TPTX » Topics » Changes in Business, Ownership, Management or Locations of Collateral.

This excerpt taken from the TPTX 8-K filed Oct 10, 2006.
Changes in Business, Ownership, Management or Locations of Collateral.


Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto, or have a material change in its ownership (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies to Lenders the venture capital investors prior to the closing of the investment), or a material change in management; provided, however, if Lenders do not consent to such material change in ownership or material change in management, then Borrower may prepay all of the Obligations without payment of the Prepayment Fee. Borrower shall not, without at least thirty (30) days prior written notice to Lenders: (i) relocate its chief executive office, or add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Five Thousand Dollars ($5,000) in Borrower’s assets or property), or (ii) change its jurisdiction of organization, or (iii) change its organizational structure or type, or (iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization.


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