Common use of Owner Events of Default Clause in Contracts

Owner Events of Default. The Owner shall be in default of its obligations under the Contract upon the occurrence of any of following events, (each, an “Owner Event of Default”): the Owner becomes insolvent, generally does not pay its debts as they become due, admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors, or insolvency, receivership, reorganization, bankruptcy, liquidation, or similar proceedings are commenced by or against the Owner under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or other insolvency law or law relating to creditors rights and such proceedings remain undismissed or unstayed for a period of twenty (20) Business Days; or the Owner fails to perform or observe in any material respect any provision of the Contract providing for the payment of money to the Contractor. The Owner shall not be in default of its contractual obligations where the obligation to pay is disputed in good faith. Except for the Owner Event of Default set out in Section 15.4(a)(i) above, the Owner shall rectify an Owner Event of Default within a period of ten (10) Business Days. If the Owner advises the Contractor and the Contractor agrees that such default cannot be rectified within such ten (10) Business Days, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default in accordance with that schedule failing which the Contractor may avail itself of the remedies described in Section 15.5. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 shall apply. Remedy for Owner Events of Default Upon the occurrence of an Owner Event of Default that is not rectified or cured pursuant to Section 15.4, the Contractor may either: terminate the Contract by delivery of a notice of termination to the Owner, whereupon: the Contract shall be terminated, effective as of the date of termination in the notice unless prior to the effective date of termination the Owner has remedied the Owner Event of Default; and the Contractor shall be entitled to be paid:

Owner Events of Default. The Owner Each of the following shall be in default of its obligations under the Contract upon the occurrence of any of following events, (each, constitute an “Owner Event of Default”): ” to the extent permitted by applicable law: A. The filing by any Owner becomes insolventor SVC of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law, generally does not or the admission by any Owner that it is unable to pay its debts as they become due, admits or the institution of any proceeding by any Owner for its dissolution or termination. B. The consent by any Owner or SVC to an involuntary petition in writing its inability bankruptcy or the failure to pay its debtsvacate, within ninety (90) days from the date of entry thereof, any order approving an involuntary petition by any Owner. C. The entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating any Owner or SVC as bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee, or makes liquidator of all or a general assignment substantial part of any Owner’s or SVC’s assets, and such order, judgment or decree’s continuing unstayed and in effect for the benefit an aggregate of creditors, sixty (60) days (whether or insolvency, receivership, reorganization, bankruptcy, liquidation, or similar proceedings are commenced by or against the Owner under the Bankruptcy and Insolvency Act (Canadanot consecutive). D. At Manager’s option, the Companies Creditors Arrangement Act failure of any Owner to make any payment required to be made in accordance with the terms of this Agreement on or before the due date, which failure continues for five (Canada)5) Business Days after notice from Manager. E. At Manager’s option, the Winding-up and Restructuring Act (Canada) failure of any Owner to perform, keep or other insolvency law or law relating to creditors rights and such proceedings remain undismissed or unstayed for a period of twenty (20) Business Days; or the Owner fails to perform or observe in fulfill any material respect any provision of the Contract providing other covenants, undertakings, obligations or conditions set forth in this Agreement, which failure continues for the payment of money to the Contractor. The Owner shall not be in default of its contractual obligations where the obligation to pay is disputed in good faith. Except for thirty (30) days after notice from Manager, or, if the Owner Event of Default set out in Section 15.4(a)(iis susceptible of cure, but such cure cannot be accomplished within such thirty (30) aboveday period, if the applicable Owner shall rectify an fails to commence the cure of such Owner Event of Default within a period of ten (10) Business Days. If the Owner advises the Contractor and the Contractor agrees that such default cannot be rectified within such ten (10) Business Days, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default in accordance with that schedule failing which the Contractor may avail itself of the remedies described in Section 15.5. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 days of such notice or thereafter fails to diligently pursue such efforts to completion, provided that in no event shall apply. Remedy for Owner Events of Default Upon the such additional time exceed ninety (90) days. F. The occurrence of an Owner Event event of Default that default beyond any applicable notice and cure period under any obligation, agreement, instrument or document which is not rectified secured in whole or cured pursuant to Section 15.4, in part by any Owner’s or Landlord’s interest in any Hotel or the Contractor may either: terminate acceleration of the Contract by delivery indebtedness secured thereby or the commencement of a notice of termination to the Owner, whereupon: the Contract shall be terminated, effective as of the date of termination in the notice unless prior to the effective date of termination the Owner has remedied the Owner Event of Default; and the Contractor shall be entitled to be paid:foreclosure thereunder.

