Death of a Principal. You must notify us in writing immediately upon the death of one of the principals and, upon receiving that notification, we may: ▪ require a copy of a death certificate and notarized copies of the appropriate estate papers; ▪ restrict transactions and/or require a portion of the investments be retained in the Account; or ▪ follow any other course of action we deem prudent. The deceased principal's estate and each of the remaining parties to the Account will continue to be responsible to us, jointly and severally, for any debit balance or loss that: ▪ may be incurred in settling a transaction initiated prior to death; ▪ is incurred in the distribution or liquidation of the Account; or ▪ occurs in adjusting for the interests of the remaining principals. Each of you declare that your interests in the joint Account are as joint tenants with full rights of survivorship and not as tenants- in-common, except if you are a resident of Quebec, in which case your interests in the joint Account are as tenants-in-common. We shall be protected from all liability in obeying the instructions of the survivor of you respecting the disposition of securities or other property in the Account.
Death of a Principal. Credential must be notified in writing immediately upon the death of one of the principals and, upon receiving that notification Credential may: require a copy of a death certificate and notarized copies of the appropriate estate papers; require a portion of the investments to be retained in the Account; or follow any other course of action Credential deems prudent. The deceased principal's estate and each of the remaining parties to the Account will continue to be responsible to Credential, jointly and severally, for any debit balance or loss that: may be incurred in settling a transaction initiated prior to death; is incurred in the distribution or liquidation of the Account; or occurs in adjusting for the interests of the remaining principals. Each of you declares that your interests in the Joint Account are as joint tenants with full rights of survivorship and not as tenants-in-common. Credential shall be protected from all liability in obeying the instructions of your survivor respecting the disposition of securities or other property in your Joint Account. If you are a resident of Quebec, your interests in the Joint Account are as tenants-in-common.
Death of a Principal. (a) In the event of the death of any Management Stockholder or a Principal of a Management Stockholder (the "Decedent") and subject to the provisions of Sections 4.3 and 4.5 and the Loan Documents, (i) in the event and to the extent the Company receives life insurance proceeds as a result thereof (other than key man insurance maintained for the benefit of lenders to the Company), the Company shall repurchase Shares from the Decedent's respective Affiliate corporation (or, if necessary, any Related Transferees) holding such Shares (the "Decedent Holder"), and such Decedent Holder shall be obligated to sell Shares to the Company, at the purchase price per Share and on the terms and conditions set forth in Section 4.3 and (ii) in the event and to the extent that life insurance proceeds (if any) are insufficient to fund the repurchase of all Shares held by the Decedent Holder, subject to the existence of funds legally available therefor, the Company shall have the right and option, but not the obligation, to repurchase all or such portion of the remaining Shares held by the Decedent Holder and the Decedent Holder shall be obligated to sell such Shares to the Company, at the purchase price per Share and on the terms and conditions set forth in Section 4.3. Such option may be exercised by the Company giving Notice to the Decedent Holder of its election to so repurchase a Decedent Holder's Shares. A Decedent Holder shall remain a Stockholder to the extent of any of the remaining Shares (after the repurchase of Shares contemplated by this Section 4.1(a)) subject to the terms of this Agreement.
Death of a Principal. You must be notified in writing immediately upon the death of one of the principals and, upon receiving that notification you may: require a copy of a death certificate and notarized copies of the appropriate estate papers; require a portion of the investments be retained in the Account; follow any other course of action you deem prudent. The deceased principal’s estate and each of the remaining parties to the Account will continue to be responsible to you, jointly and severally, for any debit balance or loss that: may be incurred in settling a transaction initiated prior to death; is incurred in the distribution or liquidation of the Account; occurs in adjusting for the interests of the remaining principals. Each of us declares that our interests in the joint account are as joint tenants with full right of survivorship and not as tenants-in-common. You shall be protected from all liability in obeying the instructions of the survivor of us respecting the disposition of securities or other property in our Account.
Death of a Principal. Upon the death of a Principal, the deceased’s executor, administrator, or other personal representative shall transfer the deceased’s interest to a third party approved by Franchisor within twelve (12) months after the death. If no personal representative is designated or appointed or no probate proceedings are instituted with respect to the deceased’s estate, then the distributee of such interest must be approved by Franchisor. If the distributee is not approved by Franchisor, then the distributee shall transfer the deceased’s interest to a third party approved by Franchisor within twelve (12) months after the deceased’s death.
Death of a Principal. (a) Upon the death of the last surviving Principal of RFP, or the death of the last surviving Principal of Company B, as the case may be (such Owner being referred to as the "Selling Owner"), the other Owner (the "Purchasing Owner") shall have the right, but not the obligation (the "Purchase Option"), to purchase all, but not less than all, of the undivided interest of the Selling Owner in the Property. If the Purchasing Owner wishes to exercise the Purchase Option, it shall do so by delivering notice in writing to that effect to the Selling Owner's Principal's rightful attorney, executor or trustee within sixty (60) days following the date of death of the Principal of the Selling Owner (the "Purchase Notice"). The purchase and sale of the interest of the Selling Owner shall be upon the terms set out in this Section 6.
