Common use of Key Employee Event Clause in Contracts

Key Employee Event. The occurrence of any event or transaction as a result of which 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 one hundred and twenty (120) days of such occurrence with replacements suitable to the Required Lenders in their 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 one hundred and twenty (120) 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 Required Lenders in their 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 LEGAL 4873-0998-8490v4881-9719-6460v.143

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxx Xxxxxxxx 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 one ninetyone hundred and twenty (12090120) days of such occurrence with replacements suitable to the Required Lenders Administrative Agent in their 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 one ninetyone hundred and twenty (12090120) 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 Required Lenders Administrative Agent in their 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 LEGAL 4873-0998-8490v4881-9719-6460v.143or

Key Employee Event. The occurrence of any event or transaction as a result of which Xxxx Jared KaplanTodd 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 one hundred and twenty (120) days of such occurrence with replacements suitable to the Required Lenders Administrative Agent in their 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 one hundred and twenty (120) 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 Required Lenders Administrative Agent in their 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 LEGAL 4873-0998-8490v4881-9719-6460v.143or

Key Employee Event. The occurrence of any event or transaction as a result of which 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 one hundred and twenty (120) days of such occurrence with replacements suitable to the Required Lenders in their 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 one hundred and twenty (120) 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 Required Lenders in their 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 LEGAL 4873-0998-8490v4881-9719-6460v.143or