Common use of Termination for Change of Control Clause in Contracts

Termination for Change of Control. For purposes of this contract, a "Change in Control" means any one or more of the following events: The completion of one or more transactions by which any person or entity (and his, her, or its affiliates) becomes the beneficial owner of more than 50 percent of the voting power of the Provider’s securities; or Any merger, consolidation or liquidation of the Provider in which the Provider is not the continuing or surviving company or pursuant to which stock would be converted into cash, securities or other property, other than a merger of the Provider in which the holders of the shares of stock immediately before the merger have the same proportionate ownership of common stock of the surviving company immediately after the merger; or The shareholders of the Provider approve any plan or proposal for the liquidation or dissolution of the Provider; or Substantially all of the assets of the Provider are sold or otherwise transferred to parties that are not within a "controlled group of corporations" (as defined in Section 1563 of the Internal Revenue Code) in which the Provider is a member at the time of such sale or transfer. In the event of a change of control of the Provider during the term of this contract and any renewals or extensions to this contract, the Department, at its sole discretion, shall be entitled to terminate this contract with thirty (30) days written notice to the Provider. Such termination notice shall initiate transition responsibilities for the Provider as directed by the Department.