Common use of Ownership Management Clause in Contracts

Ownership Management. (i) ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ shall fail at any time to retain ownership and direct control of at least thirty percent (30%) of the common stock of the Borrower; or (ii) ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ shall fail at any time to retain his position as chairman of the board, chief executive officer and president of the Borrower, or to remain active and involved in the management of, and formation of policy for, the Borrower; PROVIDED, HOWEVER, that the death or disability of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ shall not constitute an Event of Default hereunder if the Board of Directors of the Borrower shall, within a reasonable time thereafter, appoint a successor chairman of the board, chief executive officer, and president of the Borrower, subject to the approval of the Majority Banks, which approval shall not be unreasonably withheld.