Common use of Death or Disability; Successors Clause in Contracts

Death or Disability; Successors. In the event of the death or permanent disability of the Indemnification Representative, or his resignation as the Indemnification Representative, a successor Indemnification Representative shall be elected by a majority vote of the Holders, with each Holder to be given a vote equal to his proportionate share of the Escrow Shares. The Holders shall cause to be delivered to Parent and the Escrow Agent prompt written notice of such election of a successor Indemnification Representative. Each successor Indemnification Representative shall have all of the power, authority, rights, and privileges conferred by this Agreement upon the original Indemnification Representative, and the term, "INDEMNIFICATION REPRESENTATIVE" as used herein shall be deemed to include any successor Indemnification Representative.

Appears in 2 contracts

Samples: Escrow Agreement (Jeanty Roger O), Escrow Agreement (Sipex Corp)

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Death or Disability; Successors. In the event of the death ------------------------------- or permanent disability of the Indemnification Representative, or his resignation as a the Indemnification Representative, a successor Indemnification Representative shall be elected by a majority vote of the Holders, with each Holder to be given a vote equal to his proportionate share of the Escrow Shares. The Holders shall cause to be delivered to Parent Cambridge and the Escrow Agent Custodian prompt written notice of such election of a successor Indemnification Representative. Each successor Indemnification Representative shall have all of the power, authority, rights, and privileges conferred by this Agreement upon the original Indemnification Representative, and the term, "INDEMNIFICATION REPRESENTATIVEIndemnification Representative" ------------------------------ as used herein shall be deemed to include any successor Indemnification Representative.

Appears in 2 contracts

Samples: Escrow Agreement (Cambridge Technology Partners Massachusetts Inc), Escrow Agreement (Cambridge Technology Partners Massachusetts Inc)

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Death or Disability; Successors. In the event of the death or ------------------------------- permanent disability of the Indemnification Representative, or his resignation as the Indemnification Representative, a successor Indemnification Representative shall be elected by a majority vote of the Holders, with each Holder to be given a vote equal to his proportionate share of the Escrow Shares. The Holders shall cause to be delivered to Parent and the Escrow Agent Custodian prompt written notice of such election of a successor Indemnification Representative. Each successor Indemnification Representative shall have all of the power, authority, rights, and privileges conferred by this Agreement upon the original Indemnification Representative, and the term, "INDEMNIFICATION REPRESENTATIVEIndemnification Representative" ------------------------------ as used herein shall be deemed to include any successor Indemnification Representative.

Appears in 1 contract

Samples: Escrow Agreement (Del Arroz Manuel)

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