Common use of Operator Defaults Clause in Contracts

Operator Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Operator hereunder (an “Operator Event of Default”): 16.1.1 Except as otherwise expressly addressed in this Section 16.1, Operator is in material breach of its obligations or its representations and warranties under this Agreement and such material breach continues uncured for thirty (30) Days after receipt of written notice from Owner, provided that Operator’s cure period may be extended for such breaches not reasonably susceptible to cure within thirty (30) Days and Operator commences to cure such breach within such thirty (30) Day period and thereafter continuously and diligently pursues the cure of the breach to completion; 16.1.2 Operator assigns this Agreement and its obligations hereunder, except as permitted under Section 17.1; 16.1.3 Operator terminates its existence (except in the case of merger or other corporate reorganization to the extent permitted under the Financing Agreements) or voluntarily commences or acquiesces to bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings; or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors; or 16.1.4 Insolvency, receivership, reorganization, bankruptcy, or similar proceedings shall have been commenced against Operator and such proceedings remain undismissed or unstayed for a period of ninety (90) Days.

Operator Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Operator hereunder (an “Operator Event of Default”): 16.1.1 Except as otherwise expressly addressed in this Section 16.1, Operator is in material breach of its obligations or its representations and warranties under this Agreement and such material breach continues uncured for thirty ten (3010) Days after receipt of written notice from Owner, provided that Operator’s cure period may be extended to up to thirty (30) Days for such breaches not reasonably susceptible to cure within thirty ten (3010) Days and further provided that Operator commences to cure such breach within such thirty (30) Day period and thereafter continuously and diligently pursues the cure of the breach to completion; 16.1.2 Operator assigns this Agreement and its obligations hereunder, except as permitted under Section 17.1; 16.1.3 Operator terminates its existence (except in the case of merger or other corporate reorganization to the extent permitted under the Financing Agreements) or voluntarily commences or acquiesces to bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings; or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors; or 16.1.4 Insolvency, receivership, reorganization, bankruptcy, or similar proceedings shall have been commenced against Operator and such proceedings remain undismissed or unstayed for a period of ninety (90) Days.