Common use of INTERRUPTION OF OPERATIONS Clause in Contracts

INTERRUPTION OF OPERATIONS. If the operations of the System shall cease completely at any time for more than 72 hours during any period of 10 consecutive days, unless (i) the operations of all or substantially all of the paging systems in the relevant market also are interrupted for a like period of time and (ii) Borrower shall be receiving during such period proceeds of business interruption insurance sufficient to assure that its per diem Operating Cash Flow during such period is at least equal to its average per diem Operating Cash Flow for the consecutive three month period preceding the initial date of interruption; provided, however, that, notwithstanding the provisions of clauses (i) and (ii) to the contrary, an Event of Default shall be deemed to occur hereunder if the operations of the System shall cease completely at any time for more than 120 hours during any period of 20 consecutive days.

Appears in 5 contracts

Samples: Loan Agreement (Aquis Communications Group Inc), Loan Agreement (Aquis Communications Group Inc), Loan Agreement (Paging Partners Corp)

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