Departure Event definition
Examples of Departure Event in a sentence
In the event that C▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ is no longer employed by Borrower on a full-time basis (a “Departure Event”), Borrower shall retain a replacement acceptable to Lender in Lender’s reasonable discretion within three (3) months of such Departure Event.
The Company may exercise the Repurchase Option by delivering a written notice to the Early Departing Person upon the occurrence of an Early Departure Event.
The Company may exercise the Company Repurchase Option in respect of an Early Departure Event within sixty (60) days after the occurrence of an Early Departure Event by delivering a written notice to the Founder Holdco.
In the event that ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ is no longer employed by Borrower on a full-time basis (a “Departure Event”), Borrower shall retain a replacement acceptable to Lender in Lender’s reasonable discretion within three (3) months of such Departure Event.
In the event that the Company exercises the Company Repurchase Option, unless otherwise agreed by the Preferred Majority in writing, the Founder Holdco shall repurchase, and the Early Departing Founder shall sell, all of the Founder Holdco Restricted Shares held by the Early Departing Founder that have not yet become vested in accordance with Section 1 at the time of the Early Departure Event at a per share purchase price equal to its par value within fifteen (15) days after the Early Departure Event.
If for any reason whatsoever a Group Affiliate of a Member would hereafter cease to be a Group Affiliate of such Member (a “Group Departure Event”) while it holds any part of the Bundled Interests of such Member, then the Bundled Interests held by such Group Affiliate shall be transferred to another Group Affiliate prior to the Group Departure Event.
The Members also acknowledge that prior to a Group Departure Event of any Group Affiliate who directly or indirectly owns a Bundled Interest, such Group Affiliate must transfer or cause the transfer of such Bundled Interest to another Group Affiliate of such Member that would not be affected by or subject to the Group Departure Event.
The remedy provided in Section 8.3(b) is deemed reasonable by the parties, because an indirect disposition of a Bundled Interest through a Group Departure Event is within the Members’ control and can be avoided.
At no time during the Suspension Period shall the General Partner cause the Partnership to make any investment that the Partnership did not have (A) a legally binding commitment to make such investment prior to the Suspension Period, (B) a term sheet or similar non-binding agreement was executed by the parties prior to the Suspension Period or (C) a majority of the Investment Committee, including the Key Person triggering such Departure Event approved such investment.
This Section has been included in this Agreement to restrict an indirect transfer of Bundled Interests through a Group Departure Event (which the Members acknowledge can be avoided if they so choose) without complying with the restrictions on transfers of Bundled Interests provided in this Article VIII.