Wind-Up Period definition
Examples of Wind-Up Period in a sentence
During the Wind-Up Period, Buyer shall cooperate with Seller so that Seller can collect its Pre-Closing Receivables.
Any Pre-Closing Receivables which are not collected by Seller during such Wind-Up Period shall be collected by Seller upon the expiration of the Wind-Up Period and Buyer shall execute any documents necessary to assist Seller in such collection.
Seller shall be entitled to access to the Hotel during the Wind-Up Period to remove from the Hotel originals, or at Seller's election, copies of all of Seller's Records with respect to the periods prior to the Closing, without the prior consent of Buyer.
Following the Closing, Buyer shall provide to Seller, during the Wind-Up Period, and from time to time thereafter as Seller may require for an audit or other accounting procedure, a desk at the Hotel, mutually acceptable to Seller and Buyer, for Seller and Seller's agents to use in connection with its collection of its Pre-Closing Receivables, its payroll and accounts payable obligations and any other auditing procedures deemed necessary by Seller.
Upon termination of the Wind-Up Period, or immediately upon termination for breach, LICENSEE shall provide LICENSOR with proof of the destruction of all existing Communications which bear the licensed mark.
In the event that a license granted under this Agreement is terminated by LICENSOR under Section 9.2, LICENSEE shall have three (3) months after the date on which termination is effective (Wind-Up Period) to dispose of all Licensed Communications in its inventory.
The Venture will operate during any Wind-Up Period on the basis of the last approved Annual Budget, unless the parties otherwise agree.
During the Wind-Up Period, Sellers' employees shall retain the use of personal computers used by them prior to the Closing; such personal computers shall constitute Purchased Assets, and shall be returned to Purchaser upon the termination of the respective employee's employment with Sellers and their successors.
During the Wind-Up Period, the Superseding Documents will continue in effect and the Board of Directors will take such actions as are necessary to terminate or otherwise discharge the Venture's obligations to its customers at the end of such period.
Notwithstanding anything in this Section 1, it is understood that Gander Mountain's obligations during the Wind-Up Period shall not begin until the Closing Date.