Common use of Covenants Generally Clause in Contracts

Covenants Generally. (a) Member's covenants as set forth in Sections 5 through 14 of this Agreement are from time to time referred to herein as the "Covenants." If any of the Covenants is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such Covenants (or part of such Covenants, as the case may be) shall not be affected thereby; provided, however, that if any of such Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such Covenant will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. (b) Member understands that the provisions of the Covenants may limit Member's ability to earn a livelihood in a business similar to the business of the Firm. (c) Member acknowledges that a violation on Member's part of any of the Covenants would cause irreparable damage to the Firm. Accordingly, Member agrees that the Firm will be entitled to injunctive relief for any actual or threatened violation of any of the Covenants in addition to any other remedies it may have. (d) Acquiror will at all times maintain an effective S-8 or other registration statement covering shares of Acquiror Common Stock to be delivered pursuant to the restricted stock unit awards specified in Section 3.05 of the Merger Agreement and in connection with the administration of such awards shall treat the Member in the same manner as similarly titled employees of Acquiror and its subsidiaries.

Appears in 3 contracts

Samples: Agreement and Plan of Merger (Goldman Sachs Group Inc), Merger Agreement (Goldman Sachs Group Inc), Member Agreement (Goldman Sachs Group Inc)

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Covenants Generally. (a) MemberPartner's covenants as set forth in Sections 5 6 through 14 17 of this Agreement are from time to time referred to herein as the "Covenants." If any of the Covenants is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such Covenants (or part of such Covenants, as the case may be) shall not be affected thereby; provided, however, that if any of such Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such Covenant will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. (b) Member Partner understands that the provisions of the Covenants may limit MemberPartner's ability to earn a livelihood in a business similar to the business of the Firm. (c) Member Partner acknowledges that a violation on MemberPartner's part of any of the Covenants would cause irreparable damage to the FirmFirm and Acquiror acknowledges that a violation on Acquiror's part of its covenant in Section 14 would cause irreparable damage to Partner. Accordingly, Member Partner agrees that the Firm will be entitled to injunctive relief for any actual or threatened violation of any of the Covenants and Acquiror agrees that Partner would be entitled to injunctive relief for any actual or threatened violation of its covenant in Section 14, in each case, in addition to any other remedies it such party may have. (d) Acquiror will at all times maintain an effective S-8 or other registration statement covering shares of Acquiror Common Stock to be delivered pursuant to the restricted stock unit awards specified in Section 3.05 of the Merger Agreement and in connection with the administration of such awards shall treat the Member in the same manner as similarly titled employees of Acquiror and its subsidiaries.

Appears in 1 contract

Samples: Partner Agreement (Goldman Sachs Group Inc/)

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