such Person;
(E) all Contracts for the employment of any individual on a full-time, part-time, consulting or other basis providing annual compensation in excess of FIFTY THOUSAND DOLLARS ($50,000) or providing severance benefits (other than pursuant to policies or plans of general applicability);
(F) all Contracts under which the business Business has advanced or operations loaned an amount in excess of Orion, taken as a whole, to either Orion Party; and ONE THOUSAND DOLLARS (y$1,000) to which any of the Orion Parties are a party, by which either are bound or to which any employees of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementBusiness;
(bG) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Suball Contracts which relate to inventions by employees (other than standard non-disclosure forms signed by employees generally);
(cH) all Contracts under which the Business has guaranteed any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency indebtedness or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf obligation of any Person;
(dI) any Contract which involves the payment or receipt of cash all Contracts with distributors, sales representatives, manufacturers or other propertyPersons relating to the distribution, sale or manufacture of products or services by the Business; and (J) all material Contracts relating to the distribution or license of, or royalty payments with respect to, Intellectual Property, whether as licensor or licensee and whether on an unperformed commitment exclusive or goods or services, in each case having a value in excess of $10,000;non-exclusive basis
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions All Material Contracts were entered into in the ordinary course Ordinary Course of business consistent with past practice);
(f) any indentureBusiness. The Business and, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date best of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of OrionSeller's knowledge, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto thereto, including, without limitation, subcontractors, have complied in all material respects with the provisions of each Material Contract and are not in default thereunder (and there does not exist any condition which, after notice or lapse of time or both, would not have an Orion constitute a default thereunder by the Business or, to the best of Seller's knowledge, the other party or parties thereto). Each Material Adverse EffectContract is legal, valid, binding, enforceable and in full force and effect. No party to any Material Contract has repudiated any provision thereof.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth Section 3.12 of the Company Disclosure Letter contains a complete and accurate list of all written Contracts that are (x) material and oral contracts for which Sellers have had more than $500,000 in revenue during 1999, related to the business Business or operations of Orion, taken as a whole, to either Orion Party; and (y) to by which any of the Orion Parties are a party, by which either are Assets is subject or bound or to which including without limitation those meeting any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsdescriptions set forth below:
(a) any collective bargaining agreementlease for switches or any other machinery, equipment or other personal property involving payment of aggregate rentals in excess of five thousand dollars ($5,000);
(b) any Contract with for the purchase of any employee, consultant, advisor, officer materials or director supplies or services in excess of Orion five thousand dollars ($5,000) except those incurred in the ordinary course of business and having a term of one year or Merger Subless;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency for the purchase of equipment or any construction or other Person engaged similar agreement involving any expenditure in sales, distributing or promotional activities, or any Contract to act as one excess of the foregoing on behalf of any Personfive thousand dollars ($5,000);
(d) any Contract purchase order, agreement or commitment obligating the Sellers to sell or deliver any products or services (i) at a price which involves does not cover the payment cost (including labor, materials and production overhead) plus the customary profit margin associated with such product or receipt service; or (ii) for more than five thousand dollars ($5,000) to any one customer or related group of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000customers;
(e) any Contract pursuant instrument evidencing or related to which either Orion Party indebtedness, obligation or liability for borrowed money (i) has made or will make any loans or advances; (ii) has or will have incurred debtsirrespective of amount), or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except liability for the negotiation or collection deferred purchase price of negotiable instruments in transactions in property (excluding normal trade payables arising out of the ordinary course of business consistent with past practicebusiness), or any instrument guaranteeing any indebtedness, obligation or liability, or any obligation to incur any indebtedness, obligation or liability, none of which shall be included among the Assumed Contracts;
(f) any indenturejoint venture, credit agreement, loan agreement, note, mortgage, security agreement, lease partnership or other cooperative arrangement or any other agreement involving a sharing of real property or personal property or agreement for financingprofits with any other Person;
(g) any Contract involving sales agency, brokerage, license, royalty, distribution or similar contract, as well as a partnershiplisting of all agreements or relationships with any distributor, joint venture designer, consultant, agent or other cooperative undertakingrepresentative anywhere, who is entitled to fees, commissions, royalties or any other payments, for the right to manufacture, design, sell or distribute any products currently manufactured, designed, sold or distributed by the Sellers;
(h) any Contract involving deed, lease, agreement or other instrument pursuant to which the Sellers derive their right, title and interest in or to any restrictions with respect material portions of their real properties or to (i) any geographical area material rights of operations; way or (ii) scope or type other means of business of Orion or Merger Subaccess to their real properties;
(i) any power of attorney employment, consulting or agency agreement similar Contract; any sales or arrangement commission agent Contract; any Employee Benefit Plans; and any other written plan, Contract or policy for officers, directors, consultants or employees with any Person pursuant respect to which such Person is granted the authority to act for salaries, insurance, bonuses, incentive compensation, pensions, deferred compensation, hospitalization, retirement payments, profit sharing, paid vacations or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Personother benefits;
(j) any Contract relating to with any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; andlabor union;
(k) any Contract which requires the consent of any Person not specified above that a party hereto for the consummation of the transactions contemplated by this Agreement;
(l) any Contract upon which the Business of the Sellers is materially dependent including without limitation licenses or leases for the use of software programs and databases used for customer billing or switch operations;
(m) any Contract pursuant to which Sellers have access to the telephone or other communications network (whether voice, data or video) of another Person and any contracts for the resale of any network capacity of Sellers; and
(n) any other Contract related to the Business (other than Contracts excluded by an express exception from the descriptions set forth above) which (i) provides for payment or performance by either party thereto having an aggregate value of five thousand dollars ($5,000) or more or (ii) otherwise is or could reasonably be expected to be material to the business or operations of Orion, taken as a whole, to either Orion PartyBusiness. To the Knowledge of the Orion Parties, Orion has made available to Target true True and complete copies of each document listed on SCHEDULE 5.10, and a such written description Contract (or written summaries of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the terms of any such Contract) listed pursuant to (a) through (n) above have been or will be made available to the Purchaser on or prior to 5:00 p.m., Eastern time, January 31, 2000. Except as set forth in Section 3.12 of the Company Disclosure Letter, all of the Contracts listed are in full force and effect, no defaults on SCHEDULE 5.10 at the part of any time by Seller or, to the knowledge of the Sellers, any other party thereto exist under any of the Contracts and the Sellers have not received notice, nor do they otherwise have knowledge, that any party to any such Contract intends to cancel, terminate, or parties thereto would refuse to renew such Contract or to exercise or decline to exercise any option or right thereunder. Sellers do not have an Orion any reason to expect that any material change will occur (whether as a result of the sale of the Assets to the Purchaser or otherwise) in the goodwill or relationships of the Sellers with their customers or suppliers, or in the level of their customer accounts, that would have, individually or in the aggregate, a Company Material Adverse Effect.
Appears in 1 contract
Samples: Asset Purchase Agreement (Global Telecommunication Solutions Inc)
Contracts. SCHEDULE 5.10 sets (i) Except as expressly contemplated by this Agreement, or as set forth in the Schedule of Exceptions, the Company and each of its Subsidiaries is not, and as of each of the Closings the Company and each of its Subsidiaries will not be, a list party to, or bound by, and none of all Contracts that are their respective assets is or will be subject to, any written or oral agreement, contract, commitment, order, license, lease or other instrument and arrangement of the types described below (xthe "Contracts"):
(A) any pension, profit sharing, stock option, employee stock purchase or other plan providing for deferred, incentive or other compensation to employees, any other employee benefit plan, or any contract with any labor union;
(B) any contract for the employment or personal services of any officer, individual employee or other person or entity on a full-time, part-time, consulting, advisory or other basis providing annual compensation in excess of $125,000 or which, in any way, restricts or limits the right of the Company or any Subsidiary to terminate such contract at will;
(C) any loan agreement, indenture, letter of credit, security agreement, mortgage, pledge agreement, deed of trust, bond, note, or other agreement relating to the borrowing of money in excess of $125,000 or to the mortgaging, pledging, transferring of a security interest, or otherwise placing an Encumbrance on any material asset or material group of assets (whether tangible or intangible) of the Company or any Subsidiary;
(D) any guarantee of the payment or performance of any Person in excess of $125,000; any agreement to indemnify any Person or act as a surety for an amount in excess of $125,000; any other agreement to be contingently or secondarily liable for the obligations of any Person; or any "keep well" or similar credit support arrangements;
(E) any lease or agreement under which it is the lessee of or holds or operates any property, real or personal, owned by any other party requiring annual payments in excess of $125,000;
(F) any contract or agreement or group of related agreements with the same party or any group of affiliated parties which requires or may in the future require an aggregate payment by or to the Company or any Subsidiary in excess of $125,000;
(G) any contract or agreement prohibiting it from freely engaging in any business or competing anywhere in the world;
(H) any material licenses, licensing arrangements and other similar contracts providing in whole or in part for the use by a third party of, or limiting the use by the Company or any Subsidiary of, any Intellectual Property;
(I) any brokerage or finder's agreements relating to the transactions contemplated herein;
(J) any joint venture, partnership and similar contracts involving a sharing of profits or expenses (including joint development and joint marketing contracts);
(K) any asset purchase agreements, stock purchase agreements and other acquisition or divestiture agreements, including any agreements relating to the sale, lease or disposal of any assets of the Company or any of its Subsidiaries for consideration in excess of $50,000 or involving continuing indemnity or other obligations;
(L) any material sales agency, marketing or distributorship agreements;
(M) any contracts which contain "take or pay" provisions;
(N) any contracts, agreements or arrangements regarding pre-emptive rights, rights of first refusal, put or call rights or obligations, anti-dilution rights or other restrictions on or with respect to the issuance, sale or redemption of the capital stock of the Company or any of its Subsidiaries;
(O) any contracts, agreements or arrangements regarding the rights, obligations, restrictions on or with respect to the voting of any of the capital stock of the Company or any of its Subsidiaries or the registration of such stock for offering to the public pursuant to the Securities Act; and/or
(P) any other contract, agreement or commitment not the subject matter of clauses (A) through (P) above which is or could be reasonably expected to be material to the business Company, any Subsidiary or operations the Business.
(ii) The Company and each of Orionits Subsidiaries has performed all obligations required to be performed by it to date and is not in material default under, taken as a wholeor in material breach of, to either Orion Party; and (y) or in receipt of any claim of material default under or material breach of, any agreement to which any of the Orion Parties are it is a party, by which either are bound party or to which any of their respective its assets is subject; the Company has no present expectation or properties are subject, as applicable, including but intention of not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesfully performing, or of permitting any Contract of its Subsidiaries not to act as one of perform fully, all such obligations; and the foregoing on behalf Company does not have any knowledge of any Person;
(d) material breach or anticipated material breach by the other parties to any Contract which involves the payment contract or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made it or will make any loans of its Subsidiaries is a party or advances; (ii) has to which any of its or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or their assets is subject.
(iii) has To the knowledge of the Company, none of the officers of the Company or will have otherwise become responsible any Subsidiary is a party to any oral or written contract which prohibits, restricts or limits his or her performance of his or her duties or the fulfillment of his or her obligations as an employee and an officer of the Company or any Subsidiary.
(iv) Each Contract is a legal, valid, binding and enforceable obligation of the Company or a Subsidiary, and to the knowledge of the Company, the other parties thereto, subject to applicable bankruptcy, insolvency, or other similar laws affecting the enforceability of creditors' rights generally and court decisions with respect to any undertaking thereto, and the discretion of another (except for the negotiation or collection of negotiable instruments courts in transactions granting equitable remedies. Except as set forth in the ordinary course Schedule of business consistent with past practice);
(f) Exceptions, no Consent of any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) Person is required under any Contract involving as a partnership, joint venture result of or other cooperative undertaking;
(h) any Contract involving any restrictions in connection with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted execution and delivery by the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Company or any acquisition of its Subsidiaries or disposition the performance by the Company or any of its Subsidiaries of its obligations hereunder or under any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time Other Agreements or the consummation by the other party Company or parties thereto would not have an Orion Material Adverse Effectany of its Subsidiaries of the transactions contemplated hereby or thereby.
Appears in 1 contract
Samples: Purchase Agreement (Ifx Corp)
Contracts. SCHEDULE 5.10 (a) Schedule 5.14 sets forth a list of each Contract described in this Section 5.14(a) to which the Company is party or by which it is bound, (such Contracts as described in this Section 5.14(a) being “Material Contracts”):
(i) all Contracts that provide for receipt by the Company of more than $50,000 (or equivalent non-cash value) per year, including any such Contracts with customers or clients, and all Contracts that provide for payment by the Company of more than $50,000 (or equivalent non-cash value) per year, including any such Contracts with suppliers;
(ii) all Contracts pursuant to which the Company is entitled or obligated to either acquire any assets from, or sell any assets to, a third Person;
(iii) all Contracts relating to Indebtedness;
(iv) all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person or in any geographic area or during any period of time;
(v) all material joint venture, partnership or similar agreements or arrangements;
(vi) all Contracts relating to the employment of any officer or employee, including contracts and agreements regarding compensation, bonus payments and severance arrangements;
(vii) all Contracts, options, rights of first refusal or offers for the purchase, sale, lease or encumbrance (other than Permitted Liens) of real property;
(viii) all Contracts granting any exclusive rights to make, use, sell, or otherwise exploit the Company’s products or otherwise exploit the Company’s Intellectual Property rights;
(ix) all Contracts under which the Company has received a license to any third-party Intellectual Property rights that are (A) embedded in the products of the Company, (B) embedded in any other software licensed or used by the Company excluding all “off-the-shelf software,” or (C) otherwise material to the Business;
(x) material to the business any agency, distributorship or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining management agreement;
(xi) all Contracts with Governmental Entities;
(xii) all Contracts which can be terminated in the event of any change in the underlying ownership or control of the Company or would be materially affected by such change;
(xiii) all Contracts for the benefit of any Company Related Party;
(xiv) all Contracts not made in the ordinary course; and
(xv) any other Contract that is material to the Company.
(b) Each Material Contract is valid and binding on the Company and, to the Company’s Knowledge, the counterparties thereto, and is in full force and effect. The Company is not in breach of, or default under, any Material Contract to which it is a party (and no event exists that with notice or lapse of time or both would constitute such a breach or default). Neither the Company nor, to the Company’s Knowledge, any employee, consultant, advisor, officer other party thereto has threatened to breach any of the material provisions thereof or director notified the Company of Orion or Merger Sub;a default thereunder.
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract Company has delivered to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true Buyer complete and complete correct copies of each document listed on SCHEDULE 5.10all written Material Contracts, together with all amendments thereto, and a written description accurate descriptions of each all material terms of all oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectContracts.
Appears in 1 contract
Samples: Reorganization Agreement (Westwood Holdings Group Inc)
Contracts. SCHEDULE 5.10 sets forth a list Schedule 4.14 attached hereto lists the following Contracts as of all Contracts that are (x) material the date of this Agreement relating to the business or operations of OrionReal Estate Business (collectively, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of "Material Contracts:"):
(a) any collective bargaining agreementagreement (or group of related agreements) for the lease of personal property or equipment to or from any Person providing for lease payments in excess of $25,000 per annum or are not terminable by Seller or a Subsidiary without penalty upon 30 days prior written notice or less;
(b) any Contract with any employeeagreement (or group of related agreements), consultantincluding without limitation, advisorletters of intent) for (i) the purchase of or sale of real property (other than those relating to the Excluded Properties), officer (ii) the purchase or director sale of Orion supplies, products or Merger Subother personal property that involves consideration in excess of $50,000 (other than purchase orders relating to the construction contracts described in subsection (c)), or (iii) the furnishing or receipt of services, including, without limitation, management, operating, listing, brokerage, supply and maintenance agreements, other than agreements that are terminable by Seller or a Subsidiary without penalty upon the sale of the Purchased Assets or upon 30 days prior written notice or less;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency agreement (or other Person engaged in sales, distributing group of related agreements) relating to the development or promotional activities, or any Contract to act as one of the foregoing on behalf construction of any PersonProperty providing for payment to any Person in excess of $25,000, other than agreements that are terminable by Seller or a Subsidiary without penalty upon 30 days prior written notice;
(d) any Contract which involves agreement constituting part of the payment or receipt Assumed Liabilities, other than the Partnership Agreements, limiting the right of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess Seller to conduct any line of $10,000;business; or
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition a letter of Orion or Merger Sub, or any acquisition or disposition credit issued upon the request of any subsidiary, division, line Seller and the Subsidiaries of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion PartySeller. To the Knowledge of the Orion Parties, Orion Seller has made available to Target true Purchaser for Purchaser's review a correct and complete copies copy of each document listed on SCHEDULE 5.10Material Contract (as amended). Neither Seller nor any Subsidiary has received any written notice that it is in violation of or in default under any of the Material Contracts, and a to the Knowledge of Seller, neither Seller nor any Subsidiary is in violation of or in default under any of the Material Contracts, and neither Seller nor any Subsidiary have given any written description notice to any non-Seller-affiliated party informing it that such party is, and to the Knowledge of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation Seller, no non-Seller-affiliated party is, in violation of or in default of any Contracts listed on SCHEDULE 5.10 at material term under any time by of the other party or parties thereto would not have an Orion Material Adverse EffectContracts. Each Material Contract is in full force and effect.
Appears in 1 contract
Samples: Purchase Agreement (New Plan Excel Realty Trust Inc)
Contracts. SCHEDULE 5.10 (a) Except for Contracts contemplated by this Agreement, Section 3.13(a) of the Seller Disclosure Schedule sets forth a list of all each of the following Contracts to which either the Company or one of the Company’s Subsidiaries is party or by which any of them is bound and any party thereto has any continuing rights, obligations or Liabilities; provided, however, that are any Contract referred by more than one of the items set forth in this Section 3.13(a) need only be listed once in Section 3.13(a) of the Seller Disclosure Schedule:
(i) for the purchase of materials, supplies, goods, services, equipment or other assets which provides for annual payments during the fiscal year ending December 31, 2018, by the Company or any of the Company’s Subsidiaries of $100,000 or more;
(ii) for the sale by the Company or any of the Company’s Subsidiaries of materials, supplies, goods, services, equipment or other assets which is with a Major Advertiser or Material Customer;
(iii) that contains a “take or pay” provision;
(iv) for the lease of equipment that involves annual aggregate payments in excess of $100,000 during the fiscal year ending December 31, 2018;
(v) that is a note, debenture, bond, equipment trust, letter of credit, loan or other Contract for the borrowing or lending of money (other than to employees for travel expenses in the Ordinary Course of Business) or agreement or arrangement for a line of credit or guarantee, pledge or undertaking of the Indebtedness of any other Person;
(vi) that restrains or limits the ability of the Company or any of the Company’s Subsidiaries to engage or compete after Closing in any manner or in any business or location or to solicit any Person to enter into a business relationship other than Contracts solely for the distribution of the Company’s or any of the Company’s Subsidiaries’ products entered into in the Ordinary Course of Business on a standard form of Contract made available to Purchaser;
(vii) that relates to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or otherwise) within the last three (3) years, excluding contracts made in the Ordinary Course of Business relating to acquisition of supplies and dispositions of inventory;
(viii) that is a collective bargaining Contract or other Contract with any labor organization, union or association;
(ix) for the employment or engagement of any officer or employee on a full-time, part-time, consulting or independent contractor basis, in case, providing for salary or other payments in excess of $75,000 per annum, excluding any such agreement that is terminable at will upon notice of ninety (90) days or less;
(x) that grants a “most favored customer” or similar provision;
(xi) under which the Company or any of the Company’s Subsidiaries is obligated to pay royalties, commissions or similar payments to any Person;
(xii) that establishes a joint venture, partnership, limited liability company or other similar agreement between Company or any of the Company’s Subsidiaries and any other Person involving a sharing of profits, losses, costs or Liabilities;
(xiii) for capital expenditures other than capital expenditures individually or in the aggregate of not more than $100,000;
(xiv) pursuant to which the Company or any of the Company’s Subsidiaries grants to any Person (other than an employee of the Company or the Company’s Subsidiaries) the right to market, distribute or resell any products on behalf of the Company or any of the Company’s Subsidiaries and that (1) requires the Company or any of the Company’s Subsidiaries to incur aggregate payments in excess of $100,000 during the fiscal year ending December 31, 2018, and (2) is not terminable on thirty (30) or fewer days’ notice;
(xv) any Contract (A) that cannot be terminated by the Company or the Company’s Subsidiaries on ninety (90) or fewer days’ notice without penalty or premium and (B) that provides for annual aggregate payments (contingent or otherwise, including milestones, earn-outs, contingent payments and other future payment obligations) by the Company or any one or more of the Company’s Subsidiaries in excess of $50,000 during the fiscal year ending December 31, 2018 or any fiscal year thereafter; or
(xvi) that includes a grant of any license, sublicense, covenant not to assert or other right in (1) any material Intellectual Property of any third party to the business Company or operations any of Orionthe Company’s Subsidiaries (such Intellectual Property, collectively, the “Company Licenses”) (but excluding any licenses of any Software that is generally commercially available and licensed to the Company or any of the Company’s Subsidiaries pursuant to standard terms and conditions), or (2) any material Owned Intellectual Property by the Company or any of the Company’s Subsidiaries to any other Person (the “Third Party Licenses”).
