Common use of Events Of Default; Certain Rights of Administrative Agent Clause in Contracts

Events Of Default; Certain Rights of Administrative Agent. (a) Each of the following events shall constitute an Event of Default (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (i) The Borrower shall have failed to make a payment of any principal or interest due on any Note within five Business Days after the same shall have become due; or (ii) The Borrower shall have failed to make any payment of any amount hereunder or under the Operative Documents other than principal and interest on the Loan after the same shall have become due and such failure shall continue for ten Business Days after the Borrower's receipt of written demand therefor by the party entitled thereto; or (iii) The Borrower shall fail to procure and maintain (or cause to be procured and maintained), with respect to the Aircraft, insurance required to be maintained in accordance with the provisions of Article VI of the Mortgage or such insurance shall lapse or be canceled; or (iv) The Borrower shall have failed to perform or observe, or caused to be performed and observed, any other covenant or agreement to be performed or observed by it under any Operative Document, and such failure shall continue unremedied for a period of thirty (30) days after the Borrower's receipt of written notice thereof from the Administrative Agent or the Lenders; or (v) Any representation or warranty made by the Borrower in any Operative Document or any document or certificate furnished by the Borrower in connection therewith or pursuant thereto shall prove to have been incorrect, untrue, inaccurate or misleading in any respect that is materially adverse to the Lenders or the Administrative Agent in such party's reasonable judgment at the time made and shall remain material; or (vi) The commencement by the Borrower of a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States, or the consent by the Borrower to the appointment of or taking possession by a receiver, liquidator, trustee, custodian, sequestrator (or other similar official) of the Borrower or for all or substantially all of its property, or the making by the Borrower of any assignment for the benefit of creditors or the Borrower shall take any corporate action to authorize any of the foregoing or to authorize a general payment moratorium; or (vii) The commencement of an involuntary case or other proceeding in respect of the Borrower under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States or seeking the appointment of a receiver, liquidator, custodian, trustee, sequestrator (or similar official) of the Borrower or for all or substantially all of its property, or seeking the winding-up or liquidation of its affairs and the continuation of any such case or other proceeding remains undismissed and unstayed for a period of sixty (60) consecutive days, or an order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the consent of the Borrower, a receiver, trustee or liquidator of the Borrower, or for all or substantially all of its property, or sequestering of all or substantially all of the property of the Borrower and any such order, judgment or decree or appointment or sequestration shall be final or shall remain in force undismissed, unstayed or unvacated for a period of sixty (60) consecutive days after the date of entry thereof; or (viii) The Borrower fails or ceases to be a U.S. Air Carrier or shall have been suspended as a U.S. Air Carrier or shall otherwise no longer have all applicable licenses (or such licenses shall be suspended) necessary to operate as a commercial airline; or (ix) Immediately upon such time as the Mortgage ceases to create a valid, perfected first priority mortgage on the Airframe or Engine in favor of the Administrative Agent for any reason other than the failure of the Lenders to cause continuation statements to be filed to the extent required by the Uniform Commercial Code or the filing by or on behalf of the Lenders of a termination statement releasing the Airframe or Engine from the Lien of the Mortgage; or (x) An "Event of Default" shall have occurred and be continuing under (as defined in) the Related Credit Agreement or a "Lease Event of Default" shall have occurred and be continuing under (and as defined in) any Lease Transaction; or (i) The Borrower shall default in the payment when due of any principal of or interest on, or fail to make a scheduled rental payment on, any of its other indebtedness or any lease obligation; or (ii) any event specified in any note, agreement, indenture, lease or other document evidencing or relating to any indebtedness or any lease obligation shall occur, and, after giving effect to any applicable notice and/or grace periods, the effect of such default (in the case of clause (i)) or event (in the case of clause (ii)) is to cause, or to permit the holder or holders of such indebtedness or lease obligation (or a trustee or agent on behalf of such holder or holders) to cause, such indebtedness or lease obligation to become due or to be terminated, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity; provided that, (x) the outstanding amount of such indebtedness and (y) the capitalized amount of such lease obligation shall, singly or in the aggregate, be in excess of $10,000,000.

