Common use of Removal for Cause by Vote Clause in Contracts

Removal for Cause by Vote. Under the following circumstances, the removal of the Operator shall be approved by Vote, excluding the Vote of the Operator: (a) the Operator is found liable by a final judicial decision or a final decision under binding arbitration for an act of gross negligence or willful misconduct regarding the Contract Area; (b) the Operator commits a substantial breach of a material provision of this Agreement and fails to cure the breach within thirty (30) days after receipt of written notice of the breach from a Non-Operating Party. If the breach specified in the notice reasonably cannot be corrected within the thirty (30) day period, but the Operator within said period begins action to correct the breach and thereafter diligently carries the corrective action to completion, the Operator shall not be removed. The Operator shall not be removed under this Article 4.4.2 if the Operator is able to prove the non-existence of the alleged breach within thirty (30) days after receipt of written notice of the alleged breach; (c) the Operator becomes insolvent or unable to pay its debts as they mature, makes an assignment for the benefit of its creditors, commits an act of bankruptcy, or seeks relief under laws providing for the relief of debtors; (d) a receiver is appointed for the Operator or for substantially all of its property or affairs; or (e) the Operator fails to timely commence the fabrication or acquisition of the Development System in accordance with Article 12.7.9 (Timely Operations for Development Systems).