Common use of Assumed Contract Clause in Contracts

Assumed Contract. The Assumed Contract is a valid and binding agreement of Seller and to Seller's Knowledge is in full force and effect, and to Seller's Knowledge neither Seller nor any other party thereto is in material default or breach under the terms of such Assumed Contract, and, to Seller's Knowledge, no event or circumstance has occurred that, with notice or lapse of time or both, would constitute any material event of default thereunder. As of the date of this Agreement, to Seller's Knowledge, Seller has not received notice that any party to the Assumed Contract intends to terminate the Assumed Contract. True and complete copies of such Assumed Contract have been delivered to Buyer.