Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement: (i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof; (ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof; (iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due; (iv) the occurrence and continuation of a Recapture Event; (v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect; (vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency; (vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors; (viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or (ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing. (b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 2 contracts
Samples: Lease and Project Agreement, Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company Sublessee to pay or cause to be paidobserve and perform any covenant contained in Sections 1.1(f), on the date due2.1, the amounts specified to be paid pursuant to Section 4.3(a) 2.2, 4.2, 4.5, 4.6, 4.13, 4.15, and (b) Article VI hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company Sublessee to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iviii) the occurrence and continuation of a Recapture Event;
(viv) any representation or warranty of the Company Sublessee herein, in any of the Company Sublessee Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(viv) the failure by the Company Sublessee to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i5.1(a)(i), (ii), (iii) and (viivi)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company Sublessee by the Agency;
(viivi) the dissolution or liquidation of the CompanySublessee; or the failure by the Company Sublessee to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company Sublessee generally to pay its debts as they become due; or an assignment by the Company Sublessee for the benefit of creditors; or the commencement by the Company Sublessee (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company Sublessee (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company Sublessee as the debtor, or such case or proceeding is consented to by the Company Sublessee or remains undismissed for forty (40) days, or the Company Sublessee consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company Sublessee for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viiivii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Lease Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a5.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 4.13 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 2 contracts
Samples: Agency Compliance Agreement (CVD Equipment Corp), Agency Compliance Agreement (CVD Equipment Corp)
Events of Default Defined. The term "EVENT OF DEFAULT" ------------------------- whenever used herein with respect to Securities of any series shall mean any one of the following events:
(a) The following Default in the payment of any installment of interest upon any of the Securities of such series as and when the same shall each be “Events become due and payable, and continuance of Default” under this Lease Agreement:such default for a period of 30 days (subject to the deferral of any due date in the case of an Extension Period); or
(ib) Default in the failure payment of all or any part of the principal of any of the Securities of such series as and when the same shall become due and payable whether upon Maturity, upon any redemption, by declaration or otherwise; or
(c) Failure on the part of the Company duly to observe or perform in any material respect any covenants or agreements (other than covenants to pay or cause interest, principal and premium, which are subject to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(asubsections (a) and (b) hereof;
(iiabove of this Section) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty part of the Company herein, in the Securities or in this Indenture (including any supplemental indenture or pursuant to any Officers' Certificate as contemplated by SECTION 2.01) specifically contained for the benefit of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenantSecurities of such series, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) 60 days after written notice, specifying such failure and requesting that it be remedied, there has been given given, by registered or certified mail, to the Company by the Agency;Trustee, or to the Company and the Trustee by the holders of not less than 25% in principal amount of the Securities of such series and all other series so benefited (all series voting as one class) at the time outstanding under this Indenture a written notice specifying such failure and stating that such is a "NOTICE OF DEFAULT" hereunder; or
(viid) The commencement by the dissolution Company of a voluntary case under Chapter 7 or liquidation Chapter 11 of the Company; federal Bankruptcy Code or any other similar state or federal law now or hereafter in effect, or the failure consent by the Company to releasethe entry of a decree or order for relief in an involuntary case under any such law, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure consent by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) appointment of a case in bankruptcy liquidating agent or any proceeding under any other insolvency lawcommittee, conservator or receiver; or the commencement or
(e) The entry of a case in bankruptcy decree or any proceeding under any other insolvency law against the Company (as the debtor), wherein order for relief by a court having jurisdiction in the premises enters a in respect of the Company in an involuntary case under Chapter 7 or Chapter 11 of the federal Bankruptcy Code or any other similar state or federal law now or hereafter in effect, and the continuance of any such decree or order unstayed and in effect for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) a period of 90 days, or the Company consents to appointment of a liquidating agent or admits committee, conservator or receiver, and the material allegations against it in continuance of any such case or proceeding; or appointment unstayed and in effect for a trustee, receiver or agent (however named) is appointed or authorized to take charge period of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) 90 days. If an Event of Default under the Mortgageclauses 6.01(a), if any, 6.01(b) or 6.01(c) shall have occurred and be continuingcontinuing (but, in the case of clause 6.01(c), only if the Event of Default is with respect to less than all series of Securities then outstanding under this Indenture), unless the principal of all the Securities shall have already become due and payable, either the Trustee or the holders of not less than 25% in principal amount of all the then outstanding Securities of the series as to which such Event of Default under clauses 6.01(a), 6.01(b) or 6.01(c) has occurred (each such series voting as a separate class in the case of an Event of Default under clauses 6.01(a) or 6.01(b), and all such series voting as one class in the case of an Event of Default under clause 6.01(c)), by notice in writing to the Company (and to the Trustee if given by Securityholders) may declare the principal amount (or if Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all the Securities of such series, or of all such series in the case of an Event of Default under clause 6.01(c), in each case together with any accrued interest, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable; or
(ixprovided, however, that in the case of the Securities of a series issued to a DPL Trust, if upon an Event of Default, the Trustee or the holders of at least 25% in principal amount of the outstanding Securities of such series fail to declare the principal of all the Securities of that series to be immediately due and payable, the holders of at least 25% in aggregate liquidation amount of the corresponding series of Preferred Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee. If an Event of Default under clauses 6.01(c), 6.01(d), or 6.01(e) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
continuing (b) Notwithstanding but, in the provisions case of Section 10.1(aclause 6.01(c)), only if the Event of Default is with respect to all Securities then outstanding under the Indenture), then and in each and every such case, unless the principal of all the Securities shall have already become due and payable, either the Trustee or the holders of not less than 25% in principal amount of all the then outstanding Securities of each series as to which such Event of Default under clauses 6.01(c), 6.01(d), or 6.01(e) above has occurred (voting as one class), by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other partyCompany (and to the Trustee if given by Securityholders) may declare the principal amount (or if Securities of any series are Original Issue Discount Securities, within such portion of the principal amount as may be specified in the terms of such series) of all the Securities as to which the Event of Default under clauses 6.01(c), 6.01(d), or 6.01(e) above has occurred, together with any accrued interest, to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything contained in this Indenture or in the Securities to the contrary notwithstanding; provided, however, that in the case of the Securities of a reasonable series issued to a DPL Trust, if upon an Event of Default, the Trustee or the holders of not less than 25% in principal amount of the outstanding Securities of that series fail to declare the principal of all the Securities of that series to be