Certain Developments. During the period from May 28, 2011 through the date hereof: (a) there has not occurred any event, change, occurrence or circumstance that, individually or in the aggregate with any such other events, changes, occurrences or circumstances, that to the Knowledge of National has had or would reasonably be expected to have a Material Adverse Effect; (b) the business of National and each of its Subsidiaries has been carried on and conducted in all material respects in the ordinary course of business consistent with past practice; and (c) neither National nor any of its Subsidiaries has: (1) experienced any damage, destruction or loss, whether or not covered by insurance, with respect to the property or assets of National or any of its Subsidiaries having a replacement cost of more than $500,000 for any single loss or $1,000,000 for all losses; or (2) taken, authorized any of, or committed, resolved or agreed to take, any action that would have been prohibited by Section 5.1 had this Agreement been in effect on May 28, 2011.
Appears in 2 contracts
Sources: Membership Interest Purchase Agreement (Leucadia National Corp), Membership Interest Purchase Agreement (National Beef Packing Co LLC)