Common use of Company’s Default Clause in Contracts

Company’s Default. A. Each of the following shall be an “Event of Default” of COMPANY: 1.- Vacating or abandonment of the Leased Property; IAMSA shall consider the building vacated or abandoned when COMPANY closes its operation, terminates all employees and stops making payment of rent for one or more months. Under such circumstances IAMSA may proceed to take over the building after notifying COMPANY under the terms hereunder provided, and no answer is received for a period of fifteen (15) days following such notice. For such purpose, IAMSA is hereby expressly authorized by COMPANY to request the competent Court under a voluntary jurisdiction procedure to be given possession of the building using any legal means provided by law, and expressly waiving COMPANY’s right to be notified due to prior notice of abandonment. This procedure shall be observed independently of any other remedies of IAMSA as provided hereunder. Consequently, COMPANY hereby expressly consents and submits to such action, waiving expressly and action to file any claim against IAMSA and/or its representatives for any such taking over. 2.- Failure to pay any installment of rent due and payable hereunder upon the date when said payment is due, as provided for in clause “V”, paragraph “A” hereunder, following fourteen days after COMPANY receives written notice. 3.- Default in the performance of any of covenants, agreements or obligations hereunder, said default, except for default in the payment of rents, continuing for fifteen (15) days after written notice thereof is given by IAMSA to COMPANY (or for any additional reasonable period necessary for COMPANY to cure said default) given by IAMSA; 4.- A general assignment by COMPANY for the benefit of creditors; 5.- The filing of a voluntary petition in bankruptcy by COMPANY or the filing of an involuntary petition by COMPANY’s creditors, said petition remaining undischarged for a period of ninety (90) days; 6.- The appointment of a Receiver to take possession of substantially all of COMPANY’s assets or of this leasehold, said receivership remaining undissolved or unstayed for a period of thirty (30) days after the levy thereof; or 7.- After receipt of written notice and the expiration of a reasonable period of time to cure (as defined by applicable Government Office), the failure by COMPANY to comply with any and all applicable laws and regulations of any Environmental Agency of the Government of Mexico as determined by the corresponding Environmental Authorities, in connection with the performance of their activities or the use or operation of any equipment by COMPANY that may be considered as contaminating by such Governmental Office, and failure to comply with any and all recommendations consistent with applicable legal requirements so given by said Governmental Office in connection therewith. B. Upon the occurrence of any Event of Default by COMPANY, IAMSA shall have the right, at its option, and in addition to other rights or remedies granted by law, including the right to claim damage, to immediately rescind this Lease Agreement and evict COMPANY from the Leased Property, without affecting the rights of IAMSA under the terms of paragraph A), 1) of this Clause.

Company’s Default. A. Each of the following shall be an “Event of Default” a default of COMPANY: 1.- Vacating 1. Vacation or abandonment of the Leased Property; IAMSA shall consider the building vacated or abandoned when COMPANY closes its operation, terminates all employees and stops making payment of rent for one or more months. Under such circumstances IAMSA may proceed without written notice to take over the building after notifying COMPANY under the terms hereunder provided, and no answer is received for a period of fifteen (15) days following such notice. For such purpose, IAMSA is hereby expressly authorized by COMPANY to request the competent Court under a voluntary jurisdiction procedure to be given possession of the building using any legal means provided by law, and expressly waiving COMPANY’s right to be notified due to prior notice of abandonment. This procedure shall be observed independently of any other remedies of IAMSA as provided hereunder. Consequently, COMPANY hereby expressly consents and submits to such action, waiving expressly and action to file any claim against IAMSA and/or its representatives for any such taking overPIMSA. 2.- 2. Failure to pay any installment of rent due and payable hereunder upon the date when said payment is due, as provided said failure continuing for in clause “V”, paragraph “A” hereunder, following fourteen days after COMPANY receives written noticea period of ten (10) days. 3.