(b) Except as set forth in Section 3.13(b) of the Seller Disclosure Schedule, each of the Contracts listed or required to be listed in Section 3.13(a) of the Seller Disclosure Schedule, together with any material purchase orders for the sale or purchase of materials, supplies, goods, services, equipment or other assets (collectively, the “Material Contracts”) is a legal, valid and binding obligation of the Company or one of the Company’s Subsidiaries and, to the Company’s Knowledge, each other Person who or which is a party thereto and is enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to creditors’ rights generally and the availability of injunctive relief and other equitable remedies. Neither the Company nor any of the Company’s Subsidiaries, is in breach or default under any of the Material Contracts to which it is a party and, to the Company’s Knowledge, no other party to any such Material Contract is in breach or default thereunder, except in each case with respect to breaches by the Company or the Company’s Subsidiaries as would not be, individually or in the aggregate, materially adverse to the Company or the Company’s Subsidiaries, taken as a whole. To the Company’s Knowledge, no event or circumstance has occurred with respect to either Orion Party; and (y) to which the Company or any of the Orion Parties are a partyCompany’s Subsidiaries or, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types Company’s Knowledge, any other party to a Material Contract that, with notice or lapse of Contracts:
(a) time or both, would constitute an event of default under any collective bargaining agreement;
(b) any Material Contract with any employee, consultant, advisor, officer or director of Orion result in a termination thereof or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency cause or other Person engaged in sales, distributing or promotional activities, permit the acceleration or any Contract to act as one of the foregoing on behalf other change of any Person;
(d) any Contract which involves material right or obligation or the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf loss of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Partybenefits thereunder. To the Knowledge Company’s Knowledge, neither the Company nor any of the Orion PartiesCompany’s Subsidiaries has received from any Person, Orion has made available or provided to Target true and complete copies of each document listed on SCHEDULE 5.10any Person, and a any written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation notice of any Contracts listed on SCHEDULE 5.10 at intention to terminate any time by the other party or parties thereto would not have an Orion Material Adverse EffectContract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Schedule 3.09(a) sets forth a true and complete list of all of the following Contracts to which any Company is a party or is otherwise bound, that are used in the Business or by which the assets or properties of any Company are bound, and which are currently in effect, including, without limitation, the following (collectively, the “Material Contracts”) (with such Schedule 3.09(a) being partitioned into subsections corresponding to the particular subsections of this Section 3.09(a) to which each such disclosure applies):
(i) each Contract which by its terms calls for aggregate payments by any Company under such Contract of $100,000.00 or more;
(ii) each Contract which by its terms provides for aggregate payments to any Company of $250,000.00 or more;
(iii) each lease (whether of real or personal property), including all capitalized lease obligations, operating leases, bareboat charters, and all Leases disclosed or required to be disclosed on Schedule 3.06(b);
(iv) each collective bargaining agreement, memorandum of understanding or other agreement with any labor union;
(v) each Contract relating to the issuance, securing or guaranty of any Debt (including performance, suretyship and other bonds and, in any case, whether incurred, assumed, guaranteed or secured by any asset) or relating to the granting by any Company of a Lien (other than Permitted Liens) on any of the Equity Interests or material assets of any Company;
(vi) any Contract containing covenants that (A) restrict any Company’s ability to freely engage in any line of business, offer products or services in a geographic region or compete with any Person or hire any Person, (B) restrict any Person from competing with any Company or soliciting employees or customers from any Company, (C) require any Person to purchase or sell a stated portion of its requirements or output from or to another Person, (D) grant “most favored nation” status to any Person, or (E) imposes any exclusivity obligation with respect to any Company’s material sale or purchase of goods or services;
(vii) other than the Organizational Documents of any Company, each Contract relating to the formation, creation, operation, management or control of a joint venture, strategic alliance, partnership or other similar agreement or arrangement;
(viii) each Contract between Related Parties;
(ix) each Contract providing for the payment of any cash or other compensation or benefits upon the consummation of the transactions contemplated hereby, including Contracts for the payment of Company Transaction Expenses;
(x) material to the business each Contract providing for severance, change in control or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreementother similar payments;
(bxi) each Contract providing for payments to or by any Contract with any employeePerson, consultantincluding sales agents and purchasing agents, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in based on sales, distributing purchases or promotional activitiesprofits, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or servicesthan direct payments for goods, in each case having a value involving an amount in excess of $10,000100,000.00;
(exii) each Contract for the employment of any individual on a full-time, part-time, or consulting basis;
(xiii) each Contract pursuant to which either Orion Party any third party has rights to own or use any material asset of any Company, including each Contract affecting the ownership of or use of any of the Company Intellectual Property;
(ixiv) has made each vessel charter Contract or will make any loans other charter arrangements, vessel sharing or advances; management Contracts (ii) has or will have incurred debtsincluding for commercial, or become a guarantor or suretytechnical, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicecrew and other management services);
(fxv) any indentureeach research and development Contract, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financingand other development and cooperation Contracts;
(gxvi) each newbuild, shipbuilding or shipyard Contract for any Contract upgrades or repair and maintenance of any vessel of any Company involving a partnershipexpenditures of $100,000.00 or more, joint venture or other cooperative undertakingincluding any refund guarantees;
(hxvii) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Subeach MARAD Contract;
(ixviii) any power of attorney each futures Contract or agency agreement other Contract relating to hedging or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Personderivatives;
(jxix) each license, franchise or similar Contract;
(xx) any Contract relating to any corporate acquisition settlement of any Proceeding that was pending against or disposition asserted by any Company at any time during the last two (2) years;
(xxi) each Contract that contains a right of Orion or Merger Subfirst refusal, first offer, option to purchase, or other similar right with respect to any of the assets or the Equity Interests of any Company, including the Interests;
(xxii) each Contract relating to the acquisition or disposition of any subsidiarybusiness (whether by merger, divisionsale of Equity Interests, line sale of business assets or real property, in each case during the five years prior to the date of this Agreementotherwise); and
(kxxiii) each Contract, the primary purpose of which is to provide a warranty, guaranty, or indemnity to or for any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion Person.
(b) Seller has made available to Target true true, correct and complete copies of the Material Contracts to Purchaser, in each document listed case, including all exhibits, schedules, annexes, appendices, amendments, restatements, extensions, supplements or other modifications thereto. Except as set forth on SCHEDULE 5.10Schedule 3.09(b), (i) the applicable Company party thereto is not, and, to the Knowledge of Seller, none of the other parties thereto is, in default under any Material Contract, and no event or condition has occurred that constitutes, or, after notice or lapse of time or both, would constitute, a written description default on the part of the applicable Company party thereto or, to the Knowledge of Seller, any other party thereto under any such Material Contract, except in each oral arrangement so listed case with respect to defaults that are not material, either individually or in the aggregate and (ii) each of the Material Contracts is contained valid and binding on SCHEDULE 5.10the applicable Company party thereto and, to the Knowledge of Seller, on each other party thereto, enforceable in accordance with its respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Applicable Laws affecting the enforcement of creditors’ rights generally, and by general equitable principles. The cancellation of Except as set forth on Schedule 3.09(b), no Company has given to or received from any Contracts listed on SCHEDULE 5.10 other Person, at any time by since the Latest Balance Sheet Date any notice or other party communication (whether written or, to the Knowledge of Seller, oral) regarding any actual, alleged, possible, or parties thereto would not have an Orion potential violation or breach of, or default under, any Material Adverse Effect.Contract.
Appears in 1 contract
Samples: Equity Purchase Agreement (Helix Energy Solutions Group Inc)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 6.12(a) contains a complete, current and correct list of all of the following types of Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (yincluding any oral Contract) to which any of the Orion Parties are Company is a party, by which either are bound or to which any of their respective its properties or assets are bound, or properties are subjectunder which the Company otherwise has material obligations, as applicablewith each such responsive Contract identified by each corresponding category (i) - (xi) below (any Contract required to be disclosed on Schedule 6.12(a), including but not limited to the following types of Contracts:
a “Material Contract”): (ai) any collective bargaining agreement;
Contract or group of related Contracts which involve expenditures or receipts by the Company that require payments or yield receipts of more than $[**] in any twelve (b12) month period or more than $[**] in the aggregate; (ii) any Contract with any employeeof its officers, consultantdirectors, advisormanagers, officer employees, consultants or director Affiliates (other than at-will employment arrangements with employees entered into the Ordinary Course of Orion or Merger Sub;
Business), including all non-competition, severance, and indemnification agreements; (ciii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged agreement presently in sales, distributing or promotional activities, or any Contract to act as one of effect for the foregoing on behalf license of any Person;
(d) any Contract which involves Intellectual Property involving the payment by or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value to the Company in excess of $10,000;
[**] per year; (eiv) any Contract pursuant to which either Orion Party partnership, joint venture, profit-sharing or similar agreement entered into with any Person; (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract all Contracts relating to any corporate acquisition merger, consolidation or disposition of Orion other business combination with any other Person or Merger Sub, or any the acquisition or disposition of any subsidiary, division, line of other entity or its business or real propertymaterial assets or the sale of the Company, its business, its equity securities or its material assets (other than in each case during the five Ordinary Course of Business); (vi) any loan agreement, agreement of indebtedness, credit, note, security agreement, guarantee, mortgage, indenture or other document relating to Indebtedness, borrowing of money or extension of credit by or to the Company in excess of $[**]; (vii) any material settlement agreement entered into within three (3) years prior to the date of this AgreementAgreement or under which the Company has outstanding obligations (other than customary obligations of confidentiality); and
(kviii) any Contract granting, licensing, sublicensing or otherwise transferring any material Intellectual Property to or by the Company; (ix) any Contract containing any covenant (A) limiting in any respect the right of the Company or its Affiliates to engage in any line of business, to make use of any of its Intellectual Property or compete with any Person in any line of business or in any geographic region, (B) imposing non-solicitation restrictions on the Company or its Affiliates, (C) granting to the other party any exclusivity or similar provisions or rights, including any covenant by the Company that includes an organizational conflict of interest prohibition, restriction, representation, warranty or notice provision or any other restriction on future contracting, (D) providing “most favored customers” or other preferential pricing terms for the services of the Company or its Affiliates, or (E) limiting or restricting the right of the Company to sell or distribute any Intellectual Property of the Company or to purchase or otherwise obtain any Intellectual Property license; (x) any agreement entered into outside the Ordinary Course of Business and presently in effect, involving payment to or obligations of in excess of $[**], not specified above otherwise described in this Schedule 6.12(a); and (xi) any other Contract that is otherwise material to the business Company and entered into outside of the Ordinary Course of Business. True and correct copies of all Material Contracts (including any amendments, modifications or operations supplements thereto) have been provided to Buyer.
(b) All of Orionthe Material Contracts to which the Company is a party, taken by which any of its properties or assets are bound, or under which the Company otherwise has material obligations are in full force and effect, and are valid, binding, and enforceable in accordance with their terms, subject to performance by the other party or parties to such Material Contract, except as a wholethe enforceability thereof may be limited by the Enforceability Exceptions. There exists no breach, default or violation on the part of the Company or, to either Orion Partythe Knowledge of the Company, on the part of any other party to any such Material Contract nor has the Company received written or, to the Knowledge of the Company, oral notice of any breach, default or violation. The Company has not received any notice of an intention by any party to any such Material Contract that provides for a continuing obligation by any party thereto to terminate such Material Contract or amend the terms thereof, other than modifications in the Ordinary Course of Business that do not adversely affect the Company. The Company has not waived any rights under any such Material Contract. To the Knowledge of the Orion PartiesCompany, Orion no event has made available occurred which either entitles, or would, with notice or lapse of time or both, entitle any party to Target true and complete copies of each document listed on SCHEDULE 5.10any such Material Contract to declare breach, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation default or violation under any such Material Contract or to accelerate, or which does accelerate, the maturity of any Contracts listed on SCHEDULE 5.10 at Indebtedness of the Company under any time by the other party or parties thereto would not have an Orion such Material Adverse EffectContract.
Appears in 1 contract
Samples: Subscription and Stock Purchase Agreement (OncoCyte Corp)
Contracts. SCHEDULE 5.10 sets forth (a) As of the date hereof, the Disclosure Schedule contains a true and complete list of all each of the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which the Company or any of the Orion Parties are Subsidiary is a party, party or by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsAssets and Properties is bound:
(ai) any collective bargaining agreementContracts providing for a commitment of employment or consultation services for a specified or unspecified term or otherwise relating to employment or termination of employment of each member of senior management of the Company and the Subsidiaries;
(bii) Contracts containing any Contract provision or covenant prohibiting or materially limiting the ability of the Company or any Subsidiary to engage in any business activity or compete with any employee, consultant, advisor, officer Person or director prohibiting or materially limiting the ability of Orion any Person to compete with the Company or Merger Subany Subsidiary;
(ciii) any Contract with a sales representativematerial partnership, manufacturer’s representativejoint venture, distributor, dealer, broker, sales agency, advertising agency shareholders' or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of similar Contracts with any Person;
(div) Contracts relating to Indebtedness of the Company or any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value Subsidiary in excess of $10,000US$3 million;
(ev) Contracts with distributors, manufacturers, suppliers or sales agencies that involve a binding payment or obligation by or to the Company or any Contract pursuant Subsidiary of more than US$3 million annually;
(vi) Contracts relating to which either Orion Party (iA) has made the future disposition or will make acquisition of any loans Assets and Properties individually or advances; (ii) has in the aggregate material to the Business or will have incurred debtsCondition of the Company, other than dispositions or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions acquisitions in the ordinary course of business, and (B) any merger or other business consistent with past practicecombination (other than this Agreement);
(fvii) Contracts between or among the Company and any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Subsidiary relating to Indebtedness or the provision of real property or personal property or agreement for financing;services between such entities; and
(gviii) any Contract involving a partnershipContracts with top five (5) distributors, joint venture manufacturers, suppliers or other cooperative undertaking;
sales agencies, which collectively account for at least seventy percent (h70%) any Contract involving any restrictions with respect of the supply of silicon to (i) any geographical area the Company and its Subsidiaries in the aggregate as of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and.
(kb) any Contract not specified above that is otherwise material As of the date hereof, none of the Contracts required to be disclosed in the Disclosure Schedule has been terminated prior to the business or operations expiration of Orion, taken as a wholethe agreed minimum term by any party thereto nor, to either Orion Party. To the Knowledge of the Orion PartiesCompany as to any Contract the Company or any Subsidiary is a party, Orion has made available any party indicated its intention to Target true and complete copies terminate any of each document listed on SCHEDULE 5.10such Contracts. Except as disclosed in the Disclosure Schedule, and a written description , to the Knowledge of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of the Company, neither the Company nor any Contracts listed on SCHEDULE 5.10 at Subsidiary or any time by the other party to such Contract is in violation or parties thereto would not have an Orion Material Adverse Effectbreach of or default under any such Contract in any material respect.
Appears in 1 contract
Samples: Series a Preferred Share Purchase Agreement (Yingli Green Energy Holding Co LTD)
Contracts. SCHEDULE 5.10 (a) Section 0 of the Disclosure Letter sets forth a list (referencing the applicable subsection of all Contracts that are (x) material to the business or operations of Orionthis Section 0), taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a partydate of this Agreement, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to each of the following types Contracts used in or held for use in the Business (together with the In-Licenses and Out-Licenses, collectively, the “Material Contracts”):
(i) All Contracts for the future acquisition or sale of any assets involving $100,000 individually (or in the aggregate, in the case of any related series of Contracts:
(a) any collective bargaining agreement);
(bii) All Contracts providing for future aggregate purchase prices or payments to or from Seller in any Contract with one year of more than $100,000 in any employeeone case (or in the aggregate, consultant, advisor, officer or director in the case of Orion or Merger Subany related series of Contracts);
(ciii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, All Contracts for the purchase of services (including hosting services) entered into by Seller or any Contract to act as of its Affiliates, on the one hand, and any of its vendors or subcontractors identified in Section 0 of the foregoing Disclosure Letter, on behalf the other hand. All other Contracts and groups of any Person;
(d) any Contract which involves the payment related Contracts either involving more than $100,000 or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions not entered into in the ordinary course of business;
(iv) All Contracts containing covenants prohibiting or limiting the right to compete or engage in any line of business consistent or prohibiting or restricting the Business’s ability to conduct business with past practiceany Person or in any geographical area or to solicit or hire any individual or group of individuals;
(v) All collective bargaining agreements and all Contracts relating to employment, consulting, compensation, benefits, termination, retention, severance and other conditions of employment (other than standard employee manuals and the like);
(fvi) All Contracts relating to the creation of Liens (other than the Permitted Liens) or the guarantee of the payment of Liabilities or performance of obligations of any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease other Person by Seller or any of real property or personal property or agreement for financingits Affiliates;
(gvii) any Contract involving a partnershipAll Contracts relating to the leasing of, joint venture or other cooperative undertakingownership, use or maintenance of Real Property;
(hviii) All non-disclosure or confidentiality Contracts that contain provisions restricting the operation of the Business or that would reasonably be expected to restrict the operation of the Business following the Closing;
(ix) All Contracts between Seller and any Contract involving of Seller’s Affiliates that restrict the operation of the Business or that would reasonably be expected to restrict the operation of the Business;
(x) All Contracts entered into by Seller or any restrictions of its Affiliates in settlement of any Proceeding or other dispute relating to the Business;
(xi) All Contracts that limit Seller’s ability to make generally available any of the services that comprise the Business;
(xii) All Contracts for the development of the services or anything material to the Business;
(xiii) All written warranty, guaranty and/or other similar undertaking with respect to (i) contractual performance extended by Seller or any geographical area of operations; or (ii) scope or type its Affiliates other than in the ordinary course of business of Orion or Merger Subbusiness;
(ixiv) any power All other Contracts, whether or not made in the ordinary course of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subbusiness, that are material to, or pursuant necessary for the conduct of, the Business; and
(xv) All Contracts under which the consequences of a default or termination could have a Business Material Adverse Effect.
(b) Seller has made available to which Orion Buyer true and correct copies of all Material Contracts as in effect on the date hereof. All of the Business Contracts are valid, binding and in full force and effect with respect to Seller or Merger Sub are granted another of its Affiliates, as applicable, and have not been amended or modified in any material respect except as set forth therein. Each of Seller and its Affiliates have performed all material obligations required to be performed by it under the authority Business Contracts, and neither Seller nor any of its Affiliates (with or without the lapse of time or the giving of notice, or both) is in breach or default thereunder and, to act for the Knowledge of Seller, no other party to any Business Contract is (with or on behalf without the lapse of time or the giving of notice, or both) in breach or default thereunder.
(c) No event has occurred or circumstance exists under or by virtue of any Person;Contract that (with or without notice or lapse of time) would cause the creation of any Lien affecting any of the Acquired Assets, other than a Permitted Lien.
(jd) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during During the five years prior to twelve-month period preceding the date of this Agreement; and
(k) , neither Seller nor any Contract not specified above that is otherwise material of its Affiliates has given to the business or operations of Orion, taken as a wholereceived from any other Person any written notice or other written communication or, to either Orion Party. To the Knowledge of Seller, any oral notice or other oral communication regarding any actual, alleged, possible or potential material violation or breach of, or default under, any Business Contract.
(e) As of the Orion Partiesdate of this Agreement, Orion has made available there are no outstanding renegotiations of, attempts to Target true and complete copies renegotiate or outstanding rights to renegotiate, any amounts paid or payable to Seller or any of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of its Affiliates under any Contracts listed on SCHEDULE 5.10 at Business Contract with any time by Person having the other party contractual or parties thereto would not have an Orion Material Adverse Effectstatutory right to demand or require such renegotiation.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Section 4.10(a) of the Disclosure Schedule sets forth a list of all the following Contracts to which the Company or any of the Company Subsidiaries is a party or by which it is bound in effect on the date of this Agreement (each Contract that are is required to be listed in Section 4.10(a) of the Disclosure Schedule, being a “Material Contract”):
(i) each ground lease Contract pursuant to which the Company or a Company Subsidiary leases any of the Leased Real Property from a third-party landlord (collectively, the “Ground Leases”);
(ii) each Contract pursuant to which the Company or a Company Subsidiary leases as a tenant any of the Real Property from a third-party landlord, other than the Ground Leases (collectively, the “Office Leases”);
(iii) each Contract pursuant to which the Company or a Company Subsidiary leases as landlord any of the Real Property to a third-party for retail or commercial use, but excluding any Student Lease (collectively, the “Retail Leases”);
(iv) each Contract by and between the Company or a Company Subsidiary, on the one hand, and a University on the other hand (collectively, the “University Agreements”);
(v) each principal loan Contract evidencing or entered into in connection with the Existing Loans;
(vi) each Contract creating any joint venture, partnership or similar relationship between the Company or any Company Subsidiary and an unaffiliated third party;
(vii) each Contract with any current officer or director of the Company, other than any Plan;
(viii) each Contract with any labor union or association representing any employee of the Company;
(ix) each Contract limiting or restraining the Company from engaging or competing in any lines of business with any other Person;
(x) material to each Contract for the business or operations sale of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a partyassets of the Company other than in the ordinary course of business, for consideration in excess of $250,000;
(xi) each Contract relating to any acquisition to be made by which either are bound the Company of any operating business or the capital stock of any other Person, in each case for consideration in excess of $250,000;
(xii) each Contract relating to which the incurrence of Indebtedness, or the making of any loans, in each case involving amounts in excess of $250,000;
(xiii) each Contract granting any third party the right to develop, construct, market, manage, finance or sell any of their respective assets the Real Property reasonably expected to involve payments of $250,000 or properties are subject, as applicable, including but more in any future twelve (12) month period with respect to any single Real Property or Community (provided that any such Contract listed in another subsection of this Section 4.10(a) shall not limited also be required to the following types of Contracts:be listed in this Section 4.10(a)(xiii));
(axiv) each Contract under which the Company or any collective bargaining agreementCompany Subsidiary is granted rights by others in material Company Intellectual Property (other than commercial off the shelf software), or under which the Company or any Company Subsidiary has granted rights to others in material Company Intellectual Property; and
(xv) each Contract (or group of related Contracts with respect to a single transaction or series of related transactions) that cannot be terminated on less than ninety (90) days’ notice (without a monetary penalty) and involves future payments or performance or services to or by the Company or any of the Company Subsidiaries of any amount or value reasonably expected to exceed $250,000 in any future twelve (12) month period with respect to any single Real Property or Community (provided that any such Contract listed in another subsection of this Section 4.10 shall not also be required to be listed in this Section 4.10(a)(xv));
(b) any Contract with any employeeThe Company has Made Available to Buyer true, consultant, advisor, officer or director correct and complete copies of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one each Material Contract. As of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any , each Material Contract not specified above that is otherwise material represents the legally valid and binding obligation of the Company or Company Subsidiary party thereto, enforceable against the Company or such Company Subsidiary, as applicable, in accordance with its terms, subject to the business or operations of Orionapplicable bankruptcy, taken insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as a wholeto enforceability, to either Orion Partygeneral principles of equity. To As of the date of this Agreement, the Company has not received any written or, to the Knowledge of the Orion PartiesCompany, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation other notice of any Contracts listed on SCHEDULE 5.10 at any time default or event that with notice or lapse of time, or both, would constitute a material default by the Company under any Material Contract, nor, to the Knowledge of the Company, is any other party to any Material Contract in material breach or parties thereto would not have an Orion Material Adverse Effectdefault thereunder.
Appears in 1 contract
Samples: Stock Purchase Agreement (InvenTrust Properties Corp.)
