Common use of Ownership Change Clause in Contracts

Ownership Change. In case of an ownership change, you will notify us in writing and provide the required information within five (5) days prior to the intended date of change, or on the earliest date you are legally permitted to provide such information, but not later than five (5) business days after the change has occurred. “Ownership Change” means merger, acquisition, consolidation or other reorganization that results in an entity controlling twenty percent (20%) or more of partner’s capital stock or assets, or which assumes management of partner’s operations or partner’s acquisition of twenty percent (20%) or more of the capital stock or assets of another entity. After HPE receives all required documents to evaluate your status change or as soon as HPE believes it is in a position to decide, HPE will notify you of our consent or refusal to continue your Agreement. If HPE refuses, the Agreement will automatically terminate and HPE may, subject to mandatory applicable law, cancel any unfulfilled obligations. HPE does not consent to these changes prior to any Ownership Change.