Common use of Dissolution or Death Clause in Contracts

Dissolution or Death. In the case of an Obligated Party that is not an individual, any dissolution, termination, partial or complete liquidation, merger or consolidation of any Obligated Party, or, in the case of a Obligated Party that is an individual, the death or incapacity of such Obligated Party, unless said individual is replaced by a substitute individual satisfactory to the Lender, in its reasonable discretion;