Common use of Right of Operator Clause in Contracts

Right of Operator. Upon the occurrence and continuance of an event of default described in Section 7.01, the Operator may, at its option, terminate this Agreement by delivering written notice of termination to the Owner, which notice of termination shall be effective fifteen (15) days after the date it is received by Owner; provided, however, that if the Owner has cured such default within such fifteen (15) day period, such Notice of Termination shall be deemed to have been canceled and shall be null and void. In the event of such termination, the Owner shall pay all Operator Fixed Fee then due. In such event, Operator shall take all necessary steps to protect the Facilities, leaving the same in an orderly and safe condition, prior to leaving the premises.

Right of Operator. Upon the occurrence and continuance of an event Event of default Default described in Section 7.01, the Operator may, at its option, terminate this Agreement by delivering written notice of termination to the Owner, which notice of termination shall be effective fifteen (15) days after the date it is received by Owner; provided, however, that if the Owner has cured such default within such fifteen (15) day period, such Notice notice of Termination termination shall be deemed to have been canceled and shall be null and void. In the event of such termination, the Owner shall pay all Operator Fixed Fee then due. In such event, Operator shall take all necessary steps to protect the FacilitiesFacility, leaving the same in an orderly and safe condition, prior to leaving the premises.