immediately due and payable, the holders of at least 25% in aggregate liquidation amount of the corresponding series of Preferred Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee. The foregoing provisions, however, are subject to the condition that if, at any time after the occurrence principal amount (or specified portion thereof) of the event Securities of any one or cause relied uponmore series (or of all the Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of such series (or upon all the Securities, as the case may be) and the principal of any and all Securities of such series (or of any and all the Securities, as the case may be) which shall have become due otherwise than by declaration (with interest on overdue installments of interest to the extent permitted by law and on such principal at the rate or rates of interest borne by, or prescribed therefor in, the Securities of each such series to the date of such payment or deposit) and the amounts payable to the Trustee under SECTION 7.06, and any and all defaults under the Indenture with respect to Securities of such series (or all Securities, as the case may be), other than the nonpayment of principal of and any accrued interest on Securities of such series (or any Securities, as the case may be) which shall have become due by declaration, shall have been cured, remedied or waived as provided in SECTION 6.06, then and in every such case the holders of a majority in principal amount of the Securities of such series (or of all the Securities, as the case may be) then outstanding and as to which such Event of Default has occurred (such series or all series voting as one class, if more than one series are so entitled) by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences. In the case of Securities issued to a DPL Trust, should the holders of such Securities fail to annul such declaration and waive such default, the holders of a majority in aggregate liquidation preference of related Preferred Securities shall have such right; but no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. In case the Trustee, any holder of Securities or any holder of Preferred Securities shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, such obligations under this Lease Agreement holder of Securities or such holder of Preferred Securities then and in every such case the Company, the Trustee, the holders of the party giving Securities of such notice series (or of all the Securities, as the case may be) and only such obligations), so far as they are affected by such force majeure, the holders of Preferred Securities shall be suspended during continuation restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the inabilityCompany and the Trustee, which shall include a reasonable time for the removal holders of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts Securities of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America such series (or of all the State or any of their departmentsSecurities, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within as the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, case may be) and the party having difficulty holders of Preferred Securities shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or partiescontinue as though no such proceedings had been taken.
Appears in 2 contracts
Samples: Indenture (DPL Inc), Indenture (DPL Inc)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 3.6, 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), ) or (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, ,
6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 2 contracts
Samples: Lease and Project Agreement, Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, and 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;; continuing; or
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; orbe
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. Any one or more of the following shall constitute an "Event of Default":
(a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company shall fail to pay or cause to be paidany Obligation hereunder (including, without limitation, any payments due on the date Term Loan and the payments required Section 5.9) when and as the same shall become due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information which default shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) remain uncured for a period of ten (10) Days;
(b) the Company shall fail to observe or perform any of the covenants, agreements or conditions contained in Sections 5.2(b), 5.4, 5.7, 5.9 or any provision of Section 6, which Default shall remain uncured for a period of ten (10) Days;
(c) the Company shall fail to observe or perform any of the other covenants, agreements or conditions contained in this Agreement or the Related Documents and such failure shall continue for thirty (30) days after the earlier of the Company's knowledge thereof or written notice, specifying such failure and requesting that it be remedied, has been notice thereof is given by the Bank to the Company by Company's, or such longer period, if any, which the AgencyBank may specify in such notice in its sole discretion;
(viid) the dissolution Company or liquidation any Subsidiary shall default (as principal or otherwise) in the payment of any other Indebtedness aggregating $5,000,000 or more, or default in any of the Company; provisions of any agreement(s) evidencing such Indebtedness, and such default shall continue beyond any period of grace, if any, specified in such agreement;
(e) any representation or the failure warranty made by the Company to releaseherein or in any of the Related Documents or in any certificate, stay, discharge, lift document or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure financial statement delivered by the Company generally or any Subsidiary to any Bank shall prove to have been incorrect in any material respect as of the time when made or given;
(f) a final judgment (or judgments) for the payment of amounts aggregating in excess of $1,000,000 shall be entered against the Company or any Subsidiary and such judgment (or judgments) shall remain outstanding and unsatisfied, unbonded or unstayed after thirty days from the date of entry thereof or not subject to insurance coverage;
(g) the Company or any Material Subsidiary (as defined above) shall (i) become insolvent or take or fail to take any action which constitutes an admission of inability to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditorsmature;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Credit Agreement (Banta Corp)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts amount specified to be paid pursuant to Section 4.3(a5.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f2.2(f) or (ih), 5.24.6, 6.3, 6.4, 6.5, 8.2, 8.4, 8.58.6, 8.118.8, 8.12, 9.3, 10.4 8.14 and Article XIII 9.3 hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates dueRESERVED;
(iv) the occurrence and continuation of a Recapture EventRESERVED;
(v) any representation or warranty of the Company herein, herein or in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viixii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the AgencyAgency or any Lender;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or;
(ix) a default by an Event of Default under any tenant under its respective Tenant Agency Compliance Agreement other documents executed and delivered in connection with any Mortgage shall have occurred and be continuing;
(x) the invalidity, illegality or unenforceability of any Mortgage or any other documents executed and delivered in connection with such Mortgage;
(xi) an Event of Default under the Environmental Compliance and Indemnification Agreement or a Tenant Agency Compliance Agreement, if, any, shall have occurred and be continuing; or
(xii) the occurrence and continuation of a Recapture Event under the Recapture Agreement.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 4.1 and 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereofhereof and such failure is not cured within ten (10) Business Days after notice of such failure;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, and 10.4 and Article XIII hereof;
(iii) the failure by the Company to observe and perform any covenant contained in Sections 8.3(a) (i) or (ii), 8.6, 8.7 within twenty (20) Business Days after notice of non-compliance of;
(iv) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(ivv) the occurrence and continuation of a Recapture Event;
(vvi) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vivii) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(viiviii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingcontinuing beyond any applicable notice and cure periods; or
(x) the sale of the Facility (excluding any sale, assignment or subletting provided for in Section 9.3 of this Lease Agreement) or closure of the Facility (other than a temporary closure for the purposes of renovation of the Facility) and/or departure of the Company from the Town of Brookhaven, except as due to casualty, condemnation or force majeure as provided in Sections 5.4(e) and 10.1(b) of this Lease Agreement.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e2.2(f), (fg) or (ij), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant termination of the Company’s leasehold interest in the Land and improvements under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingthe Prime Lease.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement (Chembio Diagnostics, Inc.)
