Common use of Resignation of Operator Clause in Contracts

Resignation of Operator. In addition to all rights and remedies under this Agreement, at law and in equity, if any Event of Default shall occur and be continuing and Secured Party shall exercise any remedies under this Agreement with respect to any portion of the Mortgaged Property or the Collateral (or Borrower shall transfer any Mortgaged Property or the Collateral "in lieu of" foreclosure), Secured Party shall have the right to request that any operator of any Mortgaged Property which is either Borrower or any Affiliate of Borrower resign as operator under the joint operating agreement applicable thereto, and no later than 60 days after receipt by Borrower of any such request, Borrower shall resign (or cause such other party to resign) as operator of such Mortgaged Property.

Resignation of Operator. In addition to all rights and remedies under this AgreementMortgage, at law and in equity, if any Event of Default shall occur has occurred and be continuing and Secured Party Mortgagee shall exercise any remedies under this Agreement Mortgage with respect to any portion of the Mortgaged Property or the Collateral (or Borrower Mortgagor shall transfer any Mortgaged Property or the Collateral "in “lieu of" of foreclosure”), Secured Party Mortgagee shall have the right to request that any operator of any Mortgaged Property which that is either Borrower Mortgagor or any Affiliate of Borrower ▇▇▇▇▇▇▇▇▇ to resign as operator under the joint operating agreement applicable thereto, and no . No later than 60 sixty (60) days after receipt by Borrower ▇▇▇▇▇▇▇▇▇ of any such request, Borrower ▇▇▇▇▇▇▇▇▇ shall resign (or cause such other party to resign) as operator of such Mortgaged Property.