Common use of Events of Default by Lessee Clause in Contracts

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.