Common use of Purchase Event Clause in Contracts

Purchase Event. For purposes of this Agreement, any one of the following events shall constitute a “Purchase Event”: 7.1.1 The death of a Shareholder, provided that the date of the Purchase Event for purposes of this Agreement shall be deemed to be the date on which the Corporation and each of the remaining Shareholders received notice of the appointment and qualification of the deceased Shareholder’s personal representative. The personal representative of the deceased Shareholder shall be obligated to give such notice as soon as practicable. 7.1.2 The permanent disability of a Shareholder, where “permanent disability” is defined as set forth below. 7.1.3 The removal of a Shareholder with the Corporation, including retirement. 7.1.4 The insolvency of a Shareholder or the making of an assignment for the benefit of creditors by a Shareholder, or the filing of a petition in bankruptcy by or against a Shareholder.