Change of Management

Change of Management. That either of James A. Watt or Frank T. Smith, Jr. shall have (a) died, (b) become incompetent or disabled (i.e., unable, by reason of disease, illness or injury, to perform his functions as an officer with control of the day-to-day affairs of the Borrower) for one hundred twenty (120) consecutive days, or (c) otherwise ceased to be active in the affairs of the Borrower; provided that a "Change of Management" shall not occur if Mr. Watt or Mr. Smith, as the case may be, is replaced by a Person... approved by the Administrative Agent during such one hundred twenty (120) day period. View More