Events of Default and Termination. LESSOR shall have the right to cancel or terminate this Contract without need of legal or judicial action or order upon the occurrence of any of the following events by giving written notice to LESSEE: (a) LESSEE shall have failed to return and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease; (b) the Leased Premises shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days; (c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay the rent or any other amount due hereunder on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors (d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval; (e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR; (f) LESSEE’s franchise shall have been revoked, if applicable; (g) LESSEE, if a natural person, shall have died; (h) LESSEE’s corporate existence, if a juridical entity, shall have ceased; (i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or (j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the law.
Appears in 1 contract
Samples: Lease Agreement (WNS (Holdings) LTD)
Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE(“Events of Default”) shall occur:
(a) LESSEE A. if Tenant shall have failed fail to return pay any Fixed Rent when the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;
(b) the Leased Premises shall be closedpayable, deserted or unoccupied for a continuous period of unless Tenant cures said failure within five (5) calendar days;business days after notice of such failure is given to Tenant; or
(c) LESSEE B. if Tenant shall fail to pay any Rent, other than Fixed Rent, when and as the same becomes due and payable and such failure shall continue for at least one more than five (15) month its share business days after notice of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated such failure is given to the Leased Premises or Tenant; or
C. if Tenant shall fail to comply with or perform any term, covenant or condition of Article 29, and such failure shall continue for more than ten (10) business days after Tenant receives notice of such failure; or
D. if Tenant shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty (30) days after notice thereof from Landlord, or if such default cannot, with due diligence, be cured within such thirty (30) day period, Tenant within said period, shall not commence with due diligence and dispatch the curing of such default, or, having so commenced, thereafter shall fail or neglect to prosecute or complete with due diligence and dispatch the curing of such default; or
E. if Tenant shall admit, in writing, that it is unable to pay its debts as such debts become due; or
F. if Tenant shall make a general assignment for the rent benefit of creditors; or
G. if Tenant shall file a voluntary petition under Title 11 of the United States Code or if such petition is filed against Tenant and an order for relief is entered, or if Tenant shall file any petition or answer seeking, consenting to or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under present or any future federal bankruptcy code or any other amount due hereunder present or future applicable federal, state or other statute or law, or shall seek or consent to or acquiesce in or suffer the appointment of any trustee, receiver, custodian, assignee, sequestrator or liquidator or other similar official of Tenant or of all or any substantial part of its properties or of the premises or any interest of Tenant therein or if Tenant shall take any corporate action in furtherance of any action described in Sections F, G or H of this Article 19; or
H. if within sixty (60) days after the commencement of any proceeding against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy code or any other present or future applicable federal, state or other statute or law, such proceeding shall not have been dismissed, or if, within sixty (60) days after the appointment, without the consent or acquiescence of Tenant, of any trustee, receiver, custodian, assignee, sequestrator or liquidator or other similar official of Tenant or of all or any substantial part of its properties or of the Premises or any interest of Tenant therein, such appointment shall not have been vacated or stayed on the date specified herein for its payment and LESSEE fails to rectify appeal or remedy the failure otherwise, or if, within thirty (30) days from written demand after the expiration of any such stay, such appointment shall not have been vacated; or
I. if a levy under execution or attachment shall be made against Tenant relating to its interest in the LESSORPremises, provided however that LESSEE and such execution or attachment shall not be in default if the utility charges vacated or fees are being disputed removed by LESSEE as provided under Article 6.2 court order, bonding or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
otherwise within sixty (d60) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawdays.
Appears in 1 contract
Samples: Lease (SoulCycle Inc.)
Events of Default and Termination. LESSOR 9.01 There shall have be an Event of Default if in the right to cancel or terminate this Contract without need of legal or judicial action or order upon the occurrence of any opinion of the following events by giving written notice to LESSEEModaraba:
(a) LESSEE shall have failed The Manufacturer/Supplier fails to return and surrender deliver the Leased Premises upon expiration Goods as per delivery schedule agreed under this Agreement;
b) Any representation or warranty made or deemed to be made or repeated by the Manufacturer/Supplier in or pursuant to the Principal Documents or in any document delivered under this Agreement is found to be incorrect;
c) Any Indebtedness of the Lease Term Manufacturer/Supplier in excess of Rs. (Rupees only) is not paid when due or upon the termination becomes due or cancellation capable of this leasebeing declared due;
(bd) Any authority of or registration with governmental or public bodies or courts required by the Leased Premises shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing Manufacturer/Supplier in connection with the execution, delivery, performance, validity, enforceability or allocated admissibility in evidence of the Principal Documents are modified in a manner unacceptable to the Leased Premises Modaraba or shall fail is not granted or is revoked or otherwise ceases to pay the rent be in full force and effect;
e) The total interruption or any other amount due hereunder on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand cessation of the LESSORbusiness activities of the Manufacturer/Supplier;
f) Any costs, provided however charges and expenses under the Principal Documents shall remain unpaid for a period of days after notice of demand in that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made behalf has been received by the LESSEE Manufacturer/Supplier from the Modaraba;
9.02 Notwithstanding anything contained herein, the Modaraba may without prejudice to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder other rights, at any time after the happening of an Event of Default by notice to the Manufacturer/Supplier declare that:
a) The obligation of the Modaraba to take delivery of the Goods from the Manufacturer/Supplier and pay the Contract Price to the Manufacturer/Supplier shall be terminated, forthwith; and/or
b) The entire amount of the Contract Price or LESSEE commits a breach of such part thereof against which the Goods have not been delivered to the Modaraba by the Manufacturer/Supplier along with all other costs, charges, expenses and damages etc. and any of its obligations and undertakings other amounts paid to the Manufacturer/Supplier under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use Agreement shall forthwith become due and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawrefundable.