Contracts. SCHEDULE 5.10 sets (a) Except as set forth on Schedule 3.14(a), none of the Companies or Subsidiaries is a list of all party to any:
(i) Contracts that are (x) material to the business with any Affiliate or operations of Orionany partnership, taken as a wholecorporation, to either Orion Party; and (y) to joint venture or other entity in which any of the Orion Parties are current or former officer, director, employee, consultant or partner of any Company or Subsidiary has a party, by which either are bound direct or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:indirect interest;
(aii) Contracts relating to any collective bargaining agreementagreement or similar agreement or Contracts with any labor union, works council, labor organization or other employee representative or a group of employees;
(biii) any Contract with any employeebonus, consultantincentive, advisorpension, officer profit sharing, retirement or director other form of Orion or Merger Subdeferred compensation plan;
(civ) Contracts for the employment or engagement of, or any Contract confidentiality, non-competition or non-solicitation agreement with, any officer, director, individual employee (including temporary and seasonal), independent contractor or other Person on a full-time or consulting basis;
(v) Contracts for the payment of any amount or provision of any benefit to any officer, director, independent contractor or employee on account of separation from service or in connection with the transactions contemplated by this Agreement;
(vi) Contracts under which any Company or Subsidiary has advanced or loaned any amount to any of its directors, officers, or employees;
(vii) Contracts with a sales representativeagency, manufacturer’s representativesales representation, distributordistributorship, dealer, broker, sales agency, advertising agency franchise or similar agreement that is not terminable by a Company or Subsidiary without penalty on thirty (30) days’ notice or less;
(viii) Contracts granting a power of attorney or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing agency on behalf of any Company or Subsidiary to any Person;
(dix) Contracts which require payments by any Contract party thereto in excess of $50,000 in any twelve (12)-month period or pursuant to which involves any party thereto has made payments in excess of $50,000 during the twelve (12)-month period ending on the date hereof;
(x) Contracts for capital expenditures in excess of $50,000 or extending for more than twelve (12) months;
(xi) Contracts for the lease, use or occupancy of the Owned Real Property or the Leased Real Property by or to any third party;
(xii) Contracts involving the payment or receipt of cash royalties by the Companies or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000Subsidiaries;
(exiii) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible Contracts with respect to Intellectual Property (including Contracts with current or former employees, consultants or contractors regarding the transfer or the non-disclosure of any undertaking of another the Intellectual Property, and any settlement, consent, concurrent-use agreement, or other Contract that restricts the use of the Intellectual Property, but excluding Standard Software Contracts);
(except xiv) Contracts for (A) the negotiation sale of any assets or collection properties of negotiable instruments in transactions a Company or Subsidiary other than in the ordinary course of business consistent with past practice)or (B) the grant to any Person of any preferential rights to purchase any assets or properties of the Companies or Subsidiaries;
(fxv) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property Contracts relating to the acquisition by a Company or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf Subsidiary of any operating business or the assets or capital stock of any other Person;
(jxvi) Joint venture, partnership, limited liability company, strategic alliance or similar Contracts relating to the assets, properties or businesses of any Company or Subsidiary or by or to which any Company or Subsidiary or any of their assets or properties are bound or subject;
(xvii) Contracts under which any Company or Subsidiary agrees to indemnify any party, to share Tax liability of any party, or to refrain from competing with any party;
(xviii) Contracts relating to Indebtedness of the Companies and Subsidiaries, including operating leases;
(xix) Contracts for the guaranty of any obligation for borrowed money or other material guaranty;
(xx) Contracts that limit the freedom of any Company or Subsidiary to compete in any line of business anywhere in the world, including by limiting the ability of such Company or Subsidiary to (A) compete with any other Person; (B) to acquire any product or other asset or any services from any other Person; (C) to solicit, hire or retain any Person as an employee, consultant or independent contractor; (D) to sell goods to or perform services for any other Person; or (E) to transact business or deal in any other matter with any other Person;
(xxi) Contracts entered into other than in the ordinary course of business that contain or provide for an express undertaking by a Company or Subsidiary to be responsible for consequential, incidental or punitive damages;
(xxii) Contracts with the customers and suppliers, except those listed on Schedule 3.21 and Schedule 3.22;
(xxiii) any Contract relating providing for a Company or Subsidiary to make any corporate acquisition or disposition of Orion or Merger Subcapital contribution to, or other investment in, any acquisition Person, other than a Company or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementSubsidiary; andor
(kxxiv) any Contract other Material Contracts not specified above that is otherwise material to made in the business ordinary course of business. Each Company has delivered or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true the Buyer true, correct and complete copies of each document all Material Contracts (as defined below), together with all modifications, addenda, amendments, purchase orders, works order, exhibits, annexes and supplements thereto or thereunder. Each of the Contracts listed or required to be listed on SCHEDULE 5.10Schedule 3.14(a) hereto (collectively, the “Material Contracts” and each a “Material Contract”), is legal, valid, binding, enforceable and in full force and effect and will continue to be so on identical terms immediately following the Closing. None of the Companies or Subsidiaries is in breach or default of any of the provisions of any Material Contract, nor, to the knowledge of the Companies or the Sellers, is any other party to any Material Contract in breach or default thereunder, nor does any event or condition exist which with notice or the passage of time or both would constitute a material default thereunder by such Company or Subsidiary or a material default thereunder by any third party. Each Company and Subsidiary has in all material respects performed all obligations required to be performed by it to date under each Material Contract, and, to the knowledge of the Companies or the Sellers, no event or condition exists that is reasonably likely to make the Companies or Subsidiaries unable to perform, or to interfere with such Company’s or Subsidiaries’ performance of or future obligations under any Material Contract.
(b) Except as set forth on Schedule 3.14(b), no approval or consent of, or notice to, any Person is needed in order that the contracts listed or required to be listed on Schedule 3.14(a) hereto and other Schedules hereto continue in full force and effect following the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements, and a written description no Material Contract includes any provision the effect of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation which may be to enlarge or accelerate any obligations of any Contracts listed on SCHEDULE 5.10 at of the Companies or Subsidiaries thereunder or give additional rights to any time by the other party thereto or parties thereto would not have an Orion Material Adverse Effectwill in any other way be affected by, or terminate or lapse by reason of, the transactions contemplated by this Agreement and the Ancillary Agreements. Each such approval or consent set forth on Schedule 3.14(b) is referred to herein as a “Required Consent.”
Appears in 1 contract
Samples: Membership Interest Purchase Agreement (Arcosa, Inc.)
Contracts. SCHEDULE 5.10 (a) Schedule 5.15(a)(1) of the Sellers’ Disclosure Schedule sets forth a true and complete list of all Contracts that are (x) material each Contract to which the Company is a party or which binds or affects its properties or assets, to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which extent such Contract falls within any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
categories: (a) any collective bargaining agreement;
(bi) any Contract with that restricts or forecloses the Company’s ability to research, develop or market any employeeproduct for any indication in any product market, consultant, advisor, officer therapeutic area or director geographic area (other than field of Orion or Merger Sub;
use restrictions contained in in-license agreements); (cii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency providing for annual payments or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value receipts in excess of Twenty-Five Thousand Dollars ($10,000;
25,000); (eiii) any Contract pursuant to which either Orion Party (i) has made the Company grants any most favored customer pricing provisions, right of first refusal or will make right of first offer or similar right, or that limits or purports to limit the ability of the Company to own, operate, sell, transfer, pledge or otherwise dispose of any loans assets or advancesbusinesses that are individually or in the aggregate material to the Company; (iiiv) has or will have incurred debtsany Contract relating to the Products, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions materials transfer agreements and support and research agreements entered into in the ordinary course of business consistent with past practice);
business; (fv) any indentureContract that provides for the manufacturing of the Products; (vi) any Contract relating to indebtedness for borrowed money or any financial guaranty in excess of Twenty-Five Thousand Dollars ($25,000); (vii) any Contract that contains any non-compete or exclusivity provision or limits, credit agreementcurtails or restricts, loan agreementor purports to limit, notecurtail or restrict, mortgagethe ability of the Company (A) to compete in any line of business, security agreementin any therapeutic area, lease of real property in any geographic area or personal property with any Person, or agreement for financing;
(gB) to sell to or to purchase from any other Person; (vii) any Contract obligating the Company to file a registration statement under the Securities Act, which filing has not yet been made; (viii) any Contract involving a partnershipresearch, joint venture development or other cooperative undertaking;
the exclusive or non-exclusive license of Intellectual Property (hexcluding (A) transfer of material, clinical trial or similar agreements entered into in the ordinary course of business, consistent in all material respects with past practice, (B) agreements with scientific advisors, and (C) any confidentiality agreement entered into using the Company’s standard form of confidentiality agreement, if any, which form has previously been provided to Purchaser); (ix) any Contract involving any restrictions with respect to providing for the payment or receipt by the Company of milestone payments or royalties; (ix) any geographical area of operationsContract including or involving a loan to a director or officer; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(jxi) any Contract relating to any corporate acquisition equity interests of the Company, including any option arrangement, put or disposition call, guarantee of Orion profits, proxy or Merger Subjoint venture, voting, stockholder, partnership, limited liability company or any acquisition other operating agreement or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementsimilar Contracts; and
(kxii) any Contract that by its terms limits the payment of dividends or other distributions by the Company; (xiii) any Contract that contains material “earn-out” provisions, or provides for any material guaranty, performance, bid, completion bond, surety or indemnification provisions or other material contingent payment obligations (excluding any indemnification agreement or similar Contract entered into in the Company’s ordinary course of business); (xiv) all Contracts pursuant to which any Person has been granted any license under, or otherwise has received or acquired any right (whether or not specified above currently exercisable) or interest in, the Company Intellectual Property; (xv) any Contract that is otherwise material includes continuing obligations, rights or interests relating to the business research, development, clinical trial, distribution, supply, manufacturing, marketing or operations co-promotion of, or collaboration with respect to, any product or product candidate for which the Company is currently engaged in research or development, including (A) manufacture or supply services or Contracts with contract research organizations for clinical trials-related services and (B) customary material transfer Contracts for pre-clinical products or clinical products of Orionthe Company with commercial, taken pharmaceutical or biotechnology companies; or (xvi) any other agreement which would prohibit or materially delay the consummation of the transactions contemplated by this Agreement. Each Contract set forth in Schedule 5.15(a)(2) of Sellers’ Disclosure Schedule is hereinafter referred to as a whole“Company Material Contract”. True and complete copies of each Company Material Contract have been provided to Purchaser by the Company.
(b) Each Company Material Contract is believed by Sellers to be a valid, binding and enforceable obligation of the Company and, to either Orion Partythe Knowledge of the Sellers, of the other party or parties thereto, in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting creditors’ rights generally or by general equity principles. Each Company Material Contract is in full force and effect and, upon consummation of the Transactions, shall continue to be in full force and effect without material penalty, acceleration, termination, repurchase right, amendment, payment, cancellation or loss of any benefit to which the Company is entitled. The Company is in compliance with each extant Company Material Contract and has not received any written notice that it has failed to perform any obligations required to be performed by it under any Company Material Contract. To the Knowledge of the Orion PartiesSellers, Orion has made available neither they nor any of their members have received notice of any violation or default under (nor does there exist any condition which upon the passage of time, the giving of notice or failure to Target true and complete copies cure or all would cause such a violation of each document listed on SCHEDULE 5.10, and or default under) any Company Material Contract or any other Contract to which it is a written description party or by which it or any of each oral arrangement so listed its properties or assets is contained on SCHEDULE 5.10bound or affected. The cancellation Company has not received any notice from any other party to any Company Material Contract, or otherwise has any knowledge, that such party intends to terminate, or not renew, any such Company Material Contract.
(c) The Company is not party to any (i) interest rate, equity or other swap or derivative instrument, or (ii) standstill agreement (or agreement containing a standstill provision), other than the Letter of any Contracts listed on SCHEDULE 5.10 at any time Intent with Purchaser, dated February 12, 2014 (the “Letter of Intent”), which is being superseded hereby as set forth in Section 9.3 below.
(d) None of the contracts entered into by the other party or parties thereto would not have an Orion Material Adverse EffectCompany contains a non-competition provision.
Appears in 1 contract
Samples: Membership Interest Purchase Agreement (Retrophin, Inc.)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 4.12(a) contains a true, complete and correct list of of
(i) all master service agreements (“MSAs”) pursuant to which the Sellers provide products and services to their customers;
(ii) to the extent not identified under clause (i) above, all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y1) to which any of the Orion Parties are Sellers or their Affiliates is a party, party or by which either are any of the Sellers or any of their Affiliates is bound in connection with the Business, the Purchased Assets or the Assumed Liabilities, or (2) to which any of their respective assets the Purchased Assets is bound or properties are subject, as applicable, including but not limited in each case that require payments by or to the Sellers or any of their Affiliates of at least $100,000 in the aggregate or that have a base term (excluding potential renewals) extending at least 12 months following types of Contracts:
the Closing Date (a) any collective bargaining agreementother than contracts cancellable by the Sellers without penalty on not more than 30 days’ notice);
(biii) all Contracts for the sale or disposition of any Contract with of the Purchased Assets, or for the grant to any employeePerson of any option, consultantright of first refusal, advisorright of first offer, officer preferential or director similar right to purchase any of Orion or Merger Subthe Purchased Assets;
(civ) all license, royalty or other Contracts under which any Contract of the Sellers (A) has obtained a license to use the Intellectual Property of another Person (except for any license implied by the sale of a product and any perpetual license for commonly available software programs with a sales representativevalue of less than $5,000 annually under which any of the Sellers is the licensee), or (B) has granted any other Person a license to use any of the IP Assets;
(v) all bonus, pension, profit sharing, retirement, deferred compensation, equity purchase, equity option or similar plans or practices, whether formal or informal, and all severance Contracts;
(vi) all written or material unwritten employment, services, consulting, independent contractor and subcontractor Contracts with any Person on a full-time, part-time, consulting or contractor basis, and all severance, termination, change of control, golden parachute or similar Contracts;
(vii) all indentures, mortgages, notes, installment obligations, guarantees, agreements and other instruments relating to Indebtedness (other than intercompany accounts and trade payables incurred in the Ordinary Course of Business) or otherwise placing a Lien (other than a Permitted Liens) on the Purchased Assets;
(viii) all Contracts with respect to the lending or investing of the Sellers’ funds to or in other Persons;
(ix) all Contracts for the purchase or sale of supplies, products or other personal property or for the furnishing or receipt of services which, when taken individually, either (A) call for performance over a period of more than 12 months (except if such Contracts do not involve a sum in excess of $50,000 annually) or (B) involves consideration in an amount in excess of $100,000;
(x) all Contracts under which any of the Sellers (A) is a lessee or sublessee of, or holds, uses or operates, any personal property owned by any other Person and used in the Business requiring payments in excess of $100,000 annually, or (B) is a lessor or sublessor of, or permits any other Person to hold, use or operate, any property, whether real or personal or mixed, owned or controlled by the Sellers and used in the Business;
(xi) all nondisclosure or confidentiality Contracts, and all Contracts containing terms (A) having the effect of prohibiting any of the Sellers, the Business or the Purchased Assets from freely operating or conducting business anywhere in the world during any period of time, (B) requiring exclusive dealing or (C) relating to “most-favored-nations” status of any party thereto;
(xii) all advertising, agency, brokerage, consulting, dealership, distribution, finders, franchise, manufacturer’s representative, distributormarket research, dealermarketing, brokeroperating, sales agencypromotion, advertising agency sales, service, supplier, vendor or similar Contracts;
(xiii) all settlement, compromise or similar Contracts with any Governmental Entity or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(dxiv) all written Contracts with any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000Governmental Entity;
(exv) all joint venture, partnership or similar Contracts relating to ownership of or investments in any Contract pursuant to which either Orion Party business or enterprise in connection with the Business;
(ixvi) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible all powers of attorney with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Business or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementPurchased Assets; and
(kxvii) all other Contracts that are either necessary to continue to conduct the Business as currently being conducted or that have been entered into outside the Ordinary Course of Business and not previously disclosed pursuant to this Section 4.12(a) (the Contracts listed in clauses (i) through (xvii), together with the Leases set forth on Schedule 4.9(b)(ii), are collectively referred to as the “Material Contracts”).
(b) Each of the Material Contracts is in full force and effect, is a valid and binding obligation of each of the Sellers a party thereto, and is enforceable against each of the Sellers a party thereto and, to such Seller or Sellers’ knowledge, the counterparties thereto in accordance with its terms except that (i) such enforcement may be subject to any Contract not specified above that is otherwise material bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws, now or hereafter in effect, relating to or limiting creditors’ rights generally and (ii) enforcement, including, among other things, the remedy of specific performance and injunctive and other forms of equitable relief, may be subject to equitable defenses and to the business or operations discretion of Orion, taken the court before which any proceeding therefor may be brought (such restrictions on enforcement being collectively referred to herein as the “Enforcement Restrictions”). Each of the Sellers is in compliance with all applicable and material terms of each Material Contract to which such Seller is a wholeparty. No party to any Material Contract (A) has provided written notice to any of the Sellers a party thereto of such party’s intent to or, to either Orion Party. To each such Seller’s knowledge has threatened to, terminate, cancel, refrain from renewing, modify or withdraw its participation in, or to accelerate any right under, any Material Contract, (B) has terminated, cancelled, refrained from renewing, modified or withdrawn its participation in, or accelerated any right under, any Material Contract, or (C) to the Knowledge knowledge of any of the Orion PartiesSellers a party thereto, Orion is in breach, violation or default under any Material Contract, and no event or circumstance has made available to Target true occurred or exists which, with or without the giving of notice, the passage of time or both, would constitute such a breach, violation or default. There are no other Contracts necessary for the operation of the Business or the Purchased Assets as currently operated other than the Material Contracts. True, correct and complete copies of each document listed on SCHEDULE 5.10Material Contract (including all amendments, supplements and other modifications, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of all exhibits and schedules, thereto, and any Contracts listed on SCHEDULE 5.10 at any time assignments thereof) have been provided by the other party Sellers to the Buyer or parties thereto would not have an Orion Material Adverse Effectotherwise made available to the Buyer.
Appears in 1 contract
Contracts. SCHEDULE 5.10 Schedule 4.7 sets forth a complete and accurate list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractscategories:
(ai) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director Contracts not made in the Ordinary Course of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value Business involving payments in excess of $10,00025,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has Employment contracts and severance agreements, including without limitation Contracts (A) to employ or terminate executive officers or other personnel and other contracts with present or former officers, directors or shareholders of Seller or (B) that will have incurred debtsresult in the payment by, or become the creation of any Liability to pay on behalf of Buyer or Seller any severance, termination, “golden parachute,” or other similar payments to any present or former personnel following termination of employment or otherwise as a guarantor or surety, or pledged its credit on; or result of the consummation of the transactions contemplated by this Agreement;
(iii) has Labor or will have otherwise become responsible union contracts;
(iv) Distribution, franchise, license, technical assistance, sales, commission, consulting, agency or advertising contracts related to the Assets or the Business, excluding agreements entered into by Seller in the Ordinary Course of Business to purchasers of its products;
(v) Options with respect to any undertaking property, real or personal, whether Seller shall be the grantor or grantee thereunder;
(vi) Contracts involving future expenditures or Liabilities, actual or potential, in excess of another $25,000 or otherwise material to the Business or the Assets;
(except for the negotiation vii) Contracts or collection commitments relating to commission arrangements with others;
(viii) Promissory notes, loans, agreements, indentures, evidences of negotiable indebtedness, letters of credit, guarantees, or other instruments relating to an obligation to pay money, individually in transactions excess of or in the ordinary course aggregate in excess of business consistent with past practice$25,000, whether Seller shall be the borrower, lender or guarantor thereunder or whereby any Assets are pledged (excluding credit provided by Seller in the Ordinary Course of Business to purchasers of its products);
(fix) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Contracts containing covenants limiting the freedom of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, Seller or any acquisition officer, director, shareholder or disposition affiliate of Seller, to engage in any subsidiary, division, line of business or compete with any person;
(x) Any Contract with the United States, state or local government or any agency or department thereof;
(xi) Leases of real property, in each case during the five years prior to the date of this Agreement; and;
(kxii) any Contract Leases of personal property not specified above that is otherwise material cancelable (without Liability) within thirty (30) calendar days. Seller has delivered to the business or operations of OrionBuyer true, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true correct and complete copies of each document listed on SCHEDULE 5.10, and a written description all of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any the Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectSchedule 4.7, including all amendments and supplements thereto.
Appears in 1 contract
Samples: Asset Purchase Agreement (Ciphergen Biosystems Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that Interactive and the Subsidiary are (x) material to not parties to, nor is Interactive, the business Subsidiary, or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subjectbound by, as applicableor subject to, including but not limited to any contracts, agreements, notes, instruments, franchises, leases, licenses, commitments, arrangements or understandings, written or oral (collectively, "Contracts") of the following types types, except for those (the "Scheduled Contracts") listed in Part 2.8 of ContractsSchedule II hereto:
(a) any collective bargaining agreementContracts pursuant to which Interactive or the Subsidiary, or another party thereto, is obligated to pay in excess of fifty thousand dollars ($50,000);
(b) any Contract with Contracts pursuant to which Interactive or the Subsidiary acquired the right to use any employeeIntellectual Property (as defined in Section 2.9 below) or information that is material to or necessary in the business of Interactive or the Subsidiary, consultantor pursuant to which Interactive or the Subsidiary has granted to others the right to use, advisoror which otherwise relates to, officer or director of Orion or Merger Subits Intellectual Property;
(c) any Contract with a sales representativeContracts (other than advances of expenses to employees in the ordinary course of business) involving loans, manufacturer’s representativeloan agreements, distributordebt securities, dealermortgages, brokerdeeds of trust, sales agencysecurity agreements, advertising agency suretyships or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personguarantees;
(d) any Contract which involves Contracts between Interactive, on the payment one hand, and any of its officers, directors, employees or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value any Persons that beneficially own in excess of $10,00010.0% of the outstanding equity interest (each a "Principal Owner") of Interactive, or any Affiliate or relative, or Affiliate of a relative, of any of the foregoing, on the other; ("Affiliate" of a person means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the first mentioned person, and "control" means the possession, directly or indirectly or as trustee or executor, of the power to direct or cause the direction of the management policies of a person, whether through the ownership of stock, as trustee or executor, by contract or credit arrangement or otherwise);
(e) any Contract pursuant to which either Orion Party (i) has made deferred compensation agreements, bonus, pension, profit sharing, stock option and incentive plans or will make any loans arrangements, hospitalization, medical and insurance plans, agreements and policies, retirement and severance plans and other employee compensation policies and agreements affecting employees of Interactive or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)Subsidiary;
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Contracts with any labor union affecting employees of real property Interactive or personal property or agreement for financingthe Subsidiary;
(g) any Contract involving a all partnership, joint venture venture, shareholders' or other cooperative undertakingsimilar Contracts with any Person;
(h) all Contracts that limit or contain restrictions on the ability of Interactive or the Subsidiary to declare or pay dividends, to make distributions in respect of or to issue or purchase, redeem or otherwise acquire any Contract involving of its capital stock or require the Company or any restrictions with respect Subsidiary to (i) any geographical area maintain specified financial ratios or levels of operations; net worth or (ii) scope or type other indicia of business of Orion or Merger Subfinancial condition;
(i) any power of attorney Contracts which restrict Interactive or agency agreement the Subsidiary from freely engaging in business or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;competing anywhere; and
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is Contracts which otherwise are material to the business Condition of Interactive or operations the Subsidiary. True and correct copies of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has all Scheduled Contracts have been made available to Target true Xxxxx and complete copies Advercomm. All of each document listed on SCHEDULE 5.10the Scheduled Contracts are in full force and effect and constitute legal, valid and a written description binding obligations of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation Interactive and the Subsidiary and, to the best knowledge of Interactive and the Subsidiary, the other parties thereto; to the best of Interactive's and the Subsidiary's knowledge, no circumstances exist which would give rise to an Action (as defined in Section 2.13) against or by Interactive or the Subsidiary in connection with any Scheduled Contract or any default thereunder; and the validity, effectiveness and continuation of all Scheduled Contracts listed on SCHEDULE 5.10 at any time will not be adversely affected by the other transactions contemplated by this Agreement or require any third party or parties thereto would not have an Orion Material Adverse Effectconsents.
