change of control
1) Provision in an agreement triggered if a company changes ownership (e.g., bank calls in loan, contract is terminated).
2) A change of control clause allows one party to terminate a contract if the other party is taken over. Change of control clauses are normally only put in long term contracts such as joint ventures where the identity and ownership of the other party is important.
USA
A provision in an agreement giving a party certain rights (such as consent, payment or termination) in connection with a change in ownership or management of the other party to the agreement. Not all change of control provisions are triggered by the same action. For example, a change of control may be triggered by a sale of more than 50% of a party's stock, a sale of substantially all the assets of a party or a change in a majority of the board members of a party.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • change of control clause — A contractual provision which gives a party to an agreement enhanced protection if the controlling shareholding of the other party is transferred. In commercial contracts a change of control clause will often give the party who is not subject to… …   Law dictionary

  • Change of Heart (novel) — Change of Heart   Hardcover USA edition …   Wikipedia

  • Change of Heart — Cyndi Lauper Veröffentlichung November 1986 Länge 4:22 Genre(s) Pop Text Essra Mohawk Cyndi Lauper …   Deutsch Wikipedia

  • Change of Command — For the M*A*S*H episode, see Change of Command (M*A*S*H episode). Change of Command   …   Wikipedia

  • Change of Season — This article is about the Hall Oates album. For the Dream Theater album, see A Change of Seasons. For the song by the Matthew Good Band, see Underdogs. Change of Season …   Wikipedia

  • change of operational control — operacinio valdymo pakeitimas statusas T sritis Gynyba apibrėžtis Data ir laikas (Grinvičo laikas), kada pajėgų ar dalinio operacijos valdymo įgaliojimai yra perduodami kitai vadovybei. atitikmenys: angl. change of operational control; chop pranc …   NATO terminų aiškinamasis žodynas

  • change of operational control — The date and time (Coordinated Universal Time) at which a force or unit is reassigned or attached from one commander to another where the gaining commander will exercise operational control over that force or unit. Also called CHOP. See also… …   Military dictionary

  • Locus of control — is a term in psychology which refers to a person s belief about what causes the good or bad results in their life, either in general or in a specific area such as health or academics. It can either be internal (meaning the person believes that… …   Wikipedia

  • Out of Control — may refer to: Contents 1 Film and television 2 Albums 3 Songs …   Wikipedia

  • Out of Control (The Rolling Stones song) — Out of Control Single by The Rolling Stones from the album Bridges to Babylon …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”