Cessation of Business Activities. After the Effective Date, the Company shall not engage in any business activities except to the extent necessary to preserve the value of its assets, wind up its business and distribute its assets to Stockholders in accordance with this Plan, including retaining such employees and consultants as necessary or desirable to effectuate the winding up and dissolution of the Company.
Cessation of Business Activities. If GRANTEE occupies and uses the Project Site for its Business Activities and subsequently ceases conducting Business Activities at the Project Site for a continuous period of five (5) months during the Term of this Agreement for any reason, except if such cessation is caused by a Force Majeure Event, then GRANTOR shall have the right to terminate this Agreement. Said termination shall be effective for the calendar year during which the cessation occurred. Unless GRANTEE presents credible evidence to clearly indicate a date of cessation, GRANTOR’s determination of a date of cessation shall be final and conclusive. Upon termination, GRANTOR shall have the right to recapture from GRANTEE all funds disbursed to the GRANTEE within the previous twelve (12) month period and not previously recaptured by GRANTOR and GRANTOR shall be entitled to the payment of the amounts to which it is entitled within sixty (60) calendar days from the date it notifies GRANTEE in writing of termination and its election to recapture such amounts.
Cessation of Business Activities. After the Effective Date, the Company shall not engage in any business activities except to the extent necessary to preserve the value of its assets, wind up its business and affairs, and distribute its assets in accordance with this Plan and the DGCL. Effective upon the Closing, the number of directors on the Board of the company shall be five (5), consisting of two (2) directors designated by holders of a majority of the outstanding Series A Preferred, one (1) director designated by holders of a majority of the outstanding Series B Preferred, and two (2) directors, one of whom shall be an independent director, designated by certain holders of the Company's Common stock in accordance with Section 2.1 of the Stockholders Agreement (such persons collectively, the "Continuing Directors"), each of whom shall serve as a director of the Board until his successor is duly elected by the Stockholders having the right to designate such successor and qualified or until such person's death, retirement, resignation or removal. The Continuing Directors in office from and after the Closing and, at the pleasure of the Board, the officers of the Company, shall continue in office solely for these purposes and as otherwise provided in this Plan.
Cessation of Business Activities. In the event MTII fails to operate its business in a profitable manner, however, if either MTII or Blimpie continues to seek to develop franchises and/or subfranchises and to continue to run the business, then in such an event business activities shall not be deemed to have ceased. In the event of a cessation of business activities, i.e., the failure of either MTII or Blimpie to continue to seek to develop franchises and/or subfranchises, then such cessation of business for a one hundred twenty (120) day period shall be deemed to be abandonment and subject to the provisions of Article 17 herein.
Cessation of Business Activities. If, after the conditions set forth in this Agreement are met, GRANTEE occupies and uses the Project Site for its Business Activities and subsequently ceases conducting Business Activities at the Project Site for a continuous period of three (3) months during the Term of this Agreement for any reason, except if such cessation is caused by a Force Majeure Event, then the GRANTOR shall have the right to terminate this Agreement. Said termination shall be effective for the calendar year during which the cessation occurred. Unless GRANTEE presents credible evidence to clearly indicate a date of cessation, the GRANTOR 's determination of a date of cessation shall be final and conclusive. Upon termination, the GRANTOR shall have the right to recapture from GRANTEE all funds previously disbursed to GRANTEE, and/or for the benefit of GRANTEE, under this Agreement and not previously recaptured by the GRANTOR in accordance with the recapture schedule set forth in Section 16(C) below and the GRANTOR shall be entitled to the payment of such amounts within ninety (90) calendar days from the date it notifies GRANTEE in writing of termination and its election to recapture such amounts.
