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 your company’s capital stock or assets, or which assumes management of your operations or your company’s acquisition of twenty percent (20%) or more of the capital stock or assets of another entity. After we receive all required documents to evaluate your status change or as soon as we believe we are in a position to decide, we will notify you of our consent or refusal to continue your Agreement. If we refuse, this Agreement will automatically terminate and we may, subject to mandatory applicable law, cancel any unfulfilled obligations. We do not consent to these changes prior to any Ownership Change.

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 your company’s capital stock or assets, or which assumes management of your operations or your company’s acquisition of twenty percent (20%) or more of the capital stock or assets of another entity. After we receive all required documents to evaluate your status change or as soon as we believe we are in a position to decide, we will notify you of our consent or refusal to continue your Agreement. If we refuse, this Agreement will automatically and immediately terminate unless otherwise provided and we may, subject to mandatory applicable law, cancel any unfulfilled obligations. We do not consent to these changes prior to any Ownership Change.