Common use of Change of Control means Clause in Contracts

Change of Control means. 1. the acquisition of any Insured, or of all or substantially all of any Insured’s assets, by another entity other than another Insured, or the merger or consolidation of any Insured into or with another entity other than another Insured, such that the acquired entity is not the surviving entity; or SPECIMEN 2. the obtaining by any person, entity or affiliated group of persons or entities, other than another Insured, the right to elect, appoint or designate more than 50%, or exercise a majority control, of the board of directors, board of trustees, board of managers, or functional equivalent thereof of the Insured.

Change of Control means. 1. the acquisition of any the Named Insured, or of all or substantially all of any Insured’s its assets, by another entity other than another Insuredentity, or the merger or consolidation of any the Named Insured into or with another entity other than another Insured, such that the acquired entity Named Insured is not the surviving entity; or SPECIMENor 2. the obtaining by any person, entity or affiliated group of persons or entities, other than another Insured, entities the right to elect, appoint or designate more than 50%, or exercise a majority control, % of the board of directors, board of trustees, board of managers, or functional equivalent thereof or to exercise a majority control of the board of directors, board of trustees, board of managers, or a functional equivalent thereof of the Named Insured.