The Company and its subsidiaries have completed in a timely manner and are in material agreement with all obligations (including any material agreement and debt instrument) all obligations (including payment obligations) in all conditions and restrictive covenants (including all financial maintenance obligations) contained in each material agreement and debt instrument. None of the companies or subsidiaries is in breach, breach or material delay and none has received notice from any party that the Company or the subsidiaries are in breach, breach or default under any material agreement or debt instrument and that no other party to the knowledge of the company has a material breach before. Breach or failure to constitute a disposition under a material agreement or debt instrument. Buyer Preference: The buyer wants to carefully consider what constitutes a significant contract in the target`s industry and company and incorporate these attributes into the definition of significant contracts. In addition to the list of attributes, the buyer wants to add a collection category that uses a materiality standard to promote disclosure in boundary situations. Since endless contracts can affect the value of awarded contracts, it is preferable for the buyer that essential contracts are not limited to awarded contracts. A buyer may also request assurance that neither party is in breach of a material contract or is in default. Some examples of material conditions include the purchase prices of real estate, the extent of a contractor`s work and/or the amount of materials sold. The New Form 8-K rules of the Securities and Exchange Commission, which were adopted on the 23rd. Beginning in August 2004 (available at sec.gov/about/forms/form8-k.pdf), require that an updated report on Form 8-K be filed within four business days of the closing (or termination) of a significant final contract that is not entered into in the normal course of business.
For a more complete discussion of the complete changes required by the new Form 8-K rules, please see our securities update entitled "Sec Revises Form 8-K" dated April 5, 2004 (available at www.mayerbrownrowe.com/publications/article.asp?id=1323&nid=6). Since the time frame for reporting an important final agreement is now so short, it is important that the appropriate people in a reporting business understand in advance what can constitute an essential contract so that they know that they need to alert the people responsible for the disclosure. .