Common use of Change in Management Clause in Contracts

Change in Management. Permit a change in the senior management of Pioneer (as used herein, "a change in senior management" shall mean that Xxxxxxx X. Xxxxxx shall have ceased to hold the titles of Chairman and Chief Executive Officer or Xxxxxxx Xxxxxx Xxxxx shall have ceased to hold the titles of Chief Financial Officer and President); provided, however, should Xxxxxxx X. Xxxxxx or Xxxxxxx Xxxxxx Xxxxx die, become disabled or be terminated for cause (an "Involuntary Change of Management"), Borrower shall not be in default hereunder if and only if Pioneer shall (i) immediately, but in no event more than thirty days following such Involuntary Change of Management, name a replacement reasonably acceptable to Lender to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Xxxxx on an interim basis; and (ii) as soon as practical, but in no event more than (270) days following such Involuntary Change of Management, name a replacement acceptable to Lender in it reasonable discretion to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Xxxxx.

Change in Management. Permit a change in the senior management of Pioneer Company (as used herein, "“a change in senior management" ” shall mean that Xxxxxxx X. Xxxxxx shall have ceased to hold the titles of Chairman and Chief Executive Officer or Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx shall have ceased to hold the titles of Chief Financial Officer and President); provided, however, should Xxxxxxx X. Xxxxxx or Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx die, become disabled or be terminated for cause (an "“Involuntary Change of Management"”), Borrower Pioneer shall not be in default hereunder if and only if Pioneer Company shall (i) immediately, but in no event more than thirty days following such Involuntary Change of Management, name a replacement reasonably acceptable to Lender to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx on an interim basis; and (ii) as soon as practical, but in no event more than (270) days following such Involuntary Change of Management, name a replacement acceptable to Lender in it reasonable discretion to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx.

Change in Management. Permit a change in the senior management of Pioneer Company (as used herein, "“a change in senior management" ” shall mean that Xxxxxxx X. Xxxxxx shall have ceased to hold the titles title of Chairman and Chief Executive Officer of the Board or Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx shall have ceased to hold the titles of President and Chief Financial Officer and PresidentExecutive Officer); provided, however, should Xxxxxxx X. Xxxxxx or Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx die, become disabled or be terminated for cause (an "“Involuntary Change of Management"”), Borrower Pioneer shall not be in default hereunder if and only if Pioneer Company shall (i) immediately, but in no event more than thirty days following such Involuntary Change of Management, name a replacement reasonably acceptable to Lender to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx on an interim basis; and (ii) as soon as practical, but in no event more than (270) days following such Involuntary Change of Management, name a replacement acceptable to Lender in it reasonable discretion to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Wm. Xxxxx Xxxxx.

Change in Management. Permit a change in the senior management of Pioneer (as used herein, "“a change in senior management" ” shall mean that Xxxxxxx X. Xxxxxx shall have ceased to hold the titles of Chairman and Chief Executive Officer or Xxxxxxx Xxxxxx Xxxxx shall have ceased to hold the titles of Chief Financial Officer and President); provided, however, should Xxxxxxx X. Xxxxxx or Xxxxxxx Xxxxxx Xxxxx die, become disabled or be terminated for cause (an "“Involuntary Change of Management"”), Borrower shall not be in default hereunder if and only if Pioneer shall (i) immediately, but in no event more than thirty days following such Involuntary Change of Management, name a replacement reasonably acceptable to Lender to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Xxxxx on an interim basis; and (ii) as soon as practical, but in no event more than (270) days following such Involuntary Change of Management, name a replacement acceptable to Lender in it reasonable discretion to exercise the duties and hold the office(s) and positions held by Xxxxxxx X. Xxxxxx and Xxxxxxx Xxxxxx Xxxxx.