Common use of Loss of Control Clause in Contracts

Loss of Control. (a) NEG shall fail to (i) directly or indirectly own more than 50% of the equity interests in Borrower and (ii) control the fundamental management decisions of Borrower (whether through direct or indirect control of the governing body of Borrower, through a management services agreement with Borrower or otherwise), provided that the possession by a Person other than NEG of a veto power over material events with respect to Borrower (e.g., dissolution of Borrower, merger or consolidation of Borrower, sale of all or substantially all assets of Borrower, material amendments to Borrower's organizational documents) shall not in and of itself constitute a failure by NEG to control the fundamental management decisions of Borrower, or (b) except as provided in Section 6.4, Borrower shall fail to directly or indirectly own, through the applicable Approved Intermediate Holding Companies, 100% of the equity and voting interests in the Approved Project Companies.