Existing Condition. Except as otherwise set forth in the SPAR Disclosure Letter, since the Interim SPAR Marketing Balance Sheet Date, no SPAR Marketing Company has:
(a) incurred any liabilities, other than liabilities incurred in the ordinary course of business consistent with past practice (including, without limitation, advances under its commitments and lines of credit), the liabilities contemplated under the SPAR Premerger Agreements;
(b) discharged or satisfied any lien or encumbrance or paid any liabilities, other than in the ordinary course of business consistent with past practice (including, without limitation, repayments under its commitments and lines of credit), or failed to pay or discharge when due any liabilities, other than in the ordinary course of business consistent with past practice, or where the obligation is being contested in good faith, and the failure to pay or discharge has not caused and would not be reasonably likely to cause any SPAR Material Adverse Effect;
(c) sold, encumbered, assigned or transferred any assets, properties or rights or any interest therein, or made any agreement or commitment or granted any option or right with, of or to any person to acquire any assets, properties or rights of any SPAR Marketing Company or any interest therein, except for sales and dispositions in the ordinary course of business consistent with past practice, and except for the transactions contemplated under the SPAR Premerger Agreements and this Agreement;
(d) created, incurred, assumed or guaranteed any indebtedness for money borrowed, or mortgaged, pledged or subjected any of its assets to any mortgage, lien, pledge, security interest, conditional sales contract or other encumbrance of any nature whatsoever, other than (i) in the ordinary course of business (including, without limitation, future advances and floating liens under existing, increased or replacement credit facilities), or (ii) in connection with the financing of the MCI Acquisition;
(e) made or suffered any early cancellation or termination of any Material SPAR Document (other than in the ordinary course of business with a vendor to a SPAR Marketing Company); or amended, modified or waived any substantial debts or claims held by it under any Material SPAR Document other than in the ordinary course of business;
(f) declared, set aside or paid any dividend or made or agreed to make any other distribution or payment in respect of its capital shares or redeemed, purchased or otherwise acquired o...
Existing Condition. Seller shall not cause nor permit to occur any of the events or occurrences described in Section 3.1.11 hereof.
Existing Condition. Except as disclosed on Schedule 3.1.8, since December 31, 2014 the date of the last Financial Statement, the Seller has not:
(a) declared, set aside or paid any dividend or made or agreed to make any other distribution or payment in respect of or agreed to make any other distribution or payment in respect of its capital shares or redeemed, purchased or otherwise acquired or agreed to redeem, purchase or acquire any of its capital shares;
(b) incurred any liabilities, or discharged or satisfied any lien or encumbrance, or paid any liabilities, other than in the ordinary course of its business consistent with past practice, or failed to pay or discharge when due any liabilities of which the failure to pay or discharge has caused or will cause any material damage or risk of material loss to it or any of its assets or properties;
(c) sold, assigned or transferred any of its assets or properties, other than in the ordinary course of its business;
(d) created, incurred, assumed or guaranteed any indebtedness for money borrowed, or mortgaged, pledged or subjected to any lien, pledge, security interest, conditional sales contract or other encumbrance of any nature whatsoever against any of its assets or properties;
(e) made or suffered any amendment or termination of any agreement, contract, commitment, lease or plan to which it is a party or by which it is bound, or canceled, modified or waived any debts or claims held by it, or waived any rights of substantial value;
(f) suffered any damage, destruction or loss, whether or not covered by insurance, materially and adversely affecting its business, operations, assets, properties, prospects or condition (financial or otherwise);
(g) suffered any change in its financial condition or in the nature of its business or operations which has had or might have a material adverse effect on its business, operations, assets, properties, prospects or condition (financial or otherwise);
(h) made any capital expenditure or capital addition or betterment except such as may be involved in the ordinary repair, maintenance and replacement of its assets;
(i) increased the salaries or other compensation of, or made any advance (excluding advances for ordinary and necessary business expenses) or loan to, any of its directors, officers or employees or the Shareholder, or made any increase in, or any addition to, other benefits to which any of its directors, officers or employees or the Shareholder may be entitled;
(j) made any payment t...
Existing Condition. The Company shall not, and no Stockholder shall suffer the Company to, cause or permit to occur any of the events or occurrences described in Section 6.30 hereof.
