Common use of Certain Personal Property Clause in Contracts

Certain Personal Property. The Disclosure Schedule describes all ------------------------- items of tangible personal property that were included in the Company Balance Sheet at a carrying value of at least $10,000. Except as specified in the Disclosure Schedule, since the Balance Sheet Date, the Company has not acquired any items of tangible personal property that have a carrying value in excess of $10,000, or an aggregate carrying value of $100,000. All of such personal property included in the Disclosure Schedule is usable in the ordinary course of business, and to the Company's knowledge, all such personal property included in the Disclosure Schedule conforms in all material respects with any applicable Laws relating to its construction, use and operation. Except for those items subject to the Company Non-Real Estate Leases (defined below), no Person other than the Company owns any vehicles, equipment or other tangible assets located on the Company Real Property that have been used in the Company Business or that are necessary for the operation of the Company Business.

Appears in 2 contracts

Sources: Merger Agreement (Ibah Inc), Merger Agreement (Ibah Inc)