Common use of Severance Agreements Clause in Contracts

Severance Agreements. The Borrowers shall not enter into any severance agreement (a “Severance Agreement”) with, or similar arrangement providing for the payment of money or other consideration (a “Severance Payment”) to, any current or former employee in connection with the termination (under any circumstances) of such employee’s employment with a Borrower without the Agents’ prior written consent, which shall not be unreasonably withheld or delayed, provided that a Borrower may enter into a Severance and Release Agreement (a “Release”) which is contemplated by and executed in connection with a Severance Agreement existing on the date hereof, so long as such Release does not expand the rights of any employee under the related Severance Agreement. The Borrowers will promptly deliver to the Agents copies of all Releases reasonably requested by the Agents or CBW and will not make any Severance Payments or enter into any Release without first providing 5 Business Days’ prior written notice to the Agents. The Borrowers will not make any discretionary non-contractual Severance Payments without the Agents’ prior written consent.

Severance Agreements. The Borrowers shall not enter into any severance agreement (a “"Severance Agreement”") with, or similar arrangement providing for the payment of money or other consideration (a “"Severance Payment”") to, any current or former employee in connection with the termination (under any circumstances) of such employee’s 's employment with a Borrower without the Agents’ ' prior written consent, which shall not be unreasonably withheld or delayed, provided that a Borrower may enter into a Severance and Release Agreement (a “"Release”") which is contemplated by and executed in connection with a Severance Agreement existing on the date hereof, so long as such Release does not expand the rights of any employee under the related Severance Agreement. The Borrowers will promptly deliver to the Agents copies of Severance Agreements for all current employees and all Releases reasonably requested by the Agents or CBW and will not make any Severance Payments or enter into any Release without first providing 5 Business Days’ ' prior written notice to the Agents. The Borrowers will not make any discretionary non-contractual Severance Payments without the Agents’ ' prior written consent.