Discontinuation of School Business Sample Clauses

Discontinuation of School Business. Notwithstanding the provisions of Section 7.2(a), each of the Gilat Parties hereby acknowledge that Purchaser is and will continue to, without requiring the consent of Gilat Israel or Seller and without being subject to the restrictions contained in Section 7.2(a), take certain action that is not in the ordinary course of business nor consistent with past practices in connection with the discontinuation and winding down of Purchaser's school-related businesses.
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Discontinuation of School Business. NOTWITHSTANDING THE PROVISIONS OF SECTION 7.2(a), EACH OF THE GILAT PARTIES HEREBY ACKNOWLEDGE THAT PURCHASER IS AND WILL CONTINUE TO, WITHOUT REQUIRING THE CONSENT OF GILAT ISRAEL OR SELLER AND WITHOUT BEING SUBJECT TO THE RESTRICTIONS CONTAINED IN SECTION 7.2(a), TAKE CERTAIN ACTION THAT IS NOT IN THE ORDINARY COURSE OF BUSINESS NOR CONSISTENT WITH PAST PRACTICES IN CONNECTION WITH THE DISCONTINUATION AND WINDING DOWN OF PURCHASER'S SCHOOL-RELATED BUSINESSES. GILAT REVIEW OF EXPENDITURES. Upon the execution of this Agreement, the Parties agree that Gilat Israel shall have the right to review and approve all proposed cash expenditures of Purchaser equal to or greater than $25,000 prior to their disbursement. The Parties agree that from the date hereof until the Closing Date, other than in the ordinary course consistent with past practice, as not otherwise restricted by the provisions of Section 7.2(a) or as permitted by Section 7.2(b), Purchaser shall not take any action that may materially affect Purchaser's cash and cash equivalent holdings, which as of the date hereof equals at least $36 million, including, without limitation, writing checks or making cash disbursements of any kind, without the prior express consent of both Gilat Israel and Purchaser's Chief Executive Officer. INDEMNIFICATION
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Related to Discontinuation of School Business

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