Common use of Transfer on Death Clause in Contracts

Transfer on Death. On the death of Franchisee or an Equity Owner who is a natural person, this Agreement or the Equity Interest of the deceased Equity Owner may Transfer in accordance with such person's will or, if such person dies intestate, in accordance with laws of intestacy governing the distribution of such person's estate, provided that: (i) the transfer on death is to an immediate family member or to a legal entity formed by such family member(s); and (ii) within one (1) year after the death, such family member(s) or entity meet all of our then-current requirements for an approved Transferee.

Transfer on Death. On the death of Franchisee or an Equity Owner who is a natural person, this Agreement or the Equity Interest of the deceased Equity Owner may Transfer in accordance with such person's ’s will or, if such person dies intestate, in accordance with laws of intestacy governing the distribution of such person's ’s estate, provided that: (ia) the transfer on death is to an immediate family member or to a legal entity formed by such family member(s); and (iib) within one (1) year after the death, such family member(s) or entity meet all of our then-current requirements for an approved Transferee.