Common use of Notice of Change in Ownership Clause in Contracts

Notice of Change in Ownership. Promptly upon the occurrence thereof, a written notice of the retirement of any Principal of the Borrower or a change in ownership of any Subsidiary. For the purposes of this Section, the term "Principal" shall mean an individual who: owns the entire interest in an unincorporated trade or business; in the case of a partnership, is a general or limited partner who owns, directly or indirectly, ten percent (10%) or more of either the capital interest or the profits interest in such partnership; or, in the case of a corporation, owns, directly or indirectly, ten percent (10%) or more of the fair market value of the stock of that corporation, whether voting or non-voting, common or preferred.

Notice of Change in Ownership. Promptly upon the occurrence thereof, a written notice of the retirement of any Principal of the Borrower or a change in ownership of any Subsidiary. For the purposes of this Section, the term "“Principal" ” shall mean an individual who: owns the entire interest in an unincorporated trade or business; in the case of a partnership, is a general or limited partner who owns, directly or indirectly, ten percent (10%) or more of either the capital interest or the profits interest in such partnership; or, in the case of a corporation, owns, directly or indirectly, ten percent (10%) or more of the fair market value of the stock of that corporation, whether voting or non-voting, common or preferred.