Common use of Termination Due to Change in Control Clause in Contracts

Termination Due to Change in Control. For so long as the Owner, or the principals of the Owner, own or control, directly or indirectly, at least twenty percent (20%) of the outstanding voting stock of the Manager (or its controlling parent entity), the Owner shall have the right to terminate this Agreement upon 30 days prior written notice to the Manager in the event of a "Change in Control" of the Manager (or its controlling parent entity). For purposes of this provisions, "Change in Control" shall mean, whether through a single transaction or a series of transactions: (a) the transfer of all or substantially all of the assets of such entity, (b) the transfer of an equity interest in such entity after which the acquiror holds more than fifty percent (50%) of the voting power of all equity interests in such entity, or (c) the merger, consolidation, or other reorganization of such entity with or into another entity which results in a change of more that fifty percent (50%) of the composition of the governing body of such entity.