Key Person Event definition

Key Person Event means that (a) the Key Person (i) ceases to hold the office of chief executive officer (or equivalent) of Parent or fails to be directly and actively involved in the day to day management and direction of Parent and its Subsidiaries and a successor reasonably acceptable to the Lenders shall not have been appointed within 90 days of such cessation, or (ii) becomes or is an employee, manager or officer of any entity other than Parent and its Subsidiaries and (b) Xxx Xxxxx is no longer serving as the Chairman of the Board of Parent.

Key Person Event shall have the meaning set forth in the Partnership Agreement. “Lender” shall have the meaning set forth in the preamble.

Key Person Event means at any time during the Commitment Period (i) [__]4 ceases to devote time and attention for any reason, including death, disability or retirement, as required under Section 9.2 (Time and Attention) to the Fund[, the Prior Funds] and any Successor Fund permitted in accordance with this Agreement; or (ii) there is a Change of Control.

Examples of Key Person Event in a sentence

• Each of the General Partner and the Subadvisors, as applicable, shall promptly notify UST and SIGTARP of the occurrence of any event of Cause of which it has knowledge and the General Partner shall promptly notify UST and SIGTARP of the occurrence of any Key Person Event of which it has knowledge.

• If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

• Borrower shall promptly notify Administrative Agent in writing upon becoming actually aware of the occurrence of a Key Person Event.

• If the IPT Partners fail to designate a permitted or approved replacement Key Person within sixty (60) days after a Key Person Event, the Investment Period shall be deemed to have expired.

• Upon the occurrence of a Key Person Event, the Commitment Period shall automatically and immediately be suspended until a Majority in Interest approves in writing a remediation plan for such Key Person Event or otherwise waives such suspension generally or with respect to one or more specified Portfolio Investments.

More Definitions of Key Person Event

Key Person Event. As defined in Schedule A.

Key Person Event means a “Key Person Event” as defined in the Operating Agreement.

Key Person Event shall have the meaning set forth in Section 5.6.

Key Person Event means the termination or resignation of (i) Brad Bernstein; or (ii) any of the other employees or Persons identified on Schedule 6 that are not replaced with Persons acceptable to Administrative Agent within 90 days from the date of termination or resignation.

Key Person Event means that the Key Person (i) fails to hold the office of or fails to possess the power and authority typically associated with individuals holding the office of Chief Executive Officer of the Borrower; (ii) fails to be directly and actively involved in the day to day management and direction of the Borrower and its Subsidiaries; or (iii) is not devoting his full working time and efforts to the business and affairs of the Borrower and its Subsidiaries; provided that the Key Person may manage his personal investments and may engage in civic, educational, religious, charitable or other community activities, so long as such activities do not pose an actual or apparent conflict of interest and do not materially interfere with the Key Person’s performance of his full-time duties as the Chief Executive Officer of the Borrower.

Key Person Event means the occurrence, after the Amendment Effective Date, of each of the following events: (i) the termination or resignation of each of the officers holding the positions of Chief Executive Officer and Chief Operating Officer as of the Amendment Effective Date, (ii) the failure by Holdings to replace each such officer with a replacement officer acceptable to the Requisite Lenders in their Permitted Discretion within ninety (90) days after the second such termination or resignation, and (iii) the delivery by the Administrative Agent of written notice to Company after such ninety (90) day period notifying Company that a “Key Person Event” has occurred.

Key Person Event means both of the following events shall have occurred, unless consented to in advance in writing by Agent: (i) Rxxxxx Xxxxxx shall no longer serve in the active management and control of Australian Borrower and its Subsidiaries and (ii) Bxxx XxXxxxxx shall no longer serve in the active management and control of Australian Borrower and its Subsidiaries, unless, in either case, he is replaced within ninety (90) days thereof with a Person of like qualification and experience and which has been approved in such capacity in writing by Agent.