Existing Condition. 25 6.31 Deposit Accounts; Powers of Attorney...........................................................27 6.32
Existing Condition. 27 6.31 DEPOSIT ACCOUNTS; POWERS OF ATTORNEY...........................................................28 6.32
Existing Condition. Since the Balance Sheet Date, Seller has not:
(a) incurred any liabilities in connection with the Transferred Business, other than liabilities incurred in the ordinary course of the Transferred Business consistent with past practice, or discharged or satisfied any lien or encumbrance liabilities in connection with the Transferred Business, or paid any liabilities, other than in the ordinary course of the Transferred Business consistent with past practice, or failed to pay or discharge when due any liabilities of which the failure to pay or discharge has caused or will cause any material damage or risk of material loss to it or the Purchased Assets or the Transferred Business;
(b) sold, encumbered, assigned or transferred any material assets or properties which would have been included in the Purchased Assets if the Closing had been held on the Balance Sheet Date or on any date since then, except for the sale of inventory in the ordinary course of business consistent with past practice and the grant of licenses that are in the ordinary course of business;
(c) mortgaged, pledged or subjected any of the Purchased Assets to any mortgage, lien, pledge, security interest, conditional sales contract or other encumbrance of any nature whatsoever, except for Permitted Liens that are in the ordinary course of business;
(d) made or suffered any amendment or termination of any material agreement, contract, commitment, lease or plan relating to the Purchased Assets or the Transferred Business to which Seller is a party or by which Seller is bound, or canceled, modified or waived any substantial debts or claims relating to the Purchased Assets or the Transferred Business held by Seller or waived any rights relating to the Purchased Assets or the Transferred Business of substantial value, whether or not in the ordinary course of business, except as set forth on SCHEDULE 3.1.11(d); (e) suffered any damage, destruction or loss, whether or not covered by insurance, (i) materially and adversely affecting the Transferred Business or the prospects or condition (financial or otherwise) of the Purchased Assets or the Transferred Business or (ii) of any item or items carried on its books of account individually or in the aggregate at more than $100,000, or suffered any repeated, recurring or prolonged shortage, cessation or interruption of supplies or Utilities or other services required to conduct the Transferred Business or operate the Purchased Assets;
Existing Condition. 28 Section 3.12 Title to Properties; Leasehold Interests .............. 30 Section 3.13 Condition of Tangible Assets .......................... 30 Section 3.14
Existing Condition. Since the Interim Balance Sheet Date, the Sellers have not:
(a) except as set forth on SCHEDULE 3.1.12(a), incurred any Liability or Obligation with respect to the Business other than any Liability or Obligation incurred in the ordinary course of business consistent with past practice, discharged or satisfied any material Encumbrance or paid any material Liability or Obligation, other than in the ordinary course of business consistent with past practice, or failed to pay or discharge when due any Liability or Obligation the failure of which to pay or discharge has caused or will cause any material damage or risk of material loss to the Business or any of its assets, properties or rights;
(b) except as set forth on SCHEDULE 3.1.12(b), sold, encumbered, assigned or transferred any material assets, properties or rights which would have been included in the Purchased Assets if the Closing had been held on the Balance Sheet Date or on any date since then, except for the sale of inventory by the Business in the ordinary course of business consistent with past practice;
(c) except as set forth on SCHEDULE 3.1.12(c), created, incurred, assumed or guaranteed any indebtedness for money borrowed, or mortgaged, pledged or subjected any of their assets, properties or rights to any Encumbrance, except for any Permitted Liens;
(d) except as set forth on SCHEDULE 3.1.12(d), made or suffered any amendment, modification or termination of any Material Contract or Employee Plan with respect to the Sellers, the Business or its employees, or by which the Business or any of the Purchased Assets are bound or affected, or canceled, modified or waived any debts or claims held by them or waived any rights whether or not in the ordinary course of business, which amendment, modification, termination, cancellation or waiver, individually or in the aggregate, has had or would have a Material Adverse Effect;
(e) materially changed any of the Accounting Principles followed by Sellers for book or Tax purposes or the methods of applying such Accounting Principles;
(f) suffered any damage, destruction or loss, whether or not covered by insurance, materially affecting the Business, or its operations, assets, properties, rights, or condition (financial or otherwise) or suffered any repeated, recurring or prolonged material shortage, cessation or interruption of supplies or utilities or other services required to conduct the Business and its operations;
(g) except as set forth on SCHEDULE 3.1.1...
Existing Condition. Since the Balance Sheet Date, neither Seller nor Holdings has entered into any transaction affecting the Business or the Assets except in the ordinary course of business, consistent with past practice; encumbered or transferred any material assets which would have been included in the Assets if the Closing had been held on the Balance Sheet Date or on any date since then except in the ordinary course of business, consistent with past practice; subjected any of its Assets to any lien or other encumbrance of any nature whatsoever, except in the ordinary course of business, consistent with past practice, and except for Permitted Liens (defined in Section 3.1(i)); made any amendment or termination of any material agreement affecting the Business or the Assets, or canceled, modified or waived any rights of substantial value affecting the Business or the Assets, whether or not in the ordinary course of business; changed any of the accounting principles followed by it or the methods of applying such principles; increased the compensation of any Affected Employee (as hereinafter defined) other than in the ordinary course of business; or suffered any loss, whether or not covered by insurance, materially and adversely affecting the Business or Assets.
