Change of Control Default. In xxxxxxon to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Empire of Carolina, Inc. shall cease to own and have voting control over at least 66 2/3% of the issued and outstanding stock of Borrower.
Change of Control Default. Any Change of Control of the Borrower occurs without the prior approval of OPIC unless otherwise permitted under the Transaction Documents.
Change of Control Default. Section 11.1(k) of the Credit Agreement is amended to read in full as follows:
Change of Control Default. The Shareholders cease to hold the legal and beneficial title to the equity of the DE Borrower in the percentages set forth in Schedule 3.01(d), the Sponsor ceases to retain the majority ownership interest in and management control of the DE Borrower, or the DE Borrower ceases to hold one hundred percent (100%) of the legal and beneficial title to the equity of the Xxxxx Xxxxxxxx; provided, however, that notwithstanding anything to the contrary set forth herein, (i) with OPIC’s prior written consent, Persons other than the Shareholders may acquire ownership interests in the DE Borrower, so long as the Sponsor at all times maintains the majority ownership interest in and management control of the DE Borrower, and (ii) the Fund Manager may contribute up to $500,000 in cash to the DE Borrower in the form of equity, provided that the Fund Manager’s ownership interest in the DE Borrower shall not at any time exceed ten percent (10%) of the total ownership interests in the DE Borrower.
Change of Control Default. There shall occur a Change of Control; or
Change of Control Default. The Guarantor ceases to retain Control of the Borrower as described in clause (i) of the definition of Control.
Change of Control Default. A new Section 7.01(j) is hereby added to the Loan Agreement to read as follows:
Change of Control Default. On or before the date of the first Redetermination of the Borrowing Base after the Effective Date of the First Amendment, Borrower shall enter into an amendment to this Agreement in form and substance acceptable to Required Banks pursuant to which Section 12.1 shall be amended to include as an Event of Default thereunder a change of control of certain of Borrower's outstanding voting securities as more particularly specified in such amendment."
Change of Control Default. In addition to the Events of Default specified in paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Parent shall cease to own and have voting control over one hundred percent (100%) of the issued and outstanding stock of Borrower. (12)
Change of Control Default. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Plymouth shall cease to own at least 100% of the issued and outstanding stock of Borrower. (11)
