Dissolution; Death Sample Clauses
The 'Dissolution; Death' clause outlines the procedures and consequences that occur if a party to an agreement dies or if the entity is dissolved. Typically, this clause specifies how the deceased party's interest is handled—such as transferring to heirs, being bought out by remaining parties, or triggering a winding up of the entity's affairs. Its core function is to provide a clear process for handling ownership and operational issues in the event of death or dissolution, thereby preventing disputes and ensuring continuity or orderly termination.
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Dissolution; Death. (i) A receiver or similar official is appointed for a substantial portion of any Loan Party’s business or the business of any guarantor of the Obligations, or such business is terminated, or Loan Parties, or any of them, or any such guarantor is liquidated or dissolved, (ii) any order, judgment or decree shall be entered against Borrowers, or any of them, or any Entity Guarantor decreeing its dissolution or division or the expropriation or confiscation of its assets; or (iii) the death or permanent incapacity of the Personal Guarantor shall have occurred.
Dissolution; Death. Borrower or any Guarantor shall die, become incompetent (if an individual), dissolve, terminate, or liquidate; provided, however, in the event of the incompetence or death of a Guarantor, it shall only be an Event of Default if a replacement guarantor with financial strength equal to or greater than that of the original Guarantor, as of the Closing Date, and acceptable to Lender, in Lender’s sole reasonable discretion, fails to execute and deliver to Lender a replacement Guaranty Agreement on Lender’s then current form within the earlier of (i) one hundred twenty (120) days after the death or adjudication of incompetence of the Guarantor, or (ii) the date a claim must be made against the deceased Guarantor’s estate under Fla. Stat. § 733.702; Domain at Tallahassee 40 Loan No. 00-1102733
Dissolution; Death. Borrower or any Guarantor shall die (if an individual), become incompetent (if an individual), dissolve, terminate, or liquidate; provided, however, in the event of the incompetence or death of a Guarantor, it shall only be an Event of Default if a Replacement Guarantor with financial strength equal to or greater than that of the original Guarantor, as of the Closing Date, and acceptable to Lender, in Lender’s sole reasonable discretion, fails to execute and deliver to Lender a replacement Guaranty Agreement reasonably acceptable to Lender, or , subject to Lender’s sole reasonable discretion, in the same form as the Guaranty Agreement executed and delivered to Lender on the Closing date, on Lender’s then current form within one hundred twenty (120) days after the death or adjudication of incompetence of the Guarantor;
Dissolution; Death. Any Obligor shall fail to remain in good ------------------- standing in its state of incorporation or organization or dissolves, or any individual Obligor dies; or
Dissolution; Death. The dissolution, liquidation or termination of existence of Borrower or the Entity Guarantor or the death of any Individual Guarantor unless a substitute guarantor, satisfactory to the Lender in its sole and absolute discretion, assumes all liability under the Guaranty and Environmental Indemnity and executes any documents which the Lender may reasonably require to implement such substitution, within sixty (60) days after such death or incapacity; or
Dissolution; Death. Borrower or any Guarantor shall die, become incompetent (if an individual), dissolve, terminate, liquidate or in the event of the incompetence or death of a Guarantor, the estate of such Guarantor refuses to have a replacement guarantor with financials equal to or greater than those of the original Guarantor, as of the Closing Date, execute a replacement Guaranty Agreement on Lender’s then current form within one hundred twenty (120) days after the death of the Guarantor;
Dissolution; Death. Borrower or any Guarantor shall die (if an individual), become incompetent (if an individual), dissolve, terminate, or liquidate; provided, however, in the event of the incompetence or death of a Guarantor, it shall only be an Event of Default if a Replacement Guarantor with financial strength equal to or greater than that of the original Guarantor, as of the Closing Date, and acceptable to Lender, in Lender’s sole reasonable discretion, fails to execute and deliver to Lender a replacement Guaranty Agreement reasonably acceptable to Lender, or , subject to Lender’s sole reasonable discretion, in the same form as the Guaranty Agreement executed and delivered to Lender on the Closing date, on Lender’s then current form within one hundred twenty (120) days after the death or adjudication of incompetence of the Guarantor;