Involuntary Lifetime Disposition Sample Clauses

Involuntary Lifetime Disposition. An "Involuntary Lifetime Disposition" occurs when an Owner's Units, or any portion or interest in them, are involuntarily sold, transferred or otherwise disposed of, or an involuntary sale, transfer or disposal is threatened by any third person, whether by
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Involuntary Lifetime Disposition also occurs when a court order does not grant the Owner sole ownership of the Owner's Units in connection with a property division in a divorce proceeding.
Involuntary Lifetime Disposition. An "Involuntary Lifetime Disposition" occurs when an Owner's Units, or any portion or interest in them, are involuntarily sold, transferred or otherwise disposed of, or an involuntary sale, transfer or disposal is threatened by any third person, whether by (i) sale upon the execution or in foreclosure of any pledge, hypothecation, lien or charge, or (ii) acquisition of an interest in such Units by a trustee in bankruptcy or a receiver, or (iii) any other means (but not including the death of the Owner or any purchase by the Other Owners pursuant to the other sections of this Agreement), or (iv) court adjudication of Owner incompetency, or (v) the appointment of a guardian or conservator for an Owner (unless the Owner is a Disabled Employee, as defined below in Article I(4)(a), or (vi) a court order denying the Owner sole ownership of the Owner's Units in connection with a property division in a divorce proceeding.
Involuntary Lifetime Disposition. (a) An "
Involuntary Lifetime Disposition. An “Involuntary Lifetime Disposition” occurs when an Owner’s Units, or any portion or interest in them, are involuntarily sold, transferred or otherwise disposed of, or an involuntary sale, transfer or disposal is threatened by any third person, whether by (i) sale upon the execution or in foreclosure of any pledge, hypothecation, lien or charge, or (iii) any other means (but not including the death of the Owner or any purchase by the Other Owners pursuant to the other sections in this Agreement), or (iv) court adjudication of Owner incompetency, or (v) the appointment of a guardian or conservator for an Owner (unless the Owner is a Disabled Employee, as defined below in Article I(4)(a), or (vi) a court order denying the Owner sole ownership of the Owner’s Units in connection with a property division in a divorce proceeding.

Related to Involuntary Lifetime Disposition

  • Involuntary Demotion An employee assigned to a lower rated position shall continue to be paid at the employee's current rate of pay until the rate of pay in the new position equals or exceeds it.

  • Involuntary Withdrawal Involuntary withdrawal of a Partner shall include, but not be limited to, the following:

  • Involuntary Reassignment In the absence of volunteers to fill a vacancy internally, the college may administratively reassign from any overstaffed area that qualified faculty member with the lowest seniority.

  • Voluntary Demotion An employee requesting a voluntary demotion from a higher-rated position and who is subsequently demoted to the lower-rated position, shall be paid on the increment step appropriate to the employee’s continuous service with the Employer. A voluntary demotion shall not change an employee’s anniversary date.

  • Voluntary Layoff Appointing authorities will allow an employee in the same job classification and department where layoffs will occur to volunteer to be laid off provided that the employee is in a position requiring the same skills and abilities, as a position subject to layoff. Any volunteer for layoff shall have no formal layoff option. If the appointing authority accepts the employee’s voluntary request for layoff, the employee will submit a non-revocable letter stating they are accepting a voluntary layoff from the University. The employee will be placed on all applicable rehire lists.

  • Voluntary Demotions For purposes of this Section, the term Aopening@ shall apply to any permanent vacancy in a classification. An employee may vacate from his current classification once per year given there is an opening and the employee is qualified to perform in the lower classification to which the employee has requested a demotion. The Department will assign voluntarily demoted employees beginning with the next employee pay cycle. Employees will have thirty (30) days to certify for position openings. No employee shall be displaced from the Department through a voluntary demotion. Employees who voluntarily demote to a lower classification will be placed in the new payline for the lower classification based on their years of service in the lower classification. Employees that voluntarily demote to the classification of Firefighter will receive credit for total time spent in the Department when being placed on that payline.

  • Voluntary Layoffs Prior to implementing any involuntary reduction in force, the deans shall contact all regular faculty members, urging those faculty members to notify the deans within a specified time if they are willing to retire early or to accept leave without pay of a specific duration. The deans will also contact all faculty members who have adjunct or post-retirement contracts, urging those faculty members to notify the deans within a specified time if they are willing to terminate any portions of contracts which extend beyond the current quarter.

  • Involuntary In certain cases, THE CARRIER is responsible for the interruption of the Passenger’s trip due to some irregularity. THE CARRIER may reimburse the total or partial amount of the ticket, as follows:

  • Voluntary Leave A. A tenure teacher may be allowed to take an unpaid voluntary leave for a period not to exceed one (1) year without loss or gain in seniority. Such leave must be in accordance with Article 7-Reduction in Staff.

  • Involuntary Termination “Involuntary Termination” shall mean (i) without the Employee’s express written consent, the significant reduction of the Employee’s duties or responsibilities relative to the Employee’s duties or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains as such following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute an “Involuntary Termination”; (ii) without the Employee’s express written consent, a substantial reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) without the Employee’s express written consent, a material reduction by the Company in the Base Compensation or Target Incentive of the Employee as in effect immediately prior to such reduction, or the ineligibility of the Employee to continue to participate in any long-term incentive plan of the Company; (iv) a material reduction by the Company in the kind or level of employee benefits to which the Employee is entitled immediately prior to such reduction with the result that the Employee’s overall benefits package is significantly reduced; (v) the relocation of the Employee to a facility or a location more than 50 miles from the Employee’s then present location, without the Employee’s express written consent; (vi) any purported termination of the Employee by the Company which is not effected for death or Disability or for Cause; or (vii) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 10 below.

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