Events of Default Defined. Any one or more of the following shall constitute an “Event of Default”:
(a) The following the Company shall each be “Events of Default” under this Lease Agreement:
fail to pay (i) any scheduled principal or interest payment within three days after the failure by the Company to pay scheduled due date thereof or cause to be paid(ii) any other Obligation (including, on the date duewithout limitation, the amounts specified to be paid pursuant to Section 4.3(apayments required by Sections 2.6, 2.7 and 5.8) within 15 days after the same shall become due and payable, whether upon demand, at maturity, by acceleration or otherwise;
(b) hereofthe Company or any of its Subsidiaries shall fail to observe or perform any of the covenants, agreements or conditions contained in Sections 5.10 or 5.12, or any provision of Section 6;
(iic) the failure by the Company or any of its Subsidiaries shall fail to observe and or perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company other covenants, agreements or conditions contained in this Agreement or the Related Documents or in the Project Application Information and such failure shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) continue for a period of thirty (30) days after Company’s receipt written notice, specifying notice of such failure and requesting that it be remedied, has been given to the Company by the AgencyLender;
(viid) the dissolution Company or liquidation any of its Subsidiaries shall default (as principal or guarantor or otherwise) in the payment of any other Indebtedness aggregating $1,000,000 or more, or with respect to any of the Company; provisions of any agreement evidencing such Indebtedness, and such default shall continue beyond any period of grace, if any, specified in such agreement, unless the Company or such Subsidiary is contesting such default in good faith and the failure Lender agrees, in its reasonable discretion, that the Company or such Subsidiary is so-contesting such default;
(e) any representation or warranty made by the Company herein or in any of the Related Documents or in any certificate, document or financial statement delivered to releasethe Lender shall prove to have been incorrect in any Material adverse respect as of the time when made or given;
(f) a final judgment (or judgments) for the payment of amounts aggregating in excess of $1,000,000 (to the extent not covered by insurance) shall be entered and final against the Company or any of its Subsidiaries, stayand such judgment (or judgments) shall remain outstanding and unsatisfied, discharge, lift unbonded or bond within unstayed after thirty (30) days any execution, garnishment, judgment or attachment from the date of such consequence as may impair its ability to carry on its operations; or the failure by entry thereof;
(g) the Company generally or any of its Subsidiaries shall (i) become insolvent or take or fail to take any action which constitutes an admission of inability to pay its debts as they become duemature; or (ii) make an assignment by the Company for the benefit of creditors; (iii) petition or apply to any tribunal for the commencement by appointment of a custodian, receiver or any trustee for the Company or such Subsidiary or a substantial part of its respective assets; (as the debtorvi) suffer a rehabilitation proceeding, custodianship, receivership, conservatorship or trusteeship to continue undischarged for a period of a case in bankruptcy sixty (60) days or more; (iv) commence any proceeding under any other insolvency lawbankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (v) by any act or omission indicate its consent to, approval of or acquiescence in any rehabilitation proceeding or any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver, conservator or any trustee for it or any substantial part of any of its properties; or (vi) adopt a plan of liquidation of its assets;
(h) if any Person shall: (i) petition or apply to any tribunal for the commencement appointment of a case in bankruptcy custodian, receiver, conservator or any trustee for the Company or any Subsidiary or a substantial part of its respective assets which continues undischarged for a period of sixty (60) days or more; (ii) commence any proceeding under any other insolvency bankruptcy, reorganization, arrangement, readjustment of debt, rehabilitation, dissolution or liquidation law against the Company (as the debtor)or statute of any jurisdiction, wherein a court having jurisdiction whether now or hereafter in the premises enters a decree or effect, in which an order for relief against is entered or which remains undismissed for a period of sixty (60) days or more;
(i) the Company as FDIC, the debtorFederal Reserve Board, the Office of the Comptroller of the Currency, or such case any other Regulatory Authority shall (A) issue any formal or proceeding is consented to informal Material notice, order or directive involving activities deemed unsafe or unsound by the Company or remains undismissed for forty any of its Subsidiaries, (40B) daysissue a memorandum of understanding, capital maintenance agreement, cease and desist order or other directive (including a capital raise directive) involving the Company or any of its Subsidiaries, (C) cause the suspension or removal of the Chief Executive Officer or Chief Financial Officer of the Company or the Chief Executive Officer of any Bank Subsidiary, or (D) otherwise restrict the ability of any Bank Subsidiary to pay dividends to the Company without prior regulatory approval, or (ii) the FDIC shall terminate its insurance coverage with respect to the Bank Subsidiaries; or
(j) this Agreement or any of the Related Documents shall at any time cease to be in full force and effect, or the Company consents shall attempt to revoke or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance terminate this Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or partiesRelated Document.
Appears in 1 contract
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof, and such failure continues for a period of ten (10) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof, and such failure continues for a period of ten (10) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due, and such failure continues for a period of five (5) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) subject to 10.1(c), a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement (Akoustis Technologies, Inc.)
