Common use of Resignation of Operator Clause in Contracts

Resignation of Operator. In addition to all rights and remedies under this Agreement, any other Loan Document, at law and in equity, if any Event of Default shall occur and Agent, or its designee or representative, shall exercise any remedies under the Security Instruments with respect to any of the Mortgaged Property (or Borrower or any Subsidiary shall transfer all of the Mortgaged Property “in lieu of” foreclosure), Agent and the Lenders shall have the right to request that any operator of any Mortgaged Property which is either Borrower or any Affiliate of Borrower resign as operator under the joint operating agreement applicable thereto; and no later than 60 days after receipt by Borrower of any such request, Borrower or its Affiliate shall resign (or cause such other party to resign) as operator of such Mortgaged Property.

Resignation of Operator. In addition to all rights and remedies under this Agreement, any other Loan DocumentMortgage, at law and in equity, if any Event of Default shall occur and Agent, Trustee or its designee or representative, the Mortgagee shall exercise any remedies under the Security Instruments this Mortgage with respect to any portion of the Mortgaged Property (or Borrower or any Subsidiary Mortgagor shall transfer all of the any Mortgaged Property “"in lieu of” " foreclosure), Agent and the Lenders Mortgagee or the Trustee shall have the right to request that any operator of any Mortgaged Property which is either Borrower Mortgagor or any Affiliate of Borrower Mortgagor to resign as operator under the joint operating agreement applicable thereto; , and no later than 60 days after receipt by Borrower Mortgagor of any such request, Borrower or its Affiliate Mortgagor shall resign (or cause such other party to resign) as operator of such Mortgaged Property.