Common use of Negative Obligations Clause in Contracts

Negative Obligations. In order to guarantee the performance of Party B in relation to this Agreement and all of Party B’s in relation to its obligations towards Party A, Party B and the Shareholders hereby acknowledge, agree and jointly and severally warrant that without the prior written consent of Party A or any party designated by Party A, Party B shall not engage in any transaction which may have a material or adverse effect on any of its assets, businesses, employees, obligations, rights or operations (except for those occurring in the due course of business or in day-to-day business operations, or those already disclosed to Party A and with the explicit prior written consent of Party A), including without limitation: 1.1 Conduct any activity beyond the normal business scope of Party B or operate the Party B in a manner inconsistent with its past practice; 1.2 Make any borrowing or undertake any indebtedness from any third party; 1.3 Change or remove any of its directors or senior officers;