Appears in 1 contract
Samples: Istisna Agreement
Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE("Events of Default") shall occur:
(a) LESSEE if Lessee shall have failed fail to return pay any Fixed Rent when as the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable; or
(b) if Lessee shall fail to pay any Rent, other than Fixed Rent, when and as the Leased Premises same becomes due and payable and such failure shall be closed, deserted or unoccupied continue for a continuous period of five (5) calendar more than ten days;; or
(c) LESSEE if Lessee shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection comply with or allocated perform any term, covenant or condition of Articles 8, 9, 10, or 13, and such failure shall continue for more than thirty days after the Lessee receives notice of such failure, regardless of the source of such notice; or
(d) if Lessee shall fail to comply with or perform any other term, condition or covenant hereof, and such failure shall continue for more than thirty days after notice thereof from Lessor, and Lessee within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or , having so commenced, thereafter shall or neglect to prosecute or complete with due diligence and dispatch the curing of such default for reasons other than Unavoidable Delays; or
(e) If Lessee shall make a general assignment for the benefit of creditors, or shall admit in writing Lessee's inability to pay Lessee's debts as thy become due, or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under ay present or future statue, law or regulation, or shall file any answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Lessee in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or any other amount due hereunder on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand material part of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such disputeLessee's properties; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;or
(f) LESSEE’s franchise If, within ninety days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been revokeddismissed, or if applicable, within ninety days after the appointment without the consent or acquiescence of Lessee, of any trustee, receiver or liquidator of Lessee or of any part of Lessee's properties, such appointment shall not have been discharged;
(g) LESSEE, if a natural personfinal judgment for the payment of money shall be rendered against Lessee and, within sixty days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within sixty days after the expiration of any such stay, such judgment shall not have been discharged; then, and in any such Event of Default, regardless of the pendency of ay proceeding which has or might have the effect of preventing Lessee from complying with the terms, covenants or conditions of this Lease, Lessor, at any time thereafter may give a written termination notice to Lessee, and on the date specified in such notice this Lease shall terminate and, subject to Article 24, the Lease term shall expire and terminate by limitation, and all rights of Lessee under this Lease shall cease, unless before such date (i) all arrears of Rent (with interest at the rate of ten percent per annum) and all costs and expenses, including reasonable attorneys' fees, incurred by or on behalf of Lessor hereunder, shall have died;
been paid by Lessee, and (hii) LESSEE’s corporate existence, if a juridical entity, all other defaults at the time existing under this lease shall have ceased;
(i) LESSEE been fully remedied to the satisfaction of Lessor. Lessee shall have become insolvent reimburse Lessor for all costs and expenses, including reasonable attorneys' fees, incurred by or be unable to pay its debts when due on behalf of Lessor occasioned by or shall commit or permit in connection with any act of bankruptcy default by Lessee under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawLease.
Appears in 1 contract
Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE(“Events of Default”) shall occur:
(a) LESSEE if Lessee shall have failed fail to return pay any Fixed Rent when as the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable; or
(b) if Lessee shall fail to pay any Rent, other than Fixed Rent, when and as the Leased Premises same becomes due and payable and such failure shall be closed, deserted or unoccupied continue for a continuous period of five (5) calendar days;more than ten days after notice to Lessee; or
(c) LESSEE if Lessee shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection comply with or allocated perform any term, covenant or condition of Articles 8, 9, 10 or 13, and such failure shall continue for more than thirty days after Lessee receives notice of such failure, regardless of the source of such notice; or
(d) if Lessee shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty days after notice thereof from Lessor, and Lessee within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or, having so commenced, thereafter shall fail or neglect to prosecute or complete with due diligence and dispatch the curing of such default for reasons other than Unavoidable Delays; or
(e) if Lessee shall make a general assignment for the benefit of creditors, or shall admit in writing Lessee’s inability to pay Lessee’s debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Lessee in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or any other amount due hereunder material part of Lessee’s properties; or
(f) if, within ninety days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within ninety days after the appointment without the consent of acquiescence of Lessee, of any trustee, receiver or liquidator of Lessee or of any material part of Lessee’s properties, such appointment shall not have been vacated; or
(g) if a final judgment for the payment of money in excess of $50,000 shall be rendered against Lessee and, within sixty days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within sixty days after the expiration of any such stay, such judgment shall not have been discharged; then, and in any such Event of Default, regardless of the pendency of any proceeding which has or might have the effect of preventing Lessee from complying with the terms, covenants or conditions of this Lease, Lessor, at any time thereafter may give a written termination notice to Lessee, and on the date specified herein for its payment in such notice (which shall be not less than 15 days after such notice) this Lease shall terminate and, subject to Article 25, the Lease Term shall expire and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand terminate by limitation, and all rights of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings Lessee under this ContractLease shall cease, unless before such as but not limited to date (i) all arrears of Rent (with interest at the use rate of the Leased Premises for any purpose other than as herein agreed uponten percent per annum) and all costs and expenses, violation including reasonable attorneys’ fees, incurred by or on behalf of any other provision of this Contract relating to the use and occupancy of the Leased PremisesLessor hereunder, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revokedpaid by Lessee, if applicable;
and (gii) LESSEE, if a natural person, all other defaults at the time existing under this Lease shall have died;
(h) LESSEE’s corporate existencebeen fully remedied to the satisfaction of Lessor. Lessee shall reimburse Lessor for all costs and expenses, if a juridical entityincluding reasonable attorneys’ fees, shall have ceased;
(i) LESSEE shall have become insolvent incurred by or be unable to pay its debts when due on behalf of Lessor occasioned by or shall commit or permit in connection with any act of bankruptcy default by Lessee under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawLease.
Appears in 1 contract
Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE(“Events of Default”) shall occur:
(a) LESSEE if Tenant shall have failed fail to return pay any Rent when the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable; or
(b) if Tenant shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty days after written notice thereof from Landlord, and Tenant within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or, having so commenced, thereafter shall be closed, deserted fail or unoccupied neglect to prosecute or complete with due diligence and dispatch the curing of such default for a continuous period of five (5) calendar days;reasons other than Unavoidable Delays; or
(c) LESSEE if Tenant shall fail make a general assignment for the benefit of creditors, or shall admit in writing Tenant’s inability to pay for at least one (1) month its share of electricTenant’s debts as they become due, emergency poweror shall file a petition in bankruptcy, wateror shall be adjudicated a bankrupt or insolvent, sewerage or other public utility shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or Common Area Charges accruing in connection with similar relief under any present or allocated to the Leased Premises future statute, law or regulation, or shall file an answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Tenant in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any other amount due hereunder material part of Tenant’s properties; then, and in any such Event of Default, regardless of the pendency of any proceeding which has or might have the effect of preventing Tenant from complying with the terms, covenants or conditions of this Lease, Landlord, at any time thereafter may give a written termination notice to Tenant, and on the date specified herein for its payment in such notice this Lease shall terminate and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand Lease Term shall expire and terminate by limitation, and all rights of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings Tenant under this ContractLease shall cease, unless before such date Tenant has paid all arrears of Rent. Even though an Event of Default may have occurred, this Lease will continue in effect so long as but Landlord does not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSORterminate Tenant’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawpossession.
Appears in 1 contract
Samples: Lease (Tauriga Sciences, Inc.)
