Sale of Franchise. TeamCo shall not have the right to sell or transfer, in whole or in part, the Team (or the Team’s rights under the Franchise) without the Approval of the Authority; provided, however, that TeamCo shall have the right to sell or transfer, in whole or in part, the Team (or the Team’s rights in the Franchise) without the Approval of the Authority so long as such sale or transfer complies with each of the following conditions precedent:
Sale of Franchise. Subject to the terms of Paragraph 15, this franchise may be sold by the Consignee as a whole at any time with the written approval of the Bakery, and the Bakery will grant such approval with respect to a proposed sale if the purchaser meets the requirements of the Bakery as to character, ability, financial responsibility and adequate facilities. In addition, this franchise may be sold in part on similar terms and conditions if the Bakery also gives its written approval to the division of territory] sought to be effected thereby. [The ]Bakery will notify [the ]Consignee [with reasonable promptness]in writing within fifteen (15) business days of Bakery’s receipt of all information required from Consignee, the potential purchaser, and any third party (including any third party lender), of its approval or disapproval of any proposed [purchaser]sale and, if applicable, of any proposed division of the [territory]Territory. Consignee shall have the right to request information concerning the reason for any delay in Bakery’s approval of a sale of Consignee’s Distributorship, including, by way of example only, the failure of Consignee or the purchaser to provide all necessary paperwork. Any transaction or instrument which purports to constitute an assignment of this Agreement or a sale, transfer or assignment of the Distributorship, as a whole or in part, without such written approval shall be void. Any transaction or instrument which purports to constitute an assignment of this [franchise]Agreement or a sale, transfer or assignment of this Distributorship, as a whole or in part without such written approval, on terms that are different from those set forth in, or to a party different from the proposed purchaser identified in, the notice of proposed sale given Bakery pursuant to the terms of Paragraph 17 shall be void. Any valid sale of this [franchise]Distributorship as a whole shall operate to release [the ]Consignee from all obligations to [the ]Bakery hereunder except the obligation to pay in full any adverse balance in his/her/its account with [the ]Bakery, and [the ]Bakery shall have the right in its discretion to require the purchaser to accept a new consignment agreement in substantially the same form, [except for a description of the territory in the case of a sale of a part of the franchise, ]in lieu of continuing this [agreement]Agreement in effect, in whole or in part, on an assigned basis. For avoidance of doubt, this paragraph 18 does not apply to Dis...
Sale of Franchise. The Padres have the right to transfer ownership of the Padres’ franchise during the Term to the extent permitted by Major League Baseball, without the City’s consent; provided, however, that in connection with such sale, the new franchise owner must (i) concurrently acquire all of the Padres rights and obligations in, to and under the Franchise and this Agreement, and (ii) concurrently agree in writing, in form and substance reasonably acceptable to the City, to assume all of the Padres’ obligations under this Agreement for the remainder of the Term.
