Common use of Owner Events of Default Clause in Contracts

Owner Events of Default. Each of the following actions and events may be deemed an “Owner Event of Default”: 16.1.1.1 A failure by Owner within the time periods specified in this Agreement to pay the amount due and payable under this Agreement to Manager or its Affiliates for the Management Fees, Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Owner specifying such failure; provided, that in the event sufficient funds are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the payment of such amounts then due, then such failure of Owner to pay such amount shall not be an Event of Default; 16.1.1.2 Except as set forth in Section 16.1.1.1, a failure by Owner to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Owner; 16.1.1.3 A failure by Owner to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Owner that is not cured within thirty (30) days following notice of such default from Manager to Owner; 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 Manager 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) to cure the default so long as Owner commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) Owner’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Owner for the benefit of its creditors, or any similar arrangement with its creditors by Owner; (iii) the entry of a judgment of insolvency against Owner; (iv) the filing by the Owner of a petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Owner which is consented to by Owner; (vi) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Owner’s assets or the conduct of its business; (vii) any action by Owner for dissolution of its operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Owner. Notwithstanding the foregoing, there shall be no Owner Event of Default if the basis for any asserted Owner Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII.

Owner Events of Default. Each of the following actions and events may be deemed an “Owner Event of Default”: 16.1.1.1 A failure by Owner within the time periods specified in this Agreement to pay the amount due and payable under this Agreement to Manager or its Affiliates for the Management Fees, Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Owner specifying such failure; provided, that in the event sufficient funds are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the payment of such amounts then due, then such failure of Owner to pay such amount shall not be an Event of Default; 16.1.1.2 Except as set forth in Section 16.1.1.1, a failure by Owner to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Owner; 16.1.1.3 A failure by Owner to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Owner that is not cured within thirty (30) days following notice of such default from Manager to Owner; 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 Manager 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) to cure the default so long as Owner commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; and (i) Owner’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Owner for the benefit of its creditors, or any similar arrangement with its creditors by Owner; (iii) the entry of a judgment of insolvency against Owner; (iv) the filing by the Owner of a petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Owner which is consented to by Owner; (vi) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Owner’s assets or the conduct of its business; (vii) any action by Owner for dissolution of its operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Owner. Notwithstanding the foregoing, there shall be no Owner Event of Default if the basis for any asserted Owner Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII.

Owner Events of Default. Each of the following actions and events may be deemed an “Owner Event of Default”: 16.1.1.1 A failure by Owner within the time periods specified in this Agreement to pay the amount due and payable under this Agreement to Manager or its Affiliates for the Management Fees, Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Owner specifying such failure; provided, that in the event sufficient funds are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the payment of such amounts then due, then such failure of Owner to pay such amount shall not be an Event of Default; 16.1.1.2 Except as set forth in Section 16.1.1.1, a failure by Owner to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Owner; 16.1.1.3 A failure by Owner to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Owner that is not cured within thirty (30) days following notice of such default from Manager to Owner; 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 Manager 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) to cure the default so long as Owner commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; provided further, that for purposes of this Section 16.1.1.3, Owner shall not be deemed to be in breach of its obligations set forth in clauses (ii) and (iii) of Section 13.6(a) or of its obligations in clauses (ii) and (iii) of Section 13.6(b) until such time as an event of default shall exist under and pursuant to the terms of the Ground Lease or the Land Disposition Agreement, as applicable (including by way of the expiration of any applicable notice or cure periods thereunder); and (i) Owner’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Owner for the benefit of its creditors, or any similar arrangement with its creditors by Owner; (iii) the entry of a judgment of insolvency against Owner; (iv) the filing by the Owner of a petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Owner which is consented to by Owner; (vi) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Owner’s assets or the conduct of its business; (vii) any action by Owner for dissolution of its operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Owner; provided, that any of the events set forth in Section 16.1.1.1, 16.1.1.2 or 16.1.1.3 shall not be an Owner Event of Default to the extent such event occurs at a time when Manager or its Affiliates Controls Owner. Notwithstanding the foregoing, there shall be no Owner Event of Default if the basis for any asserted Owner Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII.

Owner Events of Default. Each of the following actions and events may be deemed an “Owner Event of Default”: 16.1.1.1 16.1.5.1 A failure by Owner within the time periods specified in this Agreement to pay the amount due and payable under this Agreement to Manager or its Affiliates for the Management Fees, Reimbursable Expenses or Centralized Services Charges and that is not cured within sixty (60) days after notice to Owner specifying such failure; provided, that in the event sufficient funds are available in the Operating Account to pay such amounts then due and Manager has the right to withdraw, transfer or apply such funds to the payment of such amounts then due, then such failure of Owner to pay such amount shall not be an Event of Default; 16.1.1.2 16.1.5.2 Except as set forth in Section 16.1.1.1, a failure by Owner to pay any amount of money to Manager when due and payable under this Agreement that is not cured within sixty (60) days after notice to Owner; 16.1.1.3 16.1.5.3 A failure by Owner to materially perform or comply with any of the covenants, duties or obligations set forth in this Agreement to be performed by Owner that is not cured within thirty (30) days following notice of such default from Manager to Owner; provided, 702580413 11172554 48 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 Manager 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) to cure the default so long as Owner commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure; provided further, that for purposes of this Section 16.1.1.3, Owner shall not be deemed to be in breach of its obligations set forth in clauses (ii) and (iii) of Section 13.6(a) or of its obligations in clauses (ii) and (iii) of Section 13.6(b) until such time as an event of default shall exist under and pursuant to the terms of the Ground Lease or the Land Disposition Agreement, as applicable (including by way of the expiration of any applicable notice or cure periods thereunder); and (i) Owner’s failure generally to pay its debts as such debts become due; (ii) a general assignment by Owner for the benefit of its creditors, or any similar arrangement with its creditors by Owner; (iii) the entry of a judgment of insolvency against Owner; (iv) the filing by the Owner of a petition for relief under applicable bankruptcy, insolvency, or similar debtor relief laws; (v) the filing of a petition for relief under applicable bankruptcy, insolvency or similar debtor relief laws by any Person against Owner which is consented to by Owner; (vi) the appointment (or petition or application for appointment) of a receiver, custodian, trustee, conservator, or liquidator to oversee all or any substantial part of Owner’s assets or the conduct of its business; (vii) any action by Owner for dissolution of its operations; or (viii) any other similar proceedings in any relevant jurisdiction affecting Owner; provided, that any of the events set forth in Section 16.1.1.1, 16.1.1.2 or 16.1.1.3 shall not be an Owner Event of Default to the extent such event occurs at a time when Manager or its Affiliates Controls Owner. Notwithstanding the foregoing, there shall be no Owner Event of Default if the basis for any asserted Owner Event of Default is in the process of being resolved pursuant to Sections 5.1.3 and 5.1.4 or Article XVII.