Events of Default and Termination. LESSOR shall have the right to cancel or terminate this Contract without need of legal or judicial action or order upon the occurrence of any of the following events by giving written notice to LESSEE:
(a) LESSEE XXXXXX shall have failed to return and surrender the Leased Premises upon expiration of the Lease Term term of this lease or upon the termination or cancellation of this lease;
(b) LESSEE shall terminate this Contract prior to the Leased Premises shall be closed, deserted or unoccupied for a continuous period expiration of five (5) calendar daysthe lease term;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage association dues or other public utility or Common Area Charges assessments to the Condominium Corporation accruing in connection with or allocated to the Leased Premises Premises, or shall fail to pay the rent or any other amount due hereunder under this Contract on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floorspayment;
(d) LESSEE fails to observe or perform any of its the covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any the Condominium Act, the Master Deed, other provision easements of this Contract relating to record, Articles of Incorporation and By-Laws of, and rules, regulations, policies and guidelines that may be adopted by, the Condominium Corporation/HOA, zoning regulations or such other restrictions on the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation Premises or ordinance of the national and/or city government Project as may be imposed by governmental and other authorities having jurisdiction regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer assignment of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEEXXXXXX’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE XXXXXX fails to rectify or remedy the breach within thirty (30) days from written demand of LESSORXXXXXX;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(jg) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the law. In the event that XXXXXX elects to rescind and cancel this Contract, this Contract, without any need to resort to judicial action, shall be considered cancelled or rescinded thirty (30) days after service by LESSOR upon LESSEE, either by personal delivery, private courier, facsimile, registered mail, and/or of a notice of cancellation or rescission at the LESSEE’s indicated address in the Information Sheet, unless the LESSEE notifies LESSOR of his change of address in writing. In which case, the notice of cancellation shall be sent to the new address.
Appears in 1 contract
Samples: Lease Agreement
Events of Default and Termination. LESSOR (a) Licensee shall be deemed to be in default of this Agreement, and Licensor shall have the right to cancel or immediately terminate this Contract without need of legal Agreement or judicial action or order upon notify Licensee that Licensor has revoked the occurrence of any of license granted herein in the following events by giving event Licensee fails after thirty (30) days’ written notice to LESSEE:
(a) LESSEE shall have failed Licensee to return make any payment due and surrender owing under the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation terms of this lease;Agreement, furnish any statement in accordance herewith, or reasonably comply with any other of Licensee’s obligations hereunder.
(b) If during the Leased Premises Term of this Agreement Licensee is unable to pay its liabilities when due, or makes any assignment for the benefit of creditors, or files any petition under any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be closed, deserted or unoccupied for a continuous period appointed under the laws of five (5) calendar days;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay the rent United States or any other amount due hereunder on state, and in the date specified herein for its payment and LESSEE fails to rectify or remedy the failure case of an involuntary filing only, such impediment is not removed within thirty (30) days from the inception of same, Licensor may terminate this Agreement upon written demand notice.
(c) If during the Term of this Agreement any of Licensee’s gaming licenses are suspended, revoked or otherwise made ineffective by any gaming regulatory agency, or Alliance Gaming Corporation’s Compliance Committee disapproves or withdraws its approval as provided in Section 15.02 hereof, either party shall have the LESSOR, provided however that LESSEE immediate right to terminate this Agreement.
(a) Licensor shall not be deemed to be in default if of this Agreement, and Licensee shall have the utility charges right to immediately terminate this Agreement, in the event Licensor fails, after thirty (30) days’ written notice to Licensor, to reasonably comply with any of Licensor’s obligations hereunder.
(b) If, during the Term of this Agreement, Licensor is unable to pay its liabilities when due, or fees are being disputed by LESSEE as provided shall make any assignment for the benefit of creditors, or files any petition under Article 6.2 any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be appointed under the dispute laws of the United States or any state, and in the case of an involuntary filing only, such impediment is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach removed within thirty (30) days from the inception of same, Licensee may terminate this Agreement upon written demand of LESSOR;notice.
(fc) LESSEEIf during the Term of this Agreement any of Licensor’s franchise gaming licenses are suspended, revoked or otherwise made ineffective by any gaming regulatory agency, or Licensee disapproves or withdraws its approval as provided in Section 15.03 hereof; Licensee shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its immediate right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawAgreement.
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Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE("Events of Default") shall occur:
(a) LESSEE if Tenant shall have failed fail to return pay any Fixed Rent when as the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable, and such rent remains unpaid ten days after notice in writing from Landlord; or
(b) if Tenant shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty days after notice thereof from Landlord, and Tenant within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or, having so commenced, thereafter shall be closed, deserted fail or unoccupied neglect to prosecute or complete with due diligence and dispatch the curing of such default for a continuous period of five (5) calendar days;reasons other than Unavoidable Delays; or
(c) LESSEE if Tenant shall fail make a general assignment for the benefit of creditors, or shall admit in writing Tenant's inability to pay for at least one (1) month its share of electricTenant's debts as they become due, emergency poweror shall file a petition in bankruptcy, wateror shall be adjudicated a bankrupt or insolvent, sewerage or other public utility shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or Common Area Charges accruing in connection with similar relief under any present or allocated to the Leased Premises future statute, law or regulation, or shall file an answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Tenant in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any other amount due hereunder material part of Tenant's properties; then, and in any such Event of Default, regardless of the pendency of any proceeding which has or might have the effect of preventing Tenant from complying with the terms, covenants or conditions of this Lease, Landlord, at any time thereafter may give a written termination notice to Tenant, and on the date specified herein for its payment in such notice this Lease shall terminate and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand Lease Term shall expire and terminate by limitation, and all rights of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings Tenant under this ContractLease shall cease, unless before such as but not limited to date (i) all arrears of Rent (with interest at the use rate of the Leased Premises for any purpose other than as herein agreed upontwelve percent per annum) and all costs and expenses, violation including reasonable attorneys' fees, incurred by or on behalf of any other provision of this Contract relating to the use and occupancy of the Leased PremisesLandlord hereunder, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revokedpaid by Xxxxxx, if applicable;
and (gii) LESSEE, if a natural person, all other defaults at the time existing under this Lease shall have died;
(h) LESSEE’s corporate existencebeen fully remedied to the satisfaction of Landlord. Tenant shall reimburse Landlord for all costs and expenses, if a juridical entityincluding reasonable attorneys' fees, shall have ceased;
(i) LESSEE shall have become insolvent incurred by or be unable to pay its debts when due on behalf of Landlord occasioned by or shall commit or permit in connection with any act of bankruptcy default by Tenant under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawLease.
