Common use of Employment Agreements with Management and Key Employees Clause in Contracts

Employment Agreements with Management and Key Employees. The Board of Directors of Borrower has taken all steps necessary, and has delivered to Lender proof thereof, to modify and amend all employment or similar agreements with those persons constituting Borrower's management personnel and key employees, as determined in the sole discretion of Lender, to provide that upon a default of Borrower under any of the Loan Documents, such management personnel or key employee's employment with Borrower may be terminated at will by Borrower, without any liability to Borrower or Lender other than to pay unpaid wages or salary and vacation pay accrued to such management personnel or key employee through the date of such termination of employment.