Transfer on Death Clause Samples

Transfer on Death. Notwithstanding any other provision contained herein, upon the death of any Member, such Member’s voting Membership Interest shall automatically revert to the Company and the Economic Interest owned by the Member, including the deceased Member’s capital Account, shall transfer to the estate of the deceased Member. If Membership Units stand of record in the name of two or more persons as joint tenants with right of survivorship or tenants by the entireties, then this provision shall become effective only upon the death of the survivor.

Transfer on Death. (▇▇▇) All states, except for Louisiana, have now adopted Transfer on Death (sometimes referred to as payable on death) statutes which permit a security owner to designate a beneficiary upon registration of securities or opening an account. This enables securities to pass directly to the beneficiary(ies) without probate. It does not, however, avoid estate tax if otherwise applicable. A new ▇▇▇ account agreement is required to add or delete a beneficiary. Since a ▇▇▇ account involves a distribution of assets upon the death of an account owner, customers are advised to consult with their tax and/or legal advisors before proceeding. A separate ▇▇▇ form is required when opening this type of account.

Transfer on Death. The provisions of Section 6.1 shall not apply to the Transfer of any Shares from a deceased Onex Associate to his estate or to any Associate of such deceased Onex Associate, provided that (i) the estate or such Associate shall be bound by the provisions of this Agreement and (ii) the legal representative(s) of the deceased Onex Associate (on behalf of his estate) or such Associate, as the case may be, executes and delivers a counterpart in substance having the same effect as Schedule C pursuant to which such person(s) agrees to be bound by the terms and conditions hereof in respect of such Shares.

Transfer on Death. Except as provided above, a transferee from an estate or trust on the death of a Member shall not become a Member. Surviving Members shall have the right to purchase, pro rata, the whole of the Company interest of the deceased Member. Election to purchase shall be made within three (3) months of the appointment of an executor or administrator ("estate representative"), or if the Company interest is held in trust, four (4) months from the date of death, and the term "estate representative" will include trustees. The value of a Membership shall be determined by an appraisal of the Premises, as adjusted under ARTICLE IV of this Agreement. The value of the Premises shall be determined by a fair market value appraisal by a registered appraiser. If the purchaser or purchasers cannot agree upon an acceptable appraiser within thirty (30) days of notice of the exercise of the option to purchase, the estate representative and the purchaser or purchasers shall each select an independent appraiser and said independent appraisers so selected shall (by majority vote) select a third appraiser, who shall be qualified as aforesaid. Said third appraiser shall appraise the Premises. Notwithstanding the foregoing, if either the estate representative or purchaser fails to select an appraiser within the above 30-day period, then the appraiser selected by the other shall make the required appraisal. The appraisal shall be conclusive and binding upon the estate representative and the purchaser or purchasers. The expenses of said appraisal shall be paid one-half by the estate representative and one-half by the purchaser or purchasers. In the event the whole of a Company interest is not purchased by other Members, the person to whom the interest was left shall become a Member.

Transfer on Death. On the death of ▇▇▇▇▇ or any individual permitted assignee, such individual's interest in this Agreement, including the right to receive the Component 1 payment and the Component 2 payment (to the extent vested), shall enure to the benefit of his legal and personal representatives, any permitted assignee or assignees designated to receive it in his will, or in the absence of a valid will, to the benefit of his heirs, to the extent they are permitted assignees.

Transfer on Death. You must also complete section A above. Allocations must equal 100%. Assets will be divided equally among beneficiaries if percentages are not provided. If beneficiary is a minor, a custodian must be provided. Provide information for additional beneficiaries and/or custodians on a separate sheet. Beneficiary First Name Middle Initial Last Name Beneficiary Date of Birth (mm/dd/yyyy) Beneficiary Social Security Number/Tax ID Number Allocated percentage Street Address City State Zip

Transfer on Death. A Party that is a natural person shall be entitled to transfer his or her Shares by testamentary instrument upon the death of such Party.

Transfer on Death. Upon the death of a natural person who is Member or the sole owner or trustee of any Member (a “Deceased Person”), the following will happen in connection with that Member’s (the ‘‘Deceased Member”) Membership Units: A. All of the Voting Interest associated with the Deceased Member’s Membership Units are immediately transferred to the Company; B. The Voting Interest associated with the Deceased Member’s Membership Units will be distributed among the remaining Members, pro-rata; and C. The Economic Interest associated with the Deceased Member’s Membership Units remain with the Deceased Member and become part of the Deceased Person’s estate. ARTICLE FOUR

Transfer on Death. On the death of Franchisee or an Equity Owner who is a natural person, this Agreement or the Equity Interest of the deceased Equity Owner may Transfer in accordance with such person's will or, if such person dies intestate, in accordance with laws of intestacy governing the distribution of such person's estate, provided that: (i) the transfer on death is to an immediate family member or to a legal entity formed by such family member(s); and (ii) within one (1) year after the death, such family member(s) or entity meet all of our then-current requirements for an approved Transferee. 13.2.2.4 Privately Held Equity Interests: 25% or Greater Change/No Change of Control. You or any Equity Owner as of the Effective Date (or any transferee Equity Owner we subsequently approve) may Transfer an Equity Interest in Franchisee even though, after the completion of such Transfer, twenty-five percent (25%) or more of the Equity Interests in Franchisee will have changed hands since the Effective Date of this Agreement. 13.2.3 Change of Ownership Transfer. Any proposed Transfer that is not described in Subsection 13.2.1 or 13.2.2 is a Change of Ownership Transfer. We will have sixty (60) days from our receipt of the completed and signed franchise application to consent or withhold our consent to any proposed Change of Ownership Transfer. You consent to our communication with any party we deem necessary about the Hotel in order for us to evaluate the proposed Change of Ownership Transfer. Our consent to the Change of Ownership Transfer is subject to the following conditions, all of which must be satisfied at or before the date of closing the Change of Ownership Transfer ("Closing"): 13.2.3.1 the Transferee submits a Change of Ownership Application, pays our then current franchise application fee and any PIP Fee, executes our then-current form of new franchise agreement and all ancillary forms, including a guaranty from a third-party acceptable to us, if required; us or our Affiliates;13.2.3.2 you are not in default of this Agreement or any other agreements with 13.2.3.3 you or the Transferee pay all amounts due to us and the Entities through the date of the Closing; 13.2.3.4 you execute our then-current form of voluntary termination agreement, which may include a general release, covering termination of this Agreement; 13.2.3.5 you conclude to our satisfaction, or provide adequate security for, any suit, action, or proceeding pending or threatened against you, us or any Ent...