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Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE(“Events of Default”) shall occur:
(a) LESSEE if Lessee shall have failed fail to return pay any Fixed Rent when as the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable and such failure shall continue for more than five days after notice to Lessee; or
(b) if Lessee shall fail to pay any Rent, other than Fixed Rent, when and as the Leased Premises same becomes due and payable and such failure shall be closed, deserted or unoccupied continue for a continuous period of five (5) calendar days;more than ten days after notice to Lessee; or
(c) LESSEE if Lessee shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection comply with or allocated perform any term, covenant or condition of Articles 8, 9, 10 or 13, and such failure shall continue for more than thirty days after Lessee receives notice of such failure, regardless of the source of such notice; or
(d) if Lessee shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty days after notice thereof from Lessor, and Lessee within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or, having so commenced, thereafter shall fail or neglect to prosecute or complete with due diligence and dispatch the curing of such default for reasons other than Unavoidable Delays; or
(e) if Lessee shall make a general assignment for the benefit of creditors, or shall admit in writing Lessee’s inability to pay Lessee’s debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Lessee in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or any other amount due hereunder material part of Lessee’s properties; or
(f) if, within ninety days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within ninety days after the appointment without the consent of acquiescence of Lessee, of any trustee, receiver or liquidator of Lessee or of any material part of Lessee’s properties, such appointment shall not have been vacated; or
(g) if a final judgment for the payment of money in excess of $50,000 shall be rendered against Lessee and, within sixty days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within sixty days after the expiration of any such stay, such judgment shall not have been discharged; then, and in any such Event of Default, regardless of the pendency of any proceeding which has or might have the effect of preventing Lessee from complying with the terms, covenants or conditions of this Lease, Lessor, at any time thereafter may give a written termination notice to Lessee, and on the date specified herein for its payment in such notice (which shall be not less than 15 days after such notice) this Lease shall terminate and, subject to Article 25, the Lease Term shall expire and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand terminate by limitation, and all rights of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings Lessee under this ContractLease shall cease, unless before such as but not limited to date (i) all arrears of Rent (with interest at the use rate of the Leased Premises for any purpose other than as herein agreed uponten percent per annum) and all costs and expenses, violation including reasonable attorneys’ fees, incurred by or on behalf of any other provision of this Contract relating to the use and occupancy of the Leased PremisesLessor hereunder, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revokedpaid by Lessee, if applicable;
and (gii) LESSEE, if a natural person, all other defaults at the time existing under this Lease shall have died;
(h) LESSEE’s corporate existencebeen fully remedied to the satisfaction of Lessor. Lessee shall reimburse Lessor for all costs and expenses, if a juridical entityincluding reasonable attorneys’ fees, shall have ceased;
(i) LESSEE shall have become insolvent incurred by or be unable to pay its debts when due on behalf of Lessor occasioned by or shall commit or permit in connection with any act of bankruptcy default by Lessee under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawLease.
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Events of Default and Termination. LESSOR shall have the right to cancel or terminate this Contract without need of legal or judicial action or order upon the occurrence of any Each of the following events by giving written notice to LESSEE:
(a) LESSEE shall have failed to return and surrender constitute an Event of Default - if the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;
(b) the Leased Premises shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail Employer fails to pay the rent or Contractor any other amount due hereunder which becomes payable by it pursuant to this Agreement on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand of the LESSOR, provided however that LESSEE shall not be in default Due Date; and/or if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE Employer commits a breach of the Building Loan; and/or if either of the Parties commits a breach of this Agreement and/or the Agreement of Sale; and/or if either of the Parties commits an act of insolvency, as contemplated in the Insolvency Act No. 24 of 1936, as amended; and/or if either of the Parties’ shareholder(s) and/or director(s) proposes or passes a resolution for its liquidation or winding-up or to file for business rescue; and/or if either Party has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated, placed under business rescue or has any equivalent application or proceedings brought against it in terms of any equivalent applicable legislation; and/or if the Contractor, without cause, wholly or partially suspends the Works prior to the issuing of a Occupancy Certificate; and/or if the Contractor fails and/or refuses to execute the Works in accordance with industry norms. If any Party commits an Event of Default or any other breach of the provisions of this Agreement and fails to remedy such Event of Default and/or breach within 7 (seven) days after receipt of a written notice from the other Party calling upon the defaulting Party to remedy such Event of Default and/or breach, then the innocent Party shall be entitled, without prejudice to any other rights which it may have in terms of this Agreement and/or at law to: immediately cease to perform any further Works in so far as such Works are not complete, pending rectification of the Event of Default and/or breach by the Employer; or immediately cease to make any further payments to the Contractor in respect of the Works, pending rectification of the Event of Default and/or breach by the Contractor; or cancel this Agreement and claim such damages as it may have sustained as a result of such Event of Default and/or breach from the defaulting Party; or claim immediate performance by the defaulting Party of all its obligations in terms of this Agreement whether or not the Due Date for performance shall otherwise have arrived, together with all such damages as it may have sustained as a result of such Event of Default and/or breach. If the Works are suspended as contemplated in clause 16.2.1 above, the Parties agree that: the Employer shall bear all risk in and undertakings under this Contractto the Works completed as at that date, as well as in respect of all building material on the Property; the Employer shall be liable for any escalation in the Contract Sum caused as a result of the suspension of the Works, such escalation to be determined by the Architect, who shall act as but not limited an expert in this regard and whose decision shall be final and binding on the Parties, and the Employer shall be obliged to make payment in cash to the use Contractor of the Leased Premises for full amount with which the Contract Sum has escalated within 5 (five) Business Days of receiving the Architect’s determination in this regard from the Contractor. The Contractor shall also be obliged to provide the Attorneys with a copy of the Architect’s determination in respect of the additional amount due and payable by the Employer as foreseen herein; and the estimated Completion Date as referred to in clause D of the Information Schedule, shall be extended by a period equal to the number of days between the date of the Event of Default and the date of rectification thereof as certified by the Architect. If in any purpose other than as herein agreed upon, violation of any other provision of this Contract legal proceedings or arbitration relating to the use enforcement by either Party of its rights in terms of this Agreement, a court or arbitrator awards costs to the innocent Party, such costs shall be determined and occupancy recoverable on the scale as between attorney and own client and shall include collection charges, costs incurred by the innocent Party in endeavouring to enforce such rights prior to the institution of legal proceedings and costs incurred in connection with the satisfaction or enforcement of any award or judgment in favour of the Leased Premises, violation innocent Party in relation to its rights in terms of the Building Rules, violation or arising out of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawAgreement.
Appears in 1 contract
Samples: Building Agreement
Events of Default and Termination. LESSOR 14.01 Licensee shall be deemed to be in default of this Agreement, and Licensor shall have the right to cancel or immediately terminate this Contract without need of legal or judicial action or order upon Agreement, in the occurrence of any of the following events by giving event Licensee fails after fifteen (15) days' written notice to LESSEE:Licensee to make any payment due and owing under the terms of this Agreement, furnish any statement in accordance herewith, or completely comply with any other of Licensee's material obligations hereunder.