Events of Default Defined. The following shall be “events of default” under this Agreement and the terms “event of default” or “default” shall mean, whenever they are used in this Agreement, any one or more of the following events:
(a) The following shall each be occurrence of an “Events event of Defaultdefault” under this Lease Agreement:the Mortgage, as such term is defined therein.
(ib) Failure by the Company to make loan payments required under Section 4.1 hereof sufficient to make due and punctual payments of the principal of any Bond when the same shall have become due and payable, whether at maturity, by declaration or otherwise; or failure by the Company to make loan payments required under Section 4.1 hereof sufficient to make due and punctual payment of interest on any Bond and such failure to pay or cause interest shall have continued for 5 days; provided, however, that failure to be paid, on the date due, the amounts specified pay with respect to be paid pursuant to Section 4.3(a) and (b) hereof;Bonds called for optional redemption when a conditional call has been given will not constitute a “default” hereunder.
(iic) Any breach by Company of its covenants contained in Sections 5.3, 5.10, 5.18, 5.19, 5.20, 5.21, 5.22, 5.23, 5.24, 5.25, 5.26 or 5.27 of the failure Agreement.
(d) Any material breach by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, made in this Agreement or in any of the Company Documents certificate, report or in the Project Application Information shall prove to have been false other financial statement or misleading in other instrument, notice, demand, request or document delivered pursuant hereto, or any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations performed, other than as referred to in 10.1(a)(isubsections (a), (ii), (iiib) and (vii)c) of this Section, for a period of thirty (30) 60 days after written notice, notice specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;Trustee or the Issuer, unless (i) the Trustee and the Issuer shall agree in writing to an extension of such time prior to its expiration or (ii) if the default be such that it cannot be corrected within the applicable period, corrective action is instituted by the Company within the applicable period and diligently pursued until the default is corrected.
(viie) The occurrence of an “event of default” under the Indenture.
(f) If final judgment for the payment of money shall be rendered against the Company and the Company shall not discharge the same or cause it to be discharged within 120 days from the entry thereof, or shall not appeal therefrom or from the order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and secure a stay of execution pending such appeal.
(g) If the Company shall make an assignment for the benefit of creditors or if the Company shall generally not be paying its debts as they become due.
(h) If a receiver, liquidator or trustee of the Company shall be appointed or if the Company shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in, by the Company or if any proceeding for the dissolution or liquidation of the CompanyCompany shall be instituted; or the failure by the Company to releasehowever, stayif such appointment, dischargeadjudication, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case petition or proceeding is was involuntary and not consented to by the Company or remains undismissed for forty (40) daysCompany, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for upon the same with all reasonable promptness. It is agreed that the settlement of strikesnot being discharged, lockouts and other industrial disturbances shall be entirely stayed or dismissed within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties60 days.
Appears in 1 contract
Samples: Loan Agreement (Intrepid Technology & Resources, Inc.)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing, and the Lender, in its sole discretion, has directed the Agency in writing to declare an Event of Default under this Lease Agreement; or
(ix) a default by any commercial tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingcontinuing beyond any applicable cure period, and the Company has not diligently commenced an action against such commercial tenant to evict and terminate its sublease.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, pandemics, governmentally imposed lockdowns relating to any epidemic or pandemic, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Phase 2b Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;; continuing; or
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; orbe
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.reasonable
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereofhereof and such failure shall have continued for a period of ten (10) days after the Agency gives written notice of such failure to the Company;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 3.6, 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereofhereof that shall have continued for a period of ten (10) days after the Agency gives written notice of such failure to the Company;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on and such failure shall have continued for a period of ten (10) days after the dates dueAgency gives written notice of such failure to the Company;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), ) or (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, ,
6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.the
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “"Events of Default” " under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a), (b) and (bc) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or ), (i) and (m), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;; or
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or.
(ix) a default in the event Commencement of Construction with respect to the Project has not thereafter taken place within eighteen (18) months following the effective date of the adoption by any tenant under its respective Tenant the Agency Compliance Agreement shall have occurred and be continuingof the Authorizing Resolution, or Completion of the Project has not taken place within four (4) years following the effective date of the adoption by the Agency of the Authorizing Resolution.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “"force majeure” " as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 3.6, 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, ,
6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. The term "Event of Default" shall mean any one or more of the following events:
(a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure Failure by the Company to pay or cause to be paid, on the date due, the amounts specified make any payments required to be paid pursuant to Section 4.3(a5.2(a) and or to pay the Purchase Price of Bonds as required pursuant to Section 5.2(d) herein;
(b) hereofThe occurrence of an Event of Default under the Indenture;
(iic) the failure Any representation by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty behalf of the Company herein, contained in this Agreement or in any of the Company Documents instrument furnished in compliance with or in reference to this Agreement or the Project Application Information shall prove to have been Indenture proves false or misleading in any material respectrespect as of the date of the making or furnishing thereof;
(vid) the failure Failure by the Company to observe and or perform any covenantof its other covenants, condition conditions, payments or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) agreements under this Agreement for a period of thirty (30) 30 days after written notice, specifying such failure and requesting that it be remedied, has been is given to the Company by the AgencyIssuer or the Trustee;
(viie) The Company shall (i) apply for or consent to the dissolution appointment of, or liquidation the taking of possession by, a receiver, custodian, assignee, sequestrator, trustee, liquidator or similar official of the Company; Company or the failure by the Company to releaseof all or a substantial part of its property, stay(ii) admit in writing its inability, dischargeor be generally unable, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they such debts become due; or an , (iii) make a general assignment by the Company for the benefit of its creditors; , (iv) commence a voluntary case under the Bankruptcy Code (as now or the commencement by hereafter in effect), (v) file a petition seeking to take advantage of any other federal or state law relating to bankruptcy, insolvency, reorganization, arrangement, winding-up or composition or adjustment of debts, (vi) fail to controvert in a timely or appropriate manner, or acquiesce in writing to, any petition filed against the Company in an involuntary case under the Bankruptcy Code, or (as vii) take any corporate action for the debtorpurpose of effecting any of the foregoing; or
