CHANGES IN OBLIGORS Sample Clauses

CHANGES IN OBLIGORS. 20.1 The Borrower may not, without the Lender’s prior written consent, assign or transfer any of its rights, benefits and obligations under this Agreement. 20.2 The Borrower shall ensure that the Shareholders shall only transfer or sell their respective interests in the Borrower to their respective Affiliates upon the satisfaction of the following: (a) the Shareholders give prior notice to the Lender; and (b) such transfer does not have a material adverse effect on any rights or interests of the Lender or incur any extra cost for the Lender. 20.3 The Borrower shall ensure that each Shareholder shall only transfer or sell its interest in the Borrower to another Shareholder upon the satisfaction of the following: (a) the Shareholders give prior notice to the Lender; (b) Aleris Asia remains the majority or controlling shareholder; and (c) such transfer does not have a material adverse effect on any rights or interests of the Lender, and will not cause the Lender to incur any additional material expense in relation thereto. 20.4 Each transfer, assignment, and novation contemplated in this Section 20 shall be referred to as a “Permitted Transfer”.