(a) LESSEE 14.02 If during the Term of this Agreement Licensee shall have failed be unable to return and surrender pay its liabilities when due, or shall make any assignment for the Leased Premises upon expiration benefit of creditors, or shall file any petition under any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be appointed under the laws of the Lease Term or upon the termination or cancellation of this lease;
(b) the Leased Premises shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay the rent United States or any other amount due hereunder on state, and in the date specified herein for its payment and LESSEE fails to rectify or remedy the failure case of an involuntary filing only, such impediment is not removed within thirty (30) days from the inception of same, Licensor may terminate this Agreement upon written demand notice.
14.03 If during the Term of this Agreement any of Licensee's gaming licenses is suspended, revoked or otherwise impacted by any gaming regulatory agency, Licensor shall have the LESSOR, provided however that LESSEE right to terminate this Agreement.
14.04 Licensor shall not be deemed to be in default if of this Agreement, and Licensee shall have the utility charges right to immediately terminate this Agreement, in the event Licensor fails, after fifteen (15) days' written notice to Licensee, to completely comply with any of Licensor's material obligations hereunder. If, during the Term of this Agreement, Licensor shall be unable to pay its liabilities when due, or fees are being disputed by LESSEE as provided shall make any assignment for the benefit of creditors, or shall file any petition under Article 6.2 any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be appointed under the dispute laws of the United States or any state, and in the case of an involuntary filing only, such impediment is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach removed within thirty (30) days from the inception of same, Licensor may terminate this Agreement upon written demand notice. Further, if during the Term of LESSOR;
(f) LESSEE’s franchise this Agreement any of Licensor's gaming licenses are suspended, revoked or otherwise impacted by any gaming regulatory agency, or if Licensor is determined by a court of competent jurisdiction not be the owner of any of the Licensed Property, Licensee shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawAgreement.
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Events of Default and Termination. LESSOR shall have the right to cancel If any one or terminate this Contract without need of legal or judicial action or order upon the occurrence of any more of the following events by giving written notice to LESSEE("Events of Default") shall occur:
(a) LESSEE if Lessee shall have failed fail to return pay any Fixed Rent when as the same becomes due and surrender the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation of this lease;payable; or
(b) if Lessee shall fail to pay any Rent, other than Fixed Rent, when and as the Leased Premises same becomes due and payable and such failure shall be closed, deserted or unoccupied continue for a continuous period of five (5) calendar more than ten days;; or
(c) LESSEE if Lessee shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection comply with or allocated perform any term, covenant or condition of Articles 8, 9, 10 or 13, and such failure shall continue for more than thirty days after Lessee receives notice of such failure, regardless of the source of such notice; or
(d) if Lessee shall fail to comply with or perform any other term, covenant or condition hereof, and such failure shall continue for more than thirty days after notice thereof from Lessor, and Lessee within said period, subject to Unavoidable Delays, shall not commence with due diligence and dispatch the Leased Premises curing of such default, or, having so commenced, thereafter shall fail or neglect to prosecute or complete with due diligence and dispatch the curing of such default for reasons other than Unavoidable Delays; or
(e) if Lessee shall make a general assignment for the benefit of creditors, or shall admit in writing Lessee's inability to pay Lessee's debts as they become due, or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting, or shall fail to pay contest, the rent material allegations of a petition filed against Lessee in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or any other amount due hereunder material part of Lessee's properties; or
(f) if, within ninety days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dis solution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within ninety days after the appointment without the consent or acquiescence of Lessee, of any trustee, receiver or liquidator of Lessee or of any material part of Lessee's properties, such appointment shall not have been vacated; or
(g) if a final judgment for the payment of money shall be rendered against Lessee and, within sixty days after the entry thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within sixty days after the expiration of any such stay, such judgment shall not have been discharged; then, and in any such Event of Default, regardless of the pendency of any proceeding which has or might have the effect of preventing Lessee from complying with the terms, covenants or conditions of this Lease, Lessor, at any time thereafter may give a written termination notice to Lessee, and on the date specified herein for its payment in such notice this Lease shall terminate and, subject to Article 25, the Lease Term shall expire and LESSEE fails to rectify or remedy the failure within thirty (30) days from written demand terminate by limitation, and all rights of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings Lessee under this ContractLease shall cease, unless before such as but not limited to the use date (i) all arrears of the Leased Premises for any purpose other than as herein agreed uponRent and all costs and expenses, violation including reasonable attorneys' fees, incurred by or on behalf of any other provision of this Contract relating to the use and occupancy of the Leased PremisesLessor hereunder, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revokedpaid by Lessee, if applicable;
and (gii) LESSEE, if a natural person, all other defaults at the time existing under this Lease shall have died;
(h) LESSEE’s corporate existencebeen fully remedied to the satisfaction of Lessor. Lessee shall reimburse Lessor for all costs and expenses, if a juridical entityincluding reasonable attorneys' fees, shall have ceased;
(i) LESSEE shall have become insolvent incurred by or be unable to pay its debts when due on behalf of Lessor occasioned by or shall commit or permit in connection with any act of bankruptcy default by Lessee under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawLease.
Appears in 1 contract
Samples: Sub Lease (4networld Com Inc)
Events of Default and Termination. LESSOR shall have the right to cancel or terminate this Contract without need 13.1 HPD Event of legal or judicial action or order upon the Default
13.1.1 The occurrence and/or continuation of any of the following events events, unless any such event occurs as a result of a Force Majeure Event or a breach by giving written notice to LESSEECESC of its obligations under this Agreement, shall constitute an HPD Event of Default:
(i) the failure to commence supply of power to CESC up to the Contracted Capacity, by the end of the period specified in Article 4, or failure to continue supply of Contracted Capacity to CESC after Commercial Operation Date throughout the term of this Agreement, or if
a) LESSEE shall have failed the HPD assigns, mortgages or charges or purports to return and surrender assign, mortgage or charge any of its assets or rights related to the Leased Premises upon expiration Power Project in contravention of the Lease Term or upon the termination or cancellation provisions of this leaseAgreement; or
b) the HPD transfers or novates any of its rights and/ or obligations under this agreement, in a manner contrary to the provisions of this Agreement; except where such transfer • is in pursuance of a Law; and does not affect the ability of the transferee to perform, and such transferee has the financial capability to perform, its obligations under this Agreement or • is to a transferee who assumes such obligations under this Agreement and the Agreement remains effective with respect to the transferee;
(ii) if (a) the HPD becomes voluntarily or involuntarily the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of thirty (30) days, or (b) any winding up or bankruptcy or insolvency order is passed against the Leased Premises shall be closedHPD, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail the HPD goes into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets or official liquidator is appointed to pay manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the HPD will not be a HPD Event of Default if such dissolution or liquidation is for at least one (1) month its share the purpose of electrica merger, emergency power, water, sewerage consolidation or other public utility or Common Area Charges accruing in connection with or allocated reorganization and where the resulting company retains creditworthiness similar to the Leased Premises or shall fail HPD and expressly assumes all obligations of the HPD under this Agreement and is in a position to pay perform them; or
(iii) the rent or HPD repudiates this Agreement and does not rectify such breach within a period of thirty (30) days from a notice from CESC in this regard; or
(iv) except where due to any other amount due hereunder on CESC’s failure to comply with its material obligations, the date specified herein for HPD is in breach of any of its payment material obligations pursuant to this Agreement, and LESSEE fails to rectify or remedy such material breach is not rectified by the failure HPD within thirty (30) days from written demand of receipt of first notice in this regard given by CESC.
