Change in Control/Shareholding Structure

Change in Control/Shareholding Structure. Designates any change resulting in: (i) the Borrower's level of investment in the share capital of NA PALI SAS being reduced to a level of less than 100% (ii) the direct or indirect control of the Borrower, as defined by article L. 233.3.I of the [French] Commercial Code, being acquired by a legal entity other than Quiksilver Inc.