Common use of Change of Control/Change in Management Clause in Contracts

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, as amended (the “Exchange Act”)), other than ▇▇▇▇ ▇. ▇▇▇▇▇ or a group controlled by ▇▇▇▇ ▇. ▇▇▇▇▇, 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 50.0% of the total voting power of the then outstanding voting stock of the Borrower; or (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12 month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower 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 a majority of the Board of Directors of the Borrower then in office; or (iii) If ▇▇▇▇ ▇. ▇▇▇▇▇ ceases for any reason to be principally involved in the senior management of the Borrower, and the Borrower shall have failed to replace the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent within a period of 180 days.

Appears in 3 contracts

Sources: Credit Agreement (LGI Homes, Inc.), Credit Agreement (LGI Homes, Inc.), Credit Agreement (LGI Homes, Inc.)

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, as amended (the “Exchange Act”)), other than ▇▇▇▇ ▇. ▇▇▇▇▇ or a group controlled by ▇▇▇▇ ▇. ▇▇▇▇▇the New England Teamsters and Trucking Industry Pension Fund, 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 50.033% of the total voting power of the then outstanding voting stock of the Borrower; or; (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower 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 a majority of the Board of Directors of the Borrower then in office; or (iii) If ▇▇▇▇ ▇. ▇▇▇▇▇ ceases for any reason to be principally involved in the senior management The Borrower or a Wholly Owned Subsidiary of the Borrower, and the Borrower shall have failed cease to replace be the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent within a period sole general partner of 180 dayseither Operating Partnership.

Appears in 3 contracts

Sources: Credit Agreement (Heritage Property Investment Trust Inc), Term Loan Agreement (Heritage Property Investment Trust Inc), Credit Agreement (Heritage Property Investment Trust Inc)

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, as amended (the “Exchange Act”)), other than ▇▇▇▇ ▇. ▇▇▇▇▇ or a group controlled by ▇▇▇▇ ▇. ▇▇▇▇▇, 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 50.0% of the total voting power of the then then-outstanding voting stock of the Borrower; or (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12 month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower 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 a majority of the Board of Directors of the Borrower then in office; or (iii) If ▇▇▇▇ ▇. ▇▇▇▇▇ ceases for any reason to be principally involved in the senior management of the Borrower, and the Borrower shall have failed to replace the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent within a period of 180 days.

Appears in 3 contracts

Sources: Credit Agreement (LGI Homes, Inc.), Credit Agreement (LGI Homes, Inc.), Credit Agreement (LGI Homes, Inc.)

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, as amended (the “Exchange Act”)), other than ▇▇▇▇ ▇. ▇▇▇▇▇ or a group controlled by ▇▇▇▇ ▇. ▇▇▇▇▇, 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 50.0% of the total voting power of the then then-outstanding voting stock of the Borrower; or (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower 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 a majority of the Board of Directors of the Borrower then in office; or (iii) If ▇▇▇▇ ▇. ▇▇▇▇▇ ceases for any reason to be principally involved in the senior management of the Borrower, and the Borrower shall have failed to replace the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent within a period of 180 days.

Appears in 2 contracts

Sources: Second Amendment to Fifth Amended and Restated Credit Agreement (LGI Homes, Inc.), Credit Agreement (LGI Homes, Inc.)

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, as amended (the “Exchange Act)), other than ▇▇▇▇ ▇. ▇▇▇▇▇ or a group controlled by ▇▇▇▇ ▇. ▇▇▇▇▇, 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 50.050% of the total voting power of the then outstanding voting stock of the Borrower; orprovided, however, that the foregoing shall not apply to (A) the ownership of Borrower’s outstanding voting stock by ▇▇▇▇▇ ▇▇▇▇ regardless of the amount of his beneficial ownership (or the beneficial ownership of any of his affiliates) from and after the Effective Date, and (B) the acquisition of securities that occurs as a result of a public offering of the Borrower’s securities or any financing transaction or series of financing transactions; (ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower 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 a majority of the Board of Directors of the Borrower then in office; or (iii) If ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ ceases or ▇▇▇▇ ▇▇▇▇▇▇ cease for any reason to be principally involved in the senior management of the Borrower, and the Borrower shall have failed to replace the resulting vacancies in senior management with individuals reasonably acceptable to the Administrative Agent Requisite Lenders within a period of 180 90 days.

Appears in 1 contract

Sources: Credit Agreement (Maui Land & Pineapple Co Inc)