Owner Events of Default. (a) The Owner following shall be in default of its obligations under the Contract upon the occurrence of any of following events, (each, constitute an “Owner Event of Default”): Default under this Agreement: (i) any failure by the Owner becomes insolventto remit to the Servicer any payment required to be made under the terms of this Agreement which continues un-remedied for a period of three (3) Business Days after the date upon which notice of such failure, generally does requiring the same to be remedied, shall have been given to the Owner by the Servicer; or (ii) the failure by the Owner duly to observe or perform in any material respect any other of the obligations of the Owner set forth in this Agreement which continues un-remedied for a period of sixty (60) days after the date on which notice of such failure, requiring the same to be remedied, shall have been given to the Owner by the Servicer; provided, however, that in the case of a failure that cannot pay be cured within sixty (60)days, the cure period shall be extended if the Owner can demonstrate to the reasonable satisfaction of the Servicer that the failure can be cured and the Owner is diligently pursuing remedial action; or (iii) a decree or order of a court, agency or supervisory authority having jurisdiction for the appointment of a conservator, receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its debts as they become dueaffairs, admits shall have been entered against the Owner and such decree or order shall have remained in force un-discharged or un-stayed for a period of sixty (60) days; or (iv) the Owner shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Owner or relating to all or substantially all of its property; or (v) the Owner shall admit in writing its inability to pay its debtsdebts generally as they become due, file a petition to take advantage of any applicable insolvency or makes a general reorganization statute, make an assignment for the benefit of its creditors, or insolvency, receivership, reorganization, bankruptcy, liquidation, or similar proceedings are commenced by or against the Owner under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or other insolvency law or law relating to creditors rights and such proceedings remain undismissed or unstayed for a period of twenty (20) Business Days; or the Owner fails to perform or observe in any material respect any provision of the Contract providing for the voluntarily suspend payment of money to the Contractor. The Owner shall not be in default of its contractual obligations where the obligation to pay is disputed in good faith. Except for the Owner Event of Default set out in Section 15.4(a)(iobligations. (b) aboveIn each and every such case, the Owner shall rectify so long as an Owner Event of Default within a period of ten (10) Business Days. If shall not have been remedied, in addition to whatever rights the Owner advises the Contractor Servicer may have at law or equity to damages, including injunctive relief and the Contractor agrees that such default cannot be rectified within such ten (10) Business Daysspecific performance, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default Servicer, by notice in accordance with that schedule failing which the Contractor may avail itself of the remedies described in Section 15.5. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 shall apply. Remedy for Owner Events of Default Upon the occurrence of an Owner Event of Default that is not rectified or cured pursuant to Section 15.4, the Contractor may either: terminate the Contract by delivery of a notice of termination writing to the Owner, whereupon: may terminate this Agreement in accordance with Section 11.01. (c) Upon receipt by the Contract Owner of such written notice, Owner shall be terminated, effective as of cooperate with Servicer to transfer the date of termination in the notice unless prior servicing to the effective date of termination successor appointed pursuant to Section 11.02. The Servicer agrees to reasonably cooperate with the Owner has remedied and such successor in transferring the Owner Event servicing hereunder, as described in Section 11.02, and shall place in such successor’s possession all Mortgage Files and Servicing Files, and do or accomplish all other acts or things reasonably necessary or appropriate to effect the transfer of Default; and the Contractor shall be entitled to be paid:such successor servicer.

