Common use of CANCELLATION BY LESSOR Clause in Contracts

CANCELLATION BY LESSOR. Lessor may cancel this Agreement and terminate all of its obligations hereunder at any time that it is not in default upon or after the happening of any of the following events: (a) Airline shall file a voluntary petition in bankruptcy; or (b) Proceedings in bankruptcy shall be instituted against Airline and Airline is hereafter adjudicated bankrupt pursuant to such proceedings; or (c) A court shall take jurisdiction of Airline and its assets pursuant to proceedings brought under the provisions of any Federal reorganization act; or (d) A receiver of Airline's assets shall be appointed; or (e) Airline shall be lawfully divested of, or prevented by any final action of any cognizant Federal, or State Authority, from conducting and operating its Air Carrier Service at the Airport; or (f) Airline voluntarily abandons its conduct of its Air Carrier Service at the Airport for a period of thirty days, except if such is due to a labor strike, or labor dispute, in which Airline is involved; or (g) Any assignment is made by Airline for the benefit of its creditors; or (h) The material default by Airline of any of the covenants or agreements herein contained and the failure of Airline to remedy such default as hereinafter provided. In the event of such material default Lessor may give Airline notice in writing to correct such default and if such default shall continue for sixty days after the receipt of such notice by Airline (except where fulfillment of its obligation requires activity over a period of time and Airline shall commence to perform whatever may be required for the fulfillment within forty-five days after the receipt of notice and continues such performance without interruption, except for causes beyond its control), Lessor may, after the lapse of said sixty day period, cancel this Agreement, without forfeiture, waiver, or release of Lessor's rights to any sum of money due under the provisions of this Agreement.