Common use of Ownership Management Clause in Contracts

Ownership Management. (i) Xxxxx X. Xxxxxxx shall fail at any time to retain ownership and direct control of at least thirty percent (30%) of the common stock of the Borrower; or (ii) Xxxxx X. Xxxxxxx shall fail at any time to retain his position as chairman of the board, chief executive officer and president of the Borrower, or to remain active and involved in the management of, and formation of policy for, the Borrower; PROVIDED, HOWEVER, that the death or disability of Xxxxx X. Xxxxxxx shall not constitute an Event of Default hereunder if the Board of Directors of the Borrower shall, within a reasonable time thereafter, appoint a successor chairman of the board, chief executive officer, and president of the Borrower, subject to the approval of the Majority Banks, which approval shall not be unreasonably withheld.

Ownership Management. (i) Xxxxx X. Xxxxxxx shall fail at any time to retain ownership and direct control of at least thirty percent (30%) of the common stock of the BorrowerCompany; or (ii) Xxxxx X. Xxxxxxx shall fail at any time to retain his position as chairman of the board, chief executive officer and president of the BorrowerCompany, or to remain active and involved in the management of, and formation of policy for, the BorrowerCompany; PROVIDED, HOWEVER, that the death or disability of Xxxxx X. Xxxxxxx shall not constitute an Event of Default hereunder if the Board of Directors of the Borrower Company shall, within a reasonable time thereafter, appoint a successor chairman of the board, chief executive officer, and president of the BorrowerCompany, subject to the approval of the Majority Banks, which approval shall not be unreasonably withheld.; or (iii)

Ownership Management. (ia) Xxxxx X. Xxxxxxx shall fail at any time to all times herein, except as provided in subsection 6.12(b) hereof, (i) retain ownership and direct control of at least thirty percent (30%) of the common stock of the Borrower; or and (ii) Xxxxx X. Xxxxxxx shall fail at any time to retain his position as chairman of the board, chief executive officer and president of the Borrower, or to and (iii) remain active and involved in the management of, and formation of policy for, the Borrower; PROVIDED, HOWEVER, that the death or disability of Xxxxx X. Xxxxxxx shall not constitute an Event of Default hereunder under Section 8.01(m) hereof if the Board of Directors of the Borrower shall, within a reasonable time thereafter, appoint a successor chairman of the board, chief executive officer, officer and president of the Borrower, subject to the approval of the Majority Banks, which approval shall not be unreasonably withheld.