Common use of Event of Default Defined Clause in Contracts

Event of Default Defined. Each of the following shall be deemed an event of default: (a) Default in the payment of rent or other payments hereunder where such default has not been cured within 10 days of written notice of such default; (b) If Lessee shall default in the performance or observance of any other covenant or condition of this lease by the Lessee to be performed or observed and such default has not been cured within 30 days written notice of such default; (c) The filing or execution or occurrence of (1) A petition in bankruptcy by or against the Lessee which remains undischarged for 60 days after filing; (2) A petition or answer against Lessee seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution or other relief of the same or different kind under any provision of the Bankruptcy Act; (3) Adjudication of Lessee as a bankrupt or insolvent or insolvency in the bankruptcy or equity sense; (4) An assignment by Lessee for the benefit of creditors, whether by trust mortgage or otherwise; (5) A petition or other proceeding by or against the Lessee for, or the appointment of, a trustee, receiver, guardian, conservator or liquidator of Lessee with respect to all or substantially all of its property; (6) A petition or other proceeding by or against the Lessee for its dissolution or liquidation, or the taking of possession of the property of the Lessee by any governmental authority in connection with dissolution or liquidation; or (7) The taking by any person of the leasehold created hereby or part thereof upon execution, attachment or other process of law or equity (except pursuant to a valid assignment or sublease pursuant to Article VIII).

Event of Default Defined. Each of the following shall be deemed an event of default: (a) Default in the payment of rent or other payments hereunder where such default has not been cured within 10 days of written notice of such default; (b) If Lessee shall default in the performance or observance of any other covenant or condition of this lease by the Lessee to be performed or observed and such default has not been cured within 30 days written notice of such default; (c) The filing or execution or occurrence of (1) A petition in bankruptcy by or against the Lessee which remains undischarged for 60 days after filing; (2) A petition or answer against Lessee seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution or other relief of the same or different kind under any provision of the Bankruptcy Act; (3) Adjudication of Lessee as a bankrupt or insolvent or insolvency in the bankruptcy or equity sense; (4) An assignment by Lessee for the benefit of creditors, whether by trust mortgage or otherwise; (5) A petition or other proceeding by or against the Lessee for, or the appointment of, a trustee, receiver, guardian, conservator or liquidator of Lessee with respect to all or substantially all of its property; (6) A petition or other proceeding by or against the Lessee for its dissolution or liquidation, or the taking of possession of the property of the Lessee by any governmental authority in connection with dissolution or liquidation; or (7) The taking by any person of the leasehold created hereby or part thereof upon execution, attachment or other process of law or equity (except pursuant to a valid assignment or sublease pursuant to Article VIII).

Event of Default Defined. Each of the following shall be deemed an event of default: (a) Default in the payment of rent or other payments hereunder where such default has not been cured within 10 days of written notice of such default; (b) If Lessee shall default in the performance or observance of any other covenant or condition of this lease by the Lessee to be performed or observed and such default has not been cured within 30 days written notice of such default;; 10 10 (c) The filing or execution or occurrence of (1) A petition in bankruptcy by or against the Lessee which remains undischarged for 60 days after filing; (2) A petition or answer against Lessee seeking a reorganization, arrangement, composition, readjustment, liquidation, dissolution or other relief of the same or different kind under any provision of the Bankruptcy Act; (3) Adjudication of Lessee as a bankrupt or insolvent or insolvency in the bankruptcy or equity sense; (4) An assignment by Lessee for the benefit of creditors, whether by trust mortgage or otherwise; (5) A petition or other proceeding by or against the Lessee for, or the appointment of, a trustee, receiver, guardian, conservator or liquidator of Lessee with respect to all or substantially all of its property; (6) A petition or other proceeding by or against the Lessee for its dissolution or liquidation, or the taking of possession of the property of the Lessee by any governmental authority in connection with dissolution or liquidation; or (7) The taking by any person of the leasehold created hereby or part thereof upon execution, attachment or other process of law or equity (except pursuant to a valid assignment or sublease pursuant to Article VIII).. 11 11