Common use of Changes in Business, Management Clause in Contracts

Changes in Business, Management. Control or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within fifteen (15) days after his or her departure from Borrower; or (d) permit or suffer any Change in Control. Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (except as to Excluded Sites) or, except as to Excluded Sites, deliver any portion of the Collateral to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate (as updated from time to time subject to Section 5.1), (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. Except as to any Excluded Site, if Borrower intends to deliver any portion of the Collateral to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its reasonable discretion. Notwithstanding anything to the contrary, for the avoidance of doubt, it is acknowledged that, for purposes of this Agreement, a bailee is a third party (such as a warehouseman) that stores Collateral on behalf of the Borrower (and a bailee does not include any lessor of real estate leased to and occupied by Borrower).

Changes in Business, Management. Control Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within fifteen five (155) days after his or her such Key Person’s departure from Borrower; or (d) permit or suffer any Change in Control. Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (except as to Excluded Sitesunless such new offices or business locations contain less than [*] in Borrower’s assets or property) or, except as to Excluded Sites, or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of [*] to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate (as updated from time to time subject to Section 5.1)Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. Except as to any Excluded Site, if If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of [*] to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its reasonable discretion. Notwithstanding anything to the contrary, for the avoidance of doubt, it is acknowledged that, for purposes of this Agreement, a bailee is a third party (such as a warehouseman) that stores Collateral on behalf of the Borrower (and a bailee does not include any lessor of real estate leased to and occupied by Borrower)Bank.

Changes in Business, Management. Control Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolvedissolve (except that a Subsidiary may liquidate or dissolve provided simultaneous therewith all of its assets are transferred to Borrower); (c) fail to provide notice to Bank of any Key Person the Chief Executive Officer departing from or ceasing to be employed by Borrower within fifteen five (155) days after his or her such person’s departure from Borrower; or (d) permit or suffer any Change in Control. Borrower shall not, without at least thirty twenty (3020) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (except as to Excluded Sitesunless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000) or, except as to Excluded Sites, in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate (as updated from time to time subject to Section 5.1)Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. Except as to any Excluded Site, if If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a baileebailee located in the United States, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver use commercially reasonable efforts to obtain a bailee agreement in form and substance satisfactory to Bank in its reasonable discretion. Notwithstanding anything to the contrary, for the avoidance of doubt, it is acknowledged that, for purposes of this Agreement, a bailee is a third party (such as a warehouseman) that stores Collateral on behalf of the Borrower (and a bailee does not include any lessor of real estate leased to and occupied by Borrower)Bank.

Changes in Business, Management. Control Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) fail to provide notice to Bank of any the Key Person departing departs from or ceasing ceases to be employed by Borrower within fifteen (15) days after his or her departure from Borrower; or (d) permit or suffer any Change in Control. Borrower shall not, without at least thirty ten (3010) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (except as to Excluded Sitesunless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000) or, except as to Excluded Sites, in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate (as updated from time to time subject to Section 5.1)Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. Except as to any Excluded Site, if If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and cause such bailee shall to execute and deliver a bailee agreement in form and substance satisfactory to Bank in its reasonable discretion. Notwithstanding anything to the contrary, for the avoidance of doubt, it is acknowledged that, for purposes of this Agreement, a bailee is a third party (such as a warehouseman) that stores Collateral on behalf of the Borrower (and a bailee does not include any lessor of real estate leased to and occupied by Borrower)Bank.