Cut expense in the Change in Control Agreement

Aug 6th, 2022
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How to cut expense in the Change in Control Agreement

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We talked about three ways to reduce the maintenance cost. So if you have this discussion which you will at some point in your career if you havent had it hundred times already, we need to reduce maintenance costs. Have this discussion: how do we do this? What happens in most places is, it was X this year, last year, this year its X minus 5%. Why do we do that? Well this year we have this big rebuild of our boilers. Well I dont care. Its gonna go down 5%. Thats not really a healthy way to do business is it? Because maintenance costs may go up one year because you have a lot of maintenance works because maintenance is is not annual. Some jobs happens every five years, some jobs happens every 10 years, so we need to look at our maintenance budgets. So what were talking about here is we can cut the cost if you want to, we can just cut the cost. You can hire a monkey to do that. You dont need a maintenance manager, you can hire my my six-year-old son and he can cut your maintenance

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A change of control is a change in a companys ownership or management that results in the decision-making capacity of that entity being exercised by a different group of shareholders and/or directors.
In the event of a Change of Control of [Party A], [Party B] shall have the right to terminate this Agreement by giving written notice within 30 days of becoming aware of the Change of Control. Such termination shall take effect 30 days from the date of notice.
This change of control clause is used in loan and credit agreements to give a party certain right in connection with a change in ownership or management of the other party to the agreement.
Change of Control means any event, transaction or occurrence as a result of which (a) the equity owners of Borrower on the date hereof shall cease to own and control, directly orindirectly, at least fifty percent (50%) of the economic or voting rights of the outstanding Capital Stock of Borrower on a fully-diluted
Change of Control means the Company is a party to a transaction in which it is sold to, merged, consolidated, reorganized into or with, or its assets are transferred or sold to another entity, after which the holders of voting securities of the Company immediately prior to such transaction, including voting
In employment contracts, a change of control clause entitles the employee to a specified payment or enhanced notice period if their employer is taken over and the takeover results in dismissal by their employer or a material reduction in the employees responsibilities leading to constructive dismissal within a
Change of Control Fee means a fee equal to 1% of the principal amount of the Loans prepaid pursuant to the Change of Control Offer.
What is Change of Control? In finance, a Change of Control occurs when there is a material change in the ownership of a company. The exact criteria that determine such a change can vary and are defined by law and through contractual agreements.

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