Common use of Manager Events of Default Clause in Contracts

Manager Events of Default. Each of the following actions and events shall be deemed a “Manager Event of Default”: 16.1.2.1 a failure by Manager to pay any amount of money to Tenant when due and payable under this Agreement that is not cured within sixty (60) days after notice to Manager; 16.1.2.2 except as set forth in Section 16.1.2.1, a failure by Manager to perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant to Manager; provided that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Tenant (or Landlord) to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authority) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager; (ii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereof; (iii) the filing by Manager of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (v) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vi) any action by Manager for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Manager that is not stayed, vacated or set aside within sixty (60) days of the commencement thereof.

Manager Events of Default. Each of the following actions and events shall be deemed a “Manager Event of Default”: 16.1.2.1 a failure by Manager to pay any amount of money to Tenant when due and payable under this Agreement that is not cured within sixty (60) days after notice to Manager; 16.1.2.2 except as set forth in Section 16.1.2.1, a failure by Manager to perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant to Manager; provided that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Tenant (or Landlord) to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authority) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager; (ii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereof; (iii) the filing by Manager of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (v) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vi) any action by Manager for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Manager that is not stayed, vacated or set aside within sixty (60) days of the commencement thereof. Notwithstanding the foregoing, there shall be no Manager Event of Default if the basis for any asserted Manager Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVIII.

Manager Events of Default. Each of the following actions and events shall may be deemed a “Manager Event of Default”: 16.1.2.1 a A failure by Manager to pay any amount of money to Tenant Owner when due and payable under this Agreement that is not cured within sixty (60) days after notice to Manager; 16.1.2.2 except as set forth in Section 16.1.2.1, a A failure by Manager or CLC to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager or CLC, as applicable, that is not cured within thirty (30) days following notice of such default from Tenant Owner to Manager; provided provided, that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Tenant (or Landlord) Owner to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authoritydays) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) Manager’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Manager and/or CLC for the benefit of its creditors, or any similar arrangement with its creditors by ManagerManager and/or CLC; (iiiii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereofand/or CLC; (iiiiv) the filing by the Manager and/or CLC of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (ivv) the filing of an involuntary a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager and/or CLC which either (x) is consented to by ManagerManager and/or CLC, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereofas applicable; (vvi) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vivii) any action by Manager for dissolution of its operations; (viii) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of CLC’s assets or the conduct of its business; (ix) any action by CLC for dissolution of its operations; or (viix) any other similar proceedings in any relevant jurisdiction affecting Manager that and/or CLC. Notwithstanding the foregoing, there shall be no Manager Event of Default if the basis for any asserted Manager Event of Default is not stayed, vacated in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or set aside within sixty (60) days of the commencement thereofArticle XVII.

Manager Events of Default. Each of the The following actions and or events shall be deemed constitute a “Manager Event of Default”” under this Agreement: 16.1.2.1 a failure by (a) if Manager to pay any amount of money to Tenant when due and payable under shall assign this Agreement that in violation of ARTICLE VIII; (b) if there shall be instituted by or against Manager an insolvency or bankruptcy proceeding under any law or statute of any jurisdiction as now existing or hereafter amended or becoming effective, which proceeding (in the case of a proceeding instituted against Manager) is not cured discharged or dismissed within a period of sixty (60) consecutive days after notice to the date on which such proceeding shall have been instituted; or if there shall be appointed a receiver for Manager; or if Manager shall make an assignment for the benefit of creditors; 16.1.2.2 except (c) if any of Manager’s Gaming Approvals are lost, terminated, suspended or revoked; and (d) other than as set forth in Section 16.1.2.1clauses (a), a failure by (b) or (c) above, if Manager shall fail to perform or comply with any of the other material covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant to ManagerTenant, Landlord or Mortgagee; provided that if: provided, however, if (ai) the default is not susceptible of cure within a thirty (30) day period but is susceptible of cure within a one hundred twenty (120) day period; (bii) the default cannot be cured solely by the payment of a sum of money; and (ciii) the default would not expose Tenant (or Landlord) Landlord to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than up to an additional ninety (90) days or, (for an aggregate cure period of up to one hundred twenty (120) days) if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authority) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and . TENANT AND LANDLORD ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL MANAGER BE DEEMED IN DEFAULT OF ITS OBLIGATIONS UNDER THIS AGREEMENT OR APPLICABLE LAW SOLELY BY REASON OF (iI) a general assignment by Manager for the benefit of its creditorsTHE FAILURE OF THE FINANCIAL PERFORMANCE OF THE MANAGER OPERATED AREAS TO MEET TENANT’S OR LANDLORD’S EXPECTATIONS OR INCOME PROJECTIONS AS MORE PARTICULARLY DESCRIBED IN SECTION 16.3.1, or any similar arrangement with its creditors by Manager; (iiII) the entry of a judgment of insolvency against Manager that is not stayedTHE ACTS OF OPERATING PERSONNEL (PROVIDED THAT THIS CLAUSE (II) SHALL NOT LIMIT MANAGER’S OBLIGATIONS PURSUANT TO SECTION 9.3, vacated or set aside within sixty TO THE EXTENT SUCH ACTS CONSTITUTE MANAGER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), (60III) days of entry thereof; THE INSTITUTION OF LITIGATION OR THE ENTRY OF JUDGMENTS AGAINST TENANT, LANDLORD OR THE MANAGER OPERATED AREAS WITH RESPECT TO THE OPERATIONS THERETO, OR (iiiIV) the filing by Manager of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (iv) the filing of an involuntary petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (v) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vi) any action by Manager for dissolution of its operations; or (vii) any other similar proceedings in any relevant jurisdiction affecting Manager that is not stayed, vacated or set aside within sixty (60) days of the commencement thereofANY OTHER ACTS OR OMISSIONS NOT OTHERWISE CONSTITUTING A DEFAULT OF MANAGER’S OBLIGATIONS UNDER THIS AGREEMENT.