Appears in 1 contract
Samples: Merger Agreement (24/7 Media Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all (a) Except for Contracts that are (x) material to set forth in Section 3.08(a) of the business or operations of OrionSeller Disclosure Letter, taken as a whole, to either Orion Party; and (y) this Agreement and the Ancillary Agreements and (z) Contracts entered into after the date of this Agreement in accordance with Section 5.01, neither Seller nor any Seller Subsidiary is a party to which or bound by any Contract that is used and held for use primarily in, or that arises primarily out of, the operation or conduct of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of ContractsBusiness in each case that is:
(ai) any collective bargaining agreementwritten employment Contract;
(bii) any employee collective bargaining agreement or other Contract with any employeelabor organization, consultant, advisor, officer union or director of Orion or Merger Subassociation;
(ciii) covenant not to compete (other than pursuant to any Contract with a sales representativeradius restriction contained in any lease, manufacturer’s representativereciprocal easement or development, distributorconstruction, dealer, broker, sales agency, advertising agency operating or similar agreement) or other Person engaged in salescovenant restricting the development, distributing manufacture, marketing or promotional activities, or any Contract to act as one distribution of the foregoing on behalf products and services of any PersonSeller or a Seller Subsidiary that materially limits the conduct of the Business as presently conducted;
(div) lease, sublease or similar Contract with any person under which Seller or any Seller Subsidiary is a lessor or sublessor of, or makes available for use to any person, (A) any Contract which involves the payment Transferred Real Property or receipt (B) any portion of cash any premises otherwise occupied by Seller or other property, an unperformed commitment or goods or servicesany Seller Subsidiary that, in each case having a value either case, specifies annual payments in excess of $10,000100,000;
(ev) lease, sublease or similar Contract with any person under which Seller or a Seller Subsidiary is lessee of, or holds or uses, any machinery, equipment, vehicle or other tangible personal property owned by any person that has a future liability in excess of $100,000;
(vi) Contract for the purchase or sale of Inventory, materials, supplies or equipment (other than purchase Contracts and orders for inventory that are reflected on the Statement of Assets and Liabilities) that has an aggregate future liability to any person in excess of $100,000 and is not terminable by Seller or a Seller Subsidiary by notice of not more than 90 days for no cost;
(vii) management, service, consulting or other similar Contract that has an aggregate future liability to any person in excess of $100,000;
(viii) Contract under which Seller or a Seller Subsidiary has borrowed any money from, or issued any note, bond, debenture or other evidence of indebtedness (other than accounts payable) to, any person or any other note, bond, debenture or other evidence of indebtedness (other than accounts payable) of Seller or a Seller Subsidiary, in any such case which, individually, is in excess of $100,000;
(ix) Contract (including any so-called take-or-pay or keepwell agreements) under which (A) any Contract pursuant to which either Orion Party (i) person has made directly or will make any loans indirectly guaranteed indebtedness, liabilities or advances; (ii) has obligations of Seller or will have incurred debts, or become a guarantor or surety, or pledged its credit on; Seller Subsidiary or (iiiB) Seller or any Seller Subsidiary has directly or will have otherwise become responsible with respect to indirectly guaranteed indebtedness, liabilities or obligations of any undertaking of another person (except in each case other than endorsements for the negotiation or purpose of collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicebusiness), in any such case which, individually, is in excess of $100,000;
(fx) Contract granting a Lien upon any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement Transferred Real Property for financingwhich the Lien is not a Permitted Lien;
(gxi) Contract providing for indemnification of any Contract involving person, including Seller or a partnershipSeller Subsidiary, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) material liabilities relating to the Business, other than the constitutive documents of Seller or any geographical area Seller Subsidiary and marketing agreements, property leases and other commercial agreements entered into in the ordinary course of operationsbusiness; or (ii) scope or type of business of Orion or Merger Sub;or
(ixii) other Contract that has an aggregate future liability to any power person in excess of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;$250,000.
(jb) any Contract relating to any corporate acquisition or disposition All Transferred Contracts listed in Section 3.08(a) of Orion or Merger Subthe Seller Disclosure Letter (such Contracts, or any acquisition or disposition of any subsidiarythe “Business Contracts”) are valid, division, line of business or real propertybinding and in full force and effect in all material respects and are enforceable in all material respects by Seller, in each case during accordance with their terms, subject, as to enforcement, to applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting creditors’ rights generally and to general equitable principles. Seller and the five years prior Seller Subsidiaries have performed all obligations required to be performed by them to date under the Business Contracts in all material respects, and they are not in breach or default thereunder in any material respect and, to the knowledge of Seller, as of the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the no other party to any Business Contract is in breach or parties thereto would not have an Orion Material Adverse Effectdefault of its obligations thereunder in any material respect.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list (a) Schedule 4.5(a) of all Contracts that are the Sphinx Disclosure Letter identifies (x) material to each of the business or operations of OrionAssigned Contracts (each such listed Assigned Contract, taken as a whole, to either Orion Party; “Material Assigned Contract”) and (y) each Shared Contract (each such listed Shared Contracts, a “Material Shared Contract”), in each case to which any Sphinx Party is a party and which meets any of the Orion Parties are following criteria (collectively, the Contracts required to be set forth on Schedule 4.5(a) of the Sphinx Disclosure Letter, the “Sphinx Material Contracts”). Each Material Assigned Contract is denoted with a party* on Schedule 4.5(a) of the Sphinx Disclosure Letter and each Material Shared Contract is denoted with a ** on Schedule 4.5(a) of the Sphinx Disclosure Letter.
(i) a Contract granting most favored customer pricing to any Person, by which either are bound or any Contract providing for the grant of exclusive sales, distribution, marketing or other exclusive rights, rights of refusal, rights of first negotiation or similar rights and/or terms to any Person, or any Contract materially limiting the freedom of such Sphinx Party to engage in any business or compete with any Person or in any geography, in each case, that will apply to the activities of Arion or its Affiliates, or any Purchased Assets or Purchased Shares after the Closing;
(ii) a Contract pursuant to which such Sphinx Party is a lessor or lessee of any real property or any office furniture, fixtures or other personal property involving payments by any Purchased Entity or in respect of the Purchased Assets or the Business in excess of $1,000,000 per annum;
(iii) a Contract granting a Lien upon any Purchased Asset, which Lien secures an obligation in excess of $500,000, other than Sphinx Permitted Liens;
(iv) a Contract for the sale or provision by such Sphinx Party of Products to a third party for their respective assets own use and not for resale, sublicensing or properties are subjectotherwise providing the Products to third parties involving total bookings in excess of $3,000,000 for the three most recently completed fiscal years of Sphinx, as applicablein the aggregate;
(v) a Contract for the purchase by such Sphinx Party of materials, supplies, equipment or services for use in the Business or by any Purchased Entity from any supplier involving payments in excess of $1,000,000 for the most recently completed fiscal year of Sphinx;
(vi) a Contract with (A) any distributor, (B) any original equipment manufacturer or (C) any reseller, pursuant to which such third party is authorized to sell or sublicense or otherwise provide the Products to third parties, in each case involving total bookings in excess of $4,000,000 for the three most recently completed fiscal years of Sphinx, in the aggregate;
(vii) a Contract pursuant to which such Sphinx Party has licensed to a third party any Transferred Intellectual Property Rights, other than Sphinx Ordinary Course Outbound Licenses;
(viii) a Contract pursuant to which such Sphinx Party has licensed from a third party or is authorized by a third party to use any Intellectual Property Rights in connection with the Business, other than Sphinx Ordinary Course Inbound Licenses;
(ix) any partnership, joint venture, or other similar equity investment Contracts that involve a sharing of profits of the Business with a third party;
(x) any Contract requiring any capital commitment or capital expenditures (including but not limited any series of related expenditures) related to the following types Business in excess of Contracts:$250,000 individually;
(axi) any Contract that is a settlement, conciliation, or similar agreement with any Government Authority imposing material limitations or material outstanding obligations on the Business;
(xii) each Contract (A) for the employment of, or receipt of any services from, any Business Employee on a full-time, part-time, consulting or other basis providing for annual compensation (consisting of annual base salary and target cash bonus or commissions) in excess of $200,000, (B) which provides for special severance or termination payments (but excluding any obligation or entitlements required by applicable Law) or benefits or (C) which provides for a retention, change of control, transaction or similar bonus, in each case with any Business Employee in each such case in excess of $100,000;
(xiii) any collective bargaining agreement or other Contract with a labor union, works council, labor organization, or group of employees applicable to Business Employees (other than legally required or industry-wide agreements);
(xiv) each mortgage, indenture, security agreement, pledge, note, loan agreement or guarantee or other Contract in respect of or evidencing any Business Indebtedness or in respect of the Purchased Assets in excess of $2,500,000;
(xv) each acquisition, merger, consolidation, recapitalization, sale, divestiture or similar agreement related to the acquisition or sale by the Purchased Entities or by a third party of a business or line of business or assets or equity securities with respect to the Business in the previous five years for aggregate consideration under such Contract in excess of $5,000,000, other than Contracts in which the applicable transaction has been consummated and there are no earnouts, contingent payments, indemnification or other obligations ongoing or outstanding by or in favor of any party thereto;
(xvi) each Sphinx Intercompany Agreement that is material to the Business (excluding any Sphinx Intercompany Agreement that will be terminated effective on or prior the Closing Date); and
(xvii) any material Sphinx Government Contract.
(b) Except as would not reasonably be expected to be material to the Business: (i) each Sphinx Material Contract is valid, binding and in full force and effect with respect to, and enforceable against, each Sphinx Party that is party thereto and, to the knowledge of Sphinx, each other party thereto, subject to and except as such enforceability may limited by the effect, if any, of applicable bankruptcy and other similar Laws and equitable principles affecting the rights of creditors generally and rules of Law and equitable principles governing specific performance, injunctive relief and other equitable remedies; (ii) none of the Sphinx Material Contracts have been amended or modified except as set forth therein; (iii) no Sphinx Party is in breach or default in the performance of any of its obligations under any Sphinx Material Contract and, to the knowledge of Sphinx, no other party to such Sphinx Material Contract is in breach or default thereunder; and (iv) no event exists which, with the giving of notice or lapse of time or both, would constitute a breach, default or event of default on the part of any employeeSphinx Party under any Sphinx Material Contract to which it is a party or, consultantto the knowledge of Sphinx, advisorany other party thereto. Sphinx has, officer to the extent in Sphinx’s possession or director under its reasonable control, provided Arion true, complete and correct copies of Orion all written, and, to the knowledge of Sphinx, written summaries of all oral, Sphinx Material Contracts. With respect to each such Person that is a counterparty to the Sphinx Material Contracts, (x) there are no outstanding or, to the knowledge of Sphinx, threatened disputes or Merger Sub;controversies with such Person, other than disputes which would not, individually or in the aggregate, reasonably be expected to be material to the Business and (y) such Person has not terminated or, to the knowledge of Sphinx, threatened or stated an intention to terminate, or materially decreased or adversely altered, its relationship with Sphinx or any Subsidiary of Sphinx, with respect to the Business or any Purchased Entity or, to the knowledge of Sphinx, threatened or stated an intention to do any of the foregoing.
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party Sphinx has not (i) has made breached or will make violated any loans Law, certification, representation, clause, provision or advancesrequirement pertaining to any Sphinx Government Contract; (ii) has been suspended or will have incurred debts, or become debarred from bidding on government contracts by a guarantor or surety, or pledged its credit onGovernmental Authority; or (iii) has to the knowledge of Sphinx, been audited or will have otherwise become responsible investigated by any Governmental Authority with respect to any undertaking of another Sphinx Government Contract; (except for the negotiation iv) conducted or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) initiated any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property internal investigation or personal property or agreement for financing;
(g) made any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions disclosure with respect to any alleged or potential irregularity, misstatement or omission arising under or relating to a Sphinx Government Contract; (iv) received from any geographical area Governmental Authority or any other Person any written notice of operationsbreach, cure, show cause or default with respect to any Sphinx Government Contract; (vi) had any Sphinx Government Contract terminated by any Governmental Authority or any other Person for default or failure to perform; or (iivii) scope or type of business of Orion or Merger Sub;
(i) entered any power of attorney or agency agreement or arrangement Sphinx Government Contracts payable on a cost-reimbursement basis. Sphinx has established and maintains adequate internal controls for compliance with any Person pursuant the Sphinx Government Contracts. All pricing discounts have been properly reported to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior and credited to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business customer and all invoices and claims for payment, reimbursement or operations of Orionadjustment submitted by Sphinx were current, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true accurate and complete copies in all material respects as of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effecttheir respective submission dates.
Appears in 1 contract
Samples: Purchase Agreement (Symantec Corp)
Contracts. SCHEDULE 5.10 sets (a) Schedule 4.17(a) (arranged by identifying subsections corresponding to the subsections set forth below but not necessarily in all subsections that may apply if the disclosure is reasonably apparent on its face) lists the following Contracts, oral or written (Contract required to be set forth on Schedule 4.17 collectively, the “Material Contracts”), to which an Acquired Company is a list of party or by which it or its assets are bound:
(i) all Contracts that are (x) material to the business require annual payments or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesexpenses by, or annual payments or income to, any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess Acquired Company of $10,000;
50,000 or more (e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions other than standard purchase and sale orders entered into in the ordinary course of business consistent with past practice);
(fii) any indentureall distributor, credit agreementdealer, loan agreementfranchise, note, mortgage, security agreement, lease of real property or personal property or agreement for financingmanufacturer’s representative Contracts;
(giii) all sales, advertising, agency, lobbying, broker, sales promotion, market research, marketing or similar Contracts, in each case requiring the payment of any Contract involving a partnership, joint venture or other cooperative undertakingcommissions by an Acquired Company in excess of $50,000 annually;
(hiv) all Contracts containing any Contract involving requirement that any restrictions Acquired Company makes, directly or indirectly, any advance, loan, extension of credit or capital commitment or contribution to, or other investment in, any Person, or any capital expenditure after the date hereof;
(v) all Contracts containing any right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of any of the Acquired Companies (or, following the Closing, the Purchaser or its Affiliates) to own, operate, sell, transfer, pledge or otherwise dispose of any material properties or assets;
(vi) all Contracts (1) that limits or purports to limit the ability of any of the Acquired Companies to compete in any line of business or with any Person or in any geographic area or during any period of time, (2) providing for any material exclusivity obligations, or (3) granting any exclusive rights to products or services;
(vii) all Contracts obligating the Acquired Companies or any counterparty to purchase or obtain a minimum or specified amount of any product or service, or granting any right of first refusal, right of first offer or similar right with respect to (i) any geographical area material assets of operations; or (ii) scope or type of business of Orion or Merger Subthe Business;
(iviii) any power of attorney or agency agreement or arrangement all employment Contracts, employee leasing Contracts, independent contractor, consultant and sales representatives Contracts with any Person pursuant current officer, director, employee, independent contractor or consultant of any Acquired Company or other Person, under which the Acquired Company (A) has continuing obligations for payment of annual compensation of at least $50,000 (other than oral arrangements for at-will employment), (B) has severance or post-termination obligations to which such Person is granted (other than COBRA obligations), (C) requires more than thirty (30) days’ notice for a termination by the authority to act for or on behalf of Orion or Merger SubAcquired Company without cause, or pursuant (D) has an obligation to which Orion make a payment upon consummation of the transactions contemplated hereby or Merger Sub are granted as a result of a change of control of the authority to act for Acquired Company, either alone or on behalf of in conjunction with any Personother event or occurrence;
(jix) all collective bargaining agreements or other Contracts with a Union;
(x) all staffing agreements or agreements with a professional employer organization;
(xi) all Contracts creating a joint venture, strategic alliance, limited liability company or similar arrangement involving a sharing of profits or expenses;
(xii) all Contracts relating to any acquisitions or dispositions of assets by an Acquired Company other than (a) the purchase of Inventory in the ordinary course or (b) acquisitions or dispositions of assets by an Acquired Company with a value of less than $50,000;
(xiii) all Contracts relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or otherwise) that include any earn-out or other similar contingent obligation to be paid by the Acquired Companies after the date hereof;
(xiv) all Contracts for material licensing agreements, including Contracts licensing Intellectual Property Rights, other than licenses for commercially available software, in object code form, that is generally available at a cost to the Acquired Companies of not more than U.S. $25,000 for a perpetual license (or $10,000 in the aggregate for any fiscal year) (“Shrink-wrap Licenses”);
(xv) all Contracts relating to Intellectual Property Rights of the Acquired Companies;
(xvi) all Contracts providing for guarantees, indemnification arrangements and other hold harmless arrangements made or provided by an Acquired Company, including all forms of ongoing agreements for repair, warranty, maintenance, service, or similar obligations;
(xvii) all Related Party Contracts;
(xviii) all Contracts with Authorities;
(xix) all Contracts relating to property or assets (whether real or personal, tangible or intangible) in which any Acquired Company holds a leasehold interest (including the Leases) and which involve payments to the lessor thereunder in excess of $50,000;
(xx) all Contracts relating to outstanding Indebtedness, including financial instruments of indenture or security instruments such as notes, mortgages, loans and lines of credit and any letters of credit, performance bonds and surety bonds, whether or not drawn or called;
(xxi) any Contract relating to the voting or control of the Equity Interests of an Acquired Company or the election of the directors, managers or similar governing body thereof (other than the Organizational Documents of such Acquired Company);
(xxii) any corporate acquisition Contract not cancellable by an Acquired Company with no more than 60 days’ notice if the effect of such cancellation would result in monetary penalty to the Acquired Company in excess of $50,000 per the terms of such contract;
(xxiii) any Contract for which any of the benefits, compensation or disposition payments (or the vesting thereof) will be increased or accelerated by the consummation of Orion the transactions contemplated hereby or Merger Sub, the amount or any acquisition or disposition value thereof will be calculated on the basis of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of transactions contemplated by this Agreement;
(xxiv) any Contract restricting any Acquired Company from paying any dividends or making any distributions; and
(kxxv) any other Contract not specified above that is otherwise material to the business or and operations of Orion, the Acquired Companies taken as a wholewhole and not otherwise disclosed pursuant to this Section 4.17.
(b) Each Material Contract (i) is a valid, legal and binding obligation of the applicable Acquired Company enforceable in accordance with its terms against such Acquired Company and, to either Orion Party. To the Knowledge of the Orion PartiesSellers, Orion each other party thereto, and (ii) is in full force and effect. Neither the applicable Acquired Company nor, to the Knowledge of the Sellers, any other party thereto, is in breach or default (whether with or without the passage of time or the giving of notice or both) under the terms of any such Material Contract. No Acquired Company has assigned, delegated, or otherwise transferred any of its rights or obligations with respect to any Material Contracts, or granted any power of attorney with respect thereto or to any Acquired Company’s assets. No Contract (i) requires an Acquired Company to post a bond or deliver any other form of security or payment to secure its obligations thereunder or (ii) imposes any non-competition covenants that may be binding on, or restrict the Business or require any payments by or with respect to Purchaser or any of its Affiliates. Sellers have delivered or made available to Target a true and complete copies correct copy of each document listed on SCHEDULE 5.10Material Contract, together with all amendments thereto. There are no material renegotiations ongoing with respect to any Material Contract.
(c) The Acquired Companies are in material compliance with all covenants, including all financial covenants, in all material notes, indentures, bonds and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of other instruments or agreements evidencing any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectIndebtedness.
Appears in 1 contract
Samples: Plan of Merger and Equity Purchase Agreement (RumbleON, Inc.)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion Seller has made available to Target true Purchaser accurate and complete copies of each document of the Assigned Contracts as of the date hereof (including exhibits, schedules, roadmaps, annexes and in each case, together with all amendments thereto), all of which are listed on SCHEDULE 5.10Schedule 1.1
(a) (i). Each of the Assigned Contracts is legal, valid, binding, enforceable and in full force and effect and is not subject to any material Violation. Section 4.8(a) of the Seller Disclosure Letter lists all Contracts (each Contract listed in Section 4.8(a) of the Seller Disclosure Letter, a “Material Contract”, and collectively the “Material Contracts”) that are material to the conduct of the Non-North America Business as presently conducted and to which Seller or any of its Subsidiaries is a written description party and that are:
(i) material Contracts entered into by Seller or its Subsidiaries that bind Seller or its Subsidiaries with respect to the Transferred Assets;
(ii) Contracts with television networks (including broadcast and cable networks), cable and direct broadcast system operators, manufacturers of each oral arrangement so listed is contained televisions and set-top boxes and advertisers;
(iii) Contracts between Seller or an Affiliate of Seller, on SCHEDULE 5.10. The cancellation the one hand, and any Subsidiary of Seller, on the other hand;
(iv) Contracts establishing any joint venture, partnership, strategic alliance, or other material collaboration;
(v) Contracts that limit, or purport to limit, the ability of Seller or any of its Subsidiaries to, compete in any line of business or with any Person or in any geographic area or during any period of time or that require Seller or any of its Subsidiaries to deal exclusively with a given Person in respect of a given matter;
(vi) Contracts for the sale of any Transferred Asset or the grant of any preferential rights to purchase any Transferred Asset or requiring the consent of any party to the transfer thereof;
(vii) Contracts listed in effect as of the date of this Agreement to which Seller or any of its Subsidiaries is a party and that are material to the conduct of the Non-North America Business, or the use or operation of the Transferred Assets, as presently conducted.
(b) Except as disclosed in Section 4.8(b) of the Seller Disclosure Letter, (i) neither Seller nor any of its Subsidiaries is in material default under the terms of any Material Contract or Assigned Contract or in the payment of any principal of or interest on SCHEDULE 5.10 at any time Indebtedness and (ii) to the knowledge of Seller and the Netherlands Subsidiary, no counterparty to any Material Contract or Assigned Contract is in material default thereunder.
(c) Seller has made available to Purchaser copies of all agreements between Seller or the Netherlands Subsidiary and their employees and/or Seller or the Netherlands Subsidiary and their independent contractors that relate to the creation of any of the Transferred Assets, including “work for hire” agreements.
(d) The Transferred Assets include all information and other materials that Purchaser may be required to return to any counterparty to any nondisclosure, confidentiality or other similar agreement included in the Assigned Contracts to the extent required by the other party or parties thereto would not have an Orion Material Adverse Effectterms thereof.
Appears in 1 contract
Samples: Asset Purchase Agreement (Seachange International Inc)
Contracts. SCHEDULE 5.10 sets (a) Section 2.16(a) of the Disclosure Schedule (with paragraph references corresponding to those set forth below) contains a true and complete list of all each of the following Contracts that are (x) material or other arrangements to the business which Seller or operations of Orion, taken as a whole, to either Orion Party; and (y) to Selling Affiliate is a party or by which any of the Orion Parties are a party, by which either are Purchased Assets is bound or to which any of their respective assets or properties are subject, as applicable, including but not limited that relate to the following types conduct of Contracts:the Business, which Contracts or other arrangements constitute Purchased Assets: AMENDED ASSET PURCHASE AGREEMENT 42
(ai) (A) all material Contracts (excluding Plans) providing for a commitment of employment or consultation services for a specified or unspecified term to, or otherwise relating to employment or the termination of employment of, any Employee (other than offer letters made in the ordinary course of business and employment agreements in foreign countries made in the ordinary course of business); and (B) any collective bargaining agreementwritten or unwritten material representations, commitments, promises, communications or courses of conduct (excluding Plans and any such Contracts referred to in clause (A)) involving an obligation of Seller to make payments in any year, other than with respect to salary or incentive compensation payments in the ordinary course of business, to any Employee exceeding $100,000 or to any group of Employees exceeding $1,000,000 in the aggregate, and arrangements that are Retained Liabilities under Section 1.2(b)(ix);
(bii) any Contract all Business Contracts with any employeePerson containing any provision or covenant prohibiting or limiting the ability of Seller or a Selling Affiliate to compete, consultantdirectly or indirectly, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(diii) any Contract which involves the payment or receipt of cash all partnership, joint venture, shareholders, limited liability company operating agreements or other property, an unperformed commitment or goods or services, similar Contracts with any Person in each case having a value in excess of $10,000connection with the Business;
(eiv) all material Contracts with distributors, dealers, value added resellers, service providers, licensors, licensees, manufacturer's representatives, sales agencies or franchises with whom Seller deals in connection with the Business;
(v) all Contracts relating to material research and development or product development activities in connection with the Business;
(vi) all Contracts relating to the future disposition or acquisition of any Contract pursuant to which either Orion Party (i) has made Purchased Assets, other than dispositions or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions acquisitions in the ordinary course of business consistent with past practice);
(fvii) all collective bargaining, works council or similar labor Contracts covering any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Employee;
(viii) leases of real property in respect of which Seller or personal property a Selling Affiliate is the lessor or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementsublessor; and
(kix) any Contract not specified above that is otherwise material all other Contracts (other than Plans, the Real Property Leases and insurance policies listed in Section 2.18 of the Disclosure Schedule) with respect to the business Business that (A) involve the payment or operations potential payment, pursuant to the terms of Orionany such Contract, taken by or to Seller or a Selling Affiliate of more than $200,000 annually and (B) cannot be terminated within ninety (90) days after giving notice of termination without resulting in any cost or penalty to Seller or a Selling Affiliate, excluding open purchase orders for less than $200,000. AMENDED ASSET PURCHASE AGREEMENT 43
(b) Each Contract required to be disclosed in Section 2.16(a) of the Disclosure Schedule is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles, of each party thereto; and, except as disclosed in Section 2.16(b) of the Disclosure Schedule, neither Seller or a wholeSelling Affiliate nor, to either Orion Party. To the Knowledge of Seller or a Selling Affiliate, any other party to such Contract is, or has received notice that it is, in material violation or material breach of or material default under any such Contract (or with notice or lapse of time or both, would be in material violation or material breach of or material default under any such Contract).
