Common use of Change in CEO Clause in Contracts

Change in CEO. At any time prior to the Effective Date (as defined in the RSA), Xx. Xxxxxx Xxxxxx shall cease to serve as Chief Executive Officer of the Borrower for any reason; provided, that an Event of Default shall not occur under this Section 7.1(n) if, within three (3) Business Days of the date that Xx. Xxxxxx ceases to serve as Chief Executive Officer of the Borrower for any reason, the board of directors, managing member or other governing body of the Borrower and each of its Subsidiaries, as applicable, appoints Xx. Xxxx Xxxxxxxxx, of Xxxxxxx & Marsal North America, LLC (or such other person reasonably acceptable to the Required Lenders), to the position of Chief Restructuring Officer (the “CRO”) of the Borrower and each of its Subsidiaries and bestows upon the CRO all duties and responsibilities customarily associated with such position, including, without limitation, the duties and responsibilities exercised by Xx. Xxxxxx as of the Effective Date.

Change in CEO. At any time prior to the Effective Date (as defined in the RSA), ) Xx. Xxxxxx Xxxxxx shall cease to serve as Chief Executive Officer of the Borrower for any reason; provided, that an Event of Default shall not occur under this Section 7.1(n) if, within three (3) Business Days of the date that Xx. Xxxxxx ceases to serve as Chief Executive Officer of the Borrower for any reason, the board of directors, managing member or other governing body of the Borrower and each of its Subsidiaries, as applicable, appoints Xx. Xxxx Xxxxxxxxx, of Xxxxxxx & Marsal North America, LLC (or such other person reasonably acceptable to the Required Lenders), to the position of Chief Restructuring Officer (the “CRO”) of the Borrower and each of its Subsidiaries and bestows upon the CRO all duties and responsibilities customarily associated with such position, including, without limitation, the duties and responsibilities exercised by Xx. Xxxxxx as of the Effective Closing Date.