Contracts and Commitments definition

Contracts and Commitments. Except as set forth on Schedule 3.13, i. Neither Pocono nor PCP Sub have any agreements, contracts, commitments or restrictions that are material to the Business, operations or prospects or that require the making of any charitable contribution. ii. No purchase contracts or commitments of PCP Sub continue for a period of more than twelve (12) months or are in excess of either Pocono’s or PCP Sub’s normal, ordinary and usual requirements or, to the Knowledge of Pocono and/or PCP Sub, are at any excessive price. iii. There are no outstanding sales contracts, commitments or proposals of PCP Sub that continue for a period of more than twelve (12) months or which will result in any loss to PCP Sub upon completion or performance thereof, after allowance for direct distribution expenses nor are there any outstanding contracts, bids or sales or service proposals quoting prices which will not result in a normal profit. iv. PCP Sub has no outstanding contracts with shareholders, members, directors, officers, employees, agents, consultants, advisors, salesmen, sales representatives, distributors or dealers that are not cancelable by it on notice of no longer than thirty (30) days and without liability, penalty or premium for any agreement or arrangement providing for the payment of any bonus or commission based on sales or earnings. v. PCP Sub has no employment agreement, or any other agreement, that contain any severance or termination pay liabilities or obligations. vi. PCP Sub is not in default under or in violation of, nor is there any valid basis for any claim of default under or violation of, any contract, commitment or restriction to which they are a party or by which they are bound. vii. PCP Sub has no employee to whom it is paying compensation at the annual rate of more than $200,000. viii. PCP Sub in not restricted by agreement from carrying on its business anywhere in the world. ix. PCP Sub is not outstanding any agreement to acquire any debt obligations of others. x. PCP Sub has no outstanding loans to any Person. xi. PCP Sub has no power of attorney outstanding or any obligations or liabilities (whether absolute, accrued, contingent or otherwise), as guarantor, surety, co-signer, endorser, co-maker, indemnitor or otherwise in respect of the obligation of any Person, corporation, partnership, joint venture, association, organization or other entity. xii. PCP Sub has no any commitments or obligations to continue to utilize the services of, or otherwise to ...

Contracts and Commitments means the contracts, commitments and other arrangements, except for free services or gratuities, between SELLER and customers of the Business, identified on Schedule 1(a)-2.

Contracts and Commitments is defined in subsection 2.1(d);

Contracts and Commitments has the meaning ascribed to it in Section -------------------------- 1.2(a)(v).