Disposition Upon Termination of Marital Relationship Sample Clauses

Disposition Upon Termination of Marital Relationship. If the marital relationship of a Qualified Shareholder is terminated by death or divorce and such Qualified Shareholder does not succeed to his spouse's community interest in the Stock, the Qualified Shareholder shall be required to purchase all of the spouse's interest in the Stock, and the spouse or the executor or administrator of the decedent's estate shall be obligated to sell such Stock, at the price per share determined under Paragraph 2(e). Such purchase must be exercised and consummated within ninety (90) days after such death or divorce. Should such Qualified Shareholder fail to consummate the purchase within such ninety (90) day period, such failure shall constitute an Offer and the provisions of Paragraph 3(c) through 3(h) shall apply. The date of the Offer shall be the 91st day after such death or divorce. Provided, however, if the surviving spouse is an employee of the Corporation at the time the marriage is terminated, such spouse may retain the Stock subject to the provisions of this Agreement.
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Disposition Upon Termination of Marital Relationship. If the marital relationship of an Interest Holder is terminated by the death of an Interest Holder’s spouse or by divorce and such Interest Holder does not succeed to the Interest Holder’s spouse’s interest in the Partnership, such Interest Holder shall have the option to purchase all of his/her spouse’s property interest in the Partnership, and his/her spouse or the executor or administrator of such spouse’s estate shall be obligated to sell such property interest. Such option must be exercised by such Interest Holder within ninety (90) days after such death or divorce. Should any Interest Holder fail to exercise such option within such ninety (90) day period, such failure shall constitute an Offer of the former spouse’s property interest in the Partnership, and the provisions of Sections 9.2(a) and 9.2(b) shall apply. The date of the Offer shall be the ninety-first (91st) day after such death or divorce.
Sample 1
Disposition Upon Termination of Marital Relationship. If the marital relationship of a Holder is terminated by death or divorce and such Holder does not succeed to his spouse's community interest in the Xxxxxxx'x Securities, the Holder shall be required to purchase all of the spouse's interest in the Xxxxxxx'x Securities, and the spouse or the executor or administrator of the decedent's estate shall be obligated to sell such Xxxxxxx'x Securities, at a purchase price equal to the applicable Payment Amount. Such purchase shall be consummated within 90 days after such death or divorce. Should such Holder fail to consummate the purchase within such 90 day period, such failure shall constitute an Offer and the provisions of Section 9(a) hereof shall apply. The date of the Offer shall be the 91st day after such death or divorce.
Sample 1

Related to Disposition Upon Termination of Marital Relationship

  • Action Upon Termination (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

  • Termination Upon Change in Control (1) For the purposes of this Agreement, a “Change in Control” shall mean any of the following events that occurs following the Effective Date:

  • Actions Upon Termination Upon the termination of this Agreement, Issuer shall remove all references to any ODB Name, Branding and Content from the Issuer Site or Issuer Content and terminate all links on the Issuer Site to any ODB Site. ODB shall remove all references to Issuer Name, Branding and Content and terminate all links on the ODB Site to any Issuer Site. Each Party shall promptly return all Confidential Information, documents, manuals and other materials stored in any form or media (including but not limited to electronic copies) belonging to the other Party, except as may be otherwise provided in this Agreement or required by Law.

  • Condition upon Termination Upon the termination of the -------------------------- Lease, Tenant shall surrender the Property to Landlord, broom clean and in the same condition as received except for ordinary wear and tear which Tenant was not otherwise obligated to remedy under any provision of this Lease. However, Tenant shall not be obligated to repair any damage which Landlord is required to repair under Article 7 (Damage or Destruction). In addition, Landlord may require Tenant to remove any alterations, additions or improvements (whether or not made with Landlord's consent) prior to the expiration of the Lease and to restore the Property to its prior condition, all at Tenant's expense. All alterations, additions and improvements which Landlord has not required Tenant to remove shall become Landlord's property and shall be surrendered to Landlord upon the expiration or earlier termination of the Lease, except that Tenant may remove any of Tenant's machinery or equipment which can be removed without material damage to the Property. Tenant shall repair, at Tenant's expense, any damage to the Property caused by the removal of any such machinery or equipment. In no event, however, shall Tenant remove any of the following materials or equipment (which shall be deemed Landlord's property) without Landlord's prior written consent: any power wiring or power panels; lighting or lighting fixtures; wall coverings; drapes, blinds or other window coverings; carpets or other floor coverings; heaters, air conditioners or any other heating or air conditioning equipment; fencing or security gates; or other similar building operating equipment and decorations except to the extent installed by Tenant.

  • Accounting Upon Termination of Servicer Upon termination of the Servicer, the Servicer shall, at its expense:

  • Termination Upon Change of Control Notwithstanding anything to the contrary herein, this Agreement (excluding any then-existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such transaction or series of transactions; or (b) a sale, lease or other conveyance of all substantially all of the assets of the Company.

  • Termination Upon a Change in Control If Executive’s employment is subject to a Termination within a Covered Period, then, in addition to Minimum Benefits, the Company shall provide Executive the following benefits:

  • Termination Upon a Change of Control If Executive’s employment by the Employer, or any Affiliate or successor of the Employer, shall be subject to a Termination within a Covered Period, then, in addition to Minimum Payments, the Employer shall provide Executive the following benefits:

  • Resignation upon Termination Effective as of any Date of Termination under this Section 7 or otherwise as of the date of Executive's termination of employment with the Company, Executive shall resign, in writing, from all Board memberships and other positions then held by him with the Company and its Affiliates.

  • Action upon Termination or Removal Promptly upon the effective date of termination of this Agreement pursuant to Section 8, or the removal or resignation of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees accruing to it to the date of such termination or removal.

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