Change of Management definition

Change of Management means that Xxxxx Xxxx’x direct or indirect management responsibilities of Lead Borrower are materially diminished from those held by him as of the Closing Date, in each case, other than as a result of (a) death or (b) physical or mental incapacity.

Change of Management means the circumstance where the Chief Executive Officer of the Corporation on the Issuance Date is no longer actively employed as the most senior executive officer of the Corporation, or of the entity carrying on the business of the Corporation following completion of a Change of Control, as applicable.

Change of Management shall occur if both (i) Xxxx X. Xxxxx ceases to act as President and Chief Executive Officer, and (ii) Xxxxx X. Xxxxxxx ceases to act as Senior Vice President and Secretary of Xxxxxx, other than as a result of death, disability or normal retirement of either.

Examples of Change of Management in a sentence

• If a Change of Ownership Event or a Change of Management Event shall occur.

• Borrower shall notify the Agent prior to any Change of Management.

• For purposes of this Section 8.13, "Change of Management" shall mean that X.

• Upon the completion of a Change of Control pursuant to paragraphs (i), (ii) or (iv) of such definition and a Change of Management, but without any requirement that such Change of Control pursuant to paragraphs (i), (ii) or (iv) of such definition and such Change of Management occur contemporaneously, and subject to the provisions and conditions of this Section 2.3(m), holders of Debentures have a right to require the Corporation to redeem their Debentures.

• Xxxxxx and Xxxxxxx Xxxxxx Xxxxx on an interim basis; and (ii) as soon as practical, but in no event more than (270) days following such Involuntary Change of Management, name a replacement acceptable to Lender in it reasonable discretion to exercise the duties and hold the office(s) and positions held by Xxxxxxx X.

More Definitions of Change of Management

Change of Management means that any of Xxxx Xxxxxx Xxxxxxxx, Xx., Xxxxxx Xxxxxx Xxxxx or Xxxxx Xxxx Xxxxxxx cease to be the Chief Executive Officer, the President, or the Chief Financial Officer, respectively, of the Parent (except as a result of the death or disability of such Person) and a successor reasonably acceptable to the Administrative Agent and the Required Lenders is not appointed within one hundred eighty (180) days thereafter.

Change of Management means if any of the individuals performing the functions of the president or chief financial officer, respectively, on the Closing Date shall cease for any reason to perform such functions, whether by reason of death, disability, resignation, action by the board of directors or shareholders of Borrowers, or otherwise.

Change of Management shall be deemed to have occurred if Investment Adviser ceases to be the Qualified Investment Adviser of Borrower.

Change of Management means that the Principal cease to be actively involved in the day-to-day executive management of Loan Parties, either by death, disability, retirement, termination of employment or otherwise.

Change of Management means (a) that a majority of the Board of Directors of NCO Group shall be other than those who were directors on the date hereof plus Xxxxxx Xxxx; or (b) Xxxxxxx X. Xxxxxxx for any reason shall cease to serve as chief executive officer of NCO Group; provided, however, that the cessation of Xxxxxxx Xxxxxxx'x status as chief executive officer shall not fall within the definition of a Change of Management so long as a replacement is hired within ninety (90) calendar days of such cessation who is reasonably satisfactory to the Super Majority Lenders.

Change of Management means an officer of the Borrower ceases to be an officer of the Borrower or more than 50% of the Persons serving as directors of the Borrower on the Closing Date cease to serve as directors.

Change of Management means that Xxxxxx Xxxxx, Xxxxxxx Xxxxxx or Xxxx Xxxx (collectively the “Principals”) shall cease for any reason, including termination of employment, death or disability, to substantially perform the functions and services currently being performed by such individual for the Borrower, and the Borrower shall fail, for a period of 90 consecutive days following the earliest date that such individual may be considered disabled or shall have otherwise ceased to perform his or her functions with the Borrower as aforesaid, to replace such individual with an individual or individuals acceptable to the Agent (it being acknowledged for the avoidance of doubt that if any of the Principals shall cease to perform their functions with the Borrower as aforesaid, any permanent replacement therefor (excluding for the avoidance of doubt any temporary, interim replacement) shall nevertheless be required to be acceptable to the Agent.