Common use of Change of executive management and/or beneficial ownership Clause in Contracts

Change of executive management and/or beneficial ownership. (a) If there is a change in one or more of the Executive Managers other than a change resulting from the death, disability or removal for cause of an Executive Manager: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund the Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Lenders so require, the Agent shall, by not less than 30 days' notice to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, the Discount Premium Amount and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. (b) If a change occurs after the date of this Agreement in the ultimate beneficial ownership of any of the shares in the Borrower or any of its Subsidiaries so that persons other than: (i) members of the Relevant Families or the Agent; (ii) beneficiaries of any employee stock ownership plan or other employee benefit plan of the Borrower or its Subsidiaries; or (iii) one or more underwriters temporarily holding shares of the Borrower pursuant to an offering of such shares, have acquired or shall acquire direct or indirect legal or beneficial ownership of more than 20 per cent of the issued and outstanding share capital of the Borrower or so that less than 20 per cent of the aggregate voting power of the Borrower's issued share capital is vested in the ownership of members of the Relevant Families or the Agent: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund a Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Lenders so require, the Agent shall, by not less than 30 days' notice to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents and the Discount Premium Amount immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts and the Discount Premium Amount will become immediately due and payable.

Change of executive management and/or beneficial ownership. (a) If there is a change in one or more either of the Executive Managers other than a change resulting from cease to hold their current positions in the death, disability or removal for cause of an Executive ManagerBorrower's executive management: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund the a Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Majority Lenders so require, the Agent shall, by not less than 30 days' days notice to the Borrower, cancel the Facility and declare the Loanall outstanding Loans, together with accrued interest, the Discount Premium Amount and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. (b) If a change occurs after the date of this Agreement in the ultimate beneficial ownership of any of the shares in the Borrower or any of its Subsidiaries so that persons other than: (i) members of the Relevant Families or the AgentXxxxx Shipping; (ii) beneficiaries of any employee stock ownership plan or other employee benefit plan of the Borrower or its Subsidiaries; or (iii) one or more underwriters temporarily holding shares of the Borrower pursuant to an offering of such shares, have acquired or shall acquire direct or indirect legal or beneficial ownership of more than 20 per cent of the issued and outstanding share capital of the Borrower or so that less than 20 per cent of the aggregate voting power of the Borrower's issued share capital is vested in the ownership of members of the Relevant Families or the AgentXxxxx Shipping,: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund a Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Majority Lenders so require, the Agent shall, by not less than 30 days' days notice to the Borrower, cancel the Facility and declare the Loanall outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents and the Discount Premium Amount immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts and the Discount Premium Amount will become immediately due and payable.

Change of executive management and/or beneficial ownership. (a) If there is a change in one or more of the Executive Managers other than a change resulting from the death, disability or removal for cause of an Executive Manager: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund the Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Lenders so require, the Agent shall, by not less than 30 days' days notice to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, the Discount Premium Amount and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. (b) If a change occurs after the date of this Agreement in the ultimate beneficial ownership of any of the shares in the Borrower or any of its Subsidiaries so that persons other than: (i) members of the Relevant Families or the AgentXxxxx Shipping; (ii) beneficiaries of any employee stock ownership plan or other employee benefit plan of the Borrower or its Subsidiaries; or (iii) one or more underwriters temporarily holding shares of the Borrower pursuant to an offering of such shares, have acquired or shall acquire direct or indirect legal or beneficial ownership of more than 20 per cent of the issued and outstanding share capital of the Borrower or so that less than 20 per cent of the aggregate voting power of the Borrower's issued share capital is vested in the ownership of members of the Relevant Families or the AgentXxxxx Shipping: (i) the Borrower shall promptly notify the Agent upon becoming aware of that event; and (ii) a Lender shall not be obliged to fund a Utilisation; and (iii) subject to the terms of the Intercreditor Agreement and if the Lenders so require, the Agent shall, by not less than 30 days' days notice to the Borrower, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents and the Discount Premium Amount immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts and the Discount Premium Amount will become immediately due and payable.