Common use of Event of Default; Default; Event of Loss Clause in Contracts

Event of Default; Default; Event of Loss. No Default or Event of Default under the Lease (assuming, for this purpose, that the provisions of Article 16 of the Lease had become operative on the Certificate Closing Date and not the Delivery Date) or Event of Loss or event, which with the passage of time or if continued unremedied or unaltered would constitute an Event of Loss, shall have occurred or be in existence.