Events Of Default; Certain Rights of Administrative Agent. (a) Each of the following events shall constitute an Event of Default (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (i) The Borrower shall have failed to make a payment of any principal or interest due on any Note within five two Business Days after the same shall have become due; or (ii) The Borrower shall have failed to make any payment of any amount hereunder or under the Operative Documents other than principal and interest on the Loan after the same shall have become due and such failure shall continue for ten Business Days after the Borrower's receipt of written demand therefor by the party entitled thereto; or (iii) The Borrower shall fail to procure and maintain (or cause to be procured and maintained), with respect to the Aircraft, insurance required to be maintained in accordance with the provisions of Article VI of the Mortgage or such insurance shall lapse or be canceled; or (iv) The Borrower shall have failed to perform or observe, or caused to be performed and observed, any other covenant or agreement to be performed or observed by it under any Operative Document, and such failure shall continue unremedied for a period of thirty (30) days after the Borrower's receipt of written notice thereof from the Administrative Agent or the Lenders; or (v) Any representation or warranty made by the Borrower in any Operative Document or any document or certificate furnished by the Borrower in connection therewith or pursuant thereto shall prove to have been incorrect, untrue, inaccurate or misleading incorrect in any respect that is materially adverse to the Lenders or the Administrative Agent in such party's reasonable judgment at the time made and shall remain material; or (vi) The commencement by the Borrower of a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States, or the consent by the Borrower to the appointment of or taking possession by a receiver, liquidator, trustee, custodian, sequestrator (or other similar official) of the Borrower or for all or substantially all of its property, or the making by the Borrower of any assignment for the benefit of creditors or the Borrower shall take any corporate action to authorize any of the foregoing or to authorize a general payment moratorium; or (vii) The commencement of an involuntary case or other proceeding in respect of the Borrower under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States or seeking the appointment of a receiver, liquidator, custodian, trustee, sequestrator (or similar official) of the Borrower or for all or substantially all of its property, or seeking the winding-up or liquidation of its affairs and the continuation of any such case or other proceeding remains undismissed and unstayed for a period of sixty (60) consecutive days, or an order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the consent of the Borrower, a receiver, trustee or liquidator of the Borrower, or for all or substantially all of its property, or sequestering of all or substantially all of the property of the Borrower and any such order, judgment or decree or appointment or sequestration shall be final or shall remain in force undismissed, unstayed or unvacated for a period of sixty (60) consecutive days after the date of entry thereof; or (viii) The Borrower fails or ceases to be a U.S. Air Carrier or shall have been suspended as a U.S. Air Carrier or shall otherwise no longer have all applicable licenses (or such licenses shall be suspended) necessary to operate as a commercial airline; or (ix) Immediately upon such time as the Mortgage ceases to create a valid, perfected first priority mortgage on the any Airframe or Engine in favor of the Administrative Agent for any reason other than the failure of the Lenders to cause continuation statements to be filed to the extent required by the Uniform Commercial Code or the filing by or on behalf of the Lenders of a termination statement releasing the such Airframe or Engine from the Lien of the Mortgage; or (x) An "Event of Default" shall have occurred and be continuing under (as defined in) the Related Credit Agreement or a A "Lease Event of Default" shall have occurred and be continuing under (and as defined in) any Lease TransactionRelated Transactions; or (i) The Borrower shall default in the payment when due of any principal of or interest on, or fail to make a scheduled rental payment on, any of its other indebtedness or any lease obligation; or (ii) any event specified in any note, agreement, indenture, lease or other document evidencing or relating to any indebtedness or any lease obligation shall occur, and, after giving effect to any applicable notice and/or grace periods, the effect of such default (in the case of clause (i)) or event (in the case of clause (ii)) is to cause, or to permit the holder or holders of such indebtedness or lease obligation (or a trustee or agent on behalf of such holder or holders) to cause, such indebtedness or lease obligation to become due or to be terminated, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity; provided that, (x) the outstanding amount of such indebtedness and (y) the capitalized amount of such lease obligation shall, singly or in the aggregate, be in excess of $10,000,000.

