Lift-out Acquisition definition
Lift-out Acquisition means the hiring by any Person of five (5) or more professionals within a three month period (in one or a series of related transactions); provided, however, that such professionals were employed by the same employer or its Affiliates immediately prior to being hired by such Person, so long as no accounts receivables accrued prior to the time of consummation of such hiring are purchased by or transferred to such Person and no liabilities are assumed by such Person, in connection with such hiring.