(f) A proceeding or case shall be commenced, without the application or consent of the Company, in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, arrangement, dissolution, winding-up or composition or adjustment of debts of the Company, (ii) the appointment of a case in bankruptcy trustee, receiver, custodian, assignee, sequestrator, liquidator or similar official of the Company or of all or any proceeding substantial part of its assets, or (iii) similar relief in respect of the Company under any other insolvency law; law relating to bankruptcy, insolvency, reorganization, arrangement, winding-up or composition or adjustment of debts and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 90 days from the commencement of a such proceeding or case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor)date of such order, wherein a court having jurisdiction in the premises enters a decree judgment or decree, or an order for relief against the Company as the debtor, or such shall be entered in an involuntary case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingBankruptcy Code.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Loan Agreement (Bovie Medical Corp)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a), (b) and (bc) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or ), (i) and (m), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “"Events of Default” " under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, paid on the date due, the amounts amount specified to be paid pursuant to Section 4.3(a5.3(u) and (bh) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.46,4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 8.4 and Article XIII 9.3 hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due, the amounts specified to be paid pursuant to the PILOT Agreement;
(iv) the occurrence invalidity, illegality or unenforceability of the PILOT Agreement; or the failure by the Company to observe and continuation of a Recapture Eventperform any covenant contained in the PILOT Agreement;
(v) any representation or warranty of the Company herein, herein or in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i10.l(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it It be remedied, has been given to the Company by the AgencyAgency or the Mortgagee;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry eany on its operations; or the failure by the Company generally to pay its it~ debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein ) and a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtordebtor in such case or proceeding, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the MortgageMortgage shall, if any, have occurred and be continuing
(ix) an Event of Default under the Loan Documents shall have occurred and be continuing;
(x) the invalidity, illegality or unenforceability of any of the Loan Documents; or
(ixxi) a default by breach of any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingcovenant or representation contained in Section 8,8 hereof with respect to environmental matters.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 4.1 and 6.1 and 8.11 of this Lease Agreement, Agreement and if such party shall give notice and full particulars of such force majeure in writing to the other partyparty and to the Mortgagee, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, majeure shall be suspended during continuation continuance of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “"force majeure” " as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of o1 the United States of America or of the State or any of their departments, agencies, governmental subdivisions subdivisions, or officials or officials, any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, . droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts lookouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease Agreement (CVD Equipment Corp)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof, and such default shall continue for a period of thirty (30) days after receipt by the Company of notice that the same is past due;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 6.4, 6.5, or 8.5; or the failure of the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof, any of which is not cured within thirty (30) days after written notice;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due, beyond any applicable cure period;
(iv) the occurrence and continuation of a Recapture EventEvent (except as remedied as provided in Section 5.4(c)(vi);
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect, except for those acknowledged by the Agency in writing to have changed between the time of the Project Application Information and the Closing Date;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency, or any Lender provided, however, that in the event such covenant, condition or agreement is not capable of being observed or performed within thirty (30) days after written notice and the Company is diligently attempting to observe or perform such covenant, condition or agreement, failure of the Company to observe such covenant, condition or agreement shall not be deemed an Event of Default hereunder;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuingcontinuing beyond any applicable cure period therein; or
(ix) a default by any tenant commercial tenant, if any, under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. Any one or more of the following shall constitute an "Event of Default":
(a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company shall fail to pay any Obligation within one Business Day of the same becoming due and payable, whether upon demand, at maturity, by acceleration or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and otherwise;
(b) hereofthe Company shall fail to observe or perform any of the covenants, agreements or conditions contained in this Agreement or the Related Documents;
(iic) the failure by Company or any Subsidiary shall default (as principal or guarantor or otherwise) in the payment of any other Indebtedness aggregating $2,500,000 or more, or with respect to any of the provisions of any agreement evidencing such Indebtedness, and such default shall continue beyond any period of grace, if any, specified in such agreement, unless the Company to observe or the Subsidiary is contesting such default in good faith and perform any covenant contained the Agent agrees, in Sections 2.2(e)its reasonable discretion, (f) that the Company or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereofthe Subsidiary is so contesting such default;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(vd) any representation or warranty of made by the Company herein, or any Subsidiary herein or in any of the Company Related Documents or in any certificate, document or financial statement delivered to the Project Application Information Agent and/or the Lenders shall prove to have been false or misleading incorrect in any material respectadverse respect as of the time when made or given;
(vie) a final judgment (or judgments) for the failure by payment of amounts aggregating in excess of $250,000 shall be entered against the Company to observe or any Subsidiary, and perform any covenantsuch judgment (or judgments) shall remain outstanding and unsatisfied, condition unbonded or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period unstayed after thirty days from the date of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agencyentry thereof;
(viif) the dissolution Company or liquidation any Subsidiary shall (i) become insolvent or take or fail to take any action which constitutes an admission of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally inability to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditorsmature;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Events of Default Defined. Any one or more of the following shall constitute an "Event of Default":
(a) The following the Company shall each be “Events fail to pay any Obligation (including, without limitation, the Revolving Credit Notes and the payments required by Sections 2.7(b) and 5.9) when and as the same shall become due and payable, whether upon demand, at maturity, by acceleration or otherwise, which Default shall remain uncured for a period of Default” under this Lease Agreement:
