Microworld Sample Clauses

Microworld agrees that as soon as practicable it shall assign the following contracts to the Company such that the Company will receive the benefits thereof: - Service Agreement between Microworld and VIP Calling Inc. - WIN Internet Telephone contract - MFS co-location contract - phone line contracts - UUNet contract Copies of these contracts are provided in Attachments C-G hereto. Microworld will ensure that all contracts are up-to-date as of the date of the assignment and that there are no outstanding amounts or liabilities under each contract. The Company shall incur no liability under any such contract existing prior to the date of assignment to the Company, and Microworld shall indemnify the Company therefor. If the Board of Directors agrees, new contracts between the Company and the third-party contractors may be concluded to replace the existing contracts listed above. Microworld also agrees to work with Power Master Limited as soon as practicable to assign the APNIC IP address assignment to the Company such that the Company will receive the benefits thereof. Copy of this assignment is provided in Attachment H hereto.
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Microworld shall also use its best efforts to loan to the Company an additional US$60,000 in cash, interest free, within 30 calender days from the date that this agreement is signed. It is anticipated that re-payment of such loan will be made by the Company to Microworld during 12-month period from which this Agreement is signed.
Microworld breaches this Agreement and such breach is not cured within twenty (20) days from the date of written notification of such breach from VIP Calling to Microworld. In such event, the purchase price of the shares of Microworld shall be at a price equal to: (i) in the case of (a) above, the VIP Calling market value as determined by the average of the bid and ask prices of the VIP Calling shares for the thirty (30) trading days following the Initial Public Offer (IPO), multiplied by the ratio of the gross sales of the Company (in United States Dollars) in the last-completed fiscal quarter to the gross sales of VIP Calling (in United States Dollars) in the last-completed fiscal quarter, multiplied by the percentage equity ownership of the Company held by Microworld on the date that the VIP Calling registration statement is filed; or (ii) in the case of either (b) or (c) above, four (4) times the gross sales of the Company (in United States Dollars) in the last-completed fiscal quarter, multiplied by the percentage equity ownership of the Company held by Microworld.
Microworld represents and warrants that, as of the date hereof: (a) it is an independent legal entity and a subsisting corporate body duly organized under and pursuant to the laws of its place of incorporation; (b) it has full power and authority to execute this Agreement and to perform its obligations hereunder; (c) it has taken all requisite action to authorize the execution and performance of this Agreement and to carry out the transactions contemplated hereunder; the representative of Microworld whose signature is affixed to this Agreement has full capacity and authority to bind Microworld thereby; and this Agreement when executed by VIP Calling and Microworld constitutes a valid and binding agreement enforceable in accordance with its terms against Microworld; (d) neither the execution of this Agreement nor the performance by Microworld of any of its obligations or the exercise of any of its rights hereunder will conflict with or result in a breach of any law, regulation, judgement, order, authorization, agreement or obligation applicable to Microworld; (e) no litigation, arbitration or administrative proceeding is currently taking place or pending or, to the knowledge of Microworld, threatened against Microworld or its assets;
Microworld agrees to indemnify and hold VIP Calling and the Company harmless from any breach of the representations, warranties, covenants or agreements set forth in this Agreement.

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