Common use of Pending Closing Clause in Contracts

Pending Closing. Pending the Closing, the Seller shall: (a) conduct and carry on the Business only in the ordinary course, consistent with past practices; (b) not purchase, sell, lease, mortgage, pledge or otherwise acquire or dispose of any properties or assets of or in connection with the Business, except for Inventory purchased, sold or otherwise disposed of in the ordinary course of the Business; (c) not increase or otherwise change the rate or nature of the compensation (including wages, salaries, bonuses, and benefits under pension, profit sharing, deferred compensation and similar plans or programs) which is paid or payable to any employee of the Seller who is employed in connection with the Business, except in the ordinary course of business and in accordance with past practices, and not terminate any employee at any of the Facilities without cause without the prior written consent of the Purchaser; (d) not enter into, or become obligated under, any contract, agreement or commitment with respect to the Business except for (i) any agreements for the purchase of supplies or Inventory items or the sale of Inventory in the ordinary course of business or (ii) any other lease, contract, agreement or commitment having a term of sixty (60) days or less and involving aggregate payments either by or to the Seller or the Business of less than $50,000; (e) not materially change, amend, or otherwise modify or terminate any Material Contract; (f) not make any changes in its accounting systems, policies, principles or practices; (g) not authorize or make any capital expenditures which in the aggregate exceed $50,000 without prior notice to Purchaser; (h) furnish to the Purchaser within fifteen (15) days after the end of each fiscal month an unaudited balance sheet and related unaudited statement of income of the Business for such period;