Common use of Continued Operation Clause in Contracts

Continued Operation. Newco shall continue to operate during any period of deadlock or dispute and during the continuance of any default under this Agreement (or alleged default), and in no event shall a deadlock, dispute or allegation of default interfere with the right of the directors and officers of Newco to operate within the scope of business activity contemplated by Section 1.3 of this Agreement; provided, however, that no action may be taken by the directors and officers that would prejudice the outcome of any matter in deadlock, any dispute or any allegation of default, except with the consent of 100% of the members of the Board of Directors; provided, however, that the service activities (and all related marketing, administrative, and other activities) of Newco in accordance with the Business Plan and Budget shall not be stopped or delayed, except with the consent of 100% of the members of the Board of Directors.

Appears in 2 contracts

Sources: Shareholder Agreement (Sykes Healthplan Services Inc), Shareholder Agreement (Sykes Enterprises Inc)

Continued Operation. Newco shall continue to operate during any period of deadlock or dispute and during the continuance of any default under this Agreement (or alleged default), and in no event shall a deadlock, dispute or allegation of default interfere with the right of the directors and officers of Newco to operate within the scope of business activity contemplated by Section 1.3 of this Agreement; provided, howeverHOWEVER, that no action may be taken by the directors and officers that would prejudice the outcome of any matter in deadlock, any dispute or any allegation of default, except with the consent of 100% of the members of the Board of Directors; provided, howeverHOWEVER, that the service activities (and all related marketing, administrative, and other activities) of Newco in accordance with the Business Plan and Budget shall not be stopped or delayed, except with the consent of 100% of the members of the Board of Directors.

Appears in 1 contract

Sources: Shareholder Agreement (Healthplan Services Corp)