Key Person Event Clause Samples

Key Person Event. Any Key Person Event occurs and the Key Persons to which such Key Person Event relates are not replaced by Persons reasonably acceptable to the Administrative Agent within 180 days, THEN, (1) upon the occurrence of any Event of Default described in Section 8.1(f) or 8.1(g), automatically, and (2) upon the occurrence and during the continuance of any other Event of Default, at the request of (or with the consent of) Requisite Lenders, upon notice to Borrower by Administrative Agent, (A) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (i) the unpaid principal amount of and accrued interest and premium on the Loans and (ii) all other Obligations, (B) all Commitments shall be terminated and (C) the Administrative Agent may cause Collateral Agent to enforce any and all Liens and security interests created pursuant to the Collateral Documents.

Key Person Event. If ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ceases to be employed full time by the Borrower and actively working as its President and Chief Executive Officer, unless within 120 days after such Person ceases to be employed full time and actively working, the Borrower hires a replacement for such individual reasonably acceptable to the Lender.

Key Person Event. No Key Person Event exists at such date, subject to any applicable cure periods provided for and pursuant to the Operating Agreement.

Key Person Event. If, during the Commitment Period, (i) ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and one or more of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, or ▇▇▇▇▇ ▇. Bold (each of such four persons, a “Key Person”) fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities; or (ii) all of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, and ▇▇▇▇▇ ▇. Bold fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a Temporary Disability (the occurrence of such event, a “Key Person Event”), then the Commitment Period shall be automatically terminated upon such Key Person Event (the date of such Key Person Event, the “Termination Date”), whereupon (A) Members will be released from their obligation to fund additional capital contributions with respect to the Common Units, except for purposes permitted after the Commitment Period as described in 6.1.4 and Recallable Amounts as described in 4.5.3 and (B) the Company shall not acquire new Portfolio Investments except as described in 6.1.4(a) and (b). The Commitment Period shall be re-instated, and the restrictions set forth in clauses (A) and (B) above shall be rescinded, upon the vote or written consent of a Supermajority in Interest of the Common Unitholders. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any person designated above with a senior professional selected by the Adviser, with the approval of either a majority of the Independent Directors or by a majority in interest of the Common Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the person replaced). If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

Key Person Event. Any or all of the Key Persons (or any replacement therefor appointed in accordance with this Section 9.01(q)) ceases to be employed full time by the Borrower and actively working in his or her respective office set forth opposite his or her name in the definition of “Key Persons” in Section 1.01 hereof, unless within 180 days (or such longer period of time as the Administrative Agent shall approve in its sole discretion, such approval not to be unreasonably withheld so long as the Borrower is diligently conducting its search) after such individual ceases to be employed full time and actively working, the Borrower hires a replacement that is either (i) acceptable to the Required Lenders (such acceptance not to be unreasonably withheld) or (ii) a Permitted Successor; or

Key Person Event. If, during the Commitment Period, (i) R▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and one or more of S▇▇▇▇▇▇ ▇▇▇▇▇▇, K▇▇▇ ▇’▇▇▇▇▇, or J▇▇▇▇ ▇. Bold (each of such four persons, a “Key Person”) fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities; or (ii) all of S▇▇▇▇▇▇ ▇▇▇▇▇▇, K▇▇▇ ▇’▇▇▇▇▇, and J▇▇▇▇ ▇. Bold fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a Temporary Disability (the occurrence of such event, a “Key Person Event”), and the Adviser does not replace such individual(s) in the manner contemplated in the second following sentence, then the Commitment Period shall be automatically terminated upon such Key Person Event, whereupon (A) Members will be released from their obligation to fund additional capital contributions with respect to the Common Units, except for purposes permitted after the Commitment Period as described in 6.1.4(a) and the last paragraph of 6.1.4 and (B) the Company shall not acquire new Portfolio Investments except as described in 6.1.4(a). The Commitment Period shall be re-instated, and the restrictions set forth in clauses (A) and (B) above shall be rescinded, upon the vote or written consent of a Supermajority in Interest of the Common Unitholders. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of either a majority of the Independent Directors or by a majority in interest of the Common Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the person replaced). If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated.

Key Person Event. If, at any time during the term of this Agreement, any Key Person or Replacement Investment Professional ceases to spend such amount of such individual’s business time as such individual spent on average for the year prior to the date of this Agreement (except in the case of a Replacement Investment Professional, which shall instead be measured by the business time such individual spent on average for the immediate 12 months prior to the commencement of the Key Person Event) or ceases to principally spend such individual’s business time on the affairs of the Company, then a “Key Person Event” shall be deemed to have occurred.

Key Person Event. If any of the following individuals ceases to be employed by the Borrower: (i) ▇▇▇ ▇▇▇▇▇▇, (ii) ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, (iii) ▇▇▇▇ ▇▇▇▇▇▇▇, or (iv) ▇▇▇ ▇▇▇▇▇▇, unless, in each case, within 120 days after such individual ceases to be employed full time and actively working with the Borrower, the Borrower hires a replacement for such individual selected by the Borrower and reasonably acceptable to the Lender.

Key Person Event. If any of D▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, J▇▇▇ ▇. ▇▇▇▇▇▇▇▇, or D▇▇▇▇ ▇▇▇▇▇▇▇▇▇, or any replacement individual for any of the aforementioned individuals or such person’s subsequent replacement, ceases to be employed full time by Holdings and the Borrower and actively working, unless within 90 days after such individual ceases to be employed full time and actively working, Holdings or the Borrower hire a replacement for such individual approved by the Administrative Agent, such approval not to be unreasonably withheld, delayed or conditioned.