- 3. Default in the performance of any of COMPANY's covenants, agreements or obligations hereunder, said default, except for default in the payment of rentsany installment of rent, continuing for fifteen (15) days after written notice thereof is given by IAMSA delivered from PIMSA to COMPANY (or for any additional reasonable period necessary for COMPANY to cure said default) given by IAMSACOMPANY; 4.- 4. A general assignment by COMPANY for the benefit of creditors; 5.- 5. The filing of a voluntary petition in bankruptcy by COMPANY or the filing of an involuntary petition by COMPANY’s 's creditors, said petition remaining undischarged for a period of ninety (90) days; 6.- 6. The appointment of a Receiver to take possession of substantially all of COMPANY’s 's assets, said Receivership remaining undischarged for a period of ninety (90) days; 7. Attachment, execution or other judicial seizure of substantially all of COMPANY's assets or this leasehold, such attachment, execution or other seizure remaining undismissed or undischarged for a period of ninety (90) days after the levy thereof. B. In addition to the above, each of the following shall be considered a default of the COMPANY, if there is in respect to GUARANTOR: 1. A general assignment by GUARANTOR for the benefit of creditors; 2. The filing of a voluntary petition in bankruptcy by GUARANTOR or the filing of an involuntary petition by GUARANTOR's creditors, said petition remaining undischarged for a period of ninety (90) days; 3. The appointment of a Receiver to take possession of substantially all of GUARANTOR's assets or of this leasehold, said receivership Receivership remaining undissolved or unstayed for a period of thirty ninety (3090) days or; 4. Attachment, execution or other judicial seizure of substantially all of GUARANTOR's assets or this leasehold, such attachment, execution or other seizure remaining undismissed or undischarged for a period of ninety (90) days after the levy thereof; or 7.- After receipt of written notice and the expiration of a reasonable period of time to cure (as defined by applicable Government Office), the failure by COMPANY to comply with any and all applicable laws and regulations of any Environmental Agency of the Government of Mexico as determined by the corresponding Environmental Authorities, in connection with the performance of their activities or the use or operation of any equipment by COMPANY that may be considered as contaminating by such Governmental Office, and failure to comply with any and all recommendations consistent with applicable legal requirements so given by said Governmental Office in connection therewith. B. C. Upon the occurrence of any Event one of Default by COMPANYthe foregoing defaults, IAMSA PIMSA shall have the right, at its option, and in addition to other rights or remedies granted by law, including the right to claim damage, to immediately do either of the following: 1. Immediately rescind this Lease Agreement and evict eject COMPANY from the Leased Property. 2. Claim Specific Performance. In the case of default as specified above, without affecting PIMSA shall, in addition to all other remedies, have the rights right to declare in the event the "Rent for the Initial Term", or "Rent for the Extended Term", as applicable, is being paid in installments, the entire unpaid balance of IAMSA under the terms installments on rent to the end of paragraph A)the Five (5) Year Lease Term then in effect, 1and all other sums due to PIMSA, immediately due and payable, plus interest at the rate of twenty percent (20%) per annum of said sums from the date of such declaration until payment in full, provided that PIMSA shall diligently proceed to lease the Leased Property to another tenant or otherwise make beneficial use thereof in mitigation of damages, rent and all other sums due or payable to PIMSA. In the event the Leased Property is leased to another tenant during the aforesaid Five (5) Year Lease Term or otherwise used in a beneficial manner: a. PIMSA shall promptly refund to COMPANY that portion of rent and interest paid by COMPANY pursuant to this ClauseParagraph 2 which is allocable to the period of the Lease Term during which the Leased Property was leased to another tenant or otherwise used in a beneficial manner as well as any other allocable sums paid by COMPANY to PIMSA, less any loss or damage incurred by PIMSA as a result of COMPANY's default, or; b. If such rent or other sums have not been paid by COMPANY to PIMSA, PIMSA shall credit such amount(s) to COMPANY.

