Death of a Principal Sample Clauses

Death of a Principal. You must notify us in writing immediately upon the death of one of the principals and, upon receiving that notification, we may: ▪ require a copy of a death certificate and notarized copies of the appropriate estate papers; ▪ restrict transactions and/or require a portion of the investments be retained in the Account; or ▪ follow any other course of action we deem prudent. The deceased principal's estate and each of the remaining parties to the Account will continue to be responsible to us, jointly and severally, for any debit balance or loss that: ▪ may be incurred in settling a transaction initiated prior to death; ▪ is incurred in the distribution or liquidation of the Account; or ▪ occurs in adjusting for the interests of the remaining principals. Each of you declare that your interests in the joint Account are as joint tenants with full rights of survivorship and not as tenants- in-common, except if you are a resident of Quebec, in which case your interests in the joint Account are as tenants-in-common. We shall be protected from all liability in obeying the instructions of the survivor of you respecting the disposition of securities or other property in the Account.
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Death of a Principal. Credential must be notified in writing immediately upon the death of one of the principals and, upon receiving that notification Credential may:  require a copy of a death certificate and notarized copies of the appropriate estate papers;  require a portion of the investments to be retained in the Account; or  follow any other course of action Credential deems prudent. The deceased principal's estate and each of the remaining parties to the Account will continue to be responsible to Credential, jointly and severally, for any debit balance or loss that:  may be incurred in settling a transaction initiated prior to death;  is incurred in the distribution or liquidation of the Account; or  occurs in adjusting for the interests of the remaining principals. Each of you declares that your interests in the Joint Account are as joint tenants with full rights of survivorship and not as tenants-in-common. Credential shall be protected from all liability in obeying the instructions of your survivor respecting the disposition of securities or other property in your Joint Account. If you are a resident of Quebec, your interests in the Joint Account are as tenants-in-common.
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Death of a Principal. (a) In the event of the death of any Management Stockholder or a Principal of a Management Stockholder (the "Decedent") and subject to the provisions of Sections 4.3 and 4.5 and the Loan Documents, (i) in the event and to the extent the Company receives life insurance proceeds as a result thereof (other than key man insurance maintained for the benefit of lenders to the Company), the Company shall repurchase Shares from the Decedent's respective Affiliate corporation (or, if necessary, any Related Transferees) holding such Shares (the "Decedent Holder"), and such Decedent Holder shall be obligated to sell Shares to the Company, at the purchase price per Share and on the terms and conditions set forth in Section 4.3 and (ii) in the event and to the extent that life insurance proceeds (if any) are insufficient to fund the repurchase of all Shares held by the Decedent Holder, subject to the existence of funds legally available therefor, the Company shall have the right and option, but not the obligation, to repurchase all or such portion of the remaining Shares held by the Decedent Holder and the Decedent Holder shall be obligated to sell such Shares to the Company, at the purchase price per Share and on the terms and conditions set forth in Section 4.3. Such option may be exercised by the Company giving Notice to the Decedent Holder of its election to so repurchase a Decedent Holder's Shares. A Decedent Holder shall remain a Stockholder to the extent of any of the remaining Shares (after the repurchase of Shares contemplated by this Section 4.1(a)) subject to the terms of this Agreement.
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Death of a Principal. You must be notified in writing immediately upon the death of one of the principals and, upon receiving that notification you may:  require a copy of a death certificate and notarized copies of the appropriate estate papers;  require a portion of the investments be retained in the Account;  follow any other course of action you deem prudent. The deceased principal’s estate and each of the remaining parties to the Account will continue to be responsible to you, jointly and severally, for any debit balance or loss that:  may be incurred in settling a transaction initiated prior to death;  is incurred in the distribution or liquidation of the Account;  occurs in adjusting for the interests of the remaining principals. Each of us declares that our interests in the joint account are as joint tenants with full right of survivorship and not as tenants-in-common. You shall be protected from all liability in obeying the instructions of the survivor of us respecting the disposition of securities or other property in our Account.
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Death of a Principal. (a) Upon the death of the last surviving Principal of RFP, or the death of the last surviving Principal of Company B, as the case may be (such Owner being referred to as the "Selling Owner"), the other Owner (the "Purchasing Owner") shall have the right, but not the obligation (the "Purchase Option"), to purchase all, but not less than all, of the undivided interest of the Selling Owner in the Property. If the Purchasing Owner wishes to exercise the Purchase Option, it shall do so by delivering notice in writing to that effect to the Selling Owner's Principal's rightful attorney, executor or trustee within sixty (60) days following the date of death of the Principal of the Selling Owner (the "Purchase Notice"). The purchase and sale of the interest of the Selling Owner shall be upon the terms set out in this Section 6.
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Death of a Principal. Upon the death of a Principal, the deceased’s executor, administrator, or other personal representative shall transfer the deceased’s interest to a third party approved by Franchisor within twelve (12) months after the death. If no personal representative is designated or appointed or no probate proceedings are instituted with respect to the deceased’s estate, then the distributee of such interest must be approved by Franchisor. If the distributee is not approved by Franchisor, then the distributee shall transfer the deceased’s interest to a third party approved by Franchisor within twelve (12) months after the deceased’s death.
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Related to Death of a Principal

