Change in Business, Management or Ownership. Make or permit any change in its form of organization, the nature of its business as carried on as of the date hereof, in the composition of its current executive management, or in its equity ownership.
Change in Business, Management or Ownership. Make or permit, nor shall any Guarantor or grantor under the Security Documents make or permit, any change in (i) its form of organization, including a division into two or more entities; (ii) the nature of its business as carried on as of the date hereof; (iii) the composition of its current executive management; or (iv) its equity ownership.
Change in Business, Management or Ownership. Enter into any business which is substantially different from the business or businesses in which it is presently engaged or substantially change its executive management or majority ownership without the prior written consent of the Lender.
Change in Business, Management or Ownership. Except in the case of the Permitted Transfer, make or permit, and cause each Guarantor under the Security Documents not to make or permit, any change in its form of organization, the nature of its business as carried on as of the date hereof, in the composition of its current executive management, or in its equity ownership. For purposes of this Agreement, a “Permitted Transfer” shall mean a transfer of 100%, and not less than 100%, of the membership interest in Borrower (including all voting and management rights) owned by Xxxxxxxx Xxxxxx – ARC Shopping Center Operating Partnership, L.P., a Delaware limited partnership (“Xxxxxxxx Xxxxxx ARC”), to PECO – ARC Institutional REIT LLC, a Delaware limited liability company (“PECO ARC”), provided that the following terms and conditions are satisfied:
Change in Business, Management or Ownership. Make or permit any change in its form of organization (except pursuant to a transaction permitted pursuant to Section 5.5), or the nature of its business as carried on as of the date hereof.
Change in Business, Management or Ownership. Make or permit any material change [i] in the nature of its respective business as carried on as of the date hereof, [ii] in the composition of its respective current executive management, or [iii] in its respective equity ownership.
Change in Business, Management or Ownership. (i)(a) Engage in any business other than the businesses currently engaged in by Borrower; (b) liquidate or dissolve; or (c)(i) have a change in senior management which results in Xxxxx Xxxx ceasing to be either the Chief Executive Officer or Chief Scientific Officer of Borrower and no replacement thereof reasonably acceptable to Bank shall have been found within ninety (90) days following such cessation; or (ii)(A) enter into any transaction or series of related transactions in which stockholders of Borrowers who were not stockholders immediately prior to the first such transaction own more than forty percent (40% ) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction), or (B) upon and after the consummation of a Qualifying IPO (as defined in Section 5) in which the IPO Parent is the issuer of equity interests in such Qualifying IPO, the IPO Parent (as defined in Section 5) fails to directly own beneficially, or to control voting rights with respect to, one hundred percent (100.0%) of equity interests of Borrower.
Change in Business, Management or Ownership. Except for the issuance of [i] the 9.6% Cumulative Convertible Series C Preferred Stock ("SERIES C PREFERRED STOCK"), [ii] the 12% Cumulative Series D Preferred Stock ("SERIES D PREFERRED STOCK") on terms and conditions acceptable to the Bank, [iii] 113,173 shares of the Series D Preferred Stock to Xxxxxxx X. Xxxxxx ("XX. XXXXXX") on terms and conditions acceptable to the Bank, [iv] 60,745 shares of the ThermoView common stock (the "COMMON STOCK") and 49,735 shares of the Series D Preferred Stock to Xxxxxx X. Xxxx ("XX. XXXX") on terms and conditions acceptable to the Bank, [v] 49,735 shares of the Series D Preferred Stock and 60,745 shares of the Common Stock to Xxxxx X. Xxxxxxxx ("XX. XXXXXXXX"), [vi] 113,173 shares of the Series D Preferred Stock to Xxxxxxx X. Xxxxx ("XX. XXXXX"), and [vii] 1,113,500 shares of the Series D Preferred Stock to Xxxxxx X. Xxxxxx ("XX. XXXXXX") on terms and conditions acceptable to the Bank, make or permit any material change [a] in the nature of its respective business as carried on as of the date hereof, [b] in the composition of its respective current executive management, or [c] in its respective equity ownership.
Change in Business, Management or Ownership. Permit or suffer a material amendment or modification of its organizational documents. Furthermore: (a) Current owners of Borrower shall maintain at least fifty-one percent (51.0%) of the outstanding voting equity interests of Borrower on a fully diluted basis, free and clear of all liens (other than in favor of Lender); (b) Borrower shall maintain a majority of the directors or managers who constitute the board of directors or the managing body of Borrower on the date hereof, unless replacement of any exiting board or managing body member (other than owing to death or disability) shall have been approved by such board of directors or managing body as constituted on the date hereof.
Change in Business, Management or Ownership. Make or permit, and cause each Guarantor under any guaranty not to make or permit, any change in its form of organization, the nature of its business as carried on as of the date hereof, in the composition of its current executive management, or in its equity ownership.
