Death or Dissolution Clause Samples
The 'Death or Dissolution' clause outlines the procedures and consequences that arise if a party to the agreement dies or, in the case of an entity, is dissolved. Typically, this clause specifies whether the agreement will terminate automatically, continue with the deceased party’s estate or legal representatives, or require certain actions such as notice or settlement of outstanding obligations. Its core function is to provide clarity and certainty about the status of the agreement in the event of a party’s death or dissolution, thereby preventing disputes and ensuring a smooth transition or conclusion of contractual relationships.
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Death or Dissolution. The dissolution, death, termination of existence, insolvency or business failure or suspension or cessation of business as usual of any Loan Party or any Other Obligor (or of any general partner of any Loan Party or any Other Obligor if it is a partnership);
Death or Dissolution. If Broker is not a corporation or partnership, this Agreement will terminate on the date of Broker's death. If Broker is a corporation or partnership, this Agreement will terminate on the date that the corporation or partnership is dissolved or otherwise judged by appropriate regulatory agencies to no longer be a legal entity.
Death or Dissolution. The death or dissolution of any Member shall not cause the dissolution of the Company. In such event the Company and its business shall be continued by the remaining Member or Members and the Units owned by the deceased Member shall automatically be Transferred to such Member’s heirs in accordance with Applicable Law; provided, that within a reasonable time after such Transfer, the applicable heirs shall sign a written undertaking substantially in the form of the Joinder Agreement.
Death or Dissolution. Death or dissolution of Debtor or of any guarantor or surety for Debtor's obligations hereunder.
Death or Dissolution. Guarantor dies, dissolves or liquidates, or the business of Guarantor is suspended or terminated for any reason.
Death or Dissolution. Upon the death or dissolution of a Member, the Company shall have the right and option, by written notice no later than three (3) months after the date of the death or dissolution, to purchase that deceased or dissolved Member's interest in the Company now owned or hereafter acquired. The purchase price for that interest shall be the average of the value established by two independent appraisers, with the representatives of the Selling Member and the Company each selecting and paying for one of the appraisers. The purchase price shall be paid in equal installments over a thirty six (36) month period.
Death or Dissolution. (a) An individual’s membership in the Cooperative is deemed to be withdrawn on their date of death. By ordinary resolution, the board may deem a body corporate’s membership in the Cooperative to be withdrawn if that body corporate has commenced dissolution proceedings or is dissolved by its corporate regulator.
(b) By ordinary resolution, the board may deem a person’s membership in the Cooperative to be withdrawn if the member resigns or retires as an employee of the Cooperative, or the member withdraws his or her services to the Cooperative that were provided on contract.
Death or Dissolution. If Borrower shall cease to exist or is dissolved.
Death or Dissolution. The death of Tenant if Tenant is an individual, or the dissolution or termination of Tenant if Tenant is an entity, trust or other organization; and
Death or Dissolution. If the Buy-out Event is the death or dissolution of the Affected Member, then the Affected Member shall automatically cease to be a Member upon the occurrence of such Buy-out Event, and such Buy-out Event shall constitute a Dissolution Event under Section 10.01(a)(iii). If the other Members purchase the Affected Member's Membership Rights pursuant to the Article 8, the Assignees of such Affected Member shall have no further rights with respect to such Membership Rights (except the right to receive the Purchase Price in accordance with Sections 8.04 and 8.05), regardless of whether a Continuation Election is made. If, however, the other Members do not purchase the Affected Member's Membership Rights pursuant to this Article 8, then the following procedures will apply. If a Continuation Election is not made, the Assignees of the Affected Member shall receive the applicable liquidating distribution described in Section 10.02(b), If a Continuation Election is made, the Assignees of the Affected Member may request admission to the Company as Members in the circumstances described in Section 2,02. If such Assignees do not request admission, or if they request admission and it is not granted pursuant to Section 2.02, then such Assignees shall remain Assignees and shall only own the Affected Member's Interest.