Common use of CHANGE IN CONSTITUTION Clause in Contracts

CHANGE IN CONSTITUTION. Any change in the constitution of the partnership firm or LLP with regard to the partners and their shares in Profit and Loss at the time of grant of the loan and any changes in the names and shares made subsequently without the prior approval of the Lender. Similarly, in the case of company, any change in the management control by the resignation of some directors and the induction of other directors and/ or any change in the shareholding pattern of the subscribers without the prior approval of the Lender.