Common use of Advisor Default Clause in Contracts

Advisor Default. Upon the happening of any Event of Default, the Company shall have the right to terminate this Agreement by giving written notice of such termination to Advisor, in addition to any other rights or remedies available at law or in equity (subject to the limitations contained in this Agreement). Any one or more of the following events shall constitute an “Event of Default” by Advisor under this Agreement: (a) If the Advisor shall fail to satisfy any monetary obligation such as, for example, the payment of any sums payable under any indemnity obligations hereunder, within thirty (30) days after delivery of notice to the Advisor of such failure; (b) If the Advisor shall fail to observe, perform or comply in any material respect with any term, covenant, agreement or condition of this Agreement which is to be observed, performed or complied with by the Advisor under the provisions of this Agreement, and such failure shall continue uncured for thirty (30) days after the giving of written notice thereof by the Company to the Advisor specifying the nature of such failure, unless such failure can be cured but is not susceptible of being cured within said thirty (30) day period, in which event such a failure shall not constitute an Event of Default if the Advisor commences curative action within said thirty (30) day period, and thereafter prosecutes such action to completion with all due diligence and dispatch and completes such cure within one hundred twenty (120) days after the giving of such notice; (c) If the Advisor shall make a general assignment for the benefit of creditors; (d) If any of the following occur: (i) filing a voluntary petition in bankruptcy on behalf of the Advisor; (ii) consenting to the filing of any involuntary petition in bankruptcy against the Advisor; (iii) filing any petition seeking, or consenting to, the reorganization or relief of the Advisor under any applicable federal or state law relating to bankruptcy or insolvency; (iv) consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Advisor or a substantial part of its property; or (v) admitting in writing the Advisor’s inability to pay its debts generally as they become due; (e) If the Advisor shall fail to carry and maintain the insurance required to be maintained by the Advisor pursuant to this Agreement and such failure shall continue uncured for five (5) business days after the giving of written notice thereof by the Company to the Advisor; (f) If the Advisor shall transfer or assign its interest under this Agreement in violation of this Agreement; or (g) If the Advisor shall commit fraud in connection with its services under this Agreement or shall misappropriate any funds of the Company in the possession or control of the Advisor or shall otherwise commit an act of fraud against the Company (except that if such fraud or misappropriation of funds is committed by an employee of the Advisor, such event may be cured by the Advisor if the Advisor makes full and prompt restitution to the Company and discharges such employee).

Advisor Default. Upon the happening of any Event of Default, the Company shall have the right to terminate this Agreement by giving written notice of such termination to Advisor, in addition to any other rights or remedies available at law or in equity (subject to the limitations contained in this Agreement). Any one or more of the following events shall constitute an “"Event of Default” " by Advisor under this Agreement: (a) If the Advisor shall fail to satisfy any monetary obligation such as, for example, the payment of any sums payable under any indemnity obligations hereunder, within thirty (30) days after delivery of notice to the Advisor of such failure; (b) If the Advisor shall fail to observe, perform or comply in any material respect with any term, covenant, agreement or condition of this Agreement which is to be observed, performed or complied with by the Advisor under the provisions of this Agreement, and such failure shall continue uncured for thirty (30) days after the giving of written notice thereof by the Company to the Advisor specifying the nature of such failure, unless such failure can be cured but is not susceptible of being cured within said thirty (30) day period, in which event such a failure shall not constitute an Event of Default if the Advisor commences curative action within said thirty (30) day period, and thereafter prosecutes such action to completion with all due diligence and dispatch and completes such cure within one hundred twenty (120) days after the giving of such notice; (c) If the Advisor shall make a general assignment for the benefit of creditors; (d) If any of the following occur: (i) filing a voluntary petition in bankruptcy on behalf of the Advisor; (ii) consenting to the filing of any involuntary petition in bankruptcy against the Advisor; (iii) filing any petition seeking, or consenting to, the reorganization or relief of the Advisor under any applicable federal or state law relating to bankruptcy or insolvency; (iv) consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Advisor or a substantial part of its property; or (v) admitting in writing the Advisor’s 's inability to pay its debts generally as they become due; (e) If the Advisor shall fail to carry and maintain the insurance required to be maintained by the Advisor pursuant to this Agreement and such failure shall continue uncured for five (5) business days after the giving of written notice thereof by the Company to the Advisor; (f) If the Advisor shall transfer or assign its interest under this Agreement in violation of this Agreement; or (g) If the Advisor shall commit fraud in connection with its services under this Agreement or shall misappropriate any funds of the Company in the possession or control of the Advisor or shall otherwise commit an act of fraud against the Company (except that if such fraud or misappropriation of funds is committed by an employee of the Advisor, such event may be cured by the Advisor if the Advisor makes full and prompt restitution to the Company and discharges such employee).