Common use of Default by the Manager Clause in Contracts

Default by the Manager. The following events shall be deemed to be events of default by the Manager under this Agreement: 8.1.1 The Manager shall fail to comply, in a material manner, with any of the terms, conditions, provisions or covenants of this Agreement, to be complied with by the Manager and the Manager shall not cure such failure within 20 days after written notice thereof given by the Owner to the Manager, or, if such failure is not reasonably susceptible of being cured within said 20-day period, if the Manager shall fail to commence to cure such failure within said 20-day period, or, having commenced, shall thereafter fail to complete the curing of such failure with reasonable diligence; 8.1.2 The Manager shall become insolvent, shall make a transfer in fraud of its creditors, or shall make an assignment for the benefit of creditors; 8.1.3 The Manager shall file a petition under any section or chapter of the United States Bankruptcy Code, as amended, or under any similar law or statute of the United States or any state thereof, or if the Manager shall be adjudged bankrupt or insolvent in proceedings filed by or against the Manager thereunder; 8.1.4 A receiver or trustee shall be appointed for the Manager or for all or substantially all of the assets of the Manager and such appointment is not vacated or otherwise caused to be net aside within 90 days from the occurrence thereof; or 8.1.5 The Manager shall breach any obligation owed by it, or cause a breach of any obligation owed by the Owner, under the License Agreement, subject to any applicable notice and right to cure thereunder.

Default by the Manager. The following events shall be deemed to be events of default by the Manager under this Agreement: 8.1.1 The Manager shall fail to comply, in a material manner, with any of the terms, conditions, provisions or covenants of this Agreement, to be complied with by the Manager and the Manager shall not cure such failure within 20 days after written notice thereof given by the Owner to the Manager, or, if such failure is not reasonably susceptible of being cured within said 20-day period, if the Manager shall fail to commence to cure such failure within said 20-day period, or, having commenced, shall thereafter fail to complete the curing of such failure with reasonable diligence; 8.1.2 The Manager shall become insolvent, shall make a transfer in fraud of its creditors, or shall make an assignment for the benefit of creditors; 8.1.3 The Manager shall file a petition under any section or chapter of the United States Bankruptcy Code, as amended, or under any similar law or statute of the United States or any state thereof, or if the Manager shall be adjudged bankrupt or insolvent in proceedings filed by or against the Manager thereunder; 8.1.4 A receiver or trustee shall be appointed for the Manager or for all or substantially all of the assets of the Manager and such appointment is not vacated or otherwise caused to be net aside within 90 days from the occurrence thereof; or 8.1.5 The Manager shall breach any obligation owed by it, or cause a breach of any obligation owed by the Owner, under the License Franchise Agreement, subject to any applicable notice and right to cure thereunder.