(i) the failure five days after written notice thereof is given by the Company Agent to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and Company;
(b) hereofthe Company shall fail or fail to cause the Guarantor to observe or perform any of the covenants, agreements or conditions contained in Sections 4.1, 4.2, 5.1(a), 5.2(b), 5.4, 5.6, 5.8(a), or any provision of Section 6;
(iic) the failure by Company or the Guarantor shall default (as principal or guarantor or otherwise) in the payment of any other Indebtedness aggregating $1,000,000 or more, or with respect to any of the provisions of any agreement evidencing such Indebtedness, and such default shall continue beyond any period of grace, if any, specified in such agreement, unless the Company to observe or the Guarantor is contesting such default in good faith and perform any covenant contained the Banks agree, in Sections 2.2(e)their sole discretion, (f) that the Company or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereofthe Guarantor is so contesting such default;
(iiid) the Company shall fail to observe or perform any of the other covenants, agreements or conditions contained in this Agreement or the Related Documents and such failure shall continue for thirty days after either written notice thereof is given by the Agent to the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on chief executive officer or treasurer of the dates dueCompany has actual notice thereof;
(iv) the occurrence and continuation of a Recapture Event;
(ve) any representation or warranty of made by the Company herein, herein or in any of the Company Related Documents or in any certificate, document or financial statement delivered to the Project Application Information Agent or the Banks shall prove to have been false or misleading incorrect in any material respectadverse respect as of the time when made or given;
(vif) a final judgment (or judgments) for the failure by payment of amounts aggregating in excess of $1,000,000 shall be entered against the Company to observe or any Guarantor, and perform any covenantsuch judgment (or judgments) shall remain outstanding and unsatisfied, condition unbonded or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period unstayed after sixty days from the date of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agencyentry thereof;
(viig) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty any Guarantor shall (40i) days, become insolvent or the Company consents to take or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized fail to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, action which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.constitutes
Appears in 1 contract
Samples: Revolving Credit Agreement (Speedfam International Inc)
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 3.6, 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case Recaptured Benefits on the dates date due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), ) or (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, ,
6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “"Events of Default” " under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 3.6, 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 9.3 and 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing;
(ix) an Event of Default under the Agency Compliance Agreement shall have occurred and be continuing; or
(ixx) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “"force majeure” " as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company (for a period of ten (10) days after written notice specifying such failure and requesting that it be remedied has been given to the Company by the Agency) to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and ), (b) or (c) hereof;
(ii) the failure by the Company (for a period of ten (10) days after written notice specifying such failure and requesting that it be remedied has been given to the Company by the Agency) to observe and perform any covenant contained in Sections 2.2(e2.2(f), (fg) or and (ij), 5.2, 6.3, 6.4, 6.5, 8.2, 8.3, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company (for a period of ten (10) days after written notice specifying such failure and requesting that it be remedied has been given to the Company by the Agency) to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture EventEvent beyond applicable notice and cure periods, if any;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respectrespectfor a period of thirty (30) days after the receipt of notice by the Agency specifying the false or misleading information; provided that the thirty (30) days toll will be suspended if the Company is actively pursuing a cure and the Event of Default is cured within one hundred and twenty (120) days or it is waived by the Agency;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed hereunder or under any other Company Document (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency; provided that the thirty (30) days toll will be suspended if the Company is actively pursuing a cure and the Event of Default is cured within one hundred and twenty (120) days or it is waived by the Agency;
(vii) Reserved;
(viii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days of any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viiiix) an Event of Default under the Mortgage, if any, beyond any applicable cure period with respect thereto shall have occurred and be continuing; or;
(ixx) the failure by the Company to complete the Project on or before the Completion Date substantially and materially in accordance with the Plans and Specification and the Project Budget;
(xi) the occurrence and continuance of an Event of Default under the Company Lease;
(xii) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.continuing beyond applicable notice and cure periods, if any; or
(xiii) the occurrence and continuance of an Event of Default under any of the Additional XXX Documents;
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, ,
6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, pandemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. Any one or more of the following shall constitute an “Event of Default”:
(a) The following the Company shall each be “Events of Default” under this Lease Agreement:
fail to pay (i) any scheduled principal or interest payment within three days after the failure by the Company to pay scheduled due date thereof or cause to be paid(ii) any other Obligation (including, on the date duewithout limitation, the amounts specified to be paid pursuant to Section 4.3(apayments required by Sections 2.5, 2.6 and 5.8) within 15 days after the same shall become due and payable, whether upon demand, at maturity, by acceleration or otherwise;
(b) hereofthe Company or any of its Subsidiaries shall fail to observe or perform any of the covenants, agreements or conditions contained in Sections 5.10 or 5.12, or any provision of Section 6;
(iic) the failure by the Company or any of its Subsidiaries shall fail to observe and or perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company other covenants, agreements or conditions contained in this Agreement or the Related Documents or in the Project Application Information and such failure shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) continue for a period of thirty (30) days after Company’s receipt written notice, specifying notice of such failure and requesting that it be remedied, has been given to the Company by the AgencyLender;
(viid) the dissolution Company or liquidation any of its Subsidiaries shall default (as principal or guarantor or otherwise) in the payment of any other Indebtedness aggregating $1,000,000 or more, or with respect to any of the Company; provisions of any agreement evidencing such Indebtedness, and such default shall continue beyond any period of grace, if any, specified in such agreement, unless the Company or such Subsidiary is contesting such default in good faith and the failure Lender agrees, in its reasonable discretion, that the Company or such Subsidiary is so-contesting such default;
(e) any representation or warranty made by the Company herein or in any of the Related Documents or in any certificate, document or financial statement delivered to releasethe Lender shall prove to have been incorrect in any Material adverse respect as of the time when made or given;
