DEATH OR DEFAULT Sample Clauses

DEATH OR DEFAULT. 8.1 Where a Shareholder: (a) (where the Shareholder is an individual) is declared bankrupt; (b) (where the Shareholder is a body corporate) is unable to pay its debts as they fall due, or has passed any resolution for its liquidation or presented any petition for its administration (but excluding voluntary winding-up of a solvent company for the purpose of amalgamation or reconstruction); (c) (where the Shareholder is an individual and a director or an employee of the Company) has their directorship or employment terminated on the ground of fraud, dishonesty, gross misconduct, or neglect, or is otherwise summarily dismissed; (d) has breached any restrictive covenant or committed any indictable offence; or (e) commits a material or persistent breach of this Agreement (in each case, the "Departing Shareholder"),