System Contracts. Section 6.04 of the Disclosure Schedules lists each of the System Contracts (a) by which any of the Purchased Assets are bound or affected or (b) to which the City (or Blue Water as assignee) is a party or by which it is bound in connection with the Telecom System or the Purchased Assets (together with all Intellectual Property Agreements listed in Section 6.07 of the Disclosure Schedules, collectively, the “System Contracts”). Each System Contract is valid and binding on the City (or Blue Water as assignee) in accordance with its terms and is in full force and effect. None of City or, to City’s Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided or received any notice of any intention to terminate, any System Contract. No event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default under any System Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of any benefit thereunder. Complete and correct copies of each System Contract (including all modifications, amendments and supplements thereto and waivers thereunder) have been made available to Buyer. There are no material disputes pending or threatened under any contract included in the Purchased Assets.
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