(c) Except as disclosed in Section 2.16(c) of the Orion PartiesDisclosure Schedule and negotiation of Contracts made in the ordinary course of business, Orion has made available neither Seller nor any Selling Affiliate is engaged in the negotiation of a Contract or other arrangement in connection with the Business that (i) involve the payment or potential payment, pursuant to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the terms of any Contracts listed on SCHEDULE 5.10 at such Contract, by or to Seller or a Selling Affiliate of more than $200,000 annually and (B) cannot be terminated within ninety (90) days after giving notice of termination without resulting in any time by the other party cost or parties thereto would not have an Orion Material Adverse Effectpenalty to Seller or a Selling Affiliate.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one Section 6.13 of the foregoing on behalf Disclosure Schedules (with paragraph references corresponding to those set forth below) contains a true and complete list of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Partiesfollowing written agreements, Orion has made available to Target contracts or instruments (true and complete copies of which, together with all amendments and supplements thereto and all waivers of any terms thereof, have been delivered to Buyer prior to the execution of this Agreement) to which the Company is a party or by which the Company is bound and, in each document listed on SCHEDULE 5.10case, under which the Company will remain bound after the Closing (the "Contracts"):
(i) all Contracts providing for a commitment of employment or consultation services for a specified or unspecified term to, or otherwise relating to, employment or the termination of employment of, any employee;
(ii) all Portfolio Servicing Agreements (excluding, in the case of any Portfolio Servicing Agreement which contains confidentiality provisions preventing disclosure, the name and any other information which may not be disclosed pursuant thereto and which will be provided upon receipt of the consent of such client to such disclosure, and excluding, on the Closing Date, any such Portfolio Servicing Agreement for which a written description Client Consent is not received or which otherwise is terminated);
(iii) any Contract for the purchase of materials, supplies, services, equipment or other assets, other than those that are for amounts not to exceed $50,000 individually;
(iv) any Contract of the Company as borrower relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset);
(v) any Contract that limits the freedom of the Company to compete in any line of business or with any Person or in any area or to own, operate, sell, transfer, pledge or otherwise dispose of or encumber any asset and which would so limit the freedom of Buyer after the Closing Date;
(vi) any Contract between the Company and clearing brokers and custodians;
(vii) all capitalized leases, pledges, conditional sale or title retention agreements;
(viii) all agreements relating to the consignment or lease of personal property (whether the Company is lessee, sublessee, lessor or sublessor), other than such agreements that provide for annual payments of less than $50,000;
(ix) all license, royalty or other agreements relating to the Proprietary Rights; and
(x) any agreement other than those covered by clauses (i) through (ix) above involving payment or receipt of more than $50,000 in the aggregate over the twelve month period from and after the Closing Date, and any agreements between the Company and Seller which will survive the Closing.
(b) Each Contract (except, on the Closing Date, for any Portfolio Servicing Agreement for which a Client Consent is not received or which is otherwise terminated) is in full force and effect and constitutes a legal, valid and binding agreement, enforceable in accordance with its terms, of the Company and, to the knowledge of Seller, of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party thereto; and neither the Company nor, to the knowledge of Seller, any other party to such Contract is in material violation or parties thereto breach of or default under any such Contract (or with notice or lapse of time or both, would be in material violation or breach of or default under any such Contract).
(c) The Company (except, on the Closing Date, for any Portfolio Servicing Agreement for which a Client Consent is not have an Orion Material Adverse Effectreceived or which is otherwise terminated) is in material compliance with all requirements and obligations applicable to it under the Portfolio Servicing Agreements and in material compliance under all Laws applicable to the performance of its obligations under and pursuant to the Portfolio Servicing Agreements.
Appears in 1 contract
Contracts. SCHEDULE 5.10 Each correspondingly lettered Section of Schedule 4.14 sets forth a true, correct and complete list of all the following Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties Acquired Company is a party that are a party, by which either are bound currently in force or to under which any of their respective assets or properties are subjectAcquired Company has continuing benefits, as applicable, including but not limited to liabilities and/or obligations (other than the following types of Contracts:Company Benefit Plans set forth on Schedule 4.17(a) and the insurance policies on Schedule 4.18):
(a) bonds, debentures, notes, credit or loan agreements or loan commitments, mortgages, indentures, guarantees or other Contracts relating to the borrowing of money or the deferred purchase price of property or binding upon any collective bargaining agreementproperties or assets (real, personal or mixed, tangible or intangible) of any Acquired Company;
(b) any Contract Contracts that were not entered into in the ordinary course of business, consistent with any employee, consultant, advisor, officer or director of Orion or Merger Subpast practice;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf leases of any Personpersonal property and all other Contracts involving any properties or assets (whether real, personal or mixed, tangible or intangible), involving an annual commitment or payment of or performance having a value of more than $50,000 by any Acquired Company;
(d) Contracts that (i) limit or restrict any Contract which involves the payment Acquired Company or receipt of cash any officers, directors, managers, members, employees, shareholders or other propertyagents or representatives of any Acquired Company (in their capacity as such) from engaging in any business or other activity in any jurisdiction, an unperformed commitment (ii) create or goods purport to create any exclusive or servicespreferential relationship or arrangement (including without limitation, in each case having a value in excess most-favored nation provision), (iii) otherwise restrict or limit any Acquired Company’s ability to operate or expand its business, or (iv) impose, or purport to impose, any obligations or restrictions on any Affiliate of $10,000any Acquired Company;
(e) Contracts for capital expenditures or the acquisition or construction of fixed assets requiring the payment by any Contract Acquired Company of an amount in excess of $50,000;
(f) Contracts that provide for any payment or benefit upon the execution hereof or the Closing or in connection with the transactions contemplated hereby, including accelerated vesting or other similar rights;
(g) Contracts granting any Person a Lien on all or any part of any properties or assets of any Acquired Company;
(h) Contracts for the cleanup, abatement or other corrective actions in connection with any contamination by Hazardous Materials or the investigation or remediation of any existing environmental condition;
(i) Contracts granting to any Person an option or a right of first refusal, first-offer or similar preferential right to purchase or acquire any assets of any Acquired Company;
(j) Contracts with any agent, distributor or representative that is not terminable without penalty on thirty (30) days’ or less notice;
(k) Contracts for the granting or receiving of a license, sublicense or franchise or under which any Person is obligated to pay or has the right to receive a royalty, license fee, franchise fee or similar payment;
(l) Contracts (i) pursuant to which either Orion Party (i) has made material Company Intellectual Property is licensed or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect transferred to any undertaking of another third party (except for the negotiation or collection of negotiable instruments in transactions other than end user licenses in the ordinary course of business consistent business) or (ii) pursuant to which a third party has licensed or transferred any material Company Intellectual Property to the Company (other than licenses for commercially available, off-the-shelf software applications with past practicea replacement cost and/or aggregate annual license and maintenance fee of less than $10,000);
(fm) Contracts providing for the indemnification or holding harmless of any indentureofficer, credit agreementmember, loan agreementmanager, note, mortgage, security agreement, lease of real property director or personal property or agreement for financingemployee;
(gn) any Contract involving a partnership, joint Joint venture or partnership Contracts or Contracts entitling any Person to any profits, revenues or cash flows of any Acquired Company or requiring payments or other cooperative undertakingdistributions based on such profits, revenues or cash flows;
(ho) Contracts with the Company’s top 40 Customers by revenue;
(p) Contracts with Suppliers;
(q) outstanding powers of attorney empowering any Contract involving Person to act on behalf of any restrictions Acquired Company;
(r) Contracts relating to any co-operative organization, franchise organization or similar organization;
(s) Contracts with respect any Governmental Entity;
(t) Employment Agreements;
(u) Contracts with any independent contractor or consultants;
(v) Medical Provider Agreements; and
(w) Contracts (other than those described in Subsections (a) through (v) of this Section 4.14) to which any Acquired Company is a party or by which any Acquired Company’s properties or assets are bound (i) any geographical area involving an annual commitment or annual payment to or from the Company of operations; more than $100,000 individually or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub that are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business Acquired Companies, individually or operations in the aggregate. True, correct and complete copies of Orionall Company Contracts have been provided to the Purchaser. The Company Contracts are legal, taken as a wholevalid, binding and enforceable in accordance with their respective terms with respect to Acquired Companies and, to either Orion Party. To the Knowledge of the Orion Seller Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed other party thereto. There is contained on SCHEDULE 5.10. The cancellation no existing default or breach of any Contracts listed on SCHEDULE 5.10 at Acquired Company under any Company Contract (or event or condition that, with notice or lapse of time by or both could constitute a default or breach) and, to the other Knowledge of the Seller Parties, there is no such default (or event or condition that, with notice or lapse of time or both, could constitute a default or breach) with respect to any third party to any Company Contract. None of the Acquired Companies is participating in any discussions or parties thereto would not have an Orion Material Adverse Effectnegotiations regarding modification of or amendment to any Company Contract or entry in any new Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Subject to the limitations set forth in this Section 3.12, Schedule 3.12(a) sets forth a true, complete and correct list of all the following types of Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are Companies is a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(ai) Contracts relating to employment, or including non-competition, non-solicitation, or assignment of inventions provisions with respect to any collective bargaining agreementemployee of the Companies;
(bii) any Contract with any employeeContracts providing for severance, consultantretention, advisor, officer change in control or director of Orion or Merger Subother similar payments;
(ciii) any Contract with a sales representativemanagement services, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency consulting or other Person engaged services Contracts;
(iv) Contracts providing for payments by or to the Companies in salesexcess of Fifteen Thousand Dollars ($15,000) during any twelve-month period, distributing except for such Contracts as are cancelable without penalty on notice of thirty (30) days or promotional activitiesfewer or in connection with any Acquired Structured Settlements;
(v) collective bargaining agreements or other Contracts with any labor organization, union or any Contract to act as one association;
(vi) Contracts containing a covenant of the foregoing on behalf Companies not to compete in any line of business or with any Person in any geographical area or, not to solicit or hire any Person;
(dvii) Contracts with the Sellers or any current or former officer, manager or Affiliate of the Companies or with any “associate” or any member of the “immediate family” (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the Securities Exchange Act of 1934, as amended) of any such officer or manager (“Related Persons”);
(viii) Leases;
(ix) Contracts providing for a lease, sublease or similar Contract with any Person under which (A) the Companies are lessee of, or holds or uses, any machinery, equipment, vehicle or other tangible personal property owned by any Person or (B) the Companies are lessor or sublessor of, or makes available for use by any Person, any tangible personal property owned or leased by the Companies;
(x) Contracts relating to the incurrence, assumption or guarantee of any Indebtedness or imposing a Lien on any of the assets of the Companies;
(xi) any Contract agreements under which involves the payment Companies have created, incurred, assumed, guaranteed or receipt secured Indebtedness of cash another Person (other than a Subsidiary);
(xii) any agreements relating to outstanding letters of credit or other propertyperformance bonds or creating any Liability as guarantor, an unperformed commitment surety, co-signer, endorser, or goods or servicesco-maker, in each case having in respect of the obligation of any Person to make payments or perform services where either of the Companies is a value in excess of $10,000party;
(exiii) Contracts for the acquisition or disposition (whether by merger, sale of stock, sale of assets or otherwise) of substantially all of the assets of the Companies or the grant of any preferential rights to purchase such assets or requiring the consent of any party to the transfer thereof;
(xiv) Contracts with any Governmental Entity;
(xv) any Contract pursuant to which either Orion Party agreements imposing material indemnification obligations not in the Ordinary Course of Business and not specified in any other clause of this subsection;
(ixvi) has made any agency, dealer, sales representative, marketing or will make other similar Contracts;
(xvii) Contracts for any loans joint venture, partnership or advances; other similar arrangement;
(iixviii) has powers of attorney;
(xix) licenses, sublicenses or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible options with respect to any undertaking Intellectual Property Rights (including any such license under which the Companies are licensee or licensor of another (any such Intellectual Property Rights) except for in-bound licenses of generally available commercial software on standard terms and requiring the negotiation payment of fees (including any license, maintenance and support fees) of Fifteen Thousand Dollars ($15,000) or collection of negotiable instruments in transactions in less during the ordinary course of business consistent with past practice)period running from January 1 to December 31, 2013;
(fxx) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property non-disclosure or personal property or agreement for financingstandstill Contracts;
(gxxi) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect the Acquired Structured Settlement Contracts required to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementbe disclosed under Section 3.26 hereof; and
(kxxii) any Contract not specified above that is otherwise material Contracts obligating the Companies to provide or obtain products or services for a period of one month or more or requiring the Companies to purchase or sell a stated portion of its requirements or outputs.
(b) Except as set forth on Schedule 3.12(b), all Contracts set forth in Schedule 3.12(a) (the “CBC Contracts”) were entered into on arms’ length terms and are valid, binding and in full force and effect and, assuming due authorization execution and delivery by the other parties thereto, are enforceable by the Companies in accordance with their terms except as limited by the Bankruptcy and Equity Exception. True, complete and correct copies of all written CBC Contracts have previously been made available to the business or operations of OrionPurchaser. Except as set forth and summarized on Schedule 3.12(b), taken as a wholethere are no unwritten CBC Contracts.
(c) Neither the Companies nor, to either Orion Party. To the Knowledge of the Orion PartiesSellers, Orion has made available to Target true and complete copies any other party thereto is in breach of each document listed on SCHEDULE 5.10or in default under, and no event has occurred which with notice or lapse of time or both would become a breach of or default under, any CBC Contract, and no party to any CBC Contract has given the Companies any written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation notice of any Contracts listed on SCHEDULE 5.10 at claim of any time by the other party such breach, default or parties thereto would not have an Orion Material Adverse Effectevent.
Appears in 1 contract
Samples: Membership Interest Purchase Agreement (Asta Funding Inc)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 2.6(a) identifies each contract, agreement, lease, instrument, understanding or arrangement to which Inmark is a list of all Contracts that are (x) material to the business party, or operations of Orionby which Inmark is or may become subject, taken as a whole, to either Orion Party; and (y) to or by which any of the Orion Parties its assets are a partyor may become bound (each, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:an "Inmark Material Contract"):
(ai) for the employment, or restricting the employment, of any collective bargaining agreementemployee;
(bii) with respect to consulting services under which Inmark is obligated to make payments in excess of $25,000 in any Contract with any employee, consultant, advisor, officer year or director under which Inmark paid in excess of Orion or Merger Sub$25,000 in calendar year 1994;
(ciii) restricting in any Contract manner its right to compete with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency any other person or entity or restricting its right to sell to or purchase from any other Person engaged in sales, distributing person or promotional activitiesentity;
(iv) with any Affiliate, or any Contract person controlled by an Affiliate, for or with respect to act as one the purchase or sale of goods, the foregoing on behalf performance of services or the loan or guarantee of any Personamount by or to Inmark;
(dv) any Contract which involves regarding the payment or receipt of cash license fees or other property, an unperformed commitment royalties to or goods or services, in each case having a value from any person with annual payment obligations in excess of $10,00025,000;
(evi) regarding the license to Inmark of any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debtsProprietary Asset, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions other than end-user license agreements entered into in the ordinary course of business consistent with past practice)business;
(fvii) any indentureregarding agency, credit agreementrepresentation, loan agreementdistribution or franchise, noteand that cannot be canceled without payment or penalty of less than $25,000 upon notice of 60 days or less;
(viii) contracts relating to the sale, mortgagetransfer or disposition of Inmark's securities;
(ix) lease or sublease, security agreementeither as lessee or sublessee, lease lessor or sublessor, of real property or personal property or agreement for financingintangibles;
(gx) any Contract involving a partnership, joint venture warranty or other cooperative undertakingservice contracts;
(hxi) any Contract involving any restrictions with respect to (i) any geographical area of operationsthat provides for the guaranty for borrowed money by, or indemnification obligations of, another person; or (ii) scope or type of business of Orion or Merger Sub;or
(ixii) any power that is specified under Section 2.10(e).
(b) Each Inmark Material Contract is in full force and effect, is binding upon Inmark and, to the best of attorney Inmark's knowledge, is binding on all other parties thereto. Copies of each Inmark Material Contract have been provided to counsel to Rogue Wave. Inmark and the other parties to such Inmark Material Contracts have duly performed its obligations under each Inmark Material Contract to the extent such obligations to perform have accrued, and no breach or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subdefault, or pursuant alleged breach or default, or event which would (with the passage of time, notice or both) constitute a breach or default thereunder has occurred or has been alleged, nor will occur as a result of consummation of the transactions contemplated by this Agreement, and, to which Orion the best of Inmark's knowledge, no breach or Merger Sub are granted default by any other contracting parties thereunder has occurred or has been alleged. Consummation of the authority to act for transactions contemplated by this Agreement will not (and will not give any person a right to) terminate or on behalf modify any material rights of, or accelerate or augment any material obligation of Inmark under any Person;Inmark Material Contract.
(jc) any Contract relating Schedule 2.6(c) identifies each permit or license applied for, pending, issued or given to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above Inmark that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge conduct of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10business, and a written description Inmark possesses all such licenses and permits required in order to operate the business, and is in compliance with each such license and permit. Each such license and permit is valid and in full force and effect and will remain so upon consummation of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time the transactions contemplated by this Agreement except where the other party or parties thereto failure to comply would not have an Orion a Material Adverse Effect.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) Schedule 4.6 sets forth all Contracts to which the Seller is a party or otherwise bound that are of the following nature (excluding, for clarity, Contracts that have expired or been terminated with no surviving provisions):
(i) any collective bargaining agreementContract for the purchase of services, equipment, materials, products, or supplies that (a) involves payments by the Seller of more than $50,000 individually on an annual basis or (b) which has not been fully performed and which expressly requires payment by the Seller of more than $50,000;
(bii) any Contract relating to or evidencing Indebtedness;
(iii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger SubGovernmental Authority;
(civ) any Contract with any Affiliate of the Seller;
(v) any employment, independent contractor or consulting Contract (excluding offer letters on the Seller’s standard forms provided to the Buyer);
(vi) any Contract with a sales representativenoncompetition, manufacturer’s representativenonsolicitation, distributor, dealer, broker, sales agency, advertising agency “most-favored- nation” pricing or exclusivity agreement or other Person engaged arrangement that would prevent, restrict or limit in salesany way the Seller or, distributing to the extent that such Contract is an Assigned Contract, the Buyer, from carrying on its business in any manner or promotional activities, or in any Contract to act as one of the foregoing on behalf of any Persongeographic location;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(evii) any Contract pursuant to which either Orion Party (i) has made the Seller are the lessee or will make any loans or advances; (ii) has or will have incurred debtslessor of, or become a guarantor or suretyholds, uses, or pledged its credit on; makes available for use to any Person, (a) any real property or (iiib) has any tangible personal property and, in the case of clause (b), that involves an aggregate amount in excess of $20,000;
(viii) any Contract for the sale or purchase of any tangible personal property in an amount in excess of $20,000 individually, or for the sale or purchase (including any option to purchase or right of first refusal or right of first negotiation) of any real property;
(ix) any Contract or commitment for capital expenditures of more than [$20,000] individually;
(x) any license agreement providing for the payment or receipt of royalties or other compensation by the Seller, or the license of any material Intellectual Property Assets which will have otherwise become responsible extend over a period of at least one year, or involve consideration in excess of $20,000 individually;
(xi) any joint venture or partnership, merger, asset or stock purchase or divestiture Contract;
(xii) any Contract to provide a guaranty, indemnification, reimbursement, contribution, assumption or endorsement of, or any substantially similar commitment with respect to, the obligations, Liabilities or Indebtedness of any other Person, except commercial Contracts containing standard indemnification provisions entered into in the ordinary course of business;
(xiii) any confidentiality, secrecy, or non-disclosure agreement entered into outside the ordinary course of business;
(xiv) any Contract that results in any Person holding a power of attorney that relates to the Seller, the Business, the Purchased Assets or the Assumed Liabilities;
(xv) any undertaking of another Contract with a Key Customer or Key Vendor; and
(except for the negotiation xvi) any other Contract, whether or collection of negotiable instruments in transactions not made in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business business, assets, liabilities, condition (financial or otherwise) or results of operations of Orionthe Business.
(b) The Seller is not in material breach of, taken as a wholeor material default under, to either Orion Partyany Assigned Contract. To the Knowledge Seller’s Knowledge, each other Person that has or had any obligation or liability under any Assigned Contract is in full compliance with all applicable terms and requirements of such Assigned Contract. To the Orion PartiesSeller’s Knowledge, Orion no event has made available occurred or circumstance exists that may contravene, conflict with, or result in a violation or breach of, or give the Seller’s or any other Person, the right to Target true and complete copies of each document listed on SCHEDULE 5.10declare a default or exercise any remedy under, and a written description of each or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Assigned Contract. Within the two (2) year period immediately preceding the Closing Date, the Seller has not given to or received from any other Person any notice or other communication (whether oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of or written) regarding any Contracts listed on SCHEDULE 5.10 at actual, alleged, possible, or potential violation or breach of, or default under, any time by the other party or parties thereto would not have an Orion Material Adverse EffectAssigned Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list (a) Section 4.7(a) of the Company Disclosure Schedule lists, and the Company has Made Available to Parent true, correct and complete copies of, all Contracts (other than Company Benefit Plans, which (other than Foreign Plans) are listed on Section 4.14(a) of the Company Disclosure Schedule) (in each case, determined as of the date hereof) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective properties or assets is bound and which are currently in effect or under which the Company or any of its Subsidiaries has any continuing rights or obligations:
(i) that are constitutes a “material contract” (xas such term is defined in Item 601(b)(10) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the “Securities Act”));
(ii) that is a Company Material License (as defined herein at Section 4.10(b));
(iii) that contains covenants that restrict the ability of the Company or its Subsidiaries (or that, following the consummation of the Offer or the Merger, would restrict the ability of the Parent or any of its Affiliates): (A) to engage in any line of business or to make use of any material Company Intellectual Property; (B) to compete with, or solicit any customer of, any other Person, or in any business or geographic area; (C) to acquire any product or other asset or any services from any other Person; (D) to solicit, hire or retain any Person as an employee, consultant or independent contractor; (E) to develop, manufacture, sell, supply, distribute, offer, support or service any product or any product, technology or other asset to or for any other Person; or (F) to perform services for any other Person;
(iv) (A) relating to the business employment of, or operations the performance of Orionservices by or to, taken as a wholeor the sale of any product or other asset by or to, to either Orion Partyany Employee; and (yB) pursuant to which any of the Orion Parties are a partyCompany or any of its Subsidiaries is or may become obligated to make any severance, by which either are bound termination, tax gross-up, or similar payment to any Employee; (C) pursuant to which the Company or any of their respective assets its Subsidiaries is or properties are subjectmay become obligated to make any bonus, as applicabledeferred compensation or similar payment (other than payments constituting base salary and ordinary course sales commission) in excess of $25,000 to any Employee; or (D) that provides for indemnification, including but not limited to the following types or for reimbursement of Contracts:
(a) any collective bargaining agreementlegal fees or expenses, of any Employee;
(bv) any Contract with any employee, consultant, advisor, officer relating to the supply of raw material or director active ingredients required for the manufacture of Orion or Merger SubCompany Marketed Products;
(cvi) that would require the approval, consent, ratification, permission, waiver or authorization (including by or from any Governmental Entity) (each a “Consent”) of any Person in order to consummate any of the transactions contemplated by this Agreement or that would result in the imposition on the Company, its Subsidiaries, Parent or its Subsidiaries of any material cost, loss or burden if any such Consent were not obtained;
(vii) under which the Company or any of its Subsidiaries grants or has granted or obtains or has obtained a right of first refusal or right of first negotiation for an opportunity to discuss, negotiate or enter into an agreement that would constitute a Material Contract once effective;
(viii) other than Contracts evidencing Company Stock Options: (A) relating to the acquisition, issuance, voting, registration, sale or transfer of any securities; (B) providing any Person with a sales representativeany preemptive right, manufacturer’s representativeright of participation, distributor, dealer, broker, sales agency, advertising agency right of maintenance or other Person engaged in sales, distributing similar right with respect to any securities; or promotional activities(C) providing the Company or any of its Subsidiaries with any right of first refusal with respect to, or right to repurchase, redeem, put or call, any Contract securities;
(ix) outside of ordinary course purchase orders consistent with past practice, that contemplate payments or the delivery of other consideration during any 12-month period aggregating or having an aggregate value of more than $400,000;
(x) that relates to act as one the formation, creation, operation, management or control of any partnership or collaboration or any joint venture, joint marketing, distribution or similar arrangement that is material to the business of the foregoing on behalf Company or any of its Subsidiaries or that has an aggregate value of more than $400,000, or pursuant to which the Company or any of its Subsidiaries has an obligation (contingent or otherwise) to make a material investment in or material extension of credit to any Person;
(dxi) any Contract which that involves or relates to (A) indebtedness for borrowed money or the payment or receipt deferred purchase price of cash or other property, an unperformed commitment or goods or services, in each case services and having a value an outstanding principal amount in excess of $10,000400,000 or (B) any exchange traded, over-the-counter or other swap, cap, floor, collar, futures contract, forward contract, option or any other derivative financial instrument or contract;
(exii) outside of ordinary course purchase orders consistent with past practices, that involve the Company or any Contract pursuant of its Subsidiaries (A) engaging third parties with respect to which either Orion Party (i) has made the research, development or will make any loans or advances; (ii) has or will have incurred debtsmanufacture of Company Products, provided that such Contracts shall not include Contracts with individual consultants, or become a guarantor or surety, or pledged its credit on; or (iiiB) has or will have otherwise become responsible being engaged by third parties with respect to any undertaking of another the foregoing; or
(except for xiii) any other Contract, if a breach of such Contract or the negotiation termination of such Contract would reasonably be expected to have, individually or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indentureaggregate, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any a Material Adverse Effect. Each such Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to described in clauses (i) any geographical area of operations; or through (iixiii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant is referred to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken herein as a whole“Material Contract.” Each Material Contract is in written form, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and accurate and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time Material Contract have been Made Available to Parent by the other party or parties thereto Company (it being understood that to the extent any Material Contract is based on a standard-form Contract, the Company has only made available the standard-form Contract unless such Material Contract deviates in any material respect from such standard-form Contract, in which case the Company has also provided an accurate and complete copy of such Material Contract).
