Ceases operations means closure of the facility or the cessation of production and shipment of products to customers for a continuous period of twelve (12) months. The provisions of Section 4.03 hereof relating to retroactive payments shall apply, if applicable, if this Fee Agreement is terminated in accordance with this Section prior to the end of the Investment Period. Each of the Company and any Sponsor Affiliates agrees that if this Fee Agreement is terminated pursuant to this subsection, that under no circumstance shall the County be required to refund or pay any monies to the Company or any Sponsor Affiliates.
Ceases operations means to cease conducting the normal operation of a facility under circumstances in which it is reasonable to expect that such operation will not be resumed by the owner at the facility. The term shall not include the sale or transfer of a facility in the ordinary course of business or a permit transfer in accordance with board regulations. Ceases operations shall include, but not be limited to, the following:
Ceases operations means the removal of all tenants from the business incubator, the cessation of shared services or mana- gerial assistance by the business incubator and, the conversion of the business incubator to some other use by the recipient or the organization that operates the business incubator.
Examples of Ceases operations in a sentence
Ceases operations in the enterprise zone and does not renew operation of the business or a similar business in the enter- prise zone within 12 months.
More Definitions of Ceases operations
Ceases operations or “cessation of operations” means the failure of the Company to employ an average of at least 90 full-time equivalent employees at the Project for a period of 12 consecutive months; provided, however, that if such failure is due to a casualty at the Project, such failure shall not constitute the “cessation of operations” provided that the Company promptly commences the reconstruction of the Project and diligently pursues such reconstruction and such reconstruction is completed within 12 months of the casualty event. In the event of such a casualty, the period of time for calculating compliance with the requirements under Section 3.1 and any amounts due under Section 3.2 shall exclude the period from the date of the casualty until 6 months after the reconstruction of the Project is complete.
Ceases operations means to cease conducting the normal operation of a facility under circumstances in
Ceases operations means closure of Xxxxxx 0, Xxxxxx 0, Xxxxxx 0, Xxxxxx 11 Hangar 15 and Building 1051 as identified on Exhibit A attached hereto and the failure of the Company to re-open at least one of such hangars or such building, or a successor manufacturing facility in the SCTAC premises, within twelve (12) months after the date of all such identified hangars and building were closed. A hangar or building shall not be deemed closed if the Company has closed such hangar or building for renovation purposes. The provisions of Section 4.02 hereof relating to retroactive payments shall apply, if applicable, if this Fee Agreement is terminated in accordance with this Section prior to the end of the Investment Period. Each of the Company and any Sponsor Affiliates agrees that if this Fee Agreement is terminated pursuant to this subsection, that under no circumstance shall the County be required to refund or pay any monies to the Company or any Sponsor Affiliates under this Fee Agreement.
Ceases operations means to cease conducting the normal operation of a facility under circumstances in which it is reasonable to expect that such operation will not be resumed