Owner Events of Default. The Owner 35.1 Unless an EPC Contractor Event of Default shall be in the cause thereof, from and after the Effective Date the following shall be events of default with respect to Owner (each of its obligations under the Contract upon the occurrence of any of following events, (eachfollowing, an “Owner Event of Default”): the ): 35.1.1 Owner becomes insolvent, or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors, or insolvency; 35.1.2 Insolvency, receivership, reorganization, bankruptcy, liquidation, reorganization or similar proceedings are a bankruptcy proceeding is commenced by Owner; 35.1.3 Insolvency, receivership, reorganization or a bankruptcy proceeding is commenced against the Owner under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or other insolvency law or law relating to creditors rights and such proceedings remain undismissed proceeding is not dismissed or unstayed stayed within forty-five (45) Days thereafter; 35.1.4 Owner assigns or transfers this EPC Contract or any right or interest therein, except as otherwise expressly permitted hereunder; or 35.1.5 Owner fails to make any undisputed payment to EPC Contractor when due pursuant to the terms of this EPC Contract and, if such failure is not remedied within [***] Days after written notice, unless Owner or EPC Contractor have requested that dispute resolution be commenced with respect to such failure to pay. 35.2 If any Owner Event of Default has occurred and is continuing, EPC Contractor may elect to stop Work (which shall be treated as if it were a suspension ordered by Owner and a Change Order shall be issued in accordance with the provisions of ARTICLE 22) and shall take all steps necessary to preserve, protect, and care for all Work, Materials, and the Transformer at the Site, in transit thereto or at storage areas under its responsibility. If the Work is stopped for a period of twenty (20) Business [***] Days; or , EPC Contractor may give written notice of termination to Owner stating its intent to terminate this EPC Contract and setting forth a date of termination, which date must be at least [***] Days after the Owner fails to perform or observe in any material respect any provision date of the Contract providing for the payment of money to the Contractorsuch notice. The Owner shall not be in default of its contractual obligations where the obligation to pay is disputed in good faith. Except for Unless the Owner Event of Default set out in Section 15.4(a)(i) aboveis cured before the end of such [***] Day period, the Owner shall rectify an Owner Event of Default within a period of ten (10) Business Days. If the Owner advises the Contractor and the Contractor agrees that such default cannot be rectified within such ten (10) Business Days, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default in accordance with that schedule failing which the EPC Contractor may avail itself of the remedies described in Section 15.5terminate this EPC Contract. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 shall apply. Remedy for Owner Events of Default Upon the occurrence of an Owner Event of Default that is not rectified or cured pursuant to Section 15.4In addition, the Contractor may either: terminate the Contract by delivery of a notice of termination to the Owner, whereupon: the Contract shall be terminated, effective as of the date of termination in the notice unless prior to the effective date of termination the Owner has remedied the Owner Event of Default; and the EPC Contractor shall be have all other rights and remedies to which it is entitled to be paid:at law or in equity.

Owner Events of Default. The Owner (a) Each and any one of the following events shall be in an Owner event of default of its obligations under the Contract upon the occurrence of any of following events, (each, an “Owner Event of Default”): ): (i) the Owner becomes insolvent, generally does not pay breaches any Law which has an adverse and material effect on its debts as they become due, admits in writing ability to perform its inability to pay its debts, or makes a general assignment for the benefit of creditors, or insolvency, receivership, reorganization, bankruptcy, liquidation, or similar proceedings are commenced by or against obligations under this Agreement (ii) Not used; (iii) the Owner under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) materially breaches or other insolvency law or law relating to creditors rights and such proceedings remain undismissed or unstayed for a period of twenty (20) Business Days; or the Owner fails to perform or observe in any material respect contravenes any provision of this Agreement; (iv) a breach of the Contract providing for Owner’s obligation to take all relevant Owner Insurances provided that such breach was not caused by the Operations Consultancy Service Provider’s breach of its obligation to provide the Owner with the needed support and scope of insurance type and coverage in a timely manner; (v) the failure by the Owner to make any payment of money to under this Agreement forty five (45) Calendar Days after it has become due and payable; or (vi) the Contractor. Owner suffers an Insolvency Event; (b) The Owner shall not be in default notify the Operations Consultancy Service Provider of its contractual obligations where the obligation to pay is disputed in good faith. Except for the occurrence, and details, of any Owner Event of Default set out in Section 15.4(a)(i) aboveand of any event or circumstance which is likely, with the Owner shall rectify passage of time or otherwise, to constitute or give rise to an Owner Event of Default within a period of ten (10) Business Days. If Default, in either case promptly on the Owner advises the Contractor and the Contractor agrees that such default cannot be rectified within such ten becoming aware of its occurrence. (10c) Business Days, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default in accordance with that schedule failing which the Contractor may avail itself of the remedies described in Section 15.5. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 shall apply. Remedy for Owner Events of Default Upon On the occurrence of an Owner Event of Default that Default, or within a reasonable time after the Operations Consultancy Service Provider becomes aware of the same, and while the same is still subsisting, the Operations Consultancy Service Provider may serve notice on the Owner of the occurrence (and specifying details) of such Owner Event of Default. If the relevant matter or circumstance has not been rectified or cured pursuant to Section 15.4remedied by the Owner (or otherwise) within thirty (30) Calendar Days of such notice, the Contractor Operations Consultancy Service Provider may either: serve a further notice to the Owner terminating this Agreement with immediate effect. (d) On the occurrence of an Owner Event of Default, or within a reasonable time after the Owner becomes aware of the same, and while the same is subsisting, the Operations Consultancy Service Provider may: (i) in the case of Owner Events of Default referred to in Clause 14.2(vi), terminate the Contract this Agreement with immediate effect and in its entirety by delivery of a notice of termination in writing to the Owner; and (ii) in all other cases, whereupon: the Contract shall be terminated, effective as serve notice of the date of termination in the notice unless prior to the effective date of termination default on the Owner has remedied requiring the Owner to remedy the Owner Event of Default; Default referred to in such notice of default (if the same is continuing) within thirty (30) Business Days of such notice of default (“Owner’s Cure Period”). In the event that any such Owner Event of Default is not remedied before the expiry of the Owner’s Cure Period, the Operations Consultancy Service Provider may terminate this Agreement with immediate effect and in its entirety by written notice to the Contractor Owner. (e) The Operations Consultancy Service Provider shall be entitled not exercise or, purport to be paid:exercise any right to terminate this Agreement (or accept any repudiation of this Agreement) except as expressly set out in this Agreement.

