Common use of Material Compliance Clause in Contracts

Material Compliance. If Operator fails to keep, observe, or perform any material agreement, term, or provision of this Agreement, and such default continues for a period of thirty (30) calendar days after notice thereof has been given to Operator by the Board specifying the event or events constituting the default, provided that no Event of Default shall be deemed to exist hereunder where the act, event, or condition noticed as constituting the default is one which by its nature or circumstances reasonably requires more than thirty (30) days to cure, and promptly following receipt of notice, Operator in good faith initiates and diligently pursues measures which upon conclusion may reasonably be expected to have cured or eliminated the noticed act, event, or condition;