(f) a final judgment (or judgments) for the payment of amounts aggregating in excess of $1,000,000 (to the extent not covered by insurance) shall be entered and final against the Company or any of its Subsidiaries, stayand such judgment (or judgments) shall remain outstanding and unsatisfied, discharge, lift unbonded or bond within unstayed after thirty (30) days any execution, garnishment, judgment or attachment from the date of such consequence as may impair its ability to carry on its operations; or the failure by entry thereof;
(g) the Company generally or any of its Subsidiaries shall (i) become insolvent or take or fail to take any action which constitutes an admission of inability to pay its debts as they become duemature; or (ii) make an assignment by the Company for the benefit of creditors; (iii) petition or apply to any tribunal for the commencement by appointment of a custodian, receiver or any trustee for the Company or such Subsidiary or a substantial part of its respective assets; (as the debtorvi) suffer a rehabilitation proceeding, custodianship, receivership, conservatorship or trusteeship to continue undischarged for a period of a case in bankruptcy sixty (60) days or more; (iv) commence any proceeding under any other insolvency lawbankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (v) by any act or omission indicate its consent to, approval of or acquiescence in any rehabilitation proceeding or any such petition, application or proceeding or order for relief or the appointment of a custodian, receiver, conservator or any trustee for it or any substantial part of any of its properties; or (vi) adopt a plan of liquidation of its assets;
(h) if any Person shall: (i) petition or apply to any tribunal for the commencement appointment of a case in bankruptcy custodian, receiver, conservator or any trustee for the Company or any Subsidiary or a substantial part of its respective assets which continues undischarged for a period of sixty (60) days or more; (ii) commence any proceeding under any other insolvency bankruptcy, reorganization, arrangement, readjustment of debt, rehabilitation, dissolution or liquidation law against the Company (as the debtor)or statute of any jurisdiction, wherein a court having jurisdiction whether now or hereafter in the premises enters a decree or effect, in which an order for relief against is entered or which remains undismissed for a period of sixty (60) days or more;
(i) the Company as FDIC, the debtorFederal Reserve Board, the Office of the Comptroller of the Currency, or such case any other Regulatory Authority shall (A) issue any formal or proceeding is consented to informal Material notice, order or directive involving activities deemed unsafe or unsound by the Company or remains undismissed for forty any of its Subsidiaries, (40B) daysissue a memorandum of understanding, capital maintenance agreement, cease and desist order or other directive (including a capital raise directive) involving the Company or any of its Subsidiaries, (C) cause the suspension or removal of the Chief Executive Officer or Chief Financial Officer of the Company or the Chief Executive Officer of any Bank Subsidiary, or (D) otherwise restrict the ability of any Bank Subsidiary to pay dividends to the Company without prior regulatory approval, or (ii) the FDIC shall terminate its insurance coverage with respect to the Bank Subsidiaries; or
(j) this Agreement or any of the Related Documents shall at any time cease to be in full force and effect, or the Company consents shall attempt to revoke or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance terminate this Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or partiesRelated Document.
Appears in 1 contract
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e2.2(f), (fg) or (ij), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and 10.6 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event, except as provided under Section 5.4(c) hereof;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;; continuing; or
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; orbe
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “"Events of Default” " under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, paid on the date due, the amounts amount specified to be paid pursuant to Section 4.3(a) and (b5.3(a) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 8.4 and Article XIII 9.3 hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due, the amounts specified to be paid pursuant to the PILOT Agreement;
(iv) the occurrence invalidity, illegality or unenforceability of the PILOT Agreement; or the failure by the Company to observe and continuation of a Recapture Eventperform any covenant contained in the PILOT Agreement;
(v) any representation or warranty of the Company herein, herein or in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (viiiii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the AgencyAgency provided, however that matters which cannot be cured within thirty (30) days but which the Company is seeking with due diligence to cure on a timely basis will not be treated as an Event of Default;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtordebt or) of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein ) and a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtordebtor in such case or proceeding, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditorscreditors (the term "dissolution or liquidation of the Company" as used in this subsection shall not be construed to include any transaction permitted by Section 8.4 hereof);
(viii) an Event the breach of Default under the Mortgage, if any, shall have occurred and be continuing; or
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingcovenant or representation contained in Section 8.8 hereof with respect to environmental matters.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 4.1 and 6.1 and 8.11 of this Lease Agreement, Agreement and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation continuance of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “"force majeure” " as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions subdivisions, or officials or officials, any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Events of Default Defined. (a1) The following shall each be “"Events of Default” " under this Lease Agreement:
(i1) the failure by the Company Institution to pay or cause to be paid, paid on the date due, the amounts amount specified to be paid pursuant to Section 4.3(a) and (b5.3(a) hereof;,
(ii2) the failure by the Company Institution to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 8.4 and Article XIII 9.3 hereof;,
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v3) any representation or warranty of the Company herein, in any of the Company Documents Institution herein or in the Project Application Information Bond Purchase Agreement or the Letter of Representation shall prove to have been false or misleading in any material respect;
(vi4) the failure by the Company Institution to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and or (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company Institution by the AgencyIssuer, the LOC Bank or the Trustee;
(vii5) the dissolution or liquidation of the CompanyInstitution; or the failure by the Company Institution to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company Institution generally to pay its debts as they become due; or an assignment by the Company Institution for the benefit of creditors; an Act of Bankruptcy on the part of the Institution or the commencement by the Company Institution (as the debtor) of a case in bankruptcy under the Bankruptcy Code or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy under the Bankruptcy Code or any proceeding under any other insolvency law against the Company Institution (as the debtor), wherein ) and a court having jurisdiction juris- diction in the premises enters a decree or order for relief against the Company Institution as the debtordebtor in such case or proceeding, or such case or proceeding is consented to by the Company Institution or remains undismissed for forty (40) days, or the Company Institution consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property Property of the Company Institution for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii6) an Event of Default under the Mortgage, if any, Reimbursement Agreement or the Indenture shall have occurred and be continuing;
(7) a breach of any covenant or representation contained in Section 8.8 hereof with respect to environmental matters or in the Environmental Compliance and Indemnification Agreement; or
(ix) a default by 8) the invalidity, illegality or unenforceability of any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuingof the Bond Documents.
