Default by Operator. Each of the following events shall be deemed to constitute breach of this Agreement and, unless cured within 90 days, shall constitute a default hereunder by the Operator:
(a) The Operator fails to make any payment required to be made pursuant to Sections 3.3 or 4.3 of this Agreement or, if the parties shall enter into the Projected Maintenance Agreement, any payment required to be made by the Operator under the Projected Maintenance Agreement and such failure to make payment shall have continued for a period of ten (10) days after written notice from the Manufacturer;
(b) The Operator refuses to accept or allow the Manufacturer to install or test the TCTS-1 System in accordance with Sections 7.2, 8.2, and 8.3 of this Agreement, notwithstanding that such System has been: (i) delivered to the Operator's Site on a timely basis or (ii) delivered to the Site and has performed in accordance with the specifications set forth in Section 8.2 hereof for the prescribed Test Period;
(c) The Operator makes an assignment for the benefit of creditors;
(d) A voluntary or involuntary petition is filed by or against the Operator under any law having for its purpose and adjudication of the Operator a bankrupt or the extension of the time of payment of, adjustment of, or other arrangement affecting the liabilities of the Operator, or the reorganization of the Operator and such petition is not discharged or dismissed within one hundred twenty (120) days after such petition is filed;
(e) A Receiver is appointed for the property of the Operator;
(f) Any distress, execution, or attachment is levied upon the machines or the Operator's property; or
(g) The Operator fails to faithfully and fully comply with the terms and provisions of Section 5.2 of this Agreement, with any such failure deemed to be an irremediable material breach of this Agreement immediately upon its occurrence.
(h) The Operator fails to reasonably, faithfully, and fully maintain the TCTS-1 in accordance with standards and procedures to be specified in the Projected Maintenance Agreement or otherwise, and fails to cure such breach within the time period specified therein with respect to such failure.
Default by Operator. Thirty (30) days after the acceleration by any Borrower of the obligations of an Operator as a result of any default in the payment of amounts which are due and owing under any lease, note, mortgage or related security documents in connection with any Facility of such Operator (such Facility, herein referred to as the "DEFAULTED FACILITY"), in the event the Lease Rental Expense and/or Mortgage Expense arising from the Defaulted Facility accounts for 20% or more of the aggregate amount of all Lease Rental Expense and/or Mortgage Expense owing to the Borrowers from all Operators during the immediately preceding four (4) calendar quarters.
Default by Operator. Ninety (90) days after the occurrence of any default by an Operator in the payment of amounts which are due and owing under any lease, note, mortgage or deed of trust (or related security documents) between an Operator and any Borrower or any other event of default by an Operator under the applicable lease, note, mortgage or deed of trust (or related security document) as a result of which such Borrower accelerates the obligations of such Operator, with respect in each case to an Operator whose aggregate Lease Rental Expense and/or Mortgage Expense accounts for 15% or more of the aggregate amount of all Lease Rental Expense and/or Mortgage Expense owing to the Borrowers from all Operators; or
Default by Operator. Each of the following events shall be deemed to constitute breach of this Agreement and, unless cured within ninety (90) days, shall constitute a default hereunder by the Operator:
(a) The Operator fails to make any payment required to be made pursuant to Sections 3.3 or 4.3 of this Agreement or any payment required to be made by the Operator under the Maintenance Agreement and such failure to make payment shall have continued for a period of ten (10) days after written notice from the Manufacturer;
(b) The Operator refuses to accept or allow the Manufacturer to install or test the TCS-1 System in accordance with Sections 7.2, 8.2, and 8.3 of this Agreement, notwithstanding that such System has been: (i) delivered to the Operator's Site on a timely basis or (ii) delivered to the Site and has performed in accordance with the specifications set forth in Schedule 8.2 hereof for the prescribed Test Period;
(c) The Operator makes an assignment for the benefit of creditors;
(d) A voluntary or involuntary petition is filed by or against the Operator under any law having for its purpose and adjudication of the Operator a bankrupt or the extension of the time of payment of, adjustment of, or other arrangement affecting the liabilities of the Operator, or the reorganization of the Operator and such petition is not discharged or dismissed within one hundred twenty (120) days after such petition is filed;
Default by Operator. Thirty (30) days after the acceleration by the Borrower or any Subsidiary of the obligations of an Operator as a result of any default in the payment of amounts which are due and owing under any lease, note, mortgage or related security documents in connection with any Facility of such Operator (such Facility, herein referred to as the “Defaulted Facility”), in the event the Lease Rental Expense and/or Mortgage Expense arising from the Defaulted Facility accounts for 20% or more of the aggregate amount of all Lease Rental Expense and/or Mortgage Expense owing to the Borrower and the Subsidiaries from all Operators during the immediately preceding four calendar quarters.
Default by Operator. 46 Article 9.
Default by Operator. The occurrence of any one or more of the following events constitutes a default by the Operator under this Agreement ("Operator Default"):
(a) Failure by the Operator at any time to pay, when due, any Fees or other sums payable to Gateway or to be deposited by the Operator hereunder and such failure to pay continues for a period of five (5) Business Days after notice of such failure is given to the Operator by Gateway;
(b) Failure by the Operator to observe or perform any other covenant, agreement, condition or provision of this Agreement, if such failure shall continue for more than thirty (30) days; PROVIDED, HOWEVER, that the Operator shall not be in default with respect to matters that cannot be reasonably cured within thirty (30) days, so long as the Operator has promptly commenced such cure and diligently proceeds in a reasonable manner to complete the same thereafter;
(c) The Operator admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a trustee or receiver for the Operator or for a major part of its property;
(d) A trustee or receiver is appointed for the Operator or for a major part of its property and is not discharged within thirty (30) days after such appointment; or
(e) Bankruptcy, reorganization, receivership, arrangement, insolvency or liquidation proceedings, or other proceedings for relief under any federal or state bankruptcy law, or similar law for the relief of debtors, are instituted by or against the Operator, and, if instituted against the Operator, are allowed against it or are consented to by it or are not dismissed within ninety (90) days after such institution.
Default by Operator. A material failure to keep, perform, meet or comply with any covenant, agreement, term or provision of this Agreement to be kept, observed, met, performed, or complied with by OPERATOR hereunder, which such failure continues for a period of ten (10) days after OPERATOR has written notice thereof, shall constitute an Event of Default on the part of the OPERATOR, provided, however, that OPERATOR shall not be in default if it is taking all reasonable actions to comply with such agreement and that such compliance can be obtained in not more than thirty (30) days. OPERATOR shall indemnify INDUSTRY CONTRACTOR and AQ for all losses incurred by reason of not being able to conduct the contemplated activities at the Buildings.