(b) Except as has not had and would not have an Orion reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each Material Contract is valid, binding on, and enforceable in accordance with its terms against, the Company or its applicable Subsidiary and on each other party thereto, and is in full force and effect, and (ii) the Company and its Subsidiaries have performed and complied with all obligations required to be performed or complied with by them under each Material Contract. Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (A) there is no default under any Material Contract by the Company or its Subsidiaries or, to the Knowledge of the Company, by any other party, and (B) no event has occurred that with the lapse of time or the giving of notice or both would (1) constitute a default thereunder by the Company or its Subsidiaries, or to the Knowledge of the Company, by any other party; (2) give any Person the right to receive or require any rebate, chargeback, penalty or change in delivery schedule thereunder; (3) give any Person the right to accelerate the maturity or performance thereof; or (4) give any Person the right to cancel, terminate or modify such Material Contract.
(c) Since January 1, 2008: (i) no supplier of a raw material or active ingredient required for the manufacture of a Company Marketed Product; and (ii) no manufacturer of a Company Marketed Product, has provided notice to the Company, directly or indirectly of its intent to discontinue or reduce in any material respect the supply of such material or ingredient or the manufacturing of such product, respectively.
(d) Each Contract between the Company or any of its Subsidiaries and a clinical research organization is identified in Section 4.7(d) of the Company Disclosure Schedule, whether or not meeting the definition of a Material Contract. Each such Contract is terminable and may be discontinued by the Company or such Subsidiary at will (upon delivery of notice of not more than 90 days) without penalty or cost (other than reimbursement for previously incurred or committed expenses) in connection with the termination by the Company or such Subsidiary of the applicable research program to which such Contract relates or the preclinical or clinical development program to which such Contract relates.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a (a) Subject to the limitations in Section 4.11(a)(i) below, Section 4.11(a) of the Schedule of Exceptions identifies and provides an accurate and complete list of all Contracts that are each Business Contract (x) material to other than agreements with freelance writers). Without limiting the business or operations of Orionforegoing, taken as a whole, to either Orion Party; and (y) to which any Section 4.11 of the Orion Parties are a party, by which either are bound or to which any Schedule of their respective assets or properties are subject, as applicable, including but not limited to Exceptions lists the following types of Business Contracts:
(i) all Advertising Agreements currently in effect (it being understood and agreed that Section 4.11(a)(i) of the Schedule of Exceptions will only list (a) any collective bargaining agreementall Advertisers, including a specific list of all “e-commerce” advertisers, (b) all Advertising Agreements other than insertion orders and (c) all insertion orders for Seller’s top ten customers (based on insertion orders received during the six month period ended June 30, 2009) that, as of the date hereof, are unperformed);
(bii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Suball Media Buying Agreements currently in effect;
(ciii) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged all Client Agreements currently in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personeffect;
(div) any Contract which involves all Business Contracts with individuals who serve as independent contractors or consultants to the Business (or similar arrangements) that are cancelable only upon payment of penalties or receipt of cash additional fees or other property, an unperformed commitment or goods or servicesupon more than 30 days’ notice;
(v) all Business Contracts relating to indebtedness for borrowed money, in each case having a value an outstanding principal amount in excess of $10,000;
(evi) all Business Contracts that limit or purport to limit the ability of Seller to (A) compete in any Contract pursuant line of business or with any Person or in any geographic area or during any period of time, (B) to solicit, hire or retain any Person as an employee, consultant or independent contractor or (C) to develop, market or sell any product, technology or service to or for any other Person;
(vii) all Business Contracts that are leases for Leased Real Property;
(viii) all Business Contracts providing for payments to or by any Person based on sales, purchases or profits, other than direct payments for goods or employee commission plans;
(ix) all Business Contracts in which either Orion Party (i) has made another Person is or will make any loans was appointed as a distributor, reseller or advances; (ii) has or will have incurred debtssales representative with respect to, or become a guarantor otherwise is or suretywas authorized to market, promote, distribute, resell, sublicense, support or pledged solicit orders for, any services or products of the Business;
(x) all Business Contracts for partnerships or joint ventures;
(xi) all Employee Agreements;
(xii) all Business Contracts that (A) grant any Person other than Seller and its credit on; Affiliates any (1) exclusive license, supply or distribution rights or other exclusive rights, (2) “most favored nation” rights or (iii3) has rights of first refusal, rights of first negotiation or will have otherwise become responsible similar rights with respect to any undertaking Business Product or Business IP or (B) contain any provision that requires the purchase of another (except for all or a given portion of the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice)Business’s requirements from a given Third Party;
(fxiii) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;all Business Contracts between Seller and its Affiliates; and
(gxiv) any each Business Contract involving the Breach of which would have a partnership, joint venture or other cooperative undertaking;Material Adverse Effect.
(hb) any Seller has delivered, or in accordance with Section 6.8 shall deliver, to the Purchaser accurate and complete copies of all written Assumed Contracts, including all amendments thereto, and a written summary setting forth the terms and conditions of each oral Assumed Contract. Each Business Contract involving any restrictions is valid, binding and enforceable against Seller and, to the Knowledge of Seller, the other parties thereto in accordance with respect to (iits terms and is in full force and effect. Except as set forth in Section 4.11(b) any geographical area of operations; or (ii) scope or type the Schedule of business of Orion or Merger Sub;Exceptions:
(i) Seller has not and, to the Knowledge of Seller, no other Person has violated or breached in any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Submaterial respect, or pursuant to which Orion declared or Merger Sub are granted the authority to act for or on behalf of committed any Personmaterial default under, any Business Contract currently in effect;
(jii) to the Knowledge of Seller, no event has occurred, and no circumstance or condition exists, that would reasonably be expected to (with or without notice or lapse of time) (A) result in a material violation or breach of any Contract relating of the provisions of any Business Contract, (B) give any Person the right to declare a default or exercise any corporate acquisition remedy under any Business Contract, (C) give any Person the right to accelerate the maturity or disposition performance of Orion or Merger Subany Business Contract, or (D) except as set forth in Section 4.11(b)(ii) of the Schedule of Exceptions, give any acquisition Person the right to cancel, terminate or disposition modify any material Business Contract;
(iii) Except as set forth in Section 4.11(b)(iii) of the Schedule of Exceptions, Seller has not received any subsidiarywritten notice or other communication regarding any actual, divisionalleged, line of business possible or real propertypotential material violation or breach of, in each case during the five years prior to the date of this Agreementor material default under, any Business Contract; and
(kiv) Seller has not waived any Contract not specified above that is otherwise of its material to the business or operations of Orion, taken as a whole, to either Orion Party. rights under any Business Contract.
(c) To the Knowledge of Seller, each Person against which Seller has or may acquire any rights under any Business Contract is solvent and is able to satisfy all of such Person’s current and future monetary obligations and other obligations and Liabilities to Seller.
(d) In connection with the Orion PartiesBusiness Assets or the Assumed Liabilities: (i) Seller has not guaranteed or otherwise agreed to cause, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10insure or become liable for, and a written description Seller has not pledged any of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation its assets to secure, the performance or payment of any obligation or other Liability of any other Person; and (ii) Seller has not been a party to or bound by (A) any joint venture agreement, partnership agreement, profit-sharing agreement, cost-sharing agreement, loss-sharing agreement or similar Contract, or (B) any Contract that creates or grants to any Person, or provides for the creation or grant of, any option, stock appreciation right, phantom stock right, deferred compensation, or any other similar right or interest.
(e) Except as set forth in Section 4.11(e) of the Schedule of Exceptions, the Contracts listed on SCHEDULE 5.10 at any time by identified in Section 4.11(a) of the other party or parties thereto would not have an Orion Material Adverse EffectSchedule of Exceptions collectively constitute all of the Contracts necessary to enable Seller to conduct the Business in the manner in which it is currently being conducted in all material respects.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets (a) Except as contemplated by this Agreement and the Intercompany Transaction Documents or as set forth a list of all Contracts that are (xon Schedule 3.11(a) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are Disclosure Schedule, none of the SunSource Entities is a partyparty to, by which either are bound and none of the respective capital stock or to which other membership or ownership interests in the SunSource Entities or the Expediter Assets or the Expediter Business is subject to, any Contract (or group of their respective assets related Contracts) concerning, containing or properties are subject, as applicable, including but not limited to the following types of Contractseffecting:
(ai) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one covenants limiting the freedom of the foregoing on behalf Contributed Entities after the date hereof to engage in any line of business in any geographic area or to compete with any Person;
(dii) partnership, limited liability company (excluding Organizational Documents) or joint venture agreements;
(iii) creating, incurring, assuming or guaranteeing (or may create, incur, assume or guarantee) indebtedness (including capitalized lease obligations) or which has imposed (or may impose) any Contract which involves Encumbrance on any Expediter Asset;
(iv) any Encumbrance (other than Permitted Encumbrances);
(v) guaranty of performance;
(vi) the payment sale, transfer, lease, license or receipt parting with possession or ownership of cash any of the Contributed Entities or other property, an unperformed commitment any part thereof or goods any Expediter Properties;
(vii) the lease of personal property to or services, from any Person providing for lease payments (individually or in each case having a value the aggregate under any master or universal lease agreement) in excess of $10,00010,000 per annum;
(eviii) the purchase or sale of raw materials, commodities, supplies, products, or other personal property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than six (6) months, result in a material loss to the Expediter Entities or involve consideration in excess of $25,000 from one supplier or customer;
(ix) capital expenditures for the Expediter Business, which are not subject to cancellation without penalty or premium on not more than thirty (30) days' notice by the applicable SunSource Entity in excess of $25,000 individually or $50,000 in the aggregate;
(x) the employment of any individual on a full-time, part-time, consulting, or other basis providing or likely to result in annual compensation, including, without limitation, all benefits, in excess of $75,000 per annum;
(xi) advance or loan of any amount to the directors, officers or members of the Contributed Entities of any Employee outside the Ordinary Course of Business;
(xii) provisions with respect to which the consequences of a default or termination could have a Material Adverse Effect;
(xiii) otherwise material to the Expediter Business or the Expediter Assets; or
(xiv) any Contract pursuant proposal (whether oral or written) to which either Orion Party (i) has made enter into any contract, agreement or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible other arrangement with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions matters referred to in the ordinary course of business consistent with past practiceforegoing clauses (i)-(xiii);.
(fb) any indentureExcept as set forth on Schedule 3.11(b) of the Disclosure Schedule, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;each Scheduled Contract:
(i) any power such Scheduled Contract is a legal, valid and binding obligation of attorney or agency agreement or arrangement with any Person pursuant the SunSource Entity party thereto and, to which such Person is granted the authority Knowledge of the SunSource Entities, the other parties thereto, and each Scheduled Contract will continue to act for or be a legal, valid and binding obligation in full force and effect on behalf identical terms following the consummation of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Persontransactions contemplated hereby;
(jii) none of the SunSource Entities is in default under any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior such Scheduled Contract;
(iii) to the date Knowledge of this Agreementthe SunSource Entities, no other Person that is a party to such Scheduled Contract is in default thereunder; and
(kiv) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion PartiesSunSource Entities, Orion no event has made available occurred or will occur upon the Closing and no circumstance exists or will exist upon the Closing that (with or without the giving of notice, the lapse of time or both) gives any Person (other than the SunSource Entity that is a party to Target true and complete copies such Contract) the right to declare a default, exercise any remedy under, accelerate the maturity or performance of, serves as condition precedent to any right under, or terminate such Scheduled Contract or render any provision thereof void or voidable.
(c) Except as set forth on Schedule 3.11(c) of each document listed on SCHEDULE 5.10the Disclosure Schedule, all Sales Employees have executed one of the form agreements attached hereto as Exhibit F (the "Sales Employment Agreements"). Each of the Sales Employment Agreements contains terms regarding confidentiality or non-competition substantially similar to the provisions with respect thereto of one of such forms attached hereto as Exhibit F. Each Sales Employment Agreement, including, without limitation, such confidentiality or non-competition provisions therein, is, and following the Closing will continue to be, in full force and effect and the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements will not cause a written description breach or default under any of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the Sales Employment Agreements or result in any right of any Contracts listed on SCHEDULE 5.10 at Sales Employee to terminate such agreements or otherwise invalidate the confidentiality or non-competition provisions therein. No Sales Employment Agreements has been altered or modified in any time by material respect (and none of the other party provisions therein regarding confidentiality or parties thereto would not non-competition has been altered or modified in any respect) from the terms set forth in Exhibit F and none of such agreements have an Orion Material Adverse Effectbeen terminated.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a (a) Schedule 4.14(a) is an accurate and complete list of all the Contracts (other than any Contract relating to any Benefit Plan) of the following types to which the Table of Contents Seller or Marconi IP is a party, or by which either is bound, that relate primarily to, or are (x) material to the business operation or operations of Orionconduct of, taken as a whole, to either Orion Party; and (y) the Access Business or to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are Assets is subject, as applicable, including but not limited to the following types of Contracts:
(ai) each Contract which requires, on an annual basis, a payment by any collective bargaining agreementparty in excess of, or a series of payments which in the aggregate exceed, $100,000 (as pertaining to the Access Business) or provides for the delivery of goods or performance of services, or any combination thereof, having a value in excess of $100,000 (as pertaining to the Access Business);
(bii) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any each Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing distribution or promotional activities, or any Contract to act as in one of the foregoing specified capacities on behalf of any Person;
(diii) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) the Seller or Marconi IP has made or will make any loans or advances; (ii) has or will have incurred debts, or has incurred, or is obligated to incur, indebtedness for borrowed money or has become a guarantor or surety, surety or pledged its credit on; for or (iii) has or will have otherwise become responsible with respect to any undertaking of another Person (“Guarantees”) (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent business) or any Contract granting a Lien upon any Assets other than Permitted Liens;
(iv) each Contract with past practicesuppliers (including purchase orders) which has a commitment of more than $100,000 on an annual basis;
(v) each covenant not to compete or other covenant of the Seller or any of its Affiliates restricting the development, manufacture, marketing or distribution of the products and services of the Access Business;
(vi) each material Contract with any Affiliate of the Seller (the “Affiliate Contracts”);
(fvii) each Contract with any indentureofficer, credit agreement, loan agreement, note, mortgage, security agreement, lease director or employee of real property the Seller or personal property or agreement for financingany of its Affiliates (other than employment agreements and “at will” arrangements);
(gviii) each lease, sublease or similar Contract with any Person under which the Seller is a lessor or sublessor of, or makes available for use to any Person, (A) any Contract involving a partnership, joint venture Assets or other cooperative undertaking(B) any portion of the Bedford Facility;
(hix) each license, sublicense, option or other Contract relating, in whole or in part, to any Transferred Intellectual Property (including any license or other Contract under which the Seller or any of its Affiliates granted the right to use any Transferred Intellectual Property);
(x) each confidentiality agreement (other than (A) any confidentiality agreement entered into in the ordinary course of business with a Person who (together with such Person’s Affiliates) does not compete in any manner with the Access Business Table of Contents and (B) any confidentiality agreement entered into in connection with the sale of the Access Business);
(xi) each Contract involving with a customer (including sales order) that involves an obligation of the Seller to deliver products and services for payment of or having a fair market value of more than $100,000;
(xii) each Contract (A) for the sale of any restrictions Asset (other than inventory sales in the ordinary course of business), (B) for the grant of any preferential rights to purchase any Asset (other than inventory in the ordinary course of business) or (C) for the grant of any exclusive right to use any Asset;
(xiii) each Contract with respect any Governmental Authority;
(xiv) each Group Contract;
(xv) each Contract for any joint venture, partnership or similar arrangement; and
(xvi) each written Contract other than as set forth above to which the Parent, the Seller or Marconi IP is a party or by which it or any of its assets or business is bound or subject that is material to the Access Business.
(b) Except as set forth in Schedule 4.14(b), neither the Seller nor Marconi IP nor any Affiliate of the Seller or Marconi IP (as applicable) has since January 1, 2001 (with or without the lapse of time or the giving of notice, or both) materially breached the provisions of, or is in material default under, the terms of (i) any geographical area Contract listed on Schedule 4.14(a) that is a Purchased Contract or is material to the operation of operations; the Access Business or (ii) scope or type any Material Personal Property Lease (collectively, the “Material Contracts”), and, to the Seller’s knowledge, no other party to any Material Contract is in material breach of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subprovisions of, or pursuant is in material default under the terms of, any Material Contract. Except as set forth in Schedule 4.14(b), all Material Contracts are valid, binding and in full force and effect and are enforceable against the Seller or Marconi IP (as applicable) and, to which Orion or Merger Sub are granted Seller’s knowledge, the authority other party thereto, in accordance with their terms, subject to act for or on behalf the Enforceability Limitations. Neither the Seller nor Marconi IP nor any of their respective Affiliates has received any written notice of the intention of any Person;
(j) party to terminate any Contract relating to any corporate acquisition Material Contract. Complete and correct copies of all Material Contracts have been delivered or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true the Purchaser by the Seller, except as set forth in Schedule 4.10(b) or Schedule 4.14(a) (it being understood and complete copies agreed that certain pricing and product information related to the Other Businesses contained in the Material Contracts has not been made available or delivered to the Purchaser).
(c) Schedule 4.14(c) sets forth each Material Contract with respect to which the Consent of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion must be obtained by virtue of the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or under the Related Agreements to avoid the invalidity of the Table of Contents transfer of such Material Adverse EffectContract, the termination thereof, a breach, violation or default thereunder or any other change or modification to the terms thereof.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Section 4.12 of the Disclosure Letter sets forth a list of all Contracts that are (x) material to which the business or operations of Orion, taken as Acquired Corporation is a whole, to either Orion Party; party and (y) to by which any of the Orion Parties are a party, by which either Purchased Assets are bound or to which any of their respective assets or properties are subjectaffected including, as applicable, including but not limited to the following types of Contractsto:
(ai) all Contracts which (i) contain a covenant on the part of the Acquired Corporation not to engage in (or expand) any collective bargaining agreement;
(b) any Contract line of business, compete with any employeePerson or do business in any geographic area, consultantor solicit for employment or hire certain Persons, advisor(ii) limit or restrict the use of the Purchased Assets, officer or director of Orion or Merger Sub;
(ciii) by its terms expressly seek to obligate the Acquired Corporation to conduct any Contract business on an exclusive basis with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or any other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of (iv) contain a "most favoured nation" status for any Person;
(dii) all Contracts with Major Customers or Major Suppliers (including, for certainty, the Network Operating Agreement & the Agreement for Supply of Power and Energy it has entered in to with New Brunswick Power Corporation), as amended or supplemented to date;
(iii) all Contracts with any Contract party engaged to supply materials or perform construction at the Facility;
(iv) all Contracts between the Seller or the Acquired Corporation, on the one hand, and any Affiliate of the Seller or Affiliate of the Acquired Corporation, on the other hand;
(v) all Contracts relating to indebtedness (including guarantees) of the Acquired Corporation;
(vi) all Contracts pursuant to which involves the payment Acquired Corporation licenses Intellectual Property that is material to the conduct of the Business to or receipt from any Person (excluding licenses for commercially available "off-the- shelf" software licensed to the Seller);
(vii) all Contracts for the lease of cash or other property, an unperformed commitment or goods or services, in each case having a value personal property involving aggregate consideration payable by the Seller in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made 25,000 per annum or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions $100,000 in the ordinary course aggregate over the term of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this AgreementContract; and
(kviii) any Contract not specified above that is otherwise material to all Contracts providing for the business or operations issuance of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true performance bonds and all bonds issued thereunder.
(b) Correct and complete copies of each document listed on SCHEDULE 5.10the Contracts (including all modifications, amendments and supplements thereto and waivers thereunder, including for certainty, all estimations, work plans, change orders, and a written description other material documents related thereto) have been provided to the Purchaser.
(c) Other than the Contracts disclosed in Section 4.12 of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the Disclosure Letter, there are no other Contracts material to the conduct and operation of the Business or the ownership or use of the Purchased Assets.
(d) Except as explicitly forth in the Disclosure Letter including any Contracts listed on SCHEDULE 5.10 at entered into that gave rise to the Permitted Encumbrances, neither the Seller nor, to the knowledge of the Seller, any time other party to any Contract, is in material breach of, or material default under, any Contract and, to the knowledge of the Seller, there exists no state of facts which after notice or the passage of time, or both, would constitute such a breach or default by the Seller or by any other party or parties thereto would not have an Orion Material Adverse Effectto the Contract.
