Wind-Down and Wind-Up Sample Clauses
The Wind-Down and Wind-Up clause outlines the procedures for systematically concluding or dissolving a business, project, or contractual relationship. It typically details the steps for settling outstanding obligations, distributing assets, and handling final administrative tasks, such as notifying stakeholders or regulatory bodies. This clause ensures an orderly transition or closure, minimizing confusion and disputes by providing a clear roadmap for ending operations or relationships.
Wind-Down and Wind-Up. In recognition that: a) the Villages MPD and ▇▇▇▇▇▇ Hills MPD build-out may fluctuate to follow market demands; and b) the voluntary nature of the Developer’s City Staffing Shortfalls funding obligation, BD Village or ▇▇ ▇▇▇▇▇▇ may provide notice to the City of Wind-Downs and Wind-Ups of certain City staff positions outlined in Exhibit C.
i. Wind-Down Notices shall be delivered to the City and shall state that BD Village and/or ▇▇ ▇▇▇▇▇▇ intends on a date certain to cease paying for certain City Staffing Shortfall positions. In order to be effective, a Wind-Down Notice must comply with the following provisions:
ii. No Wind-Down Notice may be delivered to the City or otherwise be effective during the first twelve months following the Effective Date of this Agreement. Thereafter, the date certain required to be identified in a Wind-Down Notice may not be sooner than six months after delivery of the Wind-Down Notice to the City.
iii. During months 13 through 18 following the Effective Date, only Support Staff positions identified on Exhibit C may be subject to a Wind-Down Notice from BD Village or ▇▇ ▇▇▇▇▇▇.
iv. During months 19 through 24 following the Effective Date, some or all Support Staff positions and/or Essential Staff positions identified on Exhibit C may be subject to a Wind-Down Notice from BD Village or ▇▇ ▇▇▇▇▇▇. This notice may require Wind-Down of the identified Support Staff and Essential Staff simultaneously.
v. After month 25 following the Effective Date, Support Staff, Essential Staff, and/or Core Staff positions may be subject to a Wind-Down Notice from BD Village or ▇▇ ▇▇▇▇▇▇, which Notice may require wind-down of identified City staff simultaneously.
vi. Upon receipt of a Wind-Down Notice and compliance by BD Villages or ▇▇ ▇▇▇▇▇▇ as appropriate with the above criteria, the City shall thereafter be responsible to determine whether it wants to continue funding the subject staff position(s). Wind-down shall include both the staff position and any related FFE costs.
vii. Wind-Up Notices shall state that BD Village and/or ▇▇ ▇▇▇▇▇▇ intends to re- initiate payment of certain City Staffing Shortfall costs and request the rehiring of certain City staff or consultant positions.
viii. If no Core Staff position has received a Wind-Down Notice pursuant to subsection (c) above, then City shall complete the hiring of City staff or consultants positions identified in the Wind-Up Notice within six (6) months after receipt of the Notice. In the event th...