Common use of Key Person Event Clause in Contracts

Key Person Event. The Operating Member shall immediately notify Investor Member of the occurrence of the death, permanent incapacity or cessation of employment on a substantially full time basis by Operating Member or its Affiliate of the Operating Member Principal (such basis of employment to be sufficient to allow the Operating Member Principal to discharge satisfactorily his or her duties and responsibilities in respect of the Company) (each, a “Key Person Event”), in which case the Operating Member will then have 120 Business Days to replace the Operating Member Principal with a substitute. Any substitute Operating Member Principal shall have relevant industry experience and shall be reasonably acceptable to the Investor Member.