Common use of Change in Business; Change in Management or Executive Office Clause in Contracts

Change in Business; Change in Management or Executive Office. Borrower shall not engage in any business, or permit any of its Subsidiaries to engage in any business, other than as reasonably related or incidental to the businesses currently engaged in by Borrower. Borrower shall not have a Change in Management and will not, without thirty (30) days’ prior written notification to each Bank, relocate its chief executive office, change its state of organization or change any other matter that will or could result in any Bank’s security interests in the Collateral becoming unperfected.

Appears in 5 contracts

Samples: Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (Portfolio Recovery Associates Inc)

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Change in Business; Change in Management or Executive Office. Borrower shall not engage in any business, or permit any of its Subsidiaries to engage in any business, other than as reasonably related or incidental to the businesses currently engaged in by Borrower. Borrower shall not have a Change in Management and will not, without thirty (30) days’ prior written notification to each Bank, relocate its chief executive office, change its state of organization or change any other matter that will or could result in any Bank’s security interests in the Collateral becoming unperfected.

Appears in 2 contracts

Samples: Loan and Security Agreement (Portfolio Recovery Associates Inc), Loan and Security Agreement (Portfolio Recovery Associates Inc)

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Change in Business; Change in Management or Executive Office. Borrower shall not engage in any material line of business, or permit any of its Subsidiaries to engage in any material line of business, other than as reasonably related or incidental to the businesses currently engaged in by BorrowerBorrower (giving effect to the Datapath recapitalization transaction). Borrower shall not have a Change in Management and will not, without thirty (30) days’ prior written notification to each Bank, relocate its chief executive office, change its state of organization or change any other matter that will or could result in any Bank’s security interests in the Collateral becoming unperfected.

Appears in 1 contract

Samples: Loan Agreement (Computer Software Innovations Inc)

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