(v) change in shareholding before the specified time frame as mentioned in Article 4.1.1 of this Agreement; or
(vi) occurrence of any other event which is specified in this Agreement to be a material breach/ default of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved HPD.
(vii) except where due to any CESC’s failure to comply with its material obligations, the act or omission of LESSOR or if the delay HPD is in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its material obligations pursuant to this Agreement, and undertakings under this Contract, such as but material breach is not limited to rectified by the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach HPD within thirty (30) days from written demand of LESSOR;receipt of first notice in this regard given by CESC.
(fviii) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act Revoking of bankruptcy under connectivity of the applicable law; or
(j) HPD on account of non-compliance by the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawHPD.
Appears in 1 contract
Samples: Power Purchase Agreement
Events of Default and Termination. LESSOR 21.01 This Lease and the Term and estate hereby granted are subject inter alia to the limitation that whenever Tenant shall have make an assignment for the right benefit of creditors, or shall file a voluntary petition under any bankruptcy or insolvency law, or an involuntary petition alleging an act of bankruptcy or insolvency is filed against Tenant, or whenever a petition shall be filed by or against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or any future federal bankruptcy act or any other present or future applicable federal, state or other statute or law, or shall seek or consent to cancel or terminate this Contract without need acquiesce in the appointment of legal any trustee, receiver or judicial liquidator of Tenant or of all or any substantial part of its properties, or whenever a permanent or temporary receiver of Tenant or of, or for, the property of Tenant shall be appointed, or if Tenant shall plead bankruptcy orinsolvency as a defense in any action or order upon proceeding, then, Landlord, (a) at any time after receipt of notice of the occurrence of any of the following events by giving written notice to LESSEE:
(a) LESSEE shall have failed to return and surrender the Leased Premises upon expiration of the Lease Term such event, or upon the termination or cancellation of this lease;
(b) if such event occurs without the Leased Premises shall be closedacquiescence of Tenant, deserted or unoccupied at any time after the event continues for sixty (60) days may give Tenant a continuous period notice of intention to end the Term at the expiration of five (5) calendar days;days from the service of such notice of intention, and upon the expiration of said five (5) day period this Lease and the Term and estate hereby granted, whether or not the Term shall theretofore have commenced, shall terminate with the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages as provided as in Article 30.
21.02 This Lease and the Term and estate hereby granted are subject to the further limitation that (a) whenever Tenant shall default in the payment of any installment of Base Rent, or in the payment of any additional rent, on any day upon which the same shall be due and payable; or (b) whenever Tenant shall do or permit anything to be done, whether by action or inaction, contrary to any of Tenant's obligations hereunder, other than the payment of rent, and if such situation shall continue and shall not be remedied by Tenant within fifteen (15) days after Landlord shall have given to Tenant a notice specifying the same, or, in the case of a happening or default which cannot with due diligence be cured within a period of fifteen (15) days and the continuance of which for the period required for cure will not subject Landlord to the risk of criminal liability or termination of any superior lease or foreclosure of any superior mortgage, if Tenant shall not duly institute within such fifteen (15) day period and promptly and diligently prosecute to completion all steps necessary to remedy the same; or, (c) LESSEE whenever any event shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay the rent occur or any contingency shall arise whereby this Lease or any interest therein or the estate hereby granted or any portion thereof or the unexpired balance of the Term hereof would, by operation of law or otherwise, devolve upon or pass to any person, firm or corporation other amount due hereunder on than Tenant, except as expressly permitted by Article 22; or (d) whenever Tenant shall abandon the date specified herein Demised Premises, or a substantial portion of the Demised Premises shall remain vacant for its payment and LESSEE fails a period of ten (10) consecutive days, unless such vacancy arises as a result of a casualty; then in any such event covered by subsections "a", "b", "c", or "d" of this Section 21.02, at any time thereafter, Landlord may give to rectify or remedy Tenant a notice of intention to end the failure within thirty Term of this Lease at the expiration of three (303) days from written demand the date of service of such notice of intention, and upon the LESSORexpiration of said three (3) days this Lease and the Term and estate hereby granted, provided however whether or not the Term shall theretofore have commenced, shall terminate with the same effect as if that LESSEE day were the Expiration Date, but Tenant shall not be in default if the utility charges or fees are being disputed by LESSEE remain liable for damages as provided under in Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the law.
Appears in 1 contract
Samples: Lease Agreement (International Telecommunication Data Systems Inc)
Events of Default and Termination. LESSOR (a) Licensee shall be deemed to be in default of this Agreement, and Licensor shall have the right to cancel or immediately terminate this Contract without need of legal Agreement or judicial action or order upon notify Licensee that Licensor has revoked the occurrence of any of exclusive license granted herein and that such license grant under this Agreement is now a non-exclusive license, in the following events by giving event Licensee fails after thirty (30) days' written notice to LESSEE:
(a) LESSEE shall have failed Licensee to return make any payment due and surrender owing under the Leased Premises upon expiration of the Lease Term or upon the termination or cancellation terms of this lease;Agreement, furnish any statement in accordance herewith, or completely comply with any other of Licensee's obligations hereunder.
(b) If during the Leased Premises Term of this Agreement Licensee shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail unable to pay for at least one (1) month its share of electricliabilities when due, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay make any assignment for the rent benefit of creditors, or shall file any petition under any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be appointed under the laws of the United States or any other amount due hereunder on state, and in the date specified herein for its payment and LESSEE fails to rectify or remedy the failure case of an involuntary filing only, such impediment is not removed within thirty (30) days from the inception of same, Licensor may terminate this Agreement upon written demand notice.
(c) If during the Term of this Agreement any of Licensee's gaming licenses is suspended, revoked or otherwise made ineffective by any gaming regulatory agency, or Alliance Gaming Corporation's Compliance Committee disapproves or withdraws its approval as provided in Section 15.02 hereof, Licensor shall have the LESSOR, immediate right to terminate this Agreement; provided however that LESSEE the provisions of -------- Section 6 shall not be applicable or operative in this event.
