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City Party Default Sample Clauses

City Party Default. The occurrence of the following shall be an “Event of Default” by a City Party or a “City Party Default”:
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City Party Default. The occurrence of the following shall be an “Event of Default” by a City Party or a “City Party Default”:‌ (a) the failure of City Party to pay any of its monetary obligations to Owner under this Agreement when due and payable if such failure continues for twenty (20) Business Days after Owner gives notice to such City Party that such amount was not paid when due; (b) the failure of City Party to perform or observe any of the other obligations, covenants or agreements to be performed or observed by such City Party under this Agreement within thirty (30) days after notice from Owner of such failure; provided, however, that if such performance or observance cannot reasonably be accomplished within such thirty (30) calendar day period, then no Event of Default shall occur unless City Party fails to commence such performance or observance within such thirty (30) calendar day period and fails to diligently prosecute such performance or observance to conclusion thereafter; provided further, however, that if such performance or observance has not been accomplished within one hundred eighty (180) days after notice from Owner to City Party of such failure (notwithstanding City Party’s diligent prosecution of its curative efforts), then such failure shall constitute an Event of Default hereunder; (c) the material breach of any representation or warranty made in this Agreement by City Party and such breach is not remedied within thirty (30) days after Owner gives notice to City Party of such breach; or (d) the (1) filing by a City Party of a voluntary petition in bankruptcy;
Sample 1

Related to City Party Default

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay any installment of principal and interest on any Equipment Note, the Mortgagee shall give prompt written notice thereof to each Note Holder. Subject to the terms of Sections 5.06, 6.02 and 6.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 6.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 6.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; provided, however, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Mortgagee shall not be deemed to have knowledge of a Default or an Event of Default (except, the failure of Owner to pay any installment of principal or interest within one Business Day after the same shall become due, which failure shall constitute knowledge of a Default) unless notified in writing by the Owner or one or more Note Holders.

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