Common use of Organizational Transition Clause in Contracts

Organizational Transition. Local Church shall take all steps necessary to close and/or dissolve any legal entities and to settle, liquidate, or transfer all assets and obligations of such entities, or to establish any new legal entities, or to modify its current organizing documents, as needed to effectuate its disaffiliation from The United Methodist Church, subject to the approval by the Annual Conference but without any obligation of the Annual Conference to assist with the preparation thereof. Local Church shall indemnify, defend, and hold harmless Annual Conference and its officers, directors, agents, and employees from any liability or costs (including reasonable attorney fees) resulting from any claim, action, or cause of action for damages to persons or property resulting from Local Church’s failure to take all necessary steps as required by this Section 5.

Organizational Transition. Local Church shall take all steps necessary to close and/or wind up and legally dissolve any incorporated or other legal entities associated with Local Church, and to settle, liquidate, or transfer all assets and obligations of such entities, or to establish any new legal entities, or to modify its current organizing documents, all as needed to effectuate its disaffiliation from The United Methodist ChurchChurch and the Annual Conference, subject to the approval by the satisfaction of Annual Conference but without any obligation of the Annual Conference to assist with the preparation thereofConference. Local Church shall indemnify, defend, and hold harmless Annual Conference and its The United Methodist Church, and their officers, directors, agents, and employees employees, from any liability or costs (including reasonable attorney fees) resulting from any claim, action, or cause of action for damages to persons or property resulting from Local Church’s failure to take all necessary steps as required by this Section 5Agreement.