(a) Licensor shall be deemed to be in default if of this Agreement, and Licensee shall have the utility charges right to immediately terminate this Agreement, in the event Licensor fails, after thirty (30) days' written notice to Licensee, to completely comply with any of Licensor's obligations hereunder.
(b) If, during the Term of this Agreement, Licensor shall be unable to pay its liabilities when due, or fees are being disputed by LESSEE as provided shall make any assignment for the benefit of creditors, or shall file any petition under Article 6.2 any federal or state bankruptcy statute, or be adjudicated a bankrupt or insolvent, or if any receiver is appointed for its business or property, or if any trustee in bankruptcy shall be appointed under the dispute laws of the United States or any state, and in the case of an involuntary filing only, such impediment is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach removed within thirty (30) days from the inception of same, Licensor may terminate this Agreement upon written demand of LESSOR;notice.
(fc) LESSEE’s franchise If during the Term of this Agreement any of Licensor's gaming licenses are suspended, revoked or otherwise made ineffective by any gaming regulatory agency, or Licensee disapproves or withdraws its approval as provided in Section 15.03 hereof; Licensee shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its immediate right to cancel or terminate this lease pursuant to other Agreement; provided that the provisions of Section 6 shall not be applicable or -------- operative in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawevent.
Appears in 1 contract
Events of Default and Termination. LESSOR (a) The following events shall be considered “Events of Default” for purposes of this Reimbursement Agreement:
(i) the City shall fail to pay when due any amount due and payable hereunder or pursuant to the Fee Agreement; or
(ii) any representation, warranty, certification or statement made by the City in this Reimbursement Agreement or in any Related Document or in any certificate, financial statement or other document delivered pursuant to this Reimbursement Agreement or any Related Document shall (in any such case) prove to have been incorrect or untrue in any material respect when made or deemed to have been made; or
(iii) the City shall default in the due performance or observance of
(A) any covenant set forth in Section 5.01 hereof or (B) any other term, covenant (other than a covenant set forth in Section 5.01) or agreement contained in this Reimbursement Agreement and such default in the due performance or observance of any such other term, covenant or agreement shall remain unremedied for a period of sixty (60) days after the Bank shall have given the right City written notice of such default; or
(iv) this Reimbursement Agreement or any provision hereof at any time after its execution and delivery, or any Note, shall, for any reason, cease to cancel be valid and binding on the City or terminate in full force and effect or shall be declared to be null and void, or the validity or enforceability of this Contract without need Reimbursement Agreement or any Notes shall be contested by the City or by any Governmental Authority having jurisdiction over the City, or the City shall deny that it has any or further liability or obligation under this Reimbursement Agreement or any Notes; or
(v) the City shall admit in writing its inability to pay its debts as they mature or shall declare a moratorium on the payment of legal its debts or judicial apply for, consent to or acquiesce in the appointment of a trustee or receiver for itself or any part of its property, or shall take any action to authorize or order upon effect any of the occurrence foregoing; or in the absence of any such application, consent or acquiescence, a trustee or receiver shall be appointed for it or for a substantial part of its property or revenues and shall not be discharged within a period of thirty (30) days; or any bankruptcy, reorganization, debt arrangement or other proceeding under any bankruptcy or insolvency law or any dissolution or liquidation proceeding shall be instituted by or against the City (or any action shall be taken to authorize or effect the institution by it of any of the following events foregoing) and if instituted against it, shall be consented to or acquiesced in by giving written notice to LESSEE:it, or shall not be dismissed within a period of thirty (30) days; or
(avi) LESSEE there shall have failed to return and surrender be commenced against the Leased Premises upon expiration City any case, proceeding or action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of the Lease Term Systems, which results in the entry of an order for relief which shall not have been vacated, discharged, stayed or upon the termination or cancellation of this lease;
(b) the Leased Premises shall be closed, deserted or unoccupied for a continuous period of five (5) calendar days;
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated to the Leased Premises or shall fail to pay the rent or any other amount due hereunder on the date specified herein for its payment and LESSEE fails to rectify or remedy the failure bonded pending appeal within thirty (30) days from written demand of the LESSOR, provided however that LESSEE shall not be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days from written demand of LESSOR;
(f) LESSEE’s franchise shall have been revoked, if applicable;
(g) LESSEE, if a natural person, shall have died;
(h) LESSEE’s corporate existence, if a juridical entity, shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable lawentry thereof; or
(jvii) any lien, pledge or security interest created to secure any amount due under this Reimbursement Agreement should fail to be fully enforceable with the same priority as and when such lien, pledge or security interest was first acquired; or
(viii) an “Event of Default” shall have occurred under the Ordinance, the Reimbursement Agreement, any of the Related Documents, the Parity Reimbursement Agreement or the Parity Ordinance as “Event of Default” is defined in such documents; or
(ix) a final, nonappealable judgment or order for the payment of money in excess of $15,000,000 shall be rendered against the City and such judgment or order shall continue unsatisfied and unstayed for a period of sixty (60) days; or
(x) the occurrence City shall fail to pay when due any non-debt obligation in excess of $5,000,000, which is payable from the City’s General Fund or the revenues of the Systems, except for the City’s failure to pay any such non-debt obligation where the payment of such non-debt obligation is being contested in good faith by the City and defended in an appropriate proceeding; or
(xi) the City shall (a) fail to pay any indebtedness of the City for borrowed money, or any interest or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness, or (b) fail to perform or observe any term, covenant or condition on its part to be performed or observed under any ordinance, indenture, agreement or other event which entitles LESSOR instrument relating to exercise any such indebtedness when required to be performed or observed, and such failure shall not be waived and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such failure to perform or observe is to accelerate, or permit the acceleration of, with the giving of notice if required, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and payable or be required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or
(xii) the ratings assigned to any of the City’s Parity Electric Utility Obligations, Parity Water/Wastewater Obligations, or the Priority Lien Obligations by S&P, Moody’s or Fitch shall be lower than BBB-/Baa3/BBB-, respectively; or
(xiii) the ratings assigned to any of the City’s Parity Electric Utility Obligations, or Parity Water/Wastewater Obligations, or Priority Lien Obligations by S&P, Moody’s or Fitch shall be withdrawn or suspended for reasons other than debt maturity, redemption or defeasance, or non-provision of information; or
(xiv) a court of competent jurisdiction has found any of the City’s Parity Electric Utility Obligations, Parity Water/Wastewater Obligations or Priority Lien Obligations to have been issued illegally or in violation of the additional debt test in the related ordinance.
