Sale of Upfitting Business. The obligations of the Company to consummate the transactions contemplated by this Agreement are conditioned upon the prior or concurrent closing of the sale by Brekford of not more than 81% of the ownership of its Rugged Information Technology Solutions and 360° Vehicle Solution Upfitting Business (collectively, the “Upfitting Business”); provided, that, (a) Novume shall retain not less than a 19% ownership interest in the Upfitting Business and (b) Brekford will use all proceeds from such disposition to repay in full any and all indebtedness of Brekford such that, as of the Closing, Brekford shall have no indebtedness other than as permitted by the Company.
Appears in 6 contracts
Samples: Agreement and Plan of Merger (Brekford Traffic Safety, Inc.), Agreement and Plan of Merger (Novume Solutions, Inc.), Agreement and Plan of Merger (KeyStone Solutions, Inc.)
