Owner Event of Default. Owner shall be immediately in default of its obligations pursuant to this Agreement upon the occurrence of any one or more events of default below (each, an “Owner Event of Default”):
(a) Owner becomes insolvent, generally does not pay its debts as they become due, admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors, or insolvency, receivership, reorganization, or bankruptcy or similar proceedings are commenced by Owner;
(b) insolvency, receivership, reorganization, or bankruptcy or similar proceedings are commenced against Owner and such proceeding shall remain undismissed or unstayed for a period of sixty (60) days;
(c) any material representation or warranty made by Owner herein was false or misleading when made and Owner fails to remedy such false or misleading representation or warranty within thirty (30) days after Owner receives a Notice from Contractor with respect thereto, except such thirty (30) day limit shall be extended if: (i) curing such failure reasonably requires more than thirty (30) days; (ii) Owner commences such cure within such thirty (30) day period and diligently prosecutes such cure; and (iii) such cure is accomplished within one hundred twenty (120) days after the earlier of the date on which Owner first knew of such misrepresentation or falsity or the date on which Owner first receives a Notice from Contractor with respect thereto;
(d) Owner assigns or transfers this Agreement or any right or interest herein, except in accordance with Article 26;
(e) Owner fails to maintain any insurance coverages required of it in accordance with Article 21 and Owner fails to remedy such breach within ten (10) days after the Owner first receives a Notice from Contractor with respect thereto; or
(f) Owner fails to perform or observe in any respect any provision of this Agreement providing for the payment of undisputed amounts of money to Contractor or any other material provision of this Agreement not otherwise addressed in this Section 19.4, and such failure continues for ten (10) days after Notice from Contractor in the case of an undisputed payment obligation and thirty (30) days in the case of any other obligation, except such thirty (30) day limit shall be extended if: (i) curing such failure reasonably requires more than thirty (30) days; (ii) Owner commences such cure within such thirty (30) day period and EXECUTION COPY diligently prosecutes such cure; and (iii) such cure is accomplished w...
Owner Event of Default. Owner shall be in default of its obligations pursuant to this Agreement upon the occurrence of any one or more events of default set forth below (each, an “Owner Event of Default”):
(a) Owner becomes Bankrupt;
(b) Owner fails to perform any material provision of this Agreement not otherwise addressed in this Section 18.3 and such failure continues for thirty (30) days after Notice from Contractor, except such thirty (30) day limit shall be extended if: (i) curing such failure reasonably requires more than thirty (30) days; and (ii) Owner commences such cure within such thirty (30) day period and diligently prosecutes and completes such cure within sixty (60) days, in each case after the date on which Owner first receives a Notice from Contractor with respect thereto;
(c) Owner assigns or transfers this Agreement or any right or interest herein, except in accordance with Article 25; or
(d) Owner fails to perform any provision of this Agreement providing for the payment of money to Contractor and such failure continues for twenty (20) days after Owner has received a Notice of such payment default from Contractor; or
Owner Event of Default. The following shall constitute an event of default on the part of Owner (“Owner Event of Default”):
(a) Owner fails to pay any amount due to Operator under this Agreement and such failure continues for 10 days following receipt of Notice thereof from Operator; or
(b) Owner shall: (i) make any general assignment or general arrangement for the benefit of creditors; (ii) file, or have filed against them, petitions to be adjudged bankrupt or petitions for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Owner, such petition is dismissed within 60 days of filing); or (iii) have trustees or receivers appointed to take possession of substantially all of their assets related to the Project or of their interests in this Agreement, except where such seizure is discharged, in respect of either Owner, within 30 days after appointment of said trustee or receiver, or the filing of a petition for the appointment of the same, whichever shall first occur.
Owner Event of Default. Owner shall be in default of its obligations pursuant to this Agreement upon the occurrence of any one or more events of default set forth below (each, an “Owner Event of Default”):
(a) Owner fails to pay any amount of the Contract Price owing under this Agreement that is not disputed in good faith, and such failure remains outstanding for a period of *** after Owner has received a notice of such payment default from Contractor stating that if Owner does not pay such amount Contractor may terminate in accordance with Section 20.4; or
(b) An Insolvency Event occurs with respect to Owner or, while the Equity Contribution Agreement is required to be in place, MEHC; or
(c) Owner fails to maintain any insurance coverages required of it in accordance with Article 23 and Owner fails to remedy such breach within *** after the date on which Owner first receives a notice from Contractor with respect thereto; or
(d) Owner violates in any material respect any of the provisions of this Agreement not otherwise addressed in this Section 20.3, which violation remains uncured for *** following Owner's receipt of written notice thereof from Contractor; provided, that if such violation is capable of cure but cannot reasonably be cured within such *** period, then Owner's right to cure shall extend beyond such *** period for so long as Owner is diligently attempting to cure such violation; or
(e) Owner assigns or transfers this Agreement or any right or interest herein except in accordance with Article 26; or
Owner Event of Default. The term “Owner Event of Default” shall have the meaning set forth in Section 20.4.
Owner Event of Default. Owner shall be in default of its obligations pursuant to this Contract in the event Owner fails to pay any undisputed amount of money to Contractor in accordance with this Contract and such failure continues for thirty (30) days after Owner receives a Notice from Contractor with respect thereto (“Owner Event of Default”).
Owner Event of Default as defined in Section 10.02.1. Double Tree Resort by Hiltxx Xxxxxx Xxxch Oceanfront - MA
Owner Event of Default. Owner shall be in default if any of the following occurs (each, an "Owner Event of Default"): Double Tree Resort by Hiltxx Xxxxxx Xxxch Oceanfront - MA
(a) Owner (or Lessor) fails to provide funds to be deposited in the Hotel Accounts within fifteen business days after Manager's request for additional funds under Section 5.03;
(b) Owner fails to keep, observe or perform any other material covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner, and the failure continues for thirty days after notice is received from Manager;
(c) an Insolvency Event occurs with respect to Owner;
(d) Owner or any person or entity having a controlling interest or an Equity Interest in Owner becomes a Specially Designated or Blocked Person or an entity in which a Specially Designated or Blocked Person has an interest;
(e) any guarantor of Owner’s obligations hereunder or any Mortgagee is or becomes a Specially Designated or Blocked Person or an entity in which a Specially Designated or Blocked Person has an interest;
(f) any breach by Owner of Section 7.09; or
(g) any breach by Owner of Sections 7.10.1(a) to 7.10.1(c) (inclusive).
Owner Event of Default. The term “Owner Event of Default” has the meaning set forth in Section 14.1(b).
Owner Event of Default. If the following constitutes gross negligence or willful misconduct by Owner (an “Owner Event of Default”): Owner breaches or violates any provision of this Agreement and does not cure or correct such breach or violation to the satisfaction of Broker within 15 days after delivery of written notice from Broker (or such longer period of time (not to exceed 75 days) as reasonably may be necessary to cure if such breach or violation is of such a nature as to require more than 15 days to cure and provided Owner commences curing such breach or violation within fifteen 15 days after delivery of the aforesaid notice and proceeds to diligently cure same). Subject to Section 2.1.3, this section shall not limit Broker’s right to file a lawsuit against Owner in the event Owner breaches this Agreement.
