Termination of Organization Clause Samples

The 'Termination of Organization' clause defines the conditions and procedures under which a legal entity, such as a partnership, corporation, or limited liability company, may be formally dissolved. This clause typically outlines the specific events or decisions—such as a vote by members, insolvency, or the achievement of the organization's purpose—that can trigger termination, and details the steps required to wind up affairs, distribute assets, and notify relevant authorities. Its core practical function is to provide a clear, orderly process for ending the organization's existence, thereby minimizing disputes and ensuring compliance with legal requirements.
Termination of Organization. WECC may be terminated upon a vote of a majority of the Members in accordance with the provisions of Utah law, the Federal Power Act and the requirements of the Delegation Agreement and applicable International Reliability Agreements. Immediately upon such a vote, the Board will, after paying all debts of WECC, distribute any remaining assets in accordance with the requirements of Utah law, the Internal Revenue Code and these Bylaws.
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Termination of Organization. The Bylaws provide for termination of WECC “upon a vote of a majority of the Members.” This provision has been revised to reflect WECC’s new obligations under the Delegation Agreement with NERC and applicable FERC orders.
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Related to Termination of Organization

  • Preservation of Organization The Sellers shall use their best efforts to preserve the business organization of the Company (including Subsidiaries) intact and to persuade all employees of the Company or Subsidiaries to remain in its employment after the Closing; provided that nothing herein contained shall be deemed to constitute an obligation of the Sellers, Purchaser or the Company to continue the employment of any such employee. The Sellers shall also use their best efforts to retain, preserve and maintain the business relations of the Company or the Subsidiaries with its suppliers, customers and others having business relationships with it.

  • Jurisdiction of Organization During the term of the Receivables, CNHICA will maintain its “location” (as defined in Section 9-307 of the UCC) in one of the States.

  • Articles of Organization This Company is organized pursuant to the provisions of the COLORADO LIMITED LIABILITY COMPANY ACT (the “Act”, codified in Colorado Revised Statues §7-80-100 et seq. as it may be amended from time to time) and pursuant to Articles of Organization filed with the Secretary of State on January 24, 2014. The rights and obligations of the Company and the Members shall be provided in this Operating Agreement.

  • Modification of Organizational Documents No Borrower will, or will permit any Subsidiary to, directly or indirectly, amend or otherwise modify any Organizational Documents of such Person, except for Permitted Modifications.

  • Notice of Organizational Change Grantee will submit notice to the SUD email box, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇▇▇.▇▇.▇▇ and Substance Use ▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇▇▇.▇▇.▇▇ within ten (10) business days of any change to ▇▇▇▇▇▇▇'s name, contact information, organizational structure, such as merger, acquisition, or change in form of business, legal standing, or authority to do business in Texas.