Change in Operator Clause Samples

The 'Change in Operator' clause defines the procedures and conditions under which the designated operator of a project, asset, or agreement may be replaced or succeeded by another party. Typically, this clause outlines the circumstances that can trigger a change, such as default, incapacity, or mutual agreement, and may specify the process for nominating and approving a new operator among stakeholders. Its core function is to ensure continuity and stability in operations by providing a clear framework for transitioning operational control, thereby minimizing disputes and operational disruptions.
Change in Operator. There is a change in Operator of the Borrower without the prior consent of the Majority Lenders.
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Change in Operator. If requested by Purchaser, Seller shall use its best efforts to assist Purchaser in the election of Purchaser as operator of any of the Purchased Assets formerly operated by Seller or any of Seller’s Affiliates.
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Change in Operator. To Seller’s knowledge, Seller has not received any proposed change in operator with respect to any of the Assets.
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Change in Operator. 1. The Developer shall not permit any party to implement the Planning Permission, unless and until that Other Party has delivered to the Department: 1.1. a formal written acknowledgement, acknowledging that the Other Party is bound by, and will comply with, the terms of this Agreement and where necessary a modification of this Agreement to that effect; and 1.2. a Bond fulfilling the requirements of paragraph 1 of Part A of this Schedule. 2. The Department shall not be obliged to discharge the Rehabilitation and Closure Bond until such Other Party has lodged a replacement bond pursuant to paragraph 1 of Part C to this Schedule and until such time, the Developer will remain liable for payment in terms of the Rehabilitation and Closure Bond.
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Change in Operator. CLI is currently operating and maintaining the CLI Facility. CLI shall not permit the operator of the CLI Facility to change without the prior written consent of LCC, such consent not to be unreasonably withheld. If the proposed replacement operator constitutes an Experienced and Creditworthy Operator and is not an LCC Competitor, LCC may not withhold its consent. LCC shall be deemed reasonable in withholding its consent if the proposed replacement operator is not an Experienced and Creditworthy Operator or is an LCC Competitor. If LCC withholds its consent to a change in operator, it shall state with particularity why the proposed replacement operator does not constitute an Experienced and Creditworthy Operator or is an LCC Competitor.
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Change in Operator. The Operator may not be replaced without the affirmative vote of the State and the University Representatives on the Operating Committee.
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Related to Change in Operator

  • Change in Management Permit a change in the senior management of Borrower.

  • Change in Ownership Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

  • Change in Name The Purchaser shall intimate the Seller of any change in its name (on account reasons other than a change in its Control), immediately upon occurrence of name change. The Parties shall thereafter take necessary steps to record such change in the name of the Purchaser in the books and records of the Seller and shall also execute an amendment agreement to the Agreement to record such name change.

  • Change of Control/Change in Management (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than twenty five percent (25%) of the total voting power of the then outstanding voting stock of the Parent entitled to vote for the election of directors; (ii) During any period of 12 consecutive months, individuals who at the beginning of any such 12-month period constituted the Board of Directors (or equivalent body) of the Parent (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Parent was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board of Directors (or equivalent body) of the Parent; or (iii) the Parent shall cease to own and control, directly or indirectly, more than 85% of the outstanding Equity Interests of the Borrower, free and clear of any Liens (other than in favor of the Administrative Agent); or any Person or group shall own, directly or indirectly, an equal or greater percentage of the outstanding Equity Interests of the Borrower than the percentage held by the Parent; or the acquisition of direct or indirect Control of the Borrower by any Person or group other than the Parent; or (iv) (A) General Partner shall cease to be a Wholly Owned Subsidiary of the Parent, (B) the Parent, General Partner or a Wholly-Owned Subsidiary of the Parent cease to have the sole and exclusive power to exercise all management and control over the Borrower or (B) the Parent, General Partner or a Wholly-Owned Subsidiary of the Parent shall cease to be the sole general partner of the Borrower; or (v) the Borrower shall cease to own and control, directly or indirectly, 100% of the outstanding Equity Interests of each Eligible Property Subsidiary and each other Subsidiary Guarantor (other than Subsidiary Guarantors under clause (vii) of the definition of “Required Guarantor”), in each case free and clear of any liens (other than in favor of the Administrative Agent).

  • Change in Ownership of the Company A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change of Control; or