Events of Default by Lessee. The occurrence of any of the following shall constitute a material default and breach of this Lease by Lessee:
(1) Any failure by Lessee to pay Rent or make any other payment required to be made by Lessee hereunder, where such failure continues for thirty (30) days after receipt of written notice from the Lessor, subject to the right of Lessee, reasonably exercised, to contest any such payment. In the event Lessee withholds any such payment, and it is determined that such withholding was wrongful, Lessee shall pay interest to Lessor on such monies wrongfully withheld at the rate of 15% per annum or the maximum amount allowed by law, whichever is less.
(2) A failure by Lessee to observe and perform any other material provision or covenant of this Lease to be observed or performed by the Lessee, where such failure continues for thirty (30) days after written notice thereof by Lessor to Lessee, except that this thirty (30) day period shall be extended for a reasonable period of time if the alleged default is not reasonably capable of cure within said thirty (30) day period and Lessee proceeds to diligently cure the default.
(3) Any failure of Lessee's representations or warranties to remain true and correct throughout the Lease Term; provided that no event of default shall occur if such representation or warranty is again true and correct within thirty (30) days after receipt of written notice from Lessor.
(4) The making by Lessee of any general assignment for the benefit of creditors, the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within sixty (60) days), the appointment of a trustee or receiver to take possession that is not restored to Lessee within thirty (30) days.
Events of Default by Lessee. Any of the following events which shall occur shall constitute an Event of Default by the Lessee under this Agreement:
a. Subject to the provisions of Section 4.8 hereof, the nonpayment by the Lessee of any payment required hereunder, or failure of the Lessee to perform any of the obligations, covenants, terms and provisions contained or referred to in this Agreement, which nonpayment or failure to perform is not cured within fifteen
Events of Default by Lessee. The following shall each constitute an Event of Default by Lessee.
(a) Lessee fails to make any material payment due under the Lease within thirty (30) days after such payment is due unless such payment is contested, and payment of such uncontested amount is not made within thirty (30) days of Lessor’s written notice to Lessee of such failure.
(b) Lessee breaches or fails to perform or comply with any material covenant or agreement set forth in this Lease and such failure continues for a period of thirty (30) days after written notice thereof from Lessor to Lessee; provided that if Lessee proceeds with due diligence during such thirty (30) day period to cure such breach and is unable by reason of the nature of the work involved using commercially reasonable efforts to cure the same within the said thirty (30) days, Lessee’s time to do so shall be extended by the time reasonably necessary to cure the same.
(c) Fraud or intentional misrepresentation by Lessee with respect to any of the covenants or agreements of this Lease.
(d) Lessee has an Event of Default which results in termination under the Net Metering Power Purchase Agreement.
(e) Lessee: (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) becomes insolvent or is unable to pay its debts or fails (or admits in writing its inability) generally to pay its debts as they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditor’s rights, or a petition is presented for its winding-up, reorganization or liquidation, which proceeding or petition is not dismissed, stayed or vacated within ninety (90) days thereafter; (v) commences a voluntary proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights; (vi) seeks or consents to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all of its assets; (vii) has a secured party (other than a Leasehold Mortgagee or Financier) take possession of all or substantially all of its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enfo...
Events of Default by Lessee. Any of the following events which shall occur shall constitute an Event of Default by the Lessee under this Agreement:
a) Subject to the provisions of Section 4.8 hereof, the nonpayment by the Lessee of any payment required hereunder, or failure of the Lessee to perform any of the obligations, covenants, terms and provisions contained or referred to in this Agreement, which nonpayment or failure to perform is not cured within fifteen (15) calendar days of the receipt of written notice (certified mail, return receipt requested) thereof from the Lessor to the Lessee; provided, however, that the termination as described in Article 7 shall not constitute an Event of Default hereunder and shall not give rise to any of the remedies hereinafter authorized.
b) Any warranty, representation, or statement of the Lessee contained in this Agreement which proves to have been false in any material respect when made or furnished.
c) Dissolution, termination of existence, discontinuance of its business, insolvency, business failure, or appointment of a receiver of any part of the property of or assignment for the benefit of creditors by Lessee or the commencement of any proceedings under any bankruptcy whether voluntary or involuntary, reorganization or arrangement laws by or against Lessee.
d) Failure by Lessee to maintain insurance as required by Section 5.6.
e) Lessor may require Lessee to pay (and Xxxxxx agrees that it shall pay) all out-of-pocket costs and expenses incurred by Lessor as a result (directly or indirectly) of the Event of Default and/or of Lessor’s actions under this section, including, without limitation, any attorney fees, and expenses and any costs related to the repossession, safekeeping, storage, repair, reconditioning or disposition of any Equipment.
f) Failure by Lessee to comply with Section 5.9 of this Agreement.
