Indebtedness or Lease Default Clause Samples

Indebtedness or Lease Default. (1) Lessee shall have failed to pay any amount in respect of any Indebtedness, or any interest or premium thereon, when due (whether by a scheduled maturity, required prepayment, acceleration, demand or otherwise), or Lessee shall fail to perform or to comply with any other covenant, agreement or condition contained in any agreement or instrument relating to such Indebtedness, and such failure to pay or to perform or to comply shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, if, as a result of any such failure, the maturity of such Indebtedness is capable of being accelerated and if the Frontier Lease Agreement (MSN 28662) Execution Copy -57- aggregate outstanding amount of all such Indebtedness exceeds, in the aggregate together with any other Indebtedness in respect of which Lessee has failed to make any payment or in respect of which Lessee has otherwise failed to perform or comply, US$1,000,000 (or the equivalent thereof), (2) Lessee shall breach or otherwise fail to perform or comply with any representation, warranty or covenant of any aircraft leases and such breach or failure to perform or to comply shall continue after the applicable grace period, if any, specified in such leases, if, as a result of such breach or failure, an aircraft lessor shall have taken action to enforce the contractual or other legal right to terminate the leasing of the relevant aircraft or repossess, or order the redelivery of, such aircraft, or (3) any "Event of Default" shall occur and be continuing under and as defined in any Other Lease.