Common use of Termination Upon Cessation of Business Clause in Contracts

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s employment under this Agreement upon a “Cessation of Business.” For purposes of this Agreement, a “Cessation of Business” shall mean Employer’s ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. If Employee is so terminated by Employer pursuant to this Section 7(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life insurance pursuant to Section 6(a) to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), in each case (i.e., the Base Salary and insurance), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-month period commencing on the date Employee is terminated. Employer shall make such payments of the Base Salary in a single lump sum payment at termination.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s 's employment under this Agreement upon a “"Cessation of Business.” " For purposes of this Agreement, a “Cessation of Business” "CESSATION OF BUSINESS" shall mean Employer’s 's ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with the Section 6(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-three (3) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s employment under this Agreement upon a “Cessation of Business.” For purposes of this Agreement, a “Cessation of Business” shall mean Employer’s ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with the Section 6(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-three (3) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s employment under this Agreement upon a “Cessation of Business.” For purposes of this Agreement, a “Cessation of Business” shall mean Employer’s ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with this Section 6(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-twelve (12) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s employment under this Agreement upon a “Cessation of Business.” For purposes of this Agreement, a “Cessation of BusinessCESSATION OF BUSINESS” shall mean Employer’s ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with the Section 6(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-three (3) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s employment under this Agreement upon a “Cessation of Business.” For purposes of this Agreement, a “Cessation of Business” shall mean Employer’s ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with the Section 7(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term or any extension of the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term or any extension of the Term, or (B) the expiration of the nine-six (6) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.

Termination Upon Cessation of Business. Employer shall have the right to immediately terminate Employee’s 's employment under this Agreement upon a “"Cessation of Business.” " For purposes of this Agreement, a “"Cessation of Business” " shall mean Employer’s 's ceasing to operate in the ordinary course of business, whether by dissolution, liquidation, sale of assets, consolidation, merger or otherwise, in connection with, pursuant to or arising out of a good faith determination by Employer the Board that the continuing operation of the business in its ordinary course is reasonably likely to render Employer unable to meet its liabilities as they mature. Upon termination in accordance with this Section 6(d), Employee shall be entitled to no further compensation hereunder other than the Base Salary and other benefits accrued hereunder through, but not including, the effective date of such termination. If Employee is so terminated by Employer pursuant to this Section 7(d6(d) during the Term, Employer shall (i) pay to Employee the Base Salary, and (ii) provide the same medical, dental, disability and life health insurance pursuant to Section 6(a) benefits to which Employee was entitled hereunder as of the date of termination, provided, however, that in the case of such medical and dental insurance, that Employee makes a timely election for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)hereunder, in each case (i.e., the Base Salary and insurancehealth insurance benefits), until the earlier to occur of (A) the expiration of the remaining portion of the Term, or (B) the expiration of the nine-twelve (12) month period commencing on the date Employee is terminated. Employer shall may make such payments of the Base Salary in accordance with its regular payroll schedule or in a single lump sum payment at terminationin its sole discretion.