Events Of Default; Certain Rights of Administrative Agent. (a) Each of the following events shall constitute an Event of Default (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): (i) The Borrower shall have failed to make a payment of any principal or interest due on any Note within five two Business Days after the same shall have become due; or (ii) The Borrower shall have failed to make any payment of any amount hereunder or under the Operative Documents other than principal and interest on the Loan after the same shall have become due and such failure shall continue for ten Business Days after the Borrower's receipt of written demand therefor therefore by the party entitled theretothereto or the Lender or its agents; or (iii) The Borrower shall fail to procure and maintain (or cause to be procured and maintained), with respect to the Aircraft, insurance required to be maintained in accordance with the provisions of Article VI of the Mortgage or such insurance shall lapse or be canceled; or (iv) The Borrower shall have failed to perform or observe, or caused to be performed and observed, any other covenant or agreement to be performed or observed by it under any Operative Document, and such failure shall continue unremedied for a period of thirty (30) days after the Borrower's receipt of written notice thereof from the Administrative Agent or the LendersLender or the Collateral Agent; or (v) Any representation or warranty made by the Borrower in any Operative Document or any document or certificate furnished by the Borrower in connection therewith or pursuant thereto shall prove to have been incorrect, untrue, inaccurate or misleading incorrect in any respect that is materially adverse to the Lenders Lender, Administrative Agent or the Administrative Collateral Agent or the Lender in such party's reasonable judgment at the time made and shall remain material; or (vi) The commencement by the Borrower of a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States, or the consent by the Borrower to the appointment of or taking possession by a receiver, liquidator, trustee, custodian, sequestrator (or other similar official) of the Borrower or for all or substantially all of its property, or the making by the Borrower of any assignment for the benefit of creditors or the Borrower shall take any corporate action to authorize any of the foregoing or to authorize a general payment moratorium; or (vii) The commencement of an involuntary case or other proceeding in respect of the Borrower in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States or seeking the appointment of a receiver, receiver liquidator, custodian, trustee, sequestrator (or similar official) of the Borrower or for all or substantially all of its property, or seeking the winding-up or liquidation of its affairs and the continuation of any such case or other proceeding remains undismissed and unstayed for a period of sixty (60) consecutive days, or an order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the consent of the Borrower, a receiver, trustee or liquidator of the Borrower, or for all or substantially all of its property, or sequestering of all or substantially all of the property of the Borrower and any such order, judgment or decree or appointment or sequestration shall be final or shall remain in force undismissed, unstayed or unvacated for a period of sixty (60) consecutive days after the date of entry thereof; or (viii) The Borrower fails or ceases to be a U.S. Air Carrier or shall have been suspended as a U.S. Air Carrier or shall otherwise no longer have all applicable licenses (or such licenses shall be suspended) necessary to operate as a commercial airline; or (ix) Immediately upon such time as the Mortgage ceases to create a valid, perfected first priority mortgage on the any Airframe or Engine in favor of the Administrative Collateral Agent on behalf of the Lender for any reason other than the failure of the Lenders Lender to cause continuation statements to be filed to the extent required by the Uniform Commercial Code or the filing by or on behalf of the Lenders Lender of a termination statement releasing the such Airframe or Engine from the Lien of the Mortgage; or (x) An "Event of Default" shall have occurred and be continuing under (as defined in) the Related Credit Agreement or a "Lease Event of Default" shall have occurred and be continuing under (and as defined in) any Lease Transaction; or (i) The Borrower shall default in the payment when due of any principal of or interest on, or fail to make a scheduled rental payment on, any of its other indebtedness or any lease obligation; or (ii) any event specified in any note, agreement, indenture, lease or other document evidencing or relating to any indebtedness or any lease obligation shall occur, and, after giving effect to any applicable notice and/or grace periods, the effect of such default (in the case of clause (i)) or event (in the case of clause (ii)) is to cause, or to permit the holder or holders of such indebtedness or lease obligation (or a trustee or agent on behalf of such holder or holders) to cause, such indebtedness or lease obligation to become due or to be terminated, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity; provided that, (x) the outstanding amount of such indebtedness and (y) the capitalized amount of such lease obligation shall, singly or in the aggregate, be in excess of $10,000,000.