Interim Changes. Except as set forth on Schedule 5.11 hereto, since the date of A4S’s most recent filing with the SEC on Form 10-QSB, except as otherwise disclosed in any subsequent filings on Form 8-K, there has been no: (a) change in the condition, financial or otherwise, of A4S, which has, or could reasonably be expected to have a Material Adverse Effect; (b) loss, damage or destruction of or to any of A4S’s assets, whether or not covered by insurance; (c) increase in the compensation payable by A4S to its employees, directors, managers, independent contractors or agents other than in the ordinary course of business consistent with past practice, or any increase in, or institution of, any bonus, insurance, pension, profit sharing or other employee benefit plan or arrangements made to, for, or with the employees, directors, managers, or independent contractors of A4S; (d) adjustment or write-off of accounts receivable other than in the ordinary course of business consistent with past practice or any change in the collection, payment or credit experience or practices of A4S; (e) change in the Tax or cash basis accounting methods or practices employed by A4S or change in depreciation or amortization policies; (f) strike, work stoppage or other labor dispute adversely affecting the business of A4S; (g) termination, waiver or cancellation of any material rights or claims of A4S under any Contract or otherwise, other than in the ordinary course of business consistent with past practice,; (h) any incurrence of indebtedness for borrowed money other than in the ordinary course of A4S’s business consistent with past practice; (i) any new Contract (or amendment to any existing Contract) obligating A4S to purchase goods or services, any amendment or termination of any Material Contract or license relating to the business of A4S or any waiver of material claims or rights of A4S against third parties, in each case other than in the ordinary course of business consistent with past practice,; (j) any agreement, arrangement or transaction between A4S and any Affiliate of A4S; (k) any other transaction not in the ordinary course of A4S’s business and consistent with past practice of its business that, individually or in the aggregate, could have a Material Adverse Effect; or (l) any commitment with respect to any of the foregoing.
Appears in 2 contracts
Sources: Plan of Merger (A4s Security, Inc.), Merger Agreement (Security With Advanced Technology, Inc.)
Interim Changes. Except as set forth on Schedule 5.11 hereto4.4, since the date of A4S’s most recent filing with the SEC on Form 10-QSBDecember 31, except as otherwise disclosed in any subsequent filings on Form 8-K2006, there has been no:
(a) change in the condition, financial or otherwise, of A4SSeller, which has, or could would reasonably be expected to have a Material Adverse Effect;
(b) loss, damage or destruction of or to any of A4S’s assetsthe material Transferred Assets, whether or not covered by insurance;
(c) sale, lease, transfer or other disposition by Seller of, or mortgages or pledges of or the imposition of any Encumbrance on, any portion of the Transferred Assets other than in the Ordinary Course of Business consistent with past practice;
(d) increase in the compensation payable by A4S Seller to its any of the Shareholders, employees, directors, managers, independent contractors or agents other than in the ordinary course of business consistent with past practiceagents, or any increase in, or institution of, any bonus, insurance, pension, profit sharing or other employee benefit plan or arrangements made to, for, for or with the employees, directors, managers, shareholders or independent contractors of A4SSeller, other than increases in salaries of employees of the Business (other than the Shareholders) in the Ordinary Course of the Business consistent with past practice;
(de) adjustment or write-write off of accounts receivable other than receivables or reduction in reserves for account receivables outside of the ordinary course Ordinary Course of business consistent with past practice the Business or any change in the collection, payment or credit experience or practices of A4SSeller;
(ef) change in the Tax or cash basis accounting methods or practices employed by A4S Seller or change in depreciation or amortization policies;
(fg) issuance or sale by Seller or the Shareholders, or any Contract entered into by Seller or the Shareholders for the issuance or sale, of any shares of capital stock or securities convertible into or exchangeable for capital stock of Seller;
(h) payment by Seller of any dividend, distribution or extraordinary or unusual disbursement or expenditure;
(i) merger, consolidation or similar transaction involving Seller;
(j) strike, work stoppage or other labor dispute adversely affecting the business of A4SBusiness;
(gk) termination, waiver or cancellation of any material rights or claims of A4S Seller, under any Contract or otherwise, other than in the ordinary course of business consistent with past practice,;
(hl) any incurrence of indebtedness for borrowed money other than in the ordinary course Ordinary Course of A4S’s business the Business consistent with past practice;
(im) any new Contract (or amendment to any existing Contract) obligating A4S Seller to purchase goods or servicesservices for a period of ninety (90) days or more, any amendment or termination of any Material Seller Contract or license relating to the business of A4S Business or any waiver of material claims or rights of A4S Seller against third parties, in each case parties other than in the ordinary course Ordinary Course of business the Business consistent with past practice,;
(jn) any agreement, arrangement or transaction between A4S Seller and any Affiliate of A4SSeller;
(ko) any other transaction not in the ordinary course Ordinary Course of A4S’s business the Business and consistent with past practice of its business the Business that, individually or in the aggregate, could have a Material Adverse Effect; or
(lp) any binding commitment with respect to any of the foregoing.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Real Goods Solar, Inc.), Asset Purchase Agreement (Real Goods Solar, Inc.)