Qualified Successor definition

Qualified Successor means a person who is entitled to ownership of an Option upon the death of an Optionee, pursuant to a will or the applicable laws of descent and distribution upon death;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Qualified Successor. As defined in Section 40.3.

Qualified Successor shall have the meaning assigned to that term in Section 12.8(b).

Examples of Qualified Successor in a sentence

• No such resignation shall become effective until a Qualified Successor or the Master Servicer shall have assumed the Company’s responsibilities and obligations hereunder.

• In the event that Landlord or Tenant fails to designate such party’s allotted number of potential Qualified Successor Tenants, the other party may designate additional potential Qualified Successor Tenants such that the total number of potential Qualified Successor Tenants does not exceed four; provided that, in the event the total number of potential Qualified Successor Tenants is less than four, the transfer process will still proceed as set forth in Section 36.2(c) below.

• Should there be no person meeting the definition of Qualified Successor available to be designated by the Sibling Member, he or she may appoint his or her spouse or any other descendant of ▇▇▇▇▇ ▇.

• In the event that Landlord or Tenant fails to designate such party’s allotted number of potential Qualified Successor Tenants, the other party may designate additional potential Qualified Successor Tenants such that the total number of potential Qualified Successor Tenants does not exceed four; provided that, in the event the total number of potential Qualified Successor Tenants is less than four, the transfer process will still proceed as set forth in Section 36.3(c) below.

• If, prior to the ninetieth (90th) day preceding the expiration of this Lease as to a Leased Property and the Facility thereon, Lessor notifies Tenant in writing that Lessor has procured a Qualified Successor for such Facility, Tenant shall not commence the Facility Termination (any notice of the nature referenced in this sentence is herein referred to as a “Section 40.3 Notice”).

More Definitions of Qualified Successor

Qualified Successor means, in the case of each of the original Sibling Members, an Adult descendant of such Sibling member. In the case of any successor to an original Sibling Member, a Qualified Successor means any Adult descendant of such original Sibling Member.

Qualified Successor means have the meaning ascribed thereto in the Employment Agreement or Director's Agreement, as applicable. If such terms does not appear in the Employment Agreement or Director's Agreement, all Plan provisions in respect of a Qualified Successor shall be null and void with respect to the affected Participant.

Qualified Successor means a person who is:

Qualified Successor means a corporation referred to in paragraph 17(2)(b) or (c) of the Canadian Telecommunications Common Carrier Ownership and Control Regulations as they read on October 25, 1994, registered as SOR/94-667, incorporated or continued under the laws of Canada or a province and directly controlled by a Canadian carrier referred to in subsection 16(2) of the Telecommunications Act, or by its acquiring corporation, where

Qualified Successor means a person or persons entitled under Optionee's will or applicable laws of descent and distribution to receive Incentive Stock Options held by Optionee at the time of Optionee's death.

Qualified Successor means in the event there is a vacancy in the Board occurring between annual meetings as a result of death, incapacity or resignation, or if one or more of the Directors shall decline to stand for election to the Board or, if he is unable or unwilling to so serve, then the shareholders that are party to that certain voting agreement ("Voting Agreement") dated on or about the date hereof between the Company and the parties thereto to elect Messrs. Agresti, DeSaye, MacAvery and McQuiston (the "Shareholders") ▇▇▇▇▇ designate one or more individuals of standing within the business world reasonably comparable to that of such Director (each a "Qualified Successor") as one or more successor Directors in the following manner. The Shareholders shall select an individual to serve as the Qualified Successor, which individual shall be independent both of the Company (except through proposed service as a member of the Board or a subsidiary of the Company) and of the Shareholders. The selected individual shall be subject to the prior approval of a super-majority of the Shareholders, which consent shall not unreasonably be withheld. A Shareholder's approval of a designated Director shall be deemed given if such Shareholder has not responded to a notice by the Chairman of the Board of the Company within 30 days of notice to the Shareholder of the identity of the selected individual. Upon selection and approval hereunder, such Qualified Successor shall for all purposes be deemed a Director of the Company and shall be subject to the Voting Agreement in the event of his/her death, incapacity, resignation or decision not to be a Director.

Qualified Successor means a Person who is entitled to ownership of an Option or Share Unit upon the death of a Participant, pursuant to a will or the applicable laws of descent and distribution upon death.