Xxxxxxxxx Matters a) Subject to the closing of the transactions contemplated in Exhibit B, Xxxxxxxxx shall be released from his commitment to provide a $1,000,000 loan to the Company pursuant to that certain Amended and Restated Standby Agreement dated November 9, 1999, and he shall have no obligation or liability thereunder whatsoever.
b) Xxxxxxxxx shall offer the Xxxxxxxxx Shares to any purchaser of securities issued by the Company in connection with any financing transaction resulting in gross proceeds to the Company of $5,000,000 or more, unless Xxxxxxxxx agrees that a financing resulting in lesser proceeds will be satisfactory. The sale price for the Xxxxxxxxx Shares in such a transaction shall be $.50 per share. The Xxxxxxxxx Shares shall be sold in conjunction with and as part of any Company sales in a financing transaction.
Xxxxxxxxx Matters. Each of the Xxxxxxxxx Novation and the Xxxxxxxxx Termination and Release shall be in full force and effect and Seller shall have received copies thereof, duly executed by the parties thereto (other than Seller and its Affiliates).
Xxxxxxxxx Matters. The School endeavours to ensure that the costs of operating Community Use at the Sports Facilities will be fully covered by income from such use and any surplus will be utilised to: contribute to a contingency or sinking fund for major maintenance, repairs and ultimately renewal of fixed life elements of the Sports Facilities. increase the use of the Sports Facilities by any Priority Groups by staging special promotions or by offering discounted rates of hire; [where appropriate] improve and increase the stock of sports equipment for use in connection with the Sports Facilities.[where required]
Xxxxxxxxx Matters. The properties of the Borrowers and each of their Subsidiaries are insured pursuant to policies and other bonds that are valid and in full force and effect and that provide coverage as is customarily carried by companies engaged in similar businesses of the same size and character as its business and owning and operating similar properties in locations in which it operates; provided that (1) such coverage is at prevailing market rates and (2) is within the minimum and maximum amounts set forth on Schedule 5.01(d).
Xxxxxxxxx Matters. 6.1. 1The sharing of resources, both in kind and cash, requires a very clear understanding of financial responsibilities and liabilities.
