Common use of Key Employee Event Clause in Contracts

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxxx Xxxxxx and any one (1) or more other Key Employees shall for any reason to cease to be actively engaged in the day-to-day management of the Company and are not replaced within ninety (90) days of such occurrence with replacements suitable to the Administrative Agent in its commercially reasonable judgment; provided, that for the avoidance of doubt, for the purposes of Sections 3.2 and 3.3 only, no “Default” shall be deemed to have occurred during the foregoing ninety (90) day period during which the Company has the ability to replace a Key Employee; provided, further that upon the approval of a replacement for any Key Employee suitable to the Administrative Agent in its commercially reasonable judgment, such replacement shall be considered a “Key Employee”, and the departing Key Employee shall no longer be considered a “Key Employee”, for purposes of this Section 7.1(w); or

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxxx Xxxxxx Xxxx Xxxxxxxx and any one (1) or more other Key Employees shall for any reason to cease to be actively engaged in the day-to-day management of the Company and are not replaced within ninety one hundred and twenty (90120) days of such occurrence with replacements suitable to the Administrative Agent in its commercially reasonable judgment; provided, that for the avoidance of doubt, for the purposes of Sections 3.2 and 3.3 only, no “"Default” " shall be deemed to have occurred during the foregoing ninety one hundred and twenty (90120) day period during which the Company has the ability to replace a Key Employee; provided, further that upon the approval of a replacement for any Key Employee suitable to the Administrative Agent in its commercially reasonable judgment, such replacement shall be considered a “"Key Employee”", and the departing Key Employee shall no longer be considered a “"Key Employee”", for purposes of this Section 7.1(w7.1(v); or

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxxx Xxxxxx and any one (1) or more other Key Employees Employee shall for any reason to cease to be actively engaged in the day-to-day management of the Company and are not replaced within ninety (90) days of such occurrence with replacements suitable to the Administrative Agent in its commercially reasonable judgment; provided, that for the avoidance of doubt, for the purposes of Sections 3.2 and 3.3 only, no “Default” shall be deemed to have occurred during the foregoing ninety (90) day period during which the Company has the ability to replace a Key Employee; provided, further that upon the approval of a replacement for any Key Employee suitable to the Administrative Agent in its commercially reasonable judgment, such replacement shall be considered a “Key Employee”, ” and the departing Key Employee shall no longer be considered a “Key Employee”, ” for purposes of this Section 7.1(w7.1(v); or

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxxx Xxxxxx and any one (1) or more other Key Employees Employee shall for any reason to cease to either be actively engaged in the day-to-day management of the Company or hold the title of “director” of the Company and are not replaced within ninety (90) days of such occurrence with replacements suitable to the Administrative Agent in its commercially reasonable judgment; provided, that for the avoidance of doubt, for the purposes of Sections 3.2 and 3.3 only, no “Default” shall be deemed to have occurred during the foregoing ninety (90) day period during which the Company has the ability to replace a Key Employee; provided, further that upon the approval of a replacement for any Key Employee suitable to the Administrative Agent in its commercially reasonable judgment, such replacement shall be considered a “Key Employee”, ” and the departing Key Employee shall no longer be considered a “Key Employee”, ” for purposes of this Section 7.1(w7.1(v); or