Company’s Default. A. Each of the following shall be an “Event of Default” a default of COMPANY: 1.- 1. Vacating or abandonment of the Leased Property; IAMSA Property.- PITSA shall consider the building vacated or abandoned when COMPANY closes its operation, terminates all employees and stops making payment of rent for one or more months. Under such circumstances IAMSA PITSA may proceed to take over the building after notifying COMPANY under the terms hereunder provided, and no answer is received for a period of fifteen (15) days following such notice. For such purpose, IAMSA PITSA is hereby expressly authorized by COMPANY to request the competent Court under a voluntary jurisdiction procedure to be given possession of the building using any legal means provided by lawLaw, and expressly waiving COMPANY’s COMPANY the right to be notified served notice due to prior notice of abandonment. abandonment This procedure shall be observed independently of any other remedies of IAMSA PITSA as provided hereunder. Consequently, Consequently COMPANY hereby expressly consents and submits to such action, waiving expressly and any action to file any claim against IAMSA PITSA and/or its representatives for any such taking over, or claim damages or losses of any nature. 2.- 2. Failure to pay any installment of rent due and payable hereunder upon the date when said payment is due, as provided for in clause “V”” , paragraph “A” hereunder, following fourteen days after COMPANY receives written notice.without need of notice of any kind; 3.- 3. Default in the performance of any of covenantscovenant, agreements or obligations hereunder, said default, except for default in the payment of rents, continuing for fifteen (15) days after written notice thereof is given by IAMSA PITSA to COMPANY (or for any additional reasonable period necessary for COMPANY to cure said default) default given by IAMSAPITSA); 4.- 4. A general assignment by COMPANY for the benefit of creditors; 5.- 5. The filing of a voluntary petition in bankruptcy by COMPANY or the filing of an involuntary petition by COMPANY’s creditors, said petition remaining undischarged for a period of ninety sixty (9060) days; 6.- 6. The appointment of a Receiver to take possession of substantially all of COMPANY’s assets or of this leaseholdthe Lease Property, said receivership remaining undissolved or unstayed for a period of thirty (30) days after the levy thereofdays; or 7.- After receipt of written notice and the expiration of a reasonable period of time to cure (as defined by applicable Government Office), the failure 7. Failure by COMPANY to comply with any and all applicable laws and regulations of any Environmental Agency of the Government of Mexico as determined by the corresponding Environmental AuthoritiesMexico, in connection with the performance of their activities or the use or operation of any equipment by COMPANY that may be considered as contaminating by such Governmental Office, and failure to comply with any and all recommendations consistent with applicable legal requirements so given by said Governmental Office in connection therewith. B. Upon the occurrence of any Event of Default by COMPANYthe foregoing defaults, IAMSA PITSA shall have the right, at its option, and in addition to other rights or remedies granted by law, including the right to claim damage, to immediately rescind this Lease Agreement and evict COMPANY from the Leased Property, without affecting independently of the rights of IAMSA right granted under the terms of paragraph A), 1-l) of this Clause.

Company’s Default. A. Each of the following shall be an “Event of Default” of COMPANY: 1.- Vacating or abandonment of the Leased Property; IAMSA shall consider the building vacated or abandoned when COMPANY closes its operation, terminates all employees and stops making payment of rent for one or more months. Under such circumstances IAMSA may proceed to take over the building after notifying COMPANY under the terms hereunder provided, and no answer is received for a period of fifteen (15) days following such notice. For such purpose, IAMSA is hereby expressly authorized by COMPANY to request the competent Court under a voluntary jurisdiction procedure to be given possession of the building using any legal means provided by law, and expressly waiving COMPANY’s right to be notified due to prior notice of abandonment. This procedure shall be observed independently of any other remedies of IAMSA as provided hereunder. Consequently, COMPANY hereby expressly consents and submits to such action, waiving expressly and action to file any claim against IAMSA and/or its representatives for any such taking over. 2.- Failure to pay any installment of rent due and payable hereunder upon the date when said payment is due, as provided for in clause “V”, paragraph “A” hereunder, following fourteen days after COMPANY receives written notice. 3.- Default in the performance of any of covenants, agreements or obligations hereunder, said default, except for default in the payment of rents, continuing for fifteen (15) days after written notice thereof is given by IAMSA to COMPANY (or for any additional reasonable period necessary for COMPANY to cure said default) given by IAMSA; 4.- A general assignment by COMPANY for the benefit of creditors; 5.- The filing of a voluntary petition in bankruptcy by COMPANY or the filing of an involuntary petition by COMPANY’s creditors, said petition remaining undischarged for a period of ninety (90) days; 6.- The appointment of a Receiver to take possession of substantially all of COMPANY’s assets or of this leasehold, said receivership remaining undissolved or unstayed for a period of thirty (30) days after the levy thereof; or 7.- After receipt of written notice and the expiration of a reasonable period of time to cure (as defined by the applicable Government Office), the failure by COMPANY to comply with any and all applicable laws and regulations of any Environmental Agency of the Government of Mexico as determined by the corresponding Environmental Authorities, in connection with the performance of their activities or the use or operation of any equipment by COMPANY that may be considered as contaminating by such Governmental Office, and failure to comply with any and all recommendations consistent with applicable legal requirements so given by said Governmental Office in connection therewith. B. 8.- Upon the occurrence of any Event of Default by COMPANY, IAMSA shall have the right, at its option, and in addition to other rights or remedies granted by law, including the right to claim damage, to immediately rescind this Lease Agreement and evict COMPANY from the Leased Property, without affecting the rights of IAMSA under the terms of paragraph A), 1) of this Clause.