Classes of Events Sample Clauses

Classes of Events. Each of the following shall constitute an Event of Default: (a) Lessee fails to pay any (i) Basic Rent when due and such failure shall continue for three (3) Business Days thereafter, or (ii) Supplemental Rent and such failure shall continue for five (5) Business Days thereafter; or (b) any of the insurance coverages required by this Agreement are not at any time in full force and effect; or (c) the Aircraft is operated at a time or in a place when or where insurance coverages required by this Agreement shall not be in effect; or (d) the Aircraft shall not at any time be maintained in an airworthy condition or Lessee shall fail to maintain current and valid the certification and other required documentation relating to such airworthiness; or (e) the registration of the Aircraft is cancelled other than as a direct result of an act or omission of Lessor or any Lender; or (f) Lessee and/or Guarantor fails to observe or perform any of its material obligations (other than the obligations mentioned in paragraphs (a), (b), (c), (d) or (e) above) under Lessee’s Documents or under any undertaking or arrangement entered into in connection herewith or therewith and such failure, if capable of being remedied, is not remedied to Lessor’s reasonable satisfaction within ten (10) Business Days after written notice from Lessor requiring such remedy; provided always that, for the avoidance of doubt, the grace periods referred to in this paragraph (f) shall not permit operation of the Aircraft otherwise than in accordance with all applicable laws; or (g) any representation, warranty or statement made by Lessee and/or Guarantor in connection with this Agreement, any of the Lessee’s Documents or in any certificate, written statement or notice provided by Lessee and/or Guarantor under or in connection with this Agreement or any of the Lessee’s Documents is or proves to have been incorrect in any material respect and, if the effects and consequences of the incorrect representation, warranty or statement are capable of cure, Lessee and/or Guarantor fails to cure such effects and consequences to Lessor’s satisfaction within ten (10) days after written notice from Lessor requiring such cure; or (h) Lessee shall challenge the existence, validity, enforceability or priority of the rights of Lessor or Mortgagee in respect of the Aircraft or the insurances; or (i) any person claiming through Lessee (other than Lessee) shall challenge the existence, validity, enforceability or priority ...