Common use of CLOSEOUT AGREEMENT Clause in Contracts

CLOSEOUT AGREEMENT. If required by the Grant Agreement, Subgrantee shall enter into and comply with the terms of a Closeout Agreement. NO FINANCIAL CHANGE: Subgrantee shall make no material change in the financial or operational aspects of its business, specifically including but not limited to the borrowing of additional money, the granting of additional liens significantly altering the plan for capital expenditures, salaries of partners or employees, or Subgrantee's product or service, without the prior written consent of Grantee, except as otherwise provided for in this Subgrant Agreement.