Common use of Management Changes Clause in Contracts

Management Changes. During any period of twelve (12) consecutive calendar months, individuals who were directors or trustees of PPT on the first day of such period shall cease to constitute a majority of the board of directors of PPT; provided, however, that the directors or trustees of PPT may include new or replacement directors or trustees that (a) are an officer or employee of an Affiliate, (b) are required in order (as a practical matter) for the majority of the board of directors or trustees of PPT to be independent directors or trustees, or (c) are independent directors or trustees that are replacing another independent director or trustee whose term has expired or who has voluntarily resigned.

Management Changes. During any period of twelve (12) consecutive calendar months, individuals who were directors or trustees of PPT on the first day of such period shall cease to constitute a majority of the board of directors of PPT; provided, however, that the directors or trustees of PPT may include new or replacement directors or trustees that (a) are an officer or employee of an Affiliate, (b) are required in order (as a practical matter) for the majority of the board of directors or trustees of PPT to be independent directors or trustees, or (c) are independent directors or trustees that are replacing another independent director or trustee whose term has expired or who has voluntarily resigned.. Amended and Restated Credit Agreement 48