Common use of Management Change Clause in Contracts

Management Change. Active management of Borrower, CBL & Associates Management, Inc. (the “Management Company”) and the Parent shall remain in Xxxxxxx X. Xxxxxxxx; provided, however, upon his failure to remain in active management such failure shall not be a default hereunder if either (i) at least two (2) of the following remain active in the management: Xxxx X. Xxx, Xxxxxxx X. Xxxxxxxx, Xxxxxxx Xxxxxxxx, Xxx Xxxxxxxx, and Xxxxxxx W. A. Xxxxxxx, Jr.; or (ii) within one hundred eighty (180) days Borrower, Management Company and Parent present a management replacement satisfactory to Bank and all participating lenders in the Loan; or

Management Change. Active management of Borrower, CBL & Associates Management, Inc. (the “Management Company”) and the Parent shall remain in Xxxxxxx X. Xxxxxxxx; provided, however, upon his failure to remain in active management such failure shall not be a default hereunder if either (i) at least two (2) of the following remain active in the management: Xxxx X. Xxx, Xxxxxxx X. Xxxxxxxx, Xxxxxxx Xxxxxxxx, Xxx Xxxxxxxx, and Xxxxxxx W. A. X. X. Xxxxxxx, Jr.Xx.; or (ii) within one hundred eighty (180) days Borrower, Management Company and Parent present a management replacement satisfactory to Bank and all participating lenders in the LoanLenders; or

Management Change. Active management of Borrower, CBL & Associates Management, Inc. (the “"Management Company”") and the Parent shall remain in Xxxxxxx X. Xxxxxxxx; provided, however, upon his failure to remain in active management such failure shall not be a default hereunder if either (i) at least two (2) of the following remain active in the management: Xxxx X. Xxx, Xxxxxxx X. Xxxxxxxx, Xxxxxxx Xxxxxxxx, Xxx Xxxxxxxx, and Xxxxxxx W. A. X. X. Xxxxxxx, Jr.Xx.; or (ii) within one hundred eighty (180) days Borrower, Management Company and Parent present a management replacement satisfactory to Bank and all participating lenders in the LoanLenders; or