Right of Operator Sample Clauses

Right of Operator. Upon the occurrence and continuance of a default described in 6.01(a), the Operator may, at its option, terminate this Agreement by delivering written Notice of termination to the Owner, which Notice of termination shall be effective forty-five (45) days after the date it is received by the Owner; provided, however, that if the Owner has cured or undertaken to cure such default within thirty (30) days of actual delivery of such Notice of termination to the Owner, such Notice of termination shall be deemed to have been canceled and shall be null and void. In the event of such termination, the Owner shall pay all amounts due the Operator, including the Operator Fee, Incentive Fee (if any, for the current period), and any unreimbursed costs advanced by the Operator for Operating Costs then due. In such event, Operator shall take all necessary steps to shut down and protect the Facility, leaving the same in an orderly and safe condition, prior to leaving the premises. The rights and remedies of the Operator (and of any Person acting on behalf of or claiming through the Operator) under this Section 6.2(a) shall be the Operator's (and any such Person's) sole right and remedy for any breach of or default under the terms of this Agreement.
Sample 1Sample 2Sample 3See All (9)
AutoNDA by SimpleDocs
Right of Operator. Upon the occurrence and continuance of a default described in 6.01(a), the Operator may, at its option, terminate this Agreement by delivering written Notice of termination to the Owner, which Notice of termination shall be effective forty-five (45) days after the date
Sample 1Sample 2
Right of Operator. Upon the occurrence and continuance of an event of default described in Section 7.01, the Operator may, at its option, terminate this Agreement by delivering written notice of termination to the Owner, which notice of termination shall be effective fifteen (15) days after the date it is received by Owner; provided, however, that if the Owner has cured such default within such fifteen (15) day period, such Notice of Termination shall be deemed to have been canceled and shall be null and void. In the event of such termination, the Owner shall pay all Operator Fixed Fee then due. In such event, Operator shall take all necessary steps to protect the Facilities, leaving the same in an orderly and safe condition, prior to leaving the premises.
Sample 1

Related to Right of Operator

  • Resignation of Operator Subject to Article 4.11, Operator may resign as Operator at any time by so notifying the other Parties at least one hundred and twenty (120) Days prior to the effective date of such resignation.

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Hours of Operation Account Processing Services will be available for use by Client during standard Fiserv business hours, excluding holidays, as specified in Exhibit A - 3. Account Processing Services may be available during additional hours, during which time Client may use Services at its option and subject to additional charges.

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Conduct of Operations The Board of Directors and the General Partner shall use commercially reasonable efforts to conduct the business of the Partnership and its Affiliates in a manner that does not require a holder of Common Units to file a tax return in any jurisdiction with which the holder has no contact other than through ownership of Common Units.

  • Continuity of Operations (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Maintenance of Operations The Servicer agrees to continue to operate its distribution system to provide service to its customers so long as it is acting as the Servicer under this Agreement.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.