Common use of Owners’ default Clause in Contracts

Owners’ default. The following shall, at the election of Manager, constitute events of default by Owner under this Agreement (each such event being referred to herein as an "Owner's Default"): (i) The failure of Owner to pay any amount to Manager provided for herein for a period of ten (10) days after written notice by Manager of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation to pay that is the subject of paragraph (i) above) and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.

Owners’ default. The following shall, at the election of --------------- Manager, constitute events of default by Owner under this Agreement (each such event being referred to herein as an "Owner's Default"): (i) The failure of Owner to pay any amount to Manager provided for herein for a period of ten (10) days after written notice by Manager of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation to pay that is the subject of paragraph (i) above) and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) The occurrence of a material default under the Mortgage Documents, which default is not cured and results in acceleration of the indebtedness secured thereby, or the exercise of any possessory rights or rights to the appointment of a receiver in favor of the Leasehold Mortgagee. (v) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (vvi) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents, which Event of Default is not cured and results in acceleration of the indebtedness secured thereby. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.

Owners’ default. The In the event that any of the following shallshall occur: (a) Owner suspends payment of its debts or is unable to pay its debts; (b) Owner passes a resolution, commences proceedings or has proceedings commenced against them (which are not stayed within ***** days of service thereof on Owner) in the nature of bankruptcy, composition, arrangement, reorganization, a general assignment for the benefit of their creditors or other scheme resulting from insolvency or for its liquidation or for the appointment of a receiver, trustee in bankruptcy or liquidator; (c) Owner’s Guarantee ceases to be in full force and effect (unless, within ***** days thereafter, a replacement guarantee equal in value to Owner’s Guarantee and given by a person or entity acceptable to Charterer is substituted for Owner’s Guarantee no longer in effect); or (d) Guarantor takes or suffers to be taken against it any of the actions set forth in (a) or (b) above; SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). then, unless any of the above are caused by a failure of Charterer to pay hire when due, Charterer may, at the election of Managerits absolute discretion, constitute events of default by terminate this Charter, whereupon Owner shall immediately reimburse Charterer for any hire paid and not earned and any other sums to which Charterer is entitled under this Agreement (each such event being referred Charter and, without prejudice to herein any other right or claim Charterer may have against Owner, Charterer may, at its option, which shall be exercised upon notice to Owner given not less than ***** days prior to the date Charterer desires the bareboat charter to become effective, convert the Charter into a bareboat charter and operate the Vessel instead at its sole risk and for its own account. If Charterer exercises its option to bareboat charter the Vessel, then the bareboat charter shall be based on the BARECON 2001 form of charterparty under terms substantially similar, mutatis mutandis, to those in this Charter and for a team commencing as an "Owner's Default"): (i) The failure of Owner the date and time the Vessel is delivered to pay any amount to Manager provided for herein Charterer or its designee under the bareboat charter and continuing for a period equal to the then unexpired portion of ten the Term, and Charterer may appoint a manager of its own choice (10) days after written notice by Manager subject to such manager having personnel experienced in the operation of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation LNG carriers). Charterer shall be required to pay that is the subject of paragraph (i) above) and hire under such failure continues for bareboat charter at a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure daily rate equal to the satisfaction of ManagerFixed Element. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.

Owners’ default. The In the event that any of the following shallshall occur: (a) Owner suspends payment of its debts or is unable to pay its debts; (b) Owner passes a resolution, commences proceedings or has proceedings commenced against them (which are not stayed within ***** days of service thereof on Owner) in the nature of bankruptcy, composition, arrangement, reorganization, a general assignment for the benefit of their creditors or other scheme resulting from insolvency or for its liquidation or for the appointment of a receiver, trustee in bankruptcy or liquidator; (c) Owner’s Guarantee to be in full force and effect (unless, within ***** days thereafter, a replacement guarantee equal in value to Owner’s Guarantee and given by a person or entity acceptable to Charterer is substituted for Owner’s Guarantee no longer in effect); or (d) Guarantor takes or suffers to be taken against it any of the actions set forth in (a) or (b) above; then, unless any of the above are caused by a failure of Charterer to pay hire when due, Charterer may, at the election of Managerits absolute discretion, constitute events of default by terminate this Charter, whereupon Owner shall immediately reimburse Charterer for any hire paid and not earned and any other sums to which Charterer is entitled under this Agreement (each such event being referred Charter and, without prejudice to herein any other right or claim Charterer may have against Owner, Charterer may, at its option, which shall be exercised upon notice to Owner given not less than ***** days prior to the date Charterer desires the bareboat charter to become effective, convert the Charter into a bareboat charter and operate the Vessel instead at its sole risk and for its own account. If Charterer exercises its option to bareboat charter the Vessel, then the bareboat charter shall be based on the BARECON 2001 form of charterparty under terms substantially similar, mutatis mutandis, to those in this Charter and for a term commencing as an "Owner's Default"): (i) The failure of Owner the date and time the Vessel is delivered to pay any amount to Manager provided for herein Charterer or its designee under the bareboat charter and continuing for a period equal to the then unexpired portion of ten the Term, and Charterer may appoint a manager of its own choice (10) days after written notice by Manager subject to such manager having personnel experienced in the operation of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation LNG carriers). Charterer shall be required to pay that is the subject of paragraph (i) above) and hire under such failure continues for bareboat charter at a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure daily rate equal to the satisfaction of ManagerFixed Element. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.

Owners’ default. The following shall, at the election --------------- of ManagerManger, constitute events of default by Owner under this Agreement (each such event being referred to herein as an "Owner's Default"): (i) The failure of Owner to pay any amount to Manager provided for herein for a period of ten (10) days after written notice by Manager of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation to pay that is the subject of paragraph (i) above) and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and ad continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith here with from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.

Owners’ default. The following shall, at the election --------------- of Manager, constitute events of default by Owner under this Agreement (each such event being referred to herein as an "Owner's Default"): (i) The failure of Owner to pay any amount to Manager provided for herein for a period of ten (10) days after written notice by Manager of such failure to pay. (ii) Failure of Owner to keep or perform any duty, obligation, covenant or agreement of Owner under this Agreement (other than the obligation to pay that is the subject of paragraph (i) above) and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default but only if Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (iii) The occurrence of a default under or other termination of the Percentage Lease. (iv) Failure of Fee Owner to keep or perform any duty, obligation, covenant or agreement of Fee Owner under the "Comfort Letter" of even date herewith from Manager to Fee Owner agreed to and accepted by Fee Owner (the "Comfort Letter") relating to the Hotel and such failure continues for a period of thirty (30) days after receipt of written notice thereof from Manager; provided, however, if such failure cannot reasonably be remedied or corrected within such thirty (30) day period, then such thirty (30) day period shall be extended for such additional period as may be reasonably required to cure such default, but only if Fee Owner promptly commences to cure such default and continues thereafter with all due diligence to complete such a cure to the satisfaction of Manager. (v) The occurrence of an "Event of Default" (as defined in the Acquisition Mortgage Documents (as herein defined)) under the Acquisition Mortgage Documents. On the occurrence of any Owner's Default, Manager shall have the right to terminate this Agreement by written notice to Owner, in addition to its rights to seek damages or other remedies available to it at law or in equity.