Common use of Change in Senior Management Clause in Contracts

Change in Senior Management. (a) The Borrower Parties shall give the Lender notice of any change in the identity of Senior Management. (b) Within 30 Business Days after receipt of the Borrower Parties’ notice, the Lender shall have the right to terminate this Agreement and the Credit Facility by giving a notice of such termination to the Borrower Parties. In such event, this Agreement and the Credit Facility shall terminate with the same effect as if the Lender had approved a Credit Facility Termination Request (including the Borrower Parties’ obligation, pursuant to Section 10.03(a), to pay in full all of the Notes Outstanding on the Closing Date, including any other charges under the Notes), except that, for these purposes, the Closing Date shall be the 180th day after the date on which the Borrower Parties first receive the Lender’s termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 days, commencing with the date on which the Borrower Parties receives the Lender’s termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their request any undertakings which they are willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ request within 30 Business Days after the Borrower Parties make the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.

Change in Senior Management. (a) The Borrower Parties shall give the Lender notice of any change in the identity of Senior Management. (b) Within 30 Business Days after receipt of the Borrower Parties’ Borrower’s notice, the Lender shall have the right to terminate this Agreement and the Credit Facility by giving a notice of such termination to the Borrower PartiesBorrower. In such event, this Agreement and the Credit Facility shall terminate with the same effect as if the Lender had approved a Credit Facility Termination Request (including the Borrower Parties’ Borrower’s obligation, pursuant to Section 10.03(a), to pay in full all of the Notes Outstanding on the Closing Date, including any other charges under the Notes), except that, for these purposes, the Closing Date shall be the 180th day after the date on which the Borrower Parties first receive receives the Lender’s termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 days, commencing with the date on which the Borrower Parties receives the Lender’s termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their its request any undertakings which they are it is willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ Borrower’s request within 30 Business Days after the Borrower Parties make makes the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.

Change in Senior Management. (a) The Borrower Parties REIT shall give the Lender notice of any change in the identity of Senior Management. (b) Within 30 thirty (30) Business Days after receipt of the Borrower Parties’ noticeREIT’s notice pursuant to Section 7.3.1.16(a), the Lender shall have the right to terminate this Agreement and the Credit Facility parties’ obligations under the Loan Documents by giving a notice of such termination to the Borrower PartiesBorrower. In such event, this Agreement and the Credit Facility parties’ obligations under the Loan Documents shall terminate with the same effect as if the Lender Borrower had approved a Credit Facility Termination Request (including the Borrower Parties’ obligation, elected to terminate this Agreement pursuant to Section 10.03(a)2.14. 1.1 (including Borrower’s obligation, to pay in full all of the Notes Outstanding Borrowing Tranches outstanding on the Closing Expiration Date, including any other charges under the NotesRevolving Credit Note, this Agreement, or any other Loan Documents; provided however, that Borrower shall not be obligated to pay fees or charges described in Section 2.14.2.2 other than the Prepayment Fee), except that, for these purposes, the Closing Expiration Date shall be the 180th one hundred and eightieth (180th) day after the date on which the Borrower Parties first receive the receives Lender’s termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 one hundred twenty (120) days, commencing with the date on which the Borrower Parties receives the Lender’s termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their its request any undertakings which they are Borrower is willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ Borrower’s request within 30 thirty (30) Business Days after the Borrower Parties make makes the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.

Change in Senior Management. (a) The Borrower Parties shall give the Lender notice of any change in the identity of Senior Managementthe Chief Executive Officer or the Chief Financial Officer of the REIT. (b) Within 30 Business Days after receipt of the Borrower Parties’ Borrower's notice, the Lender shall have the right to terminate this Agreement and the Credit Facility by giving a notice of such termination to the Borrower PartiesBorrower. In such event, this Agreement and the Credit Facility shall terminate with the same effect as if the Lender had approved a Credit Facility Termination Request (including the Borrower Parties’ Borrower's obligation, pursuant to Section 10.03(a), to pay in full all of the Notes Outstanding on the Closing Date, including any other charges under the Notes), except that, for these purposes, the Closing Date shall be the 180th day after the date on which the Borrower Parties first receive receives the Lender’s 's termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 90 days, commencing with the date on which the Borrower Parties receives the Lender’s 's termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their its request any undertakings which they are it is willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ ' request within 30 Business Days after the Borrower Parties make makes the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.

Change in Senior Management. (a) The Borrower Parties shall give the Lender notice of any change in the identity of Senior Management. (b) Within 30 thirty (30) Business Days after receipt of the Borrower Parties’ Borrower’s notice, the Lender shall have the right to terminate this Agreement and the Credit Facility by giving a notice of such termination to the Borrower PartiesBorrower. In such event, this Agreement and the Credit Facility shall terminate with the same effect as if the Lender had approved a Credit Facility Termination Request (including the Borrower Parties’ Borrower’s obligation, pursuant to Section 10.03(a), to pay in full all of the Notes Outstanding on the Closing Date, including any other charges under the Notes), except that, for these purposes, the Closing Date shall be the 180th one hundred eightieth (180th) day after the date on which the Borrower Parties first receive the receives Lender’s termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 one hundred twenty (120) days, commencing with the date on which the Borrower Parties receives the Lender’s termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their its request any undertakings which they are it is willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ Borrower’s request within 30 thirty (30) Business Days after the Borrower Parties make makes the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.

Change in Senior Management. (a) The Borrower Parties shall give the Lender notice of any change in the identity of Senior Management. (b) Within 30 Business Days after receipt of the Borrower Parties’ ' notice, the Lender shall have the right to terminate this Agreement and the Credit Facility by giving a notice of such termination to the Borrower Parties. In such event, this Agreement and the Credit Facility shall terminate with the same effect as if the Lender had approved a Credit Facility Termination Request (including the Borrower Parties’ ' obligation, pursuant to Section 10.03(a), to pay in full all of the Notes Outstanding on the Closing Date, including any other charges under the Notes), except that, for these purposes, the Closing Date shall be the 180th day after the date on which the Borrower Parties first receive the Lender’s 's termination notice. (c) If the Lender exercises its termination right pursuant to subsection (b), the Borrower Parties shall have a period of 120 days, commencing with the date on which the Borrower Parties receives the Lender’s 's termination notice, to request that the Lender rescind its termination notice. The Borrower Parties may include in their request any undertakings which they are willing to make in order to obtain such a rescission. The Lender shall give the Borrower Parties notice of its acceptance or rejection of the Borrower Parties’ ' request within 30 Business Days after the Borrower Parties make the request. If the Lender accepts the request, the Lender shall give the Borrower Parties a notice that the termination notice shall be deemed rescinded and of no further force or effect, and this Agreement and the Credit Facility shall continue in accordance with, and subject to the terms, conditions and limitations contained in, this Agreement.