Change in Management will occur if more than 50% of the Leadership Team is terminated and/or resigns within 12 months after the date of the occurrence of a Change of Control; provided, in each case, that termination and/or resignation of such officer will not include (i) a change in such officer’s status in the ordinary course of succession so long as such officer remains affiliated with the Manager or its Subsidiaries as an officer or director, or in a similar capacity, (ii) retirement of any officer or (iii) death or incapacitation of any officer.
Change in Management means the failure of at least two (2) of Xxxxx X. Xxxxx, D. Xxxxx Xxxx or Xxxx X. Xxxxxxxxx to continue to be active on a daily basis in the management of the Borrower provided that if any such individuals shall die or become disabled the Borrower shall have sixty (60) days to retain a replacement executive of comparable experience which is reasonably satisfactory to the Administrative Agent.
Change in Management means the termination or resignation of more than 50% of the Leadership Team within twelve (12) months after the date of the occurrence of a Change of Control; provided, in each case, that termination and/or resignation of any such member of the Leadership Team will not include (i) a change in such member’s status in the ordinary course of succession so long as such member remains affiliated with the Manager or any Affiliate thereof or its direct or indirect holding companies or subsidiaries as an officer or director, or in a similar capacity (ii) retirement of any such member, (iii) death or incapacitation of any such member, or (iv) the replacement of any such member of the Leadership Team, in the case of part (iv), with the prior written consent of the Controlling Class Representative.
Examples of Change in Management in a sentence
Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision.
No Change in Management Company shall be acceptable unless it results in a Qualified Management Company assuming management of the property.
A "Change in Management" shall be deemed to occur only upon the current Chief Executive Officer or Chief Operating Officer of AutoZone changing.
Should your employment with the Company terminate by reason of an Involuntary Termination within twelve (12) months after a Change in Control or Change in Management, then you will become entitled to receive the severance benefits provided under this Part Two.
Borrower shall not have a Change in Management and will not, without thirty (30) days’ prior written notification to each Bank, relocate its chief executive office, change its state of organization or change any other matter that will or could result in any Bank’s security interests in the Collateral becoming unperfected.
More Definitions of Change in Management
Change in Management means the failure of at least one of the Parent Guarantor’s Chief Executive Officer and the Guarantor’s President and Chief Financial Officer as of the Agreement Execution Date (or any successor to either such individual hereafter approved by the Administrative Agent) to continue to be active on a daily basis in the management of Borrower provided that if both of such individuals shall die or become disabled or otherwise cease to be active in the management of Borrower, Borrower shall have one hundred twenty (120) days to retain a replacement executive of comparable experience which is reasonably satisfactory to the Administrative Agent.
Change in Management means (i) more than 50% of DPL’s Leadership Team is terminated and/or resigns within 24 months of a Trigger Event, (ii) the chief executive officer and the chief financial officer of Xxxxxx are terminated and/or resign within 24 months of a Trigger Event or (iii) there are five or fewer Continuing Directors within 24 months of a Trigger Event; provided, with respect to clauses (i) and (ii), that termination of such officer shall not include (a) a change in such officer’s status in the ordinary course of succession so long as such officer continues to be a member of DPL’s Leadership Team and continues to be associated with Holdco, Intermediate Holdco or DPL or their subsidiaries as an officer or director, or in a similar capacity, (b) retirement of such officer or (c) death or incapacitation of such officer.
Change in Management means either (i) Jon Feltheimer or (ii) James Keegan, or a replacement for any such inxxxxxxxxx xxxxoved in axxxxxxxxx xxth this definition (a "Key Manager") shall cease for any reason, including, without limitation, termination of employment, death or disability (the term "disability" or "disabled" as used herein meaning an inability continuing for one hundred and eighty (180) consecutive days (the "Disability Period") to materially perform the functions and services currently being performed by such Person), to materially perform the functions and services currently being performed for the Borrowers by such Person and (ii) the Borrowers shall fail, for a period of ninety (90) consecutive days following the last day of the Disability Period in which a Key Manager may be considered disabled or the day on which a Key Manager shall have otherwise ceased to materially perform his executive functions with the Borrowers as aforesaid, to replace such Key Manager with an individual acceptable to the Required Lenders in their sole discretion. Any replacement for a Key Manager shall be deemed reasonably acceptable to the Required Lenders unless, within 30 days after receiving a written notice from the Borrowers containing the name of the proposed replacement, the Administrative Agent notifies the Borrowers in writing that the Required Lenders object to such replacement.
Change in Management means, (a) change in the proprietorship of the concern; (b) the change in the shareholding pattern due to induction of new partners/share-holders and where more than 50% of the shareholding is transferred to the new members resulting in total change or substantial change in ownership of the existing Allottee; (c) transfer of leasehold rights of the allotted plot, wherein the original promoters hold less than 50% shares in the transferee entity.
Change in Management means the Company has hired a new Chief Executive Officer ("CEO").
Change in Management means: (a) Xxxxxxx X. Xxxxxx shall cease or fail for any reason to serve and function in his current capacity as Chief Executive Officer of LEI and is not succeeded in that position by a person reasonably acceptable to Xxxxxx; or (b) Xxxxxxx X. Xxxx shall cease or fail for any reason to serve and function in his current capacity as Chief Financial Officer of LEI and is not succeeded in that position by a person reasonably acceptable to Xxxxxx.