Common use of CHANGE IN CORPORATE CONTROL Clause in Contracts

CHANGE IN CORPORATE CONTROL. 4(h) For the purposes of this paragraph, a change in control shall mean a change whereby one or more related entities de facto control fifty percent (50%) of the then issued and outstanding voting shares plus one (1) share of the Tenant and such entity or entities are different from those owning such majority of voting shares at the time of signing this lease. If at any time during the term any part of or all of the shares or voting rights of shareholders shall be transferred by sale, assignment, bequest, inheritance, trust, operation of law or other disposition, or treasury shares be issued, so as to result in a change in the control of such corporation, the Tenant must disclose in writing, such changes to the Landlord failing which the Tenant would be in default of the Lease and the Landlord may, at its option, terminate this Lease, at any time after such change in control by giving the Tenant 60 days prior written notice of such termination. The Tenant shall, at the reasonable request of the Landlord, make available to the Landlord for inspection or copying, or both, all books and records of the Tenant which, alone or with other data, show the applicability or inapplicability of this paragraph. If the corporation, after the request of the Landlord, fails or refuses to furnish forthwith to the Landlord such data, which data, alone or with other data would show the applicability or inapplicability of this paragraph, the Landlord may, at its sole option, terminate this Lease by giving the Tenant 60 days prior written notice of such termination. Should the Landlord determine that such change in control results in a material deterioration in the financial strength or creditworthiness of the Tenant, then the Landlord may terminate, at its sole option, this Lease by giving the Tenant sixty (60) days prior written notice of such termination

CHANGE IN CORPORATE CONTROL. 4(h) For If the purposes of Tenant is a corporation, or if this paragraphLease, a change in control shall mean a change whereby one or more related entities de facto control fifty percent (50%) with the written consent of the then issued Landlord, is assigned to a corporation, and outstanding voting shares plus one (1) share of the Tenant and such entity or entities are different from those owning such majority of voting shares at the time of signing this lease. If if at any time during the term Term any part of or all of the corporate shares or voting rights of shareholders shall be transferred (except to Permitted Transfers) by sale, assignment, bequest, inheritance, trust, operation of law or other disposition, or treasury shares be issued, so as to result in a change in the control of such corporationcorporation by the person or persons now owning a majority of the corporate shares thereof, the Tenant must disclose in writing, such changes to the Landlord failing which the Tenant would be in default of the Lease and the Landlord may, at its option, may terminate this Lease, Lease at any time after such change in control by giving the Tenant 60 thirty (30) days prior written notice of such termination. The Tenant shall, at the reasonable request of the Landlord, make available to the Landlord for inspection or copying, or both, all the books and records of the Tenant which, alone or with other data, show the applicability or inapplicability of this paragraph. If The Landlord agrees that the corporation, after provisions of this clause 6.05 shall not apply if: (1) the request shares of the LandlordTenant are traded on a publicly regulated stock exchange in Canada or the United States of America and widely held; or (2) the shares of the Tenant are being made available as part of a public offering of securities and will comply with subsection (1), fails and prior to or refuses so soon as reasonably possible after any such change of control to furnish forthwith the Tenant, the Landlord receives assurances satisfactory to the Landlord such data, which data, alone or with other data would show that there will be continuity of the applicability or inapplicability existing management of this paragraph, the Landlord may, at its sole option, terminate this Lease by giving the Tenant 60 days prior written notice and of such termination. Should the Landlord determine that its business practices and policies, notwithstanding any such change in control results in a material deterioration in the financial strength or creditworthiness of the Tenant, then the Landlord may terminate, at its sole option, this Lease by giving the Tenant sixty (60) days prior written notice of such terminationcontrol.

CHANGE IN CORPORATE CONTROL. 4(h) For If the purposes of Tenant is a corporation, or if this paragraphLease, a change in control shall mean a change whereby one or more related entities de facto control fifty percent (50%) with the written consent of the then issued Landlord, is assigned to a corporation, and outstanding voting shares plus one (1) share of the Tenant and such entity or entities are different from those owning such majority of voting shares at the time of signing this lease. If if at any time during the term Term any part of or all of the corporate shares or voting rights of shareholders shall be transferred (except to Permitted Transfers, provided that prior to or as soon as reasonably possible after such change of control to Permitted Transfers, the Landlord receives satisfactory assurances that there will be continuity of the existing management policies and operations) by sale, assignment, bequest, inheritance, trust, operation of law or other disposition, or treasury shares be issued, so as to result in a change in the control of such corporationcorporation by the person or persons now owning a majority of the corporate shares thereof, the Tenant must disclose in writing, such changes to the Landlord failing which the Tenant would be in default of the Lease and the Landlord may, at its option, may terminate this Lease, Lease at any time after such change in control by giving the Tenant 60 thirty (30) days prior written notice of such termination. The Tenant shall, at the reasonable request of the Landlord, make available to the Landlord for inspection or copying, or both, all books and records of the Tenant which, alone or with other data, show the applicability or inapplicability of this paragraph. If any stockholder or shareholder of the corporationTenant shall, after the request of the LandlordLandlord so to do, fails fail or refuses refuse to furnish forthwith to the Landlord any data verified by the affidavit of such datastockholder or shareholder or other credible person, which data, alone or with other data would show the applicability or inapplicability of this paragraph, the Landlord may, at its sole option, may terminate this Lease by giving the Tenant 60 days thirty (30) days' prior written notice of such termination. Should the Landlord determine that such change in control results in a material deterioration in the financial strength or creditworthiness of the Tenant, then the Landlord may terminate, at its sole option, this Lease by giving the Tenant sixty (60) days prior written notice of such termination.

CHANGE IN CORPORATE CONTROL. 4(h) For the purposes of this paragraph, a change in control shall mean a change whereby one or more related entities de facto control fifty percent (50%) of the then issued and outstanding voting shares plus one (1) share of the Tenant and such entity or entities are different from those owning such majority of voting shares at the time of signing this lease. If at any time during the term any part of or all of the shares or voting rights of shareholders shall be transferred by sale, assignment, bequest, inheritance, trust, operation of law or other disposition, or treasury shares be issued, so as to result in a change in the control of such corporation, the Tenant must disclose in writing, such changes to the Landlord failing which Following the giving of such notice from the Tenant, should the Landlord determine, acting reasonably, that such change in control results in a material deterioration in the financial strength or creditworthiness of the Tenant, then the Landlord may terminate, at its sole option, this Lease by giving the Tenant thirty (30) days prior written notice of such termination. To be effective, such written notice of termination from the Landlord shall be given within 30 days of the giving of such notice by the Tenant. Should the Tenant fail to give such notice, then the Tenant would be in default of the Lease and the Landlord may, at its option, terminate this Lease, at any time after such change in control by giving the Tenant 60 thirty (30) days prior written notice of such termination, which notice must be given within thirty (30) days of the day the Landlord receives actual written notice of the change in control in order to be effective. The Tenant shall, at the reasonable request of the Landlord, make available to the Landlord for inspection or copying, or both, all books and records of the Tenant which, alone or with other data, show the applicability or inapplicability of this paragraph. If the corporation, after the request of the Landlord, fails or refuses to furnish forthwith to the Landlord such data,, which data, alone or with other data would show the applicability or inapplicability of this paragraph, the Landlord may, at its sole option, terminate this Lease by giving the Tenant 60 days prior written notice of such termination. Should the Landlord determine that such change in control results in a material deterioration in the financial strength or creditworthiness of the Tenant, then the Landlord may terminate, at its sole option, this Lease by giving the Tenant sixty thirty (6030) days prior written notice of such termination.