Common use of Operator may be removed Clause in Contracts

Operator may be removed. (i) at the end of any Month, if the Operating Committee so decides and gives not less than ninety days' written notice to Operator; or (ii) by notice from any Non-Operator (other than a Non-Operator which is an Affiliate of the Operator) if Operator: (a) ceases or threatens to cease to carry on business or a major part thereof; (b) makes an assignment for the benefit of creditors, admits its inability to pay its debts as they become due, or such fact is determined in a judicial proceeding, files or has filed against it a petition in bankruptcy or other similar insolvency proceeding or is adjudicated a bankrupt or insolvent; (c) files a petition seeking for itself any reorganisation, arrangement, composition, readjustment, liquidation, dissolution or other similar arrangement under any present or future statute, law or regulation; or (d) consents to or acquiesces in the appointment of a trustee, receiver or liquidator of it or of all or any substantial part of its assets or properties, or if it or the holders of its common stock take any action contemplating its dissolution or liquidation; or (iii) forthwith upon the Operating Committee so determining and giving written notice to Operator, if: (a) the aggregate of the Percentage Interests of Operator and any Affiliate of Operator is less than fifteen percent (15%); or (b) the Operating Committee determines and notifies Operator that there has been an event of negligence or Wilful Misconduct or a material breach of this Agreement or the License by Operator and Operator fails within twenty eight (28) days after receipt of such notice (or such longer period as may be specified in the said notice) to remedy such breach to the reasonable satisfaction of the other Parties or, if such breach is not capable of remedy, to otherwise restore as nearly as practicable the other Parties to the position they would have been in had the relevant event or breach not occurred.

Operator may be removed. (i) at the end of any Monthmonth, if the Operating Committee so decides and gives not less than ninety (90) days' written notice to Operator; or or (ii) by notice from any Non-Operator (other than a Non-Operator which is an Affiliate of the Operator) Operator or a Non-Operator that is in Default), if Operator: : (a) ceases or threatens to cease to carry on business or a major part thereof; ; (b) makes an assignment for the benefit of creditors, admits its inability to pay its debts as they become due, or such fact is determined in a judicial proceeding, files or has filed against it a petition in bankruptcy or other similar insolvency proceeding or is adjudicated a bankrupt or insolvent; ; (c) files a petition seeking for itself any reorganisationreorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar arrangement under any present or future statute, law or regulation; or or (d) consents to or acquiesces in the appointment of a trustee, receiver or liquidator of it or of all or any substantial part of its assets or properties, or if it or the holders of its common stock take any action contemplating its dissolution or liquidation; or or (iii) forthwith upon the Operating Committee so determining and giving written notice to Operator, if: : (a) the aggregate of the Percentage Interests of Operator and any Affiliate of Operator is less than fifteen percent (15%); or or (b) the Operating Committee determines and notifies Operator that there has been an event of negligence or Wilful Misconduct or a material breach of this Agreement or the a License by Operator and Operator fails within twenty eight (28) days after receipt of such notice (or such longer period as may be specified in the said notice) to remedy such breach to the reasonable satisfaction of the other Parties or, if such breach is not capable of remedy, to otherwise restore as nearly as practicable the other Parties to the position they would have been in had the relevant event or breach not occurred.

Operator may be removed. (i) at the end of any Monthmonth, if the Operating Committee so decides and gives not less than ninety (90) days' written notice to Operator; or (ii) by notice from any Non-Operator (other than a Non-Operator which is an Affiliate of the Operator) Operator or a Non-Operator that is in Default), if Operator: (a) ceases or threatens to cease to carry on business or a major part thereof; (b) makes an assignment for the benefit of creditors, admits its inability to pay its debts as they become due, or such fact is determined in a judicial proceeding, files or has filed against it a petition in bankruptcy or other similar insolvency proceeding or is adjudicated a bankrupt or insolvent; (c) files a petition seeking for itself any reorganisationreorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar arrangement under any present or future statute, law or regulation; or (d) consents to or acquiesces in the appointment of a trustee, receiver or liquidator of it or of all or any substantial part of its assets or properties, or if it or the holders of its common stock take any action contemplating its dissolution or liquidation; or (iii) forthwith upon the Operating Committee so determining and giving written notice to Operator, if: (a) the aggregate of the Percentage Interests of Operator and any Affiliate of Operator is less than fifteen percent (15%); or (b) the Operating Committee determines and notifies Operator that there has been an event of negligence or Wilful Misconduct or a material breach of this Agreement or the a License by Operator and Operator fails within twenty eight (28) days after receipt of such notice (or such longer period as may be specified in the said notice) to remedy such breach to the reasonable satisfaction of the other Parties or, if such breach is not capable of remedy, to otherwise restore as nearly as practicable the other Parties to the position they would have been in had the relevant event or breach not occurred.