CHANGE OF CONTROL OR MANAGEMENT. If the Borrower or a controlling portion of its voting stock or a substantial portion of its assets comes under the practical, beneficial or effective control of any person or persons other than those having such control as of the date of execution of the Line of Credit Note, whether by reason of merger, consolidation, sale or purchase of stock or assets or otherwise, if any such change of control, in the sole and absolute discretion of Standard Federal, adversely impacts upon the ability of the Borrower to carry on its business as theretofore conducted.
CHANGE OF CONTROL OR MANAGEMENT. There occurs any Change of Control or a change of management such that any of the Current Management shall cease or fail for any reason to serve and function in their current capacity as an executive officer of Borrower and shall not be succeeded in such position by a Person reasonably acceptable to the Lender; or
CHANGE OF CONTROL OR MANAGEMENT. The Borrower shall not permit any change to occur in its present stock ownership, if such change would cause N. Mxxxxx Xxxxxxxx 3rd and Axx Xxxxxxxx to own less than thirty five percent (35%) of the issued and outstanding common stock (or other voting stock) of Borrower. Borrower agrees to give prompt notice to Bank in writing concerning any material changes in the ownership, control or executive management of the Borrower.
CHANGE OF CONTROL OR MANAGEMENT. Any Change of Control or Change of Management shall occur;
CHANGE OF CONTROL OR MANAGEMENT. (a) Permit any entity and/or any of such entity's affiliates to acquire more than fifty percent (50%) of the ownership of the capital stock of the Borrower; or (b) permit two out of three of the Chief Financial Officer, Chief Executive Officer or General Counsel of the Borrower to change from that reflected in SCHEDULE 4.17, unless such change results in similarly qualified and experienced individuals occupying those positions.
CHANGE OF CONTROL OR MANAGEMENT. (i) A Change of Control shall occur or (ii) for any reason Xxxxxxx X. Xxxxxxxx ceases to be an officer of the Borrower with day-to-day managerial responsibilities with respect to the Borrower and the members of the Borrower Corporate Group consistent with those presently held by him and anticipated to be carried out by him and he is not replaced within sixty (60) days by an individual or individuals reasonably satisfactory to the Agent and the Required Lenders.
CHANGE OF CONTROL OR MANAGEMENT. If Michael M. Barbour ox Xxxxx X. Xturgeon shxxx xxxxx xx xxxxe as officers of the Borrower in substantially the same capacity as they currently serve or if Michael M. Barxxxx xxxxx xxxxx xx xxxxe as a member of the Borrower's board of directors and if elected, James L. Sturgeon shxxx xxxxx xx xxxxe as a member of the Borrower's board of directors.
CHANGE OF CONTROL OR MANAGEMENT. If the Borrowers or a controlling portion of its voting stock or a substantial portion of its assets comes under the practical, beneficial or effective control of any person or persons other than those having such control as of the date of execution of the Line of Credit Note, the Swing Line of Credit Note, the Term Note and the Equipment Line of Credit Note, whether by reason of merger, consolidation, sale or purchase of stock or assets or otherwise, if any such change of control, in the sole and absolute discretion of Standard Federal, adversely impacts upon the ability of the Borrowers to carry on its business as theretofore conducted.
CHANGE OF CONTROL OR MANAGEMENT. Any of the following events occurs: (i) the Principal Investors no longer control, directly or indirectly, at least 5% of the Capital Stock of the Borrower (which percentage shall be subject to adjustment to give effect to any dilution of such holdings by virtue of the issuance of any Capital Stock of the Borrower or the REIT after the Closing Date) or (ii) Xxxxxx Xxxxxxx is no longer a Senior Officer, or both of Xxxxxx Xxxxxxx and Xxxxxx X. X'Xxxx are no longer Senior Officers, of the REIT and the Borrower, provided that in the event of the death, incapacitation, retirement or dismissal of Xxxxxx Xxxxxxx, Xxxxxx Xxxxxxx or Xxxxxx X. X'Xxxx, such event shall not constitute an Event of Default under this Section 8.1.11. unless the REIT and the Borrower have not replaced such officer or officers with an officer or officers satisfactory to the Required Lenders within 180 days after such occurrence; or
CHANGE OF CONTROL OR MANAGEMENT. (i) 90 days shall have elapsed after Mr. Richard de Young shall cease to be activelx xxxxxxxx xx the day-to-day management of the Company as its president, and during such 90-day period another individual, acceptable to the Required Lenders, shall not have been appointed as the Company's president, or (ii) any Person that (or any two or more Persons that are deemed to be a "person" under Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934) is not an Affiliate of Charterhouse Group International, Inc. shall directly or indirectly own in excess of 20% of the voting stock of the Company.