Appears in 1 contract
Samples: Share Purchase Agreement (HIVE Blockchain Technologies Ltd.)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act Except as one set forth on Section 4.13 of the foregoing on behalf of any Person;
(d) any Contract which involves Company Disclosure Schedule or as set forth in an SEC Report filed by the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years Company prior to the date of this Agreement, neither the Company nor the BD Subsidiary is a party to: (i) with respect only to the BD Subsidiary, any Contract relating to indebtedness for borrowed money or any guaranty of the indebtedness of another Person not a Company Subsidiary; and
(kii) any Contract not specified above that is otherwise materially limits the ability of the BD Subsidiary to compete in any business line or in any geographic area; (iii) any Contract relating to the Business and material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed BD Subsidiary that is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time terminable by the other party or parties upon a change in control of the BD Subsidiary; (iv) any Contract relating to the Business that involves required future expenditures or guaranteed receipts by the Company or the BD Subsidiary of more than $50,000 in any one-year period or more than $250,000 in the aggregate; (v) any Contract relating to the Business for the lease of real property; (vi) any Contract with respect to any Intellectual Property or System that is material to the Company or the BD Subsidiary in connection with the Business; (vii) any Employment Agreement involving compensation of an employee of the BD Subsidiary for any period in excess of $50,000; (viii) any Contract that by its terms limits the payment of dividends or other distributions by the BD Subsidiary; (ix) any joint venture or partnership agreement relating to the Business; (x) any Contract that grants any right of first refusal or right of first offer or similar right or that limits or purports to limit the ability of the BD Subsidiary to own, operate, sell, transfer, pledge or otherwise dispose of any material amount of assets or business (including with respect to the BD Subsidiary any Contract containing any non-competition, non-solicitation or most favored nations provisions) or with respect to the Company limits or purports to limit the ability of the Company to own, operate, sell, transfer, pledge or otherwise dispose of the Business; (xi) with respect to only the BD Subsidiary, any material agency, broker, sale representative, marketing or similar Contract; (xii) any Contract providing for payments to or by any Person based on sales, purchases, or profits in connection with the Business, other than direct payments for goods or commissions to sales representatives, (xiv) any power of attorney or any other agreement entered into by the Company or the BD Subsidiary that is currently effective and that grants authority to any Person to act on behalf of the Company or the BD Subsidiary; or (xv) any Contract between the BD Subsidiary and any director, officer, Material Stockholder or Affiliate of the BD Subsidiary (collectively, “Material Contracts”).
(b) True and correct copies of each Material Contract have been made available to Buyer.
(c) Each Material Contract is a valid and binding arrangement of the Company or the BD Subsidiary and is in full force and effect, and except as set forth in Section 4.13(c) of the Company Disclosure Schedule, none of the Company, the BD Subsidiary or, to the Company’s Knowledge, any other party thereto would not have an Orion is in default or breach in any material respect under the terms of any such Material Adverse EffectContract.
Appears in 1 contract
Samples: Purchase Agreement (Terra Nova Financial Group Inc)
Contracts. (a) SCHEDULE 5.10 sets forth 5.9.1 of the Disclosure Letter contains a true and correct list of all Contracts that are (x) material to the business not otherwise listed on SCHEDULES 5.7.5, 5.10 or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any 5.16 of the Orion Parties are a partyDisclosure Letter, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract together with a sales representativetrue and correct copy (and, manufacturer’s representativeif oral, distributor, dealer, broker, sales agency, advertising agency or a description) of each such Contract (other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(dthan purchase orders) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party that (i) has made a duration of three (3) months or will make any loans or advances; more, (ii) has requires or will have incurred debtscould require any party thereto to pay $10,000 or more, or become a guarantor or surety, or pledged its credit on; or (iii) has is between Seller and any officer, stockholder, director, employee, or will have otherwise become responsible with respect to any undertaking affiliate and all modifications, amendments, renewals, or extensions thereof. Each of another (except for the negotiation or collection of negotiable instruments in transactions Contracts was entered into in the ordinary course of business on terms substantially consistent with past practice)Seller's practice prior thereto. Except as listed on SCHEDULES 5.7.5, 5.9.1, 5.10 or 5.16 of the Disclosure Letter, Seller is not a party to any written or legally binding oral:
(i) agreement, contract, or commitment with any current or former employee or consultant or for the employment or engagement of any person, including any consultant or other independent contractor, who is engaged in the conduct of the Business;
(fii) agreement, contract, or commitment for the future purchase of, or payment for, supplies or products, or for the performance of services by a third party which supplies, products or services are used in the conduct of the Business;
(iii) agreement, contract or commitment to sell or supply products ("Goods Contracts") or to perform maintenance, services or similar duties ("Services Contracts") in connection with the Business;
(iv) distribution, dealer, representative, or sales agency agreement, contract, or commitment relating to the Business;
(v) lease under which Seller is lessor relating to the Acquired Assets or any indentureproperty at which the Acquired Assets are located;
(vi) note, debenture, bond, equipment trust agreement, letter of credit agreement, loan agreement, note, mortgage, security agreement, lease or other contract or commitment for the borrowing or lending of real property or personal property money relating to the Business or agreement or arrangement for financinga line of credit or guarantee, pledge, or undertaking of the indebtedness of any other person relating to the Business;
(gvii) agreement, contract, or commitment for any Contract involving a partnership, joint venture charitable or other cooperative undertakingpolitical contribution relating to the Business;
(hviii) agreement, contract, or commitment limiting or restraining the Business or any Contract involving successor thereto from engaging or competing in any restrictions with respect manner or in any business, nor, to (i) Seller's knowledge, is any geographical area employee of operations; Seller engaged in the conduct of the Business subject to any such agreement, contract, or (ii) scope or type of business of Orion or Merger Subcommitment;
(iix) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Submaterial agreement, contract, or pursuant commitment relating to which Orion or Merger Sub are granted the authority to act for or on behalf Business not made in the ordinary course of any Person;business; or
(jx) any Contract relating to any corporate acquisition agreement, contract or disposition of Orion or Merger Sub, transaction with Shareholder or any acquisition Affiliate thereof.
(b) SCHEDULE 5.9.2 of the Disclosure Letter contains a true and correct list of all commitments for capital expenditures that have been approved or disposition of any subsidiary, division, line of business or real property, in each case during the five years made prior to the date of this Agreement; andAgreement in excess of $50,000 by Seller and that remain outstanding as of the date hereof.
(kc) Each of the Assigned Contracts is legally enforceable and in full force and effect and there exists no breach or violation of or default under any Contract not specified above that is otherwise material of such Assigned Contracts by Seller or, to the business knowledge of Seller, any other party to such Assigned Contracts or operations any event which, with notice or the lapse of Oriontime, taken as or both, will create a wholebreach or violation thereof or default thereunder by Seller or, to either Orion Partythe knowledge of Seller, any other party to such Contracts. To the Knowledge Except as set forth on SCHEDULE 1.1(D) of the Orion PartiesDisclosure Letter, Orion each such Assigned Contract listed therein is fully assignable without the consent of any third party.
(d) Except as indicated on SCHEDULE 5.14 of the Disclosure Letter, there exists no actual or, to the knowledge of Seller, any threatened termination, cancellation, or limitation of, or any amendment, modification, or change to any Contract, which would have a Material Adverse Change.
(e) Except as described on SCHEDULE 5.9.3 of the Disclosure Letter, Seller has made available not granted any power of attorney affecting or with respect to Target the Business or the Acquired Assets that remains outstanding.
(f) SCHEDULE 5.9.4 of the Disclosure Letter contains a true and complete copies correct list of each document listed the fifty largest customers, as measured and ranked by revenues, product pounds and gross margins from such customers, of the Business during the fiscal year ended December 31, 2000, and for the period commencing January 1, 2001 through the last day of the month preceding the date hereof. Except as set forth on SCHEDULE 5.105.9.5 of the Disclosure Letter, no customer of the Business receives or is entitled to receive, upon the attainment of specified sales volumes or otherwise, and a written description no customer of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the Business has been offered the opportunity to receive, an incentive, discount, refund, rebate, credit (whether for products or for cash) or other price allowance of any Contracts listed on SCHEDULE 5.10 at any time by kind, individually or in the other party or parties thereto would not have an Orion Material Adverse Effectaggregate with respect to a given customer, in excess of three percent (3%).
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth a list (a) Schedule 5.11(a) lists all Commitments of all Contracts that are the Company or of Seller (x) material with respect to the business Business) (other than those set forth on Schedule 5.9(b), Schedule 5.17(b) or operations of OrionSchedule 5.17(c)), taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsincluding:
(ai) any collective bargaining agreementall Leases and Commitments relating to the lease (whether as lessor or lessee) of personal property;
(bii) any Contract with any employeeall Commitments for the purchase or sale of inventories, consultantmaterials, advisorcommodities, officer supplies, products, spare parts or director other property or for the furnishing or receipt of Orion or Merger Subservices;
(ciii) all Commitments concerning a partnership, joint venture, joint development or other cooperation arrangement;
(iv) all Commitments providing for management services or for the services of independent contractors or consultants (or similar arrangements);
(v) all Commitments relating in whole or in part to Intellectual Property not set forth on Schedule 5.9(b);
(vi) all Commitments relating to or evidencing indebtedness of the Company (or the creation, incurrence, assumption, securing or guarantee thereof);
(vii) all Commitments under which (A) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Person has directly or indirectly guaranteed any indebtedness or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one Liabilities of the foregoing on behalf Company or (B) the Company has directly or indirectly guaranteed any indebtedness or other Liabilities of any Person;
(dviii) all Commitments under which the Company has directly or indirectly made any Contract which involves the payment advance, loan, extension of credit or receipt of cash capital contribution to, or other propertyinvestment in, an unperformed commitment any Person, including employees, or goods which involve a sharing of profits, losses, costs or services, in each case having a value in excess of $10,000Liabilities by the Company with any other Person;
(eix) all Commitments providing for or granting a Lien (other than a Permitted Lien) upon any Contract pursuant assets or properties of the Company;
(x) all Commitments between or among the Company, on the one hand, and any Affiliate, officer, director or employee of the Company or any Affiliate of any thereof, on the other hand;
(xi) all Commitments with any broker, distributor, dealer, sales representative, supplier or manufacturer;
(xii) all Commitments providing for or containing confidentiality and non-disclosure obligations;
(xiii) all Commitments for the purchase or sale of any business, corporation, partnership, joint venture, association or other business organization or any division, assets, operating unit or product line thereof;
(xiv) all Commitments which limit or purport to limit the ability of the Company to compete in any line of business or with any Person or in any geographic area or which either Orion Party (i) has made limit or will make any loans purport to limit or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible restrict the ability of the Company with respect to the development, manufacture, marketing, sale or distribution of, or other rights with respect to, any undertaking products or services;
(xv) all foreign currency forward exchange Contracts, foreign currency option and other derivative Contracts and letters of another credit;
(except for xvi) all Commitments with any Governmental Entity; and
(xvii) all Commitments containing any restrictions with respect to payment of dividends or any other distributions in respect of the negotiation capital stock of the Company.
(b) All Commitments of the Company and all Seller IP Commitments were entered into in the ordinary course of business consistent with past practices. Each Commitment of the Company and each Seller IP Commitment is in full force and effect and is legal, valid, binding and enforceable in accordance with its terms. Except as set forth on Schedule 5.11(b), none of the Commitments of the Company or collection Seller IP Commitments requires any payments or the performance of negotiable instruments in transactions any obligations other than payments or the performance of any obligations in the ordinary course of business consistent with past practice);.
(fc) any indentureExcept as set forth on Schedule 5.11(c), credit agreementeach of Seller and the Company (and, loan agreementto the knowledge of Seller, noteeach of the other party or parties thereto), mortgagehas performed all obligations required to be performed by it under each Commitment of the Company and each Seller IP Commitment. Except as set forth on Schedule 5.11(c), security agreement, lease of real property no event has occurred or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions circumstance exists with respect to Seller or the Company or, to the knowledge of Seller, with respect to any other Person that (iwith or without lapse of time or the giving of notice or both) may contravene, conflict with or result in a violation or breach of or give Seller or the Company or any geographical area of operations; other Person the right to declare a default or (ii) scope or type of business of Orion or Merger Sub;
(i) exercise any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subremedy under, or pursuant to which Orion accelerate the maturity of, or Merger Sub are granted to cancel, terminate or modify, any Commitment of the authority to act for Company or on behalf of any Person;
(j) any Contract relating Seller IP Commitment. No party to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge Commitment of the Orion PartiesCompany or Seller IP Commitment has repudiated or terminated any Commitment of the Company or Seller IP Commitment and Seller has no reason to believe that any other party or parties to any Commitment of the Company or Seller IP Commitment intends to exercise any right of cancellation, Orion termination or non-renewal thereof. Seller has made available heretofore delivered to Target Buyer true and complete copies of each document listed all Commitments of the Company and Seller IP Commitments.
(d) Except as set forth on SCHEDULE 5.10Schedule 5.11(d), and a written description (i) there are no "change of each oral arrangement so listed is contained control" or similar provisions or any obligations arising under any Commitment of the Company (other than immaterial Commitments which can be readily replaced by the Company without expense in excess of $10,000 in the aggregate on SCHEDULE 5.10. The cancellation substantially similar terms) or Seller IP Commitment which are created, accelerated or triggered by the execution, delivery or performance of any Contracts listed on SCHEDULE 5.10 at Transaction Document or the consummation of the Transaction and (ii) none of the execution, delivery or performance of any time by Transaction Document or consummation of the other party Transaction will, under the terms, conditions or parties thereto would not have an Orion Material Adverse Effectprovisions of any Commitment of the Company or Seller IP Commitment (A) require any Consent of, with or to any Person, (B) result in any increase in any payment or change in any term, (C) give rise to any right of amendment, termination, cancellation or acceleration of any right or obligation or to a loss of benefit or (D) grant any repayment or repurchase rights to any Person.
Appears in 1 contract
Samples: Bill of Sale and Assignment Agreement (Oak Technology Inc)
Contracts. SCHEDULE 5.10 sets forth a list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
(a) There have been delivered or made available to Target’s Parent, or prior to the Closing there will have been delivered or made available to Target’s Parent, true, correct and complete copies of each of the contracts set forth in Schedule 4.14 or in any collective bargaining agreement;other Schedule. Each such contract is valid, subsisting, in full force and effect and binding upon the parties thereto in accordance with its terms, and neither Acquiror nor any of its affiliates, as the case may be, is in default in any respect under any of them.
(b) Except for the contracts set forth on Schedule 4.14 and excluding any Contract obligation referenced in this Agreement, neither Acquiror nor Acquiror’s Sub is a party to any:
(i) contracts with any current or former officer, director, employee, consultant, advisoragent or other representative having more than three months to run from the date hereof or providing for an obligation to pay and/or accrue compensation of $500,000 or more per annum, or providing for the payment of fees or other consideration in excess of $500,000 in the aggregate to any officer or director of Orion Acquiror, or Merger Subto any other entity in which Acquiror has an interest;
(cii) any Contract with a sales representativecontracts for the purchase or sale of equipment or services that contain an escalation, manufacturer’s representativerenegotiation or re-determination clause or that can be cancelled without liability, distributor, dealer, broker, sales agency, advertising agency premium or other Person engaged in sales, distributing penalty only on ninety days’ or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personmore notice;
(diii) contracts for the sale of any Contract which involves of its assets or properties or for the payment grant to any person of any preferential rights to purchase any of its or receipt of cash their assets or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000properties;
(eiv) contracts (including with limitation, leases of real property) calling for an aggregate purchase price or payments in any Contract pursuant one year of more than $2 million in any one case (or in the aggregate, in the case of any related series of contracts);
(v) contracts relating to which either Orion Party (i) has made the acquisition by Acquiror or will make Acquiror’s Sub of any loans or advances; (ii) has or will have incurred debtsoperating business of, or become a guarantor the disposition of any operating business by, any other person;
(vi) executory contracts relating to the disposition or suretyacquisition of any investment or of any interest in any person;
(vii) joint venture contracts or agreements;
(viii) contracts under which Acquiror or Acquiror’s Sub agrees to indemnify any party, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions other than in the ordinary course of business consistent with past practice)or in amounts not in excess of $2 million, or to share tax liability of any party;
(fix) contracts containing covenants of Acquiror or Acquiror’s Sub not to compete in any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real with any person in any geographical area or covenants of any other person not to compete with Acquiror or Acquiror’s Sub in any line of business or in any geographical area;
(x) contracts for or relating to computers, computer equipment, computer software or computer services; or
(xi) contracts relating to the borrowing of money by Acquiror or the direct or indirect guarantee by Acquiror of any obligation for, or an agreement by Acquiror to service, the repayment of borrowed money, or any other contingent obligations in respect of indebtedness of any other Person, including, without limitation:
(1) any contract with respect to lines of credit;
(2) any contract to advance or supply funds to any other person other than in the ordinary course of business;
(3) any contract to pay for property, in each case during the five years prior to the date products or services of this Agreement; andany other person even if such property, products or services are not conveyed, delivered or rendered;
(k4) any Contract keep-well, make-whole or maintenance of working capital or earnings or similar contract; or
(5) any guarantee with respect to any lease or other similar periodic payments to be made by any other person;
(xii) any other material contract whether or not specified above that is otherwise material to made in the business or operations ordinary course of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10, and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectbusiness.
Appears in 1 contract
Samples: Share Exchange Agreement
Contracts. SCHEDULE 5.10 sets forth a list (a) Schedule 3.19 lists, as of all Contracts that are the date of this Agreement, each of the following Contractual Obligations (x) material to other than Employee Plans of the business or operations of Orion, taken as a whole, to either Orion Party; and (yCompany) to which the Company or any Subsidiary is bound (such Contracts as are required to be set forth on the corresponding subsection of the Orion Parties are Schedule 3.19, each, a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:“Disclosed Contract”):
(ai) any collective bargaining agreement;
(b) any Contract Contractual Obligation with any employee, consultant, advisor, officer or director annual consideration in excess of Orion or Merger Sub;
(c) any Contract $200,000 with respect to a sales representative, manufacturer’s representativedealer, distributor, dealerreferral, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiessimilar agreement, or any Contract Contractual Obligation providing for the grant by the Company of rights to act as one of the foregoing market or sell Company Services on behalf of the Company to any other Person;
(dii) any Contract Contractual Obligation pursuant to which involves the payment or receipt of cash a partnership, joint venture, collaboration or other propertysimilar Contractual Obligation was established;
(iii) any Contractual Obligation made (A) providing for the grant of any preferential rights of first offer or first refusal to purchase or lease any material asset, an unperformed commitment (B) providing for any exclusive right to sell or goods distribute, or servicesotherwise relating to the exclusive sale or distribution of, in each case having a value any Company Service, or (C) pursuant to which any other Person is granted “most favored nation” pricing or customer status or similar restriction with respect to any Company Services;
(iv) any Contractual Obligation (other than (a) “shrink wrap” and similar generally available commercial end-user licenses to software procured for license fees not in excess of $10,000;
200,000 in the aggregate and (eb) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions non-disclosure and confidentiality agreements entered in the ordinary course of business consistent with past practice)business) to which the Company or any Subsidiary is a party and pursuant to which the Company or any Subsidiary licenses from any Person any Intellectual Property Rights used in the development, licensing or provision of the Company Services;
(fv) any indentureContractual Obligation, credit agreementoutside the ordinary course of business, loan agreementcontaining any indemnification, notewarranty, mortgagesupport, security agreementmaintenance, lease or service that represents a material obligation of real property the Company or personal property or agreement for financingany Subsidiary to pay an amount in excess of $200,000;
(gvi) any Contract involving Contractual Obligation providing for the employment or consultancy of any Person on a partnershipfull-time, joint venture part-time, consulting or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; basis or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating otherwise providing base compensation to any corporate acquisition officer, director, employee or disposition consultant in excess of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property$200,000 per year, in each case during which is not terminable on advance notice without penalty or severance payment;
(vii) any Contractual Obligation that (A) purports to materially limit either the five years prior type or line of business in which the Company or any Subsidiary may engage, the geographic area or any period of time in which any of them may engage in any business, the solicitation by any of them of the employment of any Person or the ability of any of them to sell or purchase from any Person, or (B) would require the disposition of any material assets or line of business of the Company or any Subsidiary;
(viii) any Contractual Obligation relating to (A) the disposition of any portion of the material assets or business of the Company or any Subsidiary outside the ordinary course of business or (B) the acquisition by merger, consolidation, equity or asset purchase, or any other manner, of any Person or a line of business of any Person outside the ordinary course of business, in each case, pursuant to which the Company has any continuing payment obligations, including with respect to an “earn-out,” contingent purchase price or other contingent or deferred payment obligation, or material continuing indemnification obligations;
(ix) any Contractual Obligation under which the Company or any Subsidiary has advanced or loaned an amount to, or received a loan, note, or other instrument, agreement, or arrangement for or relating to the borrowing of money from, any of its shareholders, employees, managers, officers or members of the board of directors with obligations outstanding as of the date of this Agreement;
(x) any Contractual Obligation (or group of related Contractual Obligations) the outstanding performance of which mandates future payment of consideration in excess of $400,000 per annum;
(xi) any guaranty (or similar obligations, such as “makewell agreements”) by the Company, Subsidiary, or any Affiliate of any obligation of another in excess of $200,000;
(xii) any Contractual Obligation requiring the Company to register any equity interests under the applicable United States securities Laws;
(xiii) any settlement, conciliation or similar Contractual Obligation relating to an Action of the Company or its Subsidiaries that has been entered into on or after December 31, 2020 and (A) contemplates payment by the Company or its Subsidiaries of any amount in excess of $200,000 or (B) was brought by an equity holder or Affiliate of the Company or its Subsidiaries;
(xiv) any Contractual Obligation to which the Company or any Subsidiary is a party and pursuant to which it is a licensor or otherwise grants to a third party any Company Intellectual Property Rights or the right to have Company Source Code deposited into a source code escrow account, other than (a) non-exclusive licenses granted in the ordinary course in connection with the Company Services and (b) non-disclosure and confidentiality agreements entered into by the Company or any Subsidiary in the ordinary course of business, that do not materially deviate from the Company’s standard form(s) of non-exclusive, outbound license agreements;
(xv) any Contractual Obligation for the development of Intellectual Property Rights by or for the benefit of the Company or any Subsidiary, other than employee invention assignment agreements and agreements with contractors for the development of Intellectual Property Rights entered into in the ordinary course of business;
(xvi) any Contractual Obligation providing for payment or acceleration of benefits in connection with the transactions contemplated by this Agreement, including any Contract that provides change in control, transaction, retention or similar bonuses; and
(kxvii) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion Real Property Lease.
(b) The Company has made available to Target true the Purchaser true, accurate and complete copies of each document listed on SCHEDULE 5.10Disclosed Contract, in each case, as amended or otherwise modified and currently in effect. Each Disclosed Contract is in full force and effect and is a valid, legal, binding and enforceable obligation of the Company or its Subsidiaries, as applicable, and, to the Company’s Knowledge, each other party to such Contractual Obligation. Neither the Company, any Subsidiary, nor, to the Company’s Knowledge, any other party to any Disclosed Contract is in breach or violation of, or default under, or has repudiated any provision of, any Disclosed Contract, and, to the Company’s Knowledge, no event has occurred which (with or without notice or lapse of time or both) would become a breach of or default or would permit termination of, or a modification or acceleration thereof by any party to under any Disclosed Contract. Since January 1, 2020 through the date hereof, neither the Company nor its Subsidiaries has received written description notice of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation (i) any material breach or default under any Disclosed Contract or (ii) the intention of any third party under any Disclosed Contract (including any Governmental Authority) to cancel, terminate or modify in any material respect the terms of any such Disclosed Contract, or accelerate the obligations of the Company or its Subsidiaries thereunder.