Owner Events of Default. The Owner Each of the following shall be in considered a default of its obligations under the Contract upon the occurrence of any of following events, by Owner (each, an each such event being called a “Owner Event of Default”): ): 24.5.1 Owner defaults in the payment of any sum undisputedly due NAES payable hereunder and Owner becomes insolvent, generally does has not pay its debts as they commenced to cure such default within ten (10) days after receipt of written notice from NAES that such payment has become due; 24.5.2 Owner defaults in any respect in the observance or performance of any other material covenant, condition, or agreement of Owner contained herein, including, but not limited to, actions or omissions by Owner that will prevent the Facility from meeting Legal Requirements and Permit obligations, and Owner has not commenced to cure such default within ninety (90) days after receipt of written notice from NAES specifying the default and demanding that the same be remedied; 24.5.3 any representation or warranty made by Owner herein or in any certificate, statement, document given pursuant to the terms hereof proves to be false or misleading in any material respect as of the date on which it was made, and Owner has not commenced to remedy any material adverse consequences to NAES directly caused thereby within ninety (90) days after receipt of written notice from NAES specifying the default and demanding that the same be remedied; 24.5.4 Owner files a petition commencing a voluntary case under the Bankruptcy Code, or for liquidation, reorganization, or an arrangement pursuant to any other federal or state bankruptcy law, or is adjudicated a debtor or is declared bankrupt or insolvent under the Bankruptcy Code, or any other federal or state law as now or hereafter in effect relating to bankruptcy, insolvency, winding-up, or adjustment of debts, or makes an assignment for the benefit of creditors, or admits in writing its inability to pay its debtsdebts generally as they become due, or makes if a general assignment for the benefit of creditors, or insolvency, receivership, reorganization, bankruptcy, liquidation, or similar proceedings are commenced by or against the Owner petition commencing an involuntary case under the Bankruptcy and Insolvency Act (Canada)Code or an answer proposing the adjudication of Owner as a debtor or a bankrupt or proposing its liquidation or reorganization pursuant to the Bankruptcy Code, the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) any other federal or other insolvency state bankruptcy law or law relating to creditors rights and such proceedings remain undismissed or unstayed for a period of twenty (20) Business Days; or the Owner fails to perform or observe is filed in any material respect any provision court and Owner consents to or acquiesces in the filing thereof or such petition or answer is not be discharged or denied within thirty (30) days after the filing thereof; or 24.5.5 a custodian, receiver, trustee or liquidator of Owner, or of all or substantially all of the Contract providing for the payment assets of money to the Contractor. The Owner, is appointed in any proceeding brought by Owner, or any such custodian, receiver, trustee, or liquidator is appointed in any proceeding brought against Owner shall and is not be discharged within ninety (90) days after such appointment, or if Owner consents to or acquiesces in default of its contractual obligations where the obligation to pay is disputed in good faith. Except for the Owner Event of Default set out in Section 15.4(a)(i) above, the Owner shall rectify an Owner Event of Default within a period of ten (10) Business Days. If the Owner advises the Contractor and the Contractor agrees that such default cannot be rectified within such ten (10) Business Days, the Owner shall provide the Contractor with a schedule and time for complete rectification of the default reasonably acceptable to the Contractor and the Owner shall then diligently proceed to rectify such default in accordance with that schedule failing which the Contractor may avail itself of the remedies described in Section 15.5. If the Parties cannot agree on a schedule for remedy of the Owner Event of Default within a fifteen (15) Business Day period then Article 25 shall apply. Remedy for Owner Events of Default Upon the occurrence of an Owner Event of Default that is not rectified or cured pursuant to Section 15.4, the Contractor may either: terminate the Contract by delivery of a notice of termination to the Owner, whereupon: the Contract shall be terminated, effective as of the date of termination in the notice unless prior to the effective date of termination the Owner has remedied the Owner Event of Default; and the Contractor shall be entitled to be paid:appointment.