Manager Events of Default. Each of the following actions and events shall may be deemed a “Manager Event of Default”: 16.1.2.1 a A failure by Manager to pay any amount of money to Tenant Owner when due and payable under this Agreement that is not cured within sixty (60) days after notice to Manager; 16.1.2.2 except as set forth in Section 16.1.2.1, a A failure by Manager to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant Owner to Manager; provided provided, that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Tenant (or Landlord) Owner to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authoritydays) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) Manager’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager; (iiiii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereofManager; (iiiiv) the filing by the Manager of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (ivv) the filing of an involuntary a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (vvi) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vivii) any action by Manager for dissolution of its operations; or (viiviii) any other similar proceedings in any relevant jurisdiction affecting Manager. Notwithstanding the foregoing, there shall be no Manager that Event of Default if the basis for any asserted Manager Event of Default is not stayed, vacated in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or set aside within sixty (60) days of the commencement thereofArticle XVII.

Manager Events of Default. Each of the following actions and events shall may be deemed a “Manager Event of Default”: 16.1.2.1 a 16.1.6.1 A failure by Manager to pay any amount of money to Tenant Owner when due and payable under this Agreement that is not cured within sixty (60) days after notice to Manager; 16.1.2.2 except as set forth in Section 16.1.2.1, a 16.1.6.2 A failure by Manager to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant Owner to Manager; provided provided, that if: (a) the default is not susceptible of cure within a thirty (30) day period; (b) the default cannot be cured solely by the payment of a sum of money; and (c) the default would not expose Tenant (or Landlord) Owner to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for such time as is necessary (but in no event longer than ninety (90) days or, if such default is in the process of being cured to the satisfaction of an applicable Gaming Authority, such longer time as is prescribed by such Gaming Authoritydays) to cure the default so long as Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; andand 702580413 11172554 49 16.1.6.3 (i) Manager’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Manager for the benefit of its creditors, or any similar arrangement with its creditors by Manager; (iiiii) the entry of a judgment of insolvency against Manager that is not stayed, vacated or set aside within sixty (60) days of entry thereofManager; (iiiiv) the filing by the Manager of a voluntary petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (ivv) the filing of an involuntary a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Manager which either (x) is consented to by Manager, or (y) is not stayed, vacated or set aside within sixty (60) days of the filing thereof; (vvi) the appointment (or the filing of a petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Manager’s assets or the conduct of its business, in each case that is not stayed, vacated or set aside within sixty (60) days of the occurrence thereof; (vivii) any action by Manager for dissolution of its operations; or (viiviii) any other similar proceedings in any relevant jurisdiction affecting Manager. Notwithstanding the foregoing, there shall be no Manager that Event of Default if the basis for any asserted Manager Event of Default is not stayed, vacated in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or set aside within sixty (60) days of the commencement thereofArticle XVII.