Termination or Dissolution Sample Clauses

Termination or Dissolution. Unless terminated as provided herein, the Trust shall continue without limitation of time. If an Early Termination Event specified in Section 9.4 occurs, the Trust shall be dissolved, and one Sponsor Interest shall be distributed to each Shareholder in exchange for each Outstanding Share.
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Termination or Dissolution. 13.1 The Institution may terminate the Agreement if sufficient funds are not provided or allotted in future government-approved budgets of the Institution (or reasonably available or expected to become available from to permit the Institution, in the exercise of its reasonable administrative discretion, to continue the Licence Agreement.
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Termination or Dissolution. 16.1 The Publisher acknowledge that the ability of the Institution to participate in this Licence Agreement is subject to and contingent upon the availability of funds. In the event the Institution is unable to participate due to budgetary funding having been cut by 20% or more, participation in this Licence Agreement may terminate at the start of an anniversary calendar year (e.g. January 1) provided the Publisher receives notification in writing sixty (60) days prior to the start of the said anniversary calendar year.
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Termination or Dissolution. Unless terminated as provided herein, the Trust shall continue without limitation of time. If an Early Termination Event specified in Section 9.4 occurs, the Trust shall be dissolved, and, subject to Section 3808(e) of the Delaware Statutory Trust Act, one Sponsor Interest of the corresponding class and series of Shares shall be distributed to each Shareholder in exchange for each Corresponding Share then outstanding.
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Termination or Dissolution. 29 Section 10.02 Circumstances Under Which Shares Will Be Exchanged for Sponsor Shares....... 29 Section 10.03
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Termination or Dissolution. 15.01 Termination Upon Withdrawal, Bankruptcy, Death, or Incapacity of General Partners. The General Partner, upon at least six (6) months prior written notice, effective as of the last day of any fiscal year of the Partnership, may voluntarily withdraw from the Partnership as General Partner and such withdrawal shall have the effect of terminating the Partnership as of the close of business on such last day. (Provided, however, that upon voluntary withdrawal of such General Partner, and prior to such termination, the Limited Partners may designate a new general partner, subject to such new general partner meeting all citizenship and other criteria, as may be required, of the U.S. Maritime Administration and other applicable governmental agencies, including that criteria dealing with de facto control. If such new general partner is so appointed, subject to the requirements set forth above: (a) the Partnership shall continue; (b) the new general partner shall expressly assume all rights, liabilities and responsibilities of the prior General Partner in the Partnership, shall release the General Partner from any such liabilities and responsibilities, and shall execute any documents necessary to effect such assumption and release; and (c) the prior General Partner shall be immediately paid for its interest in the Partnership assets, which payment shall be the fair market value of the prior General Partner's interest in the Partnership as determined by a competent appraisal.) The bankruptcy, death, incapacity, or resignation of one General Partner (if there shall at the time of such event then be more than one General Partner) shall not have the effect of terminating the Partnership and the other General Partner shall continue to serve as the General Partner. Upon the bankruptcy, death, incapacity, or resignation of the General Partner, the Partnership shall terminate as of the close of business on the last day of the fiscal year in which such event occurs.
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Termination or Dissolution. In the event that the organization is terminated or dissolved, all funds shall be transferred to the respective school's general student body funds. The organization maintains responsibility for filing all final tax returns and appropriate documentation with the State and Federal authorities to officially close the organization and cease all operations.
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Termination or Dissolution 
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Related to Termination or Dissolution

  • Liquidation or Dissolution In the event the Company is liquidated or dissolved, the assets of the Company shall be distributed to the Members in accordance with the provisions of Section 11.

  • Dissolution Winding Up Termination 27 8.1 Dissolution.......................................................................27 8.2

  • No Dissolution Except as required by the Act, the Partnership shall not be dissolved by the admission of additional Partners or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated wound up and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.

  • Liquidation, Dissolution or Winding Up (A) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series A Junior Participating Preferred Stock shall have received an amount equal to $1,000 per share of Series A Junior Participating Preferred Stock, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment (the “Series A Liquidation Preference”). Following the payment of the full amount of the Series A Liquidation Preference, no additional distributions shall be made to the holders of shares of Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Common Stock shall have received an amount per share (the “Common Adjustment”) equal to the quotient obtained by dividing (i) the Series A Liquidation Preference by (ii) 1,000 (as appropriately adjusted as set forth in subparagraph (C) below to reflect such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock) (such number in clause (ii), the “Adjustment Number”). Following the payment of the full amount of the Series A Liquidation Preference and the Common Adjustment in respect of all outstanding shares of Series A Junior Participating Preferred Stock and Common Stock, respectively, holders of Series A Junior Participating Preferred Stock and holders of shares of Common Stock shall receive their ratable and proportionate share of the remaining assets to be distributed in the ratio of the Adjustment Number to 1 with respect to such Preferred Stock and Common Stock, on a per share basis, respectively.

  • Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

  • Dissolution Winding Up and Termination (a) On the occurrence of a Dissolution Event, the Board shall act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of winding up shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Members. The steps to be accomplished by the liquidator are as follows:

  • Effective Date of Dissolution Any dissolution of the Company shall be effective as of the date on which the event occurs giving rise to such dissolution, but the Company shall not terminate unless and until all its affairs have been wound up and its assets distributed in accordance with the provisions of the Act and the Certificate is cancelled.

  • No Action for Dissolution The Members acknowledge that irreparable damage would be done to the goodwill and reputation of the Company if any Member should bring an action in court to dissolve the Company under circumstances where dissolution is not required by Section 13.2. This Agreement has been drawn carefully to provide fair treatment of all parties and equitable payment in liquidation of the Interests of all Members. Accordingly, except where the Board of Managers has failed to liquidate the Company as required by Section 13.3 and except as specifically provided in Section 18 802 of the Act, each Member hereby waives and renounces its right to initiate legal action to seek dissolution or to seek the appointment of a receiver or trustee to liquidate the Company.

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