Material Control or Management. (i) One or more of the members of the Borrower as of the date hereof shall fail, in the aggregate, to own, directly or indirectly, 100% of the common (voting) membership interests in the Borrower, or (ii) there should be any change in the chief executive officer of the Borrower, unless within 90 days of such event a person reasonably acceptable to Lender is appointed to such position.
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Samples: Master Loan Agreement (US BioEnergy CORP), Master Loan Agreement (US BioEnergy CORP)
Material Control or Management. At any time allow to exist circumstances such that: (i) One or more of the members of the Borrower as of the date hereof shall fail, in the aggregate, to own, directly or indirectly, 100% of the common (voting) membership interests in the Borrower, or (ii) there should be any change in the chief executive officer of the Borrower, unless within 90 days of such event a person reasonably acceptable to Lender is appointed to such position.
Appears in 2 contracts
Samples: Master Loan Agreement (Central Iowa Energy, LLC), Master Loan Agreement (Central Iowa Energy, LLC)
Material Control or Management. (i) One or more of the members of the Borrower as of the date hereof shall fail, in the aggregate, to own, directly or indirectly, 100% of the common (voting) membership interests in the Borrower, or (ii) there should be any change in the chief executive officer of the Borrower, unless within 90 days of such event a person reasonably acceptable to Lender is appointed to such position, or (iii) the Borrower shall fail at any time to hold, legally or beneficially, 100% of the equity of each of the Guaranteeing Subsidiaries.
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