  • Payment of Principal, Premium, if any, and Interest The Company covenants and agrees for the benefit of the Holders of the Securities that it will duly and punctually pay the principal of and any premium and interest (including any Additional Interest) on the Securities in accordance with the terms of the Securities and this Indenture.

  • Interest and Principal The Notes will mature on July 1, 2020 and will bear interest at the rate of 4.250% per annum. The Issuers will pay interest on the Notes on each January 1 and July 1 (each an “Interest Payment Date”), beginning on January 1, 2016, to the Holders of record on the immediately preceding December 15 or June 15 (each a “Record Date”), respectively. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of issuance. Payments of the principal of and interest on the Notes shall be made in Dollars, and the Notes shall be denominated in Dollars.

  • Payments of Interest and Principal (a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class C(2020-5) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class C(2020-5) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class C(2020-5) Notes shall be made as set forth in Section 1102 of the Indenture.

  • Allocation of Insurance Proceeds Except as otherwise provided in Section 11.3, Insurance Proceeds received with respect to suits, occurrences, claims, costs and expenses covered under the Shared Policies shall be paid to Tyco with respect to Tyco Retained Liabilities, to Healthcare with respect to Healthcare Liabilities, and to Electronics with respect to Electronics Liabilities. In the event that the aggregate limits on any Shared Policies are exhausted by the payment of Insured Claims by the relevant Parties, such Parties agree to allocate the Insurance Proceeds received thereunder based upon their respective percentage of the total insured claim or claims which were covered under such Shared Policy (their “allocable portion of Insurance Proceeds”), and any Party who has received Insurance Proceeds in excess of such Party’s allocable portion of Insurance Proceeds shall pay to the other Party or Parties the appropriate amount so that each Party will have received its allocable portion of Insurance Proceeds. Each of the Parties agrees to use best efforts to maximize available coverage under those Shared Policies applicable to it for the benefit of all Parties, and to take all commercially reasonable steps to recover from all other responsible parties (except the Parties) in respect of an Insured Claim to the extent coverage limits under a Shared Policy have been exceeded or would be exceeded as a result of such Insured Claim.

  • Payment of Interest and Principal All unpaid principal, together with any then accrued and unpaid interest and any other amounts payable hereunder, shall be due and payable on November 30, 2020 (the “Maturity Date”). If any payment hereunder becomes due and payable on a Saturday, Sunday or legal holiday under the laws of the United States of America or the State of Minnesota, or both, the due date thereof shall be extended to the next business day and interest shall be payable for any principal so extended for the period of such extension. Payments of principal and interest are to be made at the address provided herein for the Holder (or at such other place as the Holder shall have notified the Debtor in writing at least five (5) days before such payment is due) or by wire transfer pursuant to the Holder’s written instructions. Payments of interest and principal are subordinate to any indebtedness held by Lone Star Value Investors, LP.

  • Payments of Principal If an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date for an Early Amortization Period, and if the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20 - from the Series 20 - Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of [the][each Class of] Class A Notes, [pro rata based on the principal amount of each Class of Class A Notes,] until the Note Balance of [the][each Class of] Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes, until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes, until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes, until the Note Balance of the Class D Notes is reduced to zero.

  • Prepayment of Principal Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Series Supplement, if not otherwise described herein.

  • Repayment of Principal Except as otherwise provided herein, the Company will repay the outstanding principal amount of this Note within fourteen (14) Business Days of the Offering Funding Date (the “Maturity Date”). This Note does not bear interest. At the option of the Lender, funds available for repayment of the loan may be held in a Company account, interest free, after the Maturity Date. Such funds shall not be used or otherwise pledged until such time as the Company and Lender have entered into another note.

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