For all changes described under this section 10.3, the transferor accepts the liability for any outstanding Billing which either has not yet been remitted to IATA, or where the related Remittance Date has still to be reached, whichever event occurs last, until IATA has been notified of the date that the Change of Ownership takes place, through the submission of a Notice of Change, shown as Attachment C to this Resolution, and such Change of Ownership takes effect.
Change of Ownership The following changes to an Agent require the execution of a new Passenger Sales Agency Agreement and require the Agent to submit a Notice of Change before the change has taken place, and an application for accreditation in accordance with the provisions of section 2 as soon as practicable given the nature of the change:
(a) In the case of a sole owner, partnership or other unincorporated entity:
(i) The death of the sole owner or of a member of a partnership or other unincorporated firm;
(ii) The transfer of an interest in the Agent that has the effect of transferring control of the Agent to a Person who did not previously have control of the Agent;
(iii) The admission or withdrawal of a partner; or
(b) In the case of a corporation or limited liability company:
(i) The acquisition of the Agent by a Person or a Legal Entity;
(ii) The merger of the Agent with a Person or Legal Entity; or (iii) Major change of shareholding–the disposal or acquisition of shares resulting in change in control as defined in section 10.1.1.2. of the rules.
Change of Legal Entity
The following changes to the Agent’s Legal Entity require the execution of a new Passenger Sales Agency Agreement and require the Agent to submit a Notice of Change before the change has taken place, and an application for accreditation in accordance with the provisions of section 2 of the rules as soon as practicable given the nature of the change:
(a) In the case of a sole owner, partnership or other unincorporated entity:
(i) The incorporation of the Agent
(b) In the case of a corporation or limited liability company:
(i) The transformation of the Agent into a partnership or unincorporated firm, and
(ii) Any change in the legal nature of the Agent.
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