(b) If an Event of Default shall have occurred and be continuing, then, and in every such event, the Bank, in its right sole discretion, may immediately declare the City in default of its obligations under this Reimbursement Agreement and provide written notice (substantially in the form attached hereto as Exhibit F) to cancel the City, the Dealer, the Issuing and Paying Agent and the provider of liquidity or credit support under the Parity Reimbursement Agreement that the Commitment is terminated and that the Letter of Credit will terminate this lease upon payment at maturity of the Notes that are outstanding as of the effective date of such notice and instructing the Issuing and Paying Agent to cease issuing Notes (a “No-Issuance Notice”). Any notice given pursuant to other provisions in this Contract other than Articles10.1 10.2, 10.3 Section and 12.1, Annex “A” received by the Dealer and under the law.Issuing and Paying Agent as of 8:30 a.m. on any Business Day shall be effective as of such Business Day and any such notice received by the
Appears in 1 contract
Events of Default and Termination. LESSOR 21.01 This Lease and the Term and estate hereby granted are subject inter ----- alia to the limitation that whenever Tenant shall have make an assignment for the right ---- benefit of creditors, or shall file a voluntary petition under any bankruptcy or insolvency law, or an involuntary petition alleging an act of bankruptcy or insolvency in filed against Tenant, or whenever a petition shall be filed by or against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or any future federal bankruptcy act or any other present or future applicable federal, state or other statute or law, or shall seek to cancel consent to or terminate this Contract without need acquiesce in the appointment of legal any trustee, receiver or judicial liquidator of Tenant or of all or any substantial part of its properties, or whenever a permanent or temporary receiver of Tenant or of, or for, the property of Tenant shall be appointed, or if Tenant shall plead bankruptcy or insolvency as a defense in any action or order upon proceeding, then, Landlord, (a) at any time after receipt of notice of the occurrence of any of the following events by giving written notice to LESSEE:
(a) LESSEE shall have failed to return and surrender the Leased Premises upon expiration of the Lease Term such event, or upon the termination or cancellation of this lease;
(b) if such event occurs without the Leased Premises shall be closedacquiescence of Tenant, deserted or unoccupied at any time after the event continues for sixty (60) days may give Tenant a continuous period notice of intention to end the Term at the expiration of five (5) calendar days;days from the service of such notice of intention, and upon the expiration of said five (5) day period (whether or not the event resulting in such default shall have been cured within such five (5) day period) this Lease and the Term and estate hereby granted, whether or not the Term shall theretofore have commenced, shall terminate with the same effect as if that day were the Expiration Date, but Tenant shall remain liable for damages as provided as in Article 30. The foregoing provisions of this Section 21.01 also shall be applicable to Guarantor as though wherever the word "Tenant" is used the words "and/or Guarantor" immediately followed.
(c) LESSEE shall fail to pay for at least one (1) month its share of electric, emergency power, water, sewerage or other public utility or Common Area Charges accruing in connection with or allocated 21.02 This Lease and the Term and estate hereby granted are subject to the Leased Premises further limitation that (a) whenever Tenant shall default in the payment of any installment of Base Rent, or in the payment of any additional rent, on any day upon which the same shall fail be due and payable (following 5 days notice of such default from Landlord to pay Tenant with respect to two of such defaults in any Rent Year), or (b) whenever Tenant shall do or permit anything to be done, whether by action or inaction, contrary to any of Tenant's obligations hereunder, other than the rent or any other amount due hereunder on the date specified herein for its payment of rent, and LESSEE fails to rectify or remedy the failure if such situation shall continue and shall not be remedied by Tenant within thirty (30) days from written demand after Landlord shall have given to Tenant a notice specifying the same, or, in the case of the LESSOR, provided however that LESSEE shall a happening or default which cannot with due diligence be in default if the utility charges or fees are being disputed by LESSEE as provided under Article 6.2 or if the dispute is not resolved due to the act or omission cured within a period of LESSOR or if the delay in payment continues despite best efforts are made by the LESSEE to resolve such dispute; WNS Global Services Philippines, Inc._Techno Plaza II_5th and 6th Floors
(d) LESSEE fails to observe or perform any of its covenants provided hereunder or LESSEE commits a breach of any of its obligations and undertakings under this Contract, such as but not limited to the use of the Leased Premises for any purpose other than as herein agreed upon, violation of any other provision of this Contract relating to the use and occupancy of the Leased Premises, violation of the Building Rules, violation of any law, rule, regulation or ordinance of the national and/or city government regarding the use, occupancy, security and sanitation of the Leased Premises, or sublease or transfer of rights over the Leased Premises without securing LESSOR’s approval;
(e) any of LESSEE’s representations and warranties as specified hereunder shall prove false in any material respect when made and LESSEE fails to rectify or remedy the breach within thirty (30) days and the continuance of which for the period required for cure will not subject Landlord to the risk of civil or criminal liability or termination of any superior lease or foreclosure of any superior mortgage, if Tenant shall not duly institute within such thirty (30) day period and diligently prosecute to completion within an additional 30 days all steps necessary to remedy the same, or, (c) whenever any event shall occur or any contingency shall arise whereby this Lease or any interest therein or the estate hereby granted or any portion thereof or the unexpired balance of the Term hereof would, by operation of law or otherwise, devolve upon or pass to any person, firm or corporation other than Tenant, except as expressly permitted by Article 22, or (d) whenever Tenant shall abandon the Demised Premises, or a substantial portion of the Demised Premises shall remain vacant for a period of ten (10) consecutive days, unless such vacancy arises as a result of a casualty; then in any such event covered by subsections "a", "b", "c" or "d" of this Section 21.02, at any time thereafter, Landlord may give to Tenant a notice of intention to end the Term of this Lease at the expiration of ten (10) days from written demand the date of LESSOR;
service of such notice of intention, and upon the expiration of said ten (f10) LESSEE’s franchise days (whether or not the event resulting in such default shall have been revokedcured within such ten (10) day period) this Lease and the Term and estate hereby granted, if applicable;
(g) LESSEE, if a natural personwhether or not the Term shall theretofore have commenced, shall have died;
(h) LESSEE’s corporate existenceterminate with the same effect as if that day were the Expiration Date, if a juridical entity, but Tenant shall have ceased;
(i) LESSEE shall have become insolvent or be unable to pay its debts when due or shall commit or permit any act of bankruptcy under the applicable law; or
(j) the occurrence of any other event which entitles LESSOR to exercise its right to cancel or terminate this lease pursuant to other provisions remain liable for damages as provided in this Contract other than Articles10.1 10.2, 10.3 and 12.1, Annex “A” and under the lawArticle 30.
Appears in 1 contract
