Testamentary Disposition Sample Clauses

A Testamentary Disposition clause outlines how a person's assets and property will be distributed upon their death, typically through a will or similar legal document. This clause specifies the beneficiaries, the portions or items they are to receive, and any conditions or instructions for the transfer of assets. By clearly detailing the decedent's wishes, the clause ensures that their estate is managed and distributed according to their intentions, thereby reducing potential disputes among heirs and providing legal clarity for executors.
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Testamentary Disposition. The Borrower shall not make any testamentary disposition of the residential property and even if the Borrower does so, it would be subject to the mortgage created in favour of the Lender. The Borrower shall make a testamentary disposition of the Mortgaged Premises in favour of his or her relatives subject to the discharge of the mortgage debt by such a legatee and a statement that the heirs shall not be entitled to challenge the validity of the mortgage as also the right of the Lender to enforce the mortgage in the event of the death of the Borrower unless the legal representative is willing to undertake the responsibility for discharging in full the amount of the Loan and accrued interest other charges thereon.
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Testamentary Disposition. I hereby agree to be bound by the terms and provisions of the Incentive Agreement, and I further agree that I will not bequeath any part (if any) of my community or jointly-owned interest in the Options or the Shares by my will, if I predecease my spouse/domestic partner, to any person or party other than my spouse/domestic partner. I direct that the residuary clause in my will shall not be deemed to apply to our community or jointly-owned interests in the Interest.
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Testamentary Disposition. Either Decedent may make testamentary dispositions of her Shares to Permitted Transferees. Any such Permitted Transferee who is not a party to this Agreement at the time of such Transfer shall expressly agree in writing, prior to any Transfer, to be bound by all of the obligations, and entitled to all of the rights, of the ▇▇▇▇▇▇▇▇ Heirs as set forth in this Agreement, and the Company may direct the Company’s stock transfer agent to withhold any such Transfer until such written agreement has been provided.
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Related to Testamentary Disposition

  • Dispositions and Involuntary Dispositions The Issuer shall promptly (and, in any event, within three (3) Business Days) upon the receipt by any Note Party or any Subsidiary of the Net Cash Proceeds of any Disposition or Involuntary Disposition (other than, so long as no Default or Event of Default exists at the time prepayment would otherwise be required pursuant to this Section 2.07(b)(i), where such Net Cash Proceeds of Dispositions and Involuntary Dispositions do not exceed (x) prior to the Combination Closing Date, $1,000,000 and (y) on or after the Combination Closing Date, $3,000,000, in each case, in the aggregate in any fiscal year ((x) or (y), as applicable, the “De Minimis Disposition Proceeds”)) apply 100% of such Net Cash Proceeds to prepay the Notes, the accrued but unpaid interest thereon and, subject to Section 2.12 of the Intercreditor Agreement, the Call Premium, if any, payable thereon, to the extent such Net Cash Proceeds are not reinvested in Eligible Assets (x) prior to the Combination Closing Date, within 90 days of the date of such Disposition or Involuntary Disposition or (y) on or after the Combination Closing Date, (i) within twelve months following receipt of such Net Cash Proceeds or (ii) if the Issuer or any Subsidiary enters into a legally binding commitment to reinvest such Net Cash Proceeds within twelve months following receipt thereof, within the later of (A) twelve months following receipt of such Net Cash Proceeds and (B) 180 days of the date of such legally binding commitment; provided, that if at the time that any such prepayment would be required, the Issuer is also required to prepay the Lockheed ▇▇▇▇▇▇ Senior Secured Notes (to the extent required by the NPA) with any portion of such Net Cash Proceeds, then the Issuer may apply such portion of the Net Cash Proceeds on a pro rata basis (as determined in accordance with Section 2.12 of the Intercreditor Agreement) and any Declined Proceeds pursuant to clause (iv) below, in each case, to the prepayment of such outstanding amounts, plus accrued and unpaid interest thereon, under the NPA. Notwithstanding the foregoing, the Issuer and its Subsidiaries may not exercise the reinvestment rights set forth in the preceding sentence with respect to the Net Cash Proceeds (other than the De Minimis Disposition Proceeds) in excess of $10,000,000 in the aggregate. Any prepayment pursuant to this clause (i) shall be applied as set forth in clause (iv) below.

  • Data Disposition When the contracted work has been completed or when the Data is no longer needed, except as noted above in Section 5.b, Data shall be returned to DSHS or destroyed. Media on which Data may be stored and associated acceptable methods of destruction are as follows: Data stored on: Will be destroyed by:

  • Notification of Disposition If this Option is designated as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

  • Disqualifying Disposition If the Participant disposes of Shares acquired upon exercise of this option within two years from the Grant Date or one year after such Shares were acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition.

  • Final Disposition Notwithstanding any other provision in this Agreement, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.