(b2) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 4.1 and 6.1 and 8.11 of this Lease Agreement, Agreement and if such party shall give notice and full particulars of such force majeure in writing to the other partyparty and to the LOC Bank and the Trustee, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligationsobliga- tions), so far as they are affected by such force majeure, shall be suspended during continuation continuance of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “"force majeure” " as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions subdivisions, or officials or officials, any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion discre- tion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts specified to be paid pursuant to Section 4.3(a) and (b) hereof;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f) or (i), 5.2, 6.3, 6.4, 6.5, 8.2, 8.4, 8.5, 8.11, 8.12, 9.3, 10.4 and Article XIII hereof;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Recaptured Benefits, in each case on the dates due;
(iv) the occurrence and continuation of a Recapture Event;
(v) any representation or warranty of the Company herein, in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the Agency;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty (30) days any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed un-dismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;; continuing; or
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; orbe
(ix) a default by any tenant under its respective Tenant Agency Compliance Agreement shall have occurred and be continuing.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.4, 6.1 and 8.11 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease and Project Agreement
Events of Default Defined. (a) The following shall each be “Events of Default” under this Lease Agreement:
(i) the failure by the Company to pay or cause to be paid, on the date due, the amounts amount specified to be paid pursuant to Section 4.3(a5.3 hereof and such default shall continue for a period of thirty (30) and (b) hereofdays after written notice that the same is past due;
(ii) the failure by the Company to observe and perform any covenant contained in Sections 2.2(e), (f2.2(f) or (ih), 5.24.6, 6.3, 6.4, 6.5, 8.2, 8.4, 8.58.6, 8.118.8, 8.128.13, 9.38.14, 10.4 9.3 and Article XIII 10.6 hereof, which is not cured within thirty (30) days after written notice;
(iii) the failure by the Company to pay or cause to be paid PILOT Payments or the Recapture Benefitspaid, in each case on the dates due, the amounts specified to be paid pursuant to the PILOT Agreement or the Recapture Agreement beyond any applicable cure period;
(iv) the occurrence invalidity, illegality or unenforceability of the PILOT Agreement, or the failure of the Company to observe and continuation of a perform any material covenant contained in the PILOT Agreement or the Recapture EventAgreement beyond any applicable cure period;
(v) any representation or warranty of the Company herein, herein or in any of the Company Documents or in the Project Application Information shall prove to have been false or misleading in any material respect;
(vi) the failure by the Company to observe and perform any covenant, condition or agreement hereunder on its part to be observed or performed (except obligations referred to in 10.1(a)(i), (ii), (iii) and (vii)) for a period of thirty (30) days after written notice, specifying such failure and requesting that it be remedied, has been given to the Company by the AgencyAgency or any Lender; provided, however, that in the event such covenant, condition or agreement is not capable of being observed or performed within thirty (30) days after written notice and the Company is diligently attempting to observe or perform such covenant, condition or agreement, failure of the Company to observe such covenant, condition or agreement shall not be deemed an Event of Default hereunder;
(vii) the dissolution or liquidation of the Company; or the failure by the Company to release, stay, discharge, lift or bond within thirty forty-five (3045) days after notice to the Company any execution, garnishment, judgment or attachment of such consequence as may impair its ability to carry on its operations; or the failure by the Company generally to pay its debts as they become due; or an assignment by the Company for the benefit of creditors; or the commencement by the Company (as the debtor) of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law; or the commencement of a case in bankruptcy Bankruptcy or any proceeding under any other insolvency law against the Company (as the debtor), wherein a court having jurisdiction in the premises enters a decree or order for relief against the Company as the debtor, or such case or proceeding is consented to by the Company or remains undismissed for forty (40) days, or the Company consents to or admits the material allegations against it in any such case or proceeding; or a trustee, receiver or agent (however named) is appointed or authorized to take charge of substantially all of the property of the Company for the purpose of enforcing a lien against such Property or for the purpose of general administration of such Property for the benefit of creditors;
(viii) an Event of Default under the Mortgage, if any, shall have occurred and be continuing; orcontinuing beyond applicable notice and cure periods;
(ix) a default by an Event of Default under any tenant under its respective Tenant Agency Compliance Agreement other documents executed and delivered in connection with any Mortgage shall have occurred and be continuing;
(x) the invalidity, illegality or unenforceability of any Mortgage or any other documents executed and delivered in connection with such Mortgage;
(xi) an Event of Default under the Environmental Compliance and Indemnification Agreement or the Agency Compliance Agreement, if any, shall have occurred and be continuing; or
(xii) the occurrence and continuation of a Recapture Event under the Recapture Agreement.
(b) Notwithstanding the provisions of Section 10.1(a), if by reason of force majeure any party hereto shall be unable in whole or in part to carry out its obligations under Sections 3.44.1, 6.1 and 8.11 8.13 of this Lease Agreement, and if such party shall give notice and full particulars of such force majeure in writing to the other party, within a reasonable time after the occurrence of the event or cause relied upon, such obligations under this Lease Agreement of the party giving such notice (and only such obligations), so far as they are affected by such force majeure, shall be suspended during continuation of the inability, which shall include a reasonable time for the removal of the effect thereof. The term “force majeure” as used herein shall include, without limitation, acts of God, strikes, lockouts or other industrial disturbances, acts of public enemies, acts, priorities or orders of any kind of the government of the United States of America or of the State or any of their departments, agencies, governmental subdivisions or officials or any civil or military authority, insurrections, riots, epidemics, landslides, lightning, earthquakes, fire, hurricanes, storms, floods, washouts, droughts, arrests, restraint of government and people, civil disturbances, explosions, breakage or accident to machinery, transmission pipes or canals, shortages of labor or materials or delays of carriers, partial or entire failure of utilities, shortage of energy or any other cause or event not reasonably within the control of the party claiming such inability and not due to its fault. The party claiming such inability shall remove the cause for the same with all reasonable promptness. It is agreed that the settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the party having difficulty, and the party having difficulty shall not be required to settle any strike, lockout and other industrial disturbances by acceding to the demands of the opposing party or parties.
Appears in 1 contract
Samples: Lease Agreement