Sufficiency and Condition of Assets. The assets owned, licensed or leased by the Company constitute all of the property and assets necessary to carry on the Business as it is currently carried on, are free of material defects and include all proprietary rights, Intellectual and Industrial Property Rights and other property and assets, tangible and intangible, used in connection with the Business. All material tangible assets used in the Business are in good operating condition and in a state of good repair and maintenance, except only for reasonable wear and tear. All tangible assets used in the Business, other than inventory, motor vehicles and equipment in transit, are located on the Leased Property.
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Sources: Share Purchase Agreement, Merger Agreement
Sufficiency and Condition of Assets. The assets owned, licensed or leased by the Company Corporation constitute all of the property and assets necessary to carry on the Business as it is currently carried on, are free of material defects and include all proprietary rights, Intellectual and Industrial Property Rights and other property and assets, tangible and intangible, used in connection with the Business. All material tangible assets used in the Business are in good operating condition and in a state of good repair and maintenance, except only for reasonable wear and tear. All tangible assets used in the Business, other than inventory, motor vehicles and equipment in transit, are located on the Leased Property.
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