(c) Except as set forth in Schedule 3.19(c), all Disclosed Contracts listed are being performed without any party thereto relying on SCHEDULE 5.10 at or claiming any time by force majeure provisions to excuse non-performance or performance delays arising out of the COVID-19 pandemic or Public Health Measures or for any other party or parties thereto would not have an Orion Material Adverse Effectreason.
Appears in 1 contract
Samples: Securities Purchase Agreement (TLG Acquisition One Corp.)
Contracts. SCHEDULE 5.10 sets forth Schedule 3.17 hereto contains a complete and accurate list of all Contracts that are (x) material to of the business or operations of Orion, taken as a whole, to either Orion Party; and (y) types described below to which any of the Orion Parties are Seller is currently a party, by which either are party or otherwise bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of (“Material Contracts:”):
(a) Contracts with any collective bargaining agreementcustomer or supplier, all engineering service contracts, and contracts with any agent, advertiser, consultant, advisor, sales representative, distributor, sales agent or dealer involving an exchange of consideration with an aggregate value greater than $10,500;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Subcovenants not to compete;
(c) Contracts with any Contract with a sales representativeGovernmental Entity;
(d) agreements, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Contracts or other Person engaged in sales, distributing or promotional activitiesinstruments under which Sellers has borrowed any money from, or issued any Contract note, bond, debenture or other evidence of indebtedness to, any Person or any other note, bond, debenture or other evidence of indebtedness issued to act as one any Person;
(e) Contracts under which (i) any Person has directly or indirectly guaranteed indebtedness, liabilities or obligations of the foregoing on behalf any Seller, or (ii) any Seller has directly or indirectly guaranteed indebtedness, liabilities or obligations of any Person;
(df) any Contract which involves the payment or receipt of cash pledges, security agreements, financing statements or other property, an unperformed commitment or goods or services, in each case having documents granting a value in excess Lien on any of $10,000the Acquired Assets (other than Permitted Liens);
(eg) Contracts under which any Contract pursuant to Seller has, directly or indirectly, made any advance, loan, extension of credit or capital contribution to, or other investment in, any Person;
(h) Contracts under which either Orion Party any Seller is lessee of, or holds or operates, any machinery, equipment, vehicle or other tangible personal property owned by a third party and used in the Business;
(i) has made Contracts or will make other arrangements with any loans current or advances; (ii) has or will have incurred debtsformer officer, manager, employee, or become a guarantor or suretystockholder, or pledged with any relative, beneficiary, or spouse of the foregoing Persons, or with any Affiliate of any Seller, or any of its credit on; respective Affiliates (each, a “Related Party”);
(j) each joint venture or partnership arrangement or agreement, however named, involving a sharing of profits, losses, costs or liabilities by any Seller and any Person or entity;
(iiik) has any other Contract, whether or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions not made in the ordinary course of business consistent with past practice);
(f) any indenturebusiness, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business Business or operations the termination of Orion, taken as which has had or may have a whole, to either Orion PartySeller Material Adverse Effect. To No Seller or any other party is (with or without the Knowledge lapse of time or the Orion Parties, Orion has giving of notice or both) in default in any respect under any Material Contract. The Sellers have made available to Target Buyer true and complete copies of each document listed on SCHEDULE 5.10all Material Contracts. Each Material Contract is in full force and effect and constitutes a legal, valid and binding obligation of the applicable Seller, and a the other parties thereto, enforceable in accordance with its terms except as may be limited by bankruptcy or other laws affecting creditors’ rights and by equitable principles. No Seller has received any notice (written description or oral) of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation the intention of any Contracts listed on SCHEDULE 5.10 at party to terminate or fail to renew any time by the other party or parties thereto would not have an Orion Material Adverse EffectContract.
Appears in 1 contract
Samples: Asset Purchase Agreement (Fuqi International, Inc.)
Contracts. SCHEDULE 5.10 sets forth (a) Schedule 3.11(a) contains a complete and accurate list of all Third Party Contracts primarily related to or primarily used in the operation of the µWave Business:
(i) that are involves or could reasonably be expected to involve payments by or to Seller or a Subsidiary either of more than $100,000 per year or more than $250,000 in the aggregate over the full term thereof;
(ii) with any one of the top ten (10) largest direct customers or original equipment manufacturers of µWave Products, as measured by sales during the twelve (12) month period ending as of March 31, 2016, including purchase agreements, maintenance and service agreements and warranty agreements;
(iii) with any one of the top ten (10) largest suppliers of any raw material or components incorporated into µWave Products, as measured by cost during the twelve (12) month period ending as of March 31, 2016;
(iv) that contains any provision or covenant prohibiting or limiting the ability of Seller or a Subsidiary to (A) engage in any activity relating to or involving the µWave Business (including geographical restrictions, restrictions on the making of any sales to any Person in any manner, restrictions on the use or ability to enforce any Assigned Intellectual Property, or restrictions on hiring or soliciting any Person in any manner), (B) to compete in any line of business, directly or indirectly, with any Person as to the µWave Business;
(v) pursuant to which Seller or any of its Subsidiaries is bound to, or has committed to provide or license any product or service to any third party (including any reseller or distributor of products) on an exclusive basis or to acquire or license any product or service on an exclusive basis from a third party (excluding customization of products or services for or by a party in the ordinary course of business);
(vi) that provides for “most favored nation” terms, including such terms for pricing, or that include any right of first refusal, first notice, or first negotiation;
(vii) that creates or obligates Seller or a Subsidiary to participate in any joint venture or similar arrangement with respect to or affecting the µWave Business or the Purchased Assets;
(viii) that contains maintenance, warranty, support or similar obligations, other than as set forth on the standard terms and conditions of sale included in Schedule 3.15;
(ix) for any distributor, original equipment manufacturer, reseller, value added reseller, sales, agency or manufacturer’s representative;
(x) material to (A) that provides for the business disclosure, delivery, license, release, or operations escrow of Orion, taken as a whole, to either Orion Party; source code and (yB) to which providing for the development of any Assigned Intellectual Property, independently or jointly, by or for Seller or any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contracts:
its Subsidiaries (a) any collective bargaining agreement;
(b) any Contract with any employee, consultant, advisor, officer or director of Orion or Merger Sub;
(c) any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Person;
(d) any Contract which involves the payment or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions than Contracts entered into in the ordinary course of business consistent with past practiceemployees, consultants and independent contractors of Seller’s standard form agreement provided to Buyer);
(fxi) any indenturethat is a continuing Contract with a commitment for the future purchase by Seller or its Subsidiaries of materials, credit agreementsupplies, loan agreement, note, mortgage, security agreement, lease equipment or services in excess of real property $100,000 per year or personal property or agreement for financingmore than $250,000 in the aggregate over the full term thereof;
(gxii) that is an advertising agreement or arrangement, in any Contract involving a partnership, joint venture such case that involves or other cooperative undertakingcould reasonably be expected to involve payments by Seller or any of its Subsidiaries of more than $50,000 per year;
(hxiii) that is with a Governmental Body;
(xiv) that includes (A) any Contract involving sale, assignment, hypothecation, transfer, license, option, immunity, authorization, or other grant of rights under or with respect to, or covenant not to bring claims for infringement, misappropriation, or other violation of, any restrictions Intellectual Property or Information, or (B) any use limitation with respect to any Intellectual Property or Information (i) other than any geographical area non-disclosure agreements in Seller’s standard form, provided that a copy of operations; or (ii) scope or type of business of Orion or Merger Subsuch standard form has been made available to Buyer);
(ixv) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, that obligates Seller or any acquisition of its Subsidiaries to purchase or disposition of otherwise obtain any subsidiary, division, line of business product or real property, in each case during the five years prior service exclusively from a single party or sell any product or service exclusively to the date of this Agreementa single party; and
(kxvi) that constitutes any other agreement, commitment, arrangement or plan not made in the ordinary course of business (clauses (i) through (xiv) collectively, the “Material Contracts”).
(b) Each material Transferred Contract not specified above that and each Material Contract is valid, binding and enforceable against Seller or the applicable Subsidiary and, to Seller’s knowledge, the other parties thereto in accordance with its terms and is in full force and effect. Neither Seller nor any Subsidiary is in default under or in breach of or is otherwise delinquent in performance under any material Transferred Contract or Material Contract (and neither Seller nor any Subsidiary has received any notice alleging any such default, breach or delinquency). To Seller’s knowledge, each of the other parties thereto has performed all obligations required to be performed by it under, and is not in default under, any material Transferred Contract or Material Contract and no event has occurred that, with notice or lapse of time, or both, would constitute such a default, except for breaches, failures of performance or defaults that, individually or in the aggregate, could not reasonably be expected to be material to the business µWave Business or operations of Orion, taken as the Purchased Assets. Seller or a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion Subsidiary has made available to Target Buyer true and complete copies of each document listed on SCHEDULE 5.10, all material Transferred Contracts and a written description of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse EffectContracts.
Appears in 1 contract
Contracts. SCHEDULE 5.10 sets forth (a) With respect to Seller, and excluding in all respects all Excluded Assets, Schedule 3.11(a) contains a true, complete and accurate list of all Contracts that are (x) material by reference to the business or operations of Orion, taken applicable subsection hereof) as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any date of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsthis Agreement of:
(ai) each Contract that requires Seller to pay, or entitles Seller to receive, or could result in obligations of Seller in the amount of, in the aggregate, $300,000 or more during any collective bargaining agreement;
(b) any Contract with any employee12 month period, consultant, advisor, officer or director of Orion or Merger Sub;
(c) except for any Contract with a sales representativeTop Vendor, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency Top Customer or other Person engaged Institution;
(ii) each Contract that restricts Seller from competing with or engaging in sales, distributing any business activity anywhere in the world or promotional activities, soliciting for employment or any Contract to act as one of the foregoing on behalf of engagement or employing or engaging any Person;
(diii) each Contract to acquire or dispose (by merger, purchase or sale of assets or stock or otherwise) of any business or material assets, as to which Seller has continuing material obligations or material rights;
(iv) each Contract which involves the payment concerning a joint venture, strategic alliance, collaboration or receipt of cash or other property, an unperformed commitment or goods or servicespartnership agreements, in each case having a value in excess of $10,000;
(e) any Contract pursuant to which either Orion Party (i) has that are not made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; or (iii) has or will have otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business consistent with past practicebusiness, or the sharing of profits;
(v) each Contract whereby Seller leases, subleases, licenses, or otherwise holds any rights to use or occupy any interest in real property (the “Real Property Leases”);
(fvi) each Contract with respect to Indebtedness or any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financingSeller Transaction Expense;
(gvii) each Contract with any Contract involving a partnership, joint venture or other cooperative undertakingGovernmental Authority;
(hviii) any each Contract involving any restrictions that contains “most-favored nation” pricing or similar pricing terms or provisions regarding minimum volumes, volume discounts, or rebates;
(ix) each Contract with a labor union or labor organization or other employee representative;
(x) each Contract with respect to (i) bonus or other incentive compensation, deferred compensation, equity purchase or award, salary continuation, pension, profit sharing or retirement plan, or any geographical area of operations; other Employee Benefit Plan or (ii) scope or type of business of Orion or Merger Subarrangement;
(ixi) any power of attorney or agency agreement or arrangement each Contract with any Person pursuant current Service Provider as well as each Contract with any firm or other organization providing commission or sales-based services to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any PersonSeller;
(jxii) each Contract with a Related Party;
(xiii) each Contract that grants any Person other than Seller any rights of first refusal, rights of first negotiation or similar rights;
(xiv) each Contract relating to any corporate acquisition with a Top Vendor, Top Customer or disposition of Orion or Merger SubTop Institution;
(xv) each Inbound License, or any acquisition or disposition of any subsidiarythe Contracts listed in Schedule 3.10(f) except for open source licenses, division, line of business or real property, in and each case during the five years prior to the date of this AgreementOutbound License; and
(kxvi) each Contract with any Contract not specified above that is otherwise material Person providing any sales, marketing, business generation, brokering, referral or related services to Seller. True, complete and accurate copies of the Contracts listed or required to be listed on Schedule 3.11(a), Schedule 3.10(b)(i) or Schedule 3.10(b)(ii), together with all amendments and modifications thereto, have previously been provided to Buyer, or, to the business extent any of such Contracts are oral, Schedule 3.11(a) contains a description of the material terms thereof. Each such Contract is in full force and effect, is valid, binding and enforceable in accordance with its terms except as such enforceability may be subject to applicable bankruptcy, reorganization, insolvency, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by general principles of equity, and is not subject to any claims, charges, set-offs or operations defenses.
(b) Except as set forth on Schedule 3.11(b), Seller is not in material breach or default, nor has any event occurred which with the giving of Orionnotice or the passage of time or both would constitute a material breach or default by Seller of, taken or which would give rise to any right of notice, modification, acceleration, payment, cancellation or termination of or by another party under, or in any manner release any party thereto from any obligation under, any Contract. Except as a wholeset forth on Schedule 3.11(b), to either Orion Party. To the Knowledge of the Orion PartiesSeller, Orion has made available to Target true and complete copies of each document listed on SCHEDULE 5.10no other party is in breach or default, and no event has occurred which with the giving of notice or the passage of time or both would constitute a written description breach or default by any other party, or which would give rise to any right of each oral arrangement so listed is contained on SCHEDULE 5.10notice, modification, acceleration, payment, cancellation or termination of or by Seller under, or in any manner release any party thereto from any obligation under, any Contract. Since the Reference Date, Seller has not received any notice regarding any actual or alleged material violation or breach of, or default under any Contract. The cancellation of Seller has not received any Contracts listed on SCHEDULE 5.10 at written notice, nor does Seller have any time by the other party Knowledge that, a counterparty to any Contract is terminating, not renewing, modifying, repudiating or parties thereto would rescinding, or intends to terminate, not have an Orion Material Adverse Effectrenew, modify, repudiate or rescind such Contract.
Appears in 1 contract
Contracts. SCHEDULE 5.10 (a) Schedule 4.12(a) sets forth a complete and accurate list as of the Agreement Date of all of the following Transferred Contracts that are (x) material to which Seller or an Affiliate of Seller is a party relating to the business Project or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, Business or by which either are the Purchased Assets may be bound or to which any of their respective assets or properties are subject(collectively, as applicable, including but not limited to the following types of "Material Contracts:" and individually a "Material Contract"):
(ai) any collective bargaining agreementContracts for the future purchase, exchange or sale of gas;
(bii) any Contract with any employeeContracts for the future purchase, consultant, advisor, officer exchange or director sale of Orion power or Merger Subancillary services;
(ciii) any Contract with a sales representativeContracts for the future purchase, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activitiesexchange, or any Contract to act as one sale of the foregoing on behalf of any Personsteam;
(div) any Contract which involves Contracts for the payment future transportation or receipt transmission of cash gas or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000electric power;
(ev) interconnection Contracts;
(vi) Contracts (A) for the sale of any Contract pursuant to which either Orion Party (i) has made or will make any loans or advances; (ii) has or will have incurred debts, or become a guarantor or surety, or pledged its credit on; Asset or (iiiB) has that grant a right or will have otherwise become responsible with respect option to purchase any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions Asset, other than Contracts entered into in the ordinary course of business consistent relating to Assets with past practice)a value of less than $50,000 individually or $100,000 in the aggregate;
(fvii) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease Contracts (other than Contracts identified pursuant to Sections 4.12(a)(i) through (vi)) for the future provision of real property goods or personal property or agreement services and requiring payments by Seller in excess of $50,000 for financingeach individual Contract;
(gviii) Contracts under which Seller has created, incurred, assumed or guaranteed any Contract involving outstanding indebtedness for borrowed money or any capitalized lease obligation, or under which Seller has imposed a security interest on any of its Assets, tangible or intangible, which security interest secures outstanding indebtedness for borrowed money;
(ix) outstanding agreements of guaranty, surety or indemnification, direct or indirect, by Seller, or by any Affiliate of Seller for the benefit of Seller;
(x) Contracts between Seller and any Affiliate of Seller relating to the future provision of goods or services by Seller to such Affiliate of Seller, or by such Affiliate of Seller to Seller;
(xi) Any contract for consulting that provides for annual compensation by Seller in an amount in excess of $50,000 and which is not cancelable by Seller on ninety (90) days or less advance notice;
(xii) outstanding futures, swap, collar, put, call, floor, cap, option or other Contracts that are intended to benefit from or reduce or eliminate the risk of fluctuations in the price of commodities, including electric power, gas or securities;
(xiii) Contracts that purport to limit Seller's freedom to compete in any line of business or in any geographic area;
(xiv) partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect to (i) any geographical area of operations; or (ii) scope or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Sub, or pursuant to which Orion or Merger Sub are granted the authority to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreementlimited liability company agreements; and
(kxv) any Contract not specified above that is otherwise material Contracts conveying, granting, leasing or assigning to the business or operations of Orionby Seller an interest in real property.
(b) Seller has provided Purchaser with, taken as a wholeor access to, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true and complete copies of all Material Contracts.
(c) Each of the Material Contracts is in full force and effect in all material respects and constitutes a valid and binding obligation of Seller (or, if applicable, an Affiliate of Seller) and, to Seller's Knowledge, of the other parties thereto, and, except as disclosed in Schedule 4.12(c), each document listed Transferred Contract may be transferred to Purchaser pursuant to this Agreement without the consent of the other parties thereto and without breaching any material terms thereof or resulting in the forfeiture or impairment of any rights thereunder.
(d) Except as set forth in Schedule 4.12(d), there is not under any Material Contract any material default or event which, with notice or lapse of time or both, (i) would constitute a material default by Seller (or by any Affiliate of Seller which is a party thereto) or, to Seller's Knowledge, any other party thereto, (ii) would constitute a default by Seller (or by any Affiliate of Seller which is a party thereto) or, to Seller's Knowledge, any other party thereto which would give rise to an automatic termination, or the right of discretionary termination thereof, or (iii) would cause the acceleration of any of Seller's (or any of its Affiliates') obligations thereunder or result in the creation of any Lien (other than any Permitted Lien) on SCHEDULE 5.10any of the Purchased Assets. There are no claims, actions, proceedings or investigations pending or, to Seller's Knowledge, threatened against Seller (or by any Affiliate of Seller which is a party thereto) or, to Seller 's Knowledge, any other party to any Material Contract before any Governmental Authority acting in an adjudicative capacity, in each case relating in any way to any Material Contract or the subject matter thereof. Seller has no Knowledge of any defense, offset or counterclaim arising under any Material Contract.
(e) Schedule 4.12(e) details all warranties by any vendor, materialman, supplier, contractor or subcontractor relating to the Purchased Assets or any component thereof and specifies the following information with respect to each such warranty: (i) the item of equipment or other item of the Purchased Assets to which the warranty is applicable, but only to the extent such item has a value of $50,000 or more, (ii) the contract or agreement pursuant to which the warranty was given or made (a true and complete copy of each such contract or agreement has been provided to Purchaser); (iii) a description of any warranty work done under the applicable warranty, the date thereof and the applicable warranty period for the warranty work; and (iv) whether such warranty is transferable to Purchaser. Except as disclosed on Schedule 4.12(e), Seller has complied with all storage, installation, operation, maintenance and other requirements with respect to each item of equipment or other item of the Purchased Assets to which each warranty relates and each other condition to the continued effectiveness of each such warranty, and there are no events that have occurred or conditions applicable that constitute or may constitute a written description defense to the continuing effectiveness of each oral arrangement so listed is contained on SCHEDULE 5.10. The cancellation of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not have an Orion Material Adverse Effectsuch warranty.
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Samples: Asset Purchase Agreement (PPL Electric Utilities Corp)
Contracts. SCHEDULE 5.10 sets forth Schedule 4.5.3 contains a complete and accurate list of all Contracts that are (x) material to the business or operations of Orion, taken as a whole, to either Orion Party; and (y) to which any of the Orion Parties are a party, by which either are bound or to which any of their respective assets or properties are subject, as applicable, including but not limited to the following types of Contractsof:
(a) any collective bargaining agreementall Contracts to which Seller is a party or by which it is bound, involving amounts in excess of $50,000.00 or which are cancelable by Seller only after giving at least 30 days' notice;
(b) any Contract with any employeeall loan, consultantfinancing, advisorsecurity, officer credit or director of Orion other Contracts evidencing or Merger Subrelating to indebtedness, guarantees or Liens;
(c) any Contract all Contracts with a distributors, dealers or sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional activities, or any Contract to act as one of the foregoing on behalf of any Personrepresentatives;
(d) any Contract which involves the payment all management, employment, consulting, or receipt of cash or other property, an unperformed commitment or goods or services, in each case having a value in excess of $10,000agency Contracts and all collective bargaining Contracts;
(e) all Contracts providing employee benefits;
(f) all Contracts which contain an obligation of confidentiality with respect to information furnished by Seller to a third party or received by Seller from a third party;
(g) all Contracts containing covenants limiting the freedom of Seller to compete in any Contract line of business or with any person or in any geographic area or market;
(h) all Contracts relating to patents, trademarks, trade names or copyrights or applications for any of the foregoing, inventions, trade secrets or other proprietary information;
(i) all Contracts relating to the past or present disposal of waste;
(j) all Contracts pursuant to which either Orion Party (i) has made Seller leases or will make subleases any loans or advances; (ii) has or will have incurred debtsreal property, or become a guarantor any interest therein, from or suretyto any person;
(k) all Contracts pursuant to which Seller leases or subleases any personal property, or pledged its credit on; any interest therein, from or (iii) has or will have otherwise become responsible with respect to any undertaking person;
(l) all Contracts with any shareholder, officer, director, consultant or employee of another Seller, or any relative of any of the foregoing, or any corporation, partnership, limited liability company or other entity directly or indirectly owned or controlled by either Shareholder, or one or more of their respective relatives; and
(except for the negotiation or collection of negotiable instruments in transactions m) all other Contracts entered into other than in the ordinary course of business consistent with past practice);
(f) any indenture, credit agreement, loan agreement, note, mortgage, security agreement, lease of real property or personal property or agreement for financing;
(g) any Contract involving a partnership, joint venture or other cooperative undertaking;
(h) any Contract involving any restrictions with respect including but not limited to Contracts (i) any geographical area with suppliers for the purchase of operations; goods or services in excess of normal requirements or at prices in excess of the current market price, (ii) scope for the sale by Seller of goods or type of business of Orion or Merger Sub;
(i) any power of attorney or agency agreement or arrangement services at prices not reasonably calculated to produce gross profit margins consistent with any Person pursuant to which such Person is granted the authority to act for or on behalf of Orion or Merger Subthose achieved by Seller during its three prior fiscal years, or pursuant (iii) which contain terms or conditions which Seller cannot reasonably expect to which Orion or Merger Sub are granted the authority fulfill in their entirety. Seller has delivered to act for or on behalf of any Person;
(j) any Contract relating to any corporate acquisition or disposition of Orion or Merger Sub, or any acquisition or disposition of any subsidiary, division, line of business or real property, in each case during the five years prior to the date of this Agreement; and
(k) any Contract not specified above that is otherwise material to the business or operations of Orion, taken as a whole, to either Orion Party. To the Knowledge of the Orion Parties, Orion has made available to Target true Buyer accurate and complete copies of each document listed on SCHEDULE 5.10such written Contract, and a an accurate and complete written description of each such oral arrangement so listed is contained Contract, in each case with all modifications and amendments thereto. Since the date of the last year-end balance sheet included in the financial statements on SCHEDULE 5.10. The cancellation Schedule 4.3.1, there has been no modification or termination of any Contracts listed on SCHEDULE 5.10 at any time by the other party or parties thereto would not Contract under circumstances which might have an Orion Material Adverse Effectadverse effect on Seller.
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