Common use of Modification or Breach of Agreements; New Agreements Clause in Contracts

Modification or Breach of Agreements; New Agreements. Seller shall not terminate or modify, or commit or cause or suffer to be committed any act that will result in breach or violation of any term of or (with or without notice or passage of time, or both) constitute a default under or otherwise give any person a basis for nonperformance under, any indenture, mortgage, deed of trust, loan or credit agreement, lease, license or Client Contract, or other agreement, instrument, arrangement or understanding, written or oral, disclosed in this Agreement or the Schedules hereto which are a part of the Business Assets. Seller shall refrain from becoming a party to any contract or commitment in connection with the Business other than in the usual and ordinary course of the Business or as contemplated hereby. Seller shall cause the Business to meet all its contractual obligations in accordance with their respective terms.

Appears in 3 contracts

Samples: Escrow Agreement (Tier Technologies Inc), Escrow Agreement (Tier Technologies Inc), Security Agreement (Tier Technologies Inc)

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Modification or Breach of Agreements; New Agreements. Seller shall not terminate or modify, or commit or cause or suffer to be committed any act that will result in a breach or violation by Seller of any term of or (with or without notice or passage of time, or both) constitute a default under by Seller under, or otherwise give any person Person (other than Seller) a basis for nonperformance under, any indenture, mortgage, deed of trust, loan or credit agreement, lease, license or Client Contract, or other agreement, instrument, arrangement or understanding, written or oralwritten, disclosed in this Agreement or any of the Schedules hereto which are a part of the Business Assetshereto. Seller shall refrain from becoming a party to any contract or commitment applicable to the Division other than in the Ordinary Course. Seller shall meet all of its material contractual obligations in connection with the Division Business other than in the usual and ordinary course of the Business or as contemplated hereby. Seller shall cause the Business to meet all its contractual obligations in accordance with their respective terms.

Appears in 1 contract

Samples: Asset Purchase Agreement (Wyant Corp)

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