Events of Default by Lessee. Each of the following events shall be deemed to be an Event of Default by Lessee under this Lease:
1. Failure of Lessee to do such things as Lessee should do or discontinue doing which create a danger to or hinder aviation activities immediately upon delivery of written notice thereof to Lessee.
2. Failure of Lessee to pay any Lease Payment or any other sum payable to Lessor hereunder within 10 days of the date that it is due.
3. Failure of Lessee to comply with a term, condition or covenant of this Lease other than the Lease Payment or other sum of money, within 30 days after delivery of written notice thereof to Lessee.
4. Insolvency, the making of a transfer in fraud of creditors, or the making of an assignment for the benefit of creditors by Lessee or any guarantor of Lessee’s obligations.
5. Filing of a petition under any section or chapter of the United States Bankruptcy Code, as amended or under any similar law or statute of the United States or any State thereof by Lessee or any guarantor of Lessee’s obligations, or adjudication as a bankrupt or insolvent in proceedings filed against Lessee or such guarantor.
6. Appointment of a receiver or trustee for all or substantially all of the assets of Lessee or any guarantor of Lessee’s obligations.
7. Abandonment by Lessee of any substantial portion of the Leased Premises or cessation of use of the Leased premises for the purposes leased. The Leased Premises will be considered abandoned if there has been no activity by the Lessee on the Leased Premises for 180 consecutive days and Lessee has failed to make any due payments during the 180 days in which there has been no activity by the Lessee on the Leased Premises.
Events of Default by Lessee. The occurrence of any of the following events shall constitute an “Event of Default” on the part of Lessee without notice from Lessor unless otherwise provided:
Events of Default by Lessee. The occurrence of any of the following shall constitute a material default and breach of this Lease by Lessee.
Events of Default by Lessee. The occurrence of any of the following shall constitute an event of default (an “Event of Default”) by Lessee under this Agreement: (i) the failure of Lessee to make any payment of Base Rentals, Adjustment Rentals, or any other payment required to be made by Lessee hereunder, as all payments due from Lessee are rentals hereunder, regardless of how denominated, when due which failure is not remedied within five (5) business days following receipt of written notice from District; (ii) the failure of Lessee to keep, observe or perform any other material covenants or agreements herein, and the continued failure to observe or perform any such covenant or agreement after a period of thirty (30) days after receipt of written notice from the District specifying the nature or cause of the default, within which time the Lessee may, at its election:
(a) cure the default if it can be cured by the payment or expenditure of money; or
(b) perform such other action as may be necessary to cure the default, but
(c) if the default is not a default in the payment or expenditure of money and is curable and cannot reasonably be cured within thirty (30) days, to commence performance within such thirty (30) day period and thereafter diligently prosecute the same to completion, not to exceed ninety (90) days or a reasonable extension thereof if Lessee is diligently pursuing to remedy the default;
Events of Default by Lessee. LESSEE will be considered in default under this Agreement if it:
4.1.1 will be in default under any provisions of this Agreement and such default continues for a period of ninety (90) days after notice thereof by LESSOR; or
4.1.2 applies for or consents to the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, admits in writing its inability to pay its debts generally as they become due, makes a general assignment for the benefit of creditors, seeks an arrangement with creditors or takes advantage of any insolvency proceeding, or if any order, judgment or decree is entered by any court of competent jurisdiction on the application of a creditor declaring the defaulting party insolvent or approving a petition for liquidation or seeking reorganization of the defaulting party of all or a substantial part of its assets and such order, judgment or decree continues unsatisfied and in effect for a period of sixty (60) consecutive days after the date of such order, judgment or decree.
Events of Default by Lessee. Any of the following events which shall occur shall constitute an Event of Default by the Lessee under this Agreement:
a) Subject to the provisions of Section 4.8 hereof, the nonpayment by the Lessee of any payment required hereunder, or failure of the Lessee to perform any of the obligations, covenants, terms and provisions contained or referred to in this Agreement, which nonpayment or failure to perform is not cured within fifteen (15) calendar days of the receipt of written notice (certified mail, return receipt requested) thereof from the Lessor to the Lessee; provided, however, that the termination as described in Article 7 shall not constitute an Event of Default hereunder and shall not give rise to any of the remedies hereinafter authorized.
b) Any warranty, representation, or statement of the Lessee contained in this Agreement which proves to have been false in any material respect when made or furnished.
c) Dissolution, termination of existence, discontinuance of its business, insolvency, business failure, or appointment of a receiver of any part of the property of or assignment for the benefit of creditors by Lessee or the com m encem ent of any proceedings under any bankruptcy w hether voluntary or involuntary, reorganization or arrangement laws by or against Lessee.
d) Failure by Lessee to maintain insurance as required by Section 5.6.
