No change in management. The Borrower shall procure that, without the prior written consent of the Lender, there shall be no termination of, alteration to, or waiver of any term of, the Management Agreement and the Borrower shall not without the prior written consent of the Lender permit the Managers to sub-contract or delegate the commercial or technical management of the Vessel to any third party.
No change in management. Borrower shall not cause or suffer the occurrence of any change in its senior management (including its chief executive officer, chief financial officer and chief operating officer) as of the Closing Date; provided, that, in the event of the resignation, retirement or death of any of the foregoing, Borrower shall replace the same with a Person reasonably acceptable to Agent.
No change in management. Borrower will not and will cause Merchants Bank and P/R Mortgage to not, without the prior written consent of Lender, make any change in the key management of Borrower or Merchants Bank or P/R Mortgage which currently is as follows:
No change in management. The Borrower will not permit anyone other than the Manager to be appointed as commercial or technical managers of the Collateral Vessels, nor permit any material variation of the arrangements for the commercial or technical management of the Collateral Vessels, nor permit the Manager to sub-contract or delegate a material part of the commercial or technical management of any Collateral Vessel to any third party.
No change in management. Without the prior written consent of the Administrative Agent, such consent not to be withheld unreasonably, the Borrower will not, and will not permit any other Loan Party, or any other person, to, change the senior management of any of the Borrower or such Loan Party, provided, however, that compliance with this Section 5.02(j) is waived with respect to changes in senior management (other than Cxxxx Xxxxxxxxx'x role as chief executive officer of each Loan Party) in the event of the occurrence of a Qualified IPO.
No change in management. Without the prior written consent of the Administrative Agent, such consent not to be withheld unreasonably, the Borrower will not, and will not permit any other Loan Party, or any other person, to, change the senior management of any of the Borrower or such Loan Party and, in particular, Xxxxx Xxxxxxxxx will remain Chief Executive Officer of each Loan Party, provided, however, that compliance with this Section 5.02(j) is waived with respect to changes in senior management (other than Xxxxx Xxxxxxxxx'x role as Chief Executive Officer of each Loan Party) in the event of the occurrence of a Qualified IPO."
(J) The last sentence of Section 5.04(b) of the Credit Agreement is deleted in its entirety and the following is substituted therefor: "The limitations on the declaration or payment of any dividend, or distribution on, or payment contemplated in this Section 5.04(b) shall not apply to any such declaration or payment of any dividend, or distribution on, or payment by (x) a Vessel Owning Subsidiary to the Borrower, (y) the Borrower to the Parent Guarantor or (z) the Parent Guarantor to the Issuer solely for payments of franchise taxes and other fees and expenses required to maintain the legal existence of the Issuer, corporate overhead and other operating expenses of the Issuer incurred in the ordinary course of business; provided, however, that the amount of all such cash dividends paid by the Parent Guarantor to the Issuer shall not exceed $2,000,000 in the aggregate for any period of twelve consecutive calendar months."
(K) Schedule VA to the Credit Agreement is hereby replaced in its entirety by Schedule VAI and VAII to this Amendment. Schedule VB to the Credit Agreement is hereby replaced in its entirety by Schedule VB to this Amendment.
No change in management without the prior written consent of an Instructing Group, permit the appointment of anyone other than the Managers as commercial or technical managers of the Vessels, nor terminate or materially vary the arrangements for the commercial or technical management of the Vessels, nor permit the Managers to sub-contract or delegate the commercial or technical management of any Vessel to any third party outside of the SCS Group; nor
No change in management. The Company shall have confirmed that there shall have been no change in management (at the level of vice president and above) prior to the Initial Closing, except that the Company may have added a Vice President of Chemistry acceptable to a majority in interest of the Investors.
No change in management. Customer will maintain experienced and competent professional senior management, including Dennis Sunshine, Bruce Reissman and Mitchell Binder.
No change in management. Allow, permit or effect any material change in any executive office of Borrower without a replacement executive, satisfactory to Lender, being named within 60 days of such change, and without there being any other Event of Default hereunder.
