Lessee Event of Default. 1.50.1 The following events shall be considered as events of default on the part of the Lessee;
a) The Lessee fails to meet the Conditions Precedent as specified in Clause 1.9;
b) The Performance Security has been en-cashed and appropriated in accordance with Clause 1.21 and the Lessee fails to replenish or provided fresh Performance Security within the period specified in Clause 1.21.1;
c) Subsequent to the replacement or furnishing of fresh Performance Security in accordance with clause 1.21, the Lessee fails to cure within a period of 3 (three) months the Lessee Event of Default for which whole or part of the Performance Security was appropriated;
d) The Lessee utilises the property for purposes other than for which it was leased out;
e) The Lessee fails to adhere to the Operation & Management requirements and has failed to remedy the same within 2 (two) months;
f) The Lessee commits any material breach, or is otherwise in violation of any of its obligations / provisions, under this Agreement;
g) The Lessee does not pay any or all applicable taxes, charges, surcharges, levies and duties which may be levied by any competent authority with regard to execution of this Agreement and all other Project Agreements;
h) The Lessee repudiates the Agreement or otherwise expresses an intention not to be bound by this Agreement;
i) The Lessee is in breach of the maintenance requirements in the Agreement;
j) The Lessee has failed to make any payment to DOT within the period specified in the Agreement including annual lease rental;
k) An order is made or a resolution is passed for the liquidation, bankruptcy, dissolution or appointment of a receiver of the Lessee which is not, if capable of being so, discharged or, as the case may be, revoked within 3 (three) months thereafter;
l) The Lessee has created any encumbrance on the Project Assets or Project Facility in favor of any entity save as otherwise expressly permitted under this Agreement;
m) Any assets or share of the Lessee are expropriated, confiscated, compulsorily acquired or nationalized by any Government, authority, entity or agency due to an act or omission of the Lessee or its shareholders;
n) A breach of any representation or warranty by the Lessee which materially adversely affects the Lessee‟s ability to perform its obligations under this Agreement;
o) The Lessee abandons the operations of the Project Facility for more than 15 (fifteen) consecutive days without the prior consent of DOT.
Lessee Event of Default. Each of the following events shall be an event of default (“Event of Default”) by Lessee under this Lease:
(a) Lessee shall fail to make any payment of Rent or any other sums which are payable under this Lease when due, and such failure shall continue for a period of 10 days after receipt of written notice from Lessor of such failure, provided however, Lessor shall only be required to provide notice under this paragraph once during any calendar year;
(b) Lessee shall fail to comply with any term, provision or covenant of this Lease (other than the preceding subparagraph), and shall not cure, or have commenced to cure and pursue completion of the cure with due diligence, such failure within 30 days after written notice thereof to Lessee; provided however, that if any such default is of a nature that cannot reasonably be cured within 30 days and cure of such default has been commenced in good faith within such 30 day period, the commencement of the cure of such default within such 30 day period and the diligent prosecution to completion of such cure within a reasonable amount of time, but in any event within 120 days after the date Lessor sends the above-described notice, shall be deemed to be a cure of such default for purposes of this paragraph; or
(c) Lessee or any guarantor or surety of Lessee’s obligations hereunder shall (i) make a general assignment for the benefit of creditors; (ii) commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively a “proceeding for relief”); (iii) become the subject of any proceeding for relief which is not dismissed within 60 days of its filing or entry; (iv) abandon the Premises for a period exceeding 180 days; or (v) be dissolved or otherwise fail to maintain its legal existence.
Lessee Event of Default. The occurrence at any time of the following events with respect to Lessee shall constitute a “Lessee Event of Default”:
Lessee Event of Default. The Lessee Event of Default means any of the following events unless such an event has occurred as a consequence of the NRDA’s Event of Default or a Force Majeure Event:
(i) The Lessee’s repudiation or failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement.
(ii) If the Lessee fails to obtain all necessary approvals required for commencement of work on the project land within the stipulated time mentioned in this agreement
(iii) If the Lessee fails, neglects, refuses, or unable to pay the development premium in accordance with the payment Schedule indicated in this agreement
(iv) If the Lessee fails to complete the development of the project within the period as agreed herein
Lessee Event of Default. The occurrence of any one or more of the following shall constitute a "Lessee Event of Default":
(a) Lessee shall fail to pay Rent when due, if such failure continues for ten (10) days after written notice of the same has been given to Lessee; or
(b) Lessee shall fail to perform any other provision of this Archon Lease to be performed by Lessee, if such failure continues for thirty (30) days after written notice of the same has been given to Lessee (provided, however, that if the default cannot reasonably be cured within thirty (30) days, Lessee shall not be in default of this Archon Lease if Lessee commences to cure such default during such 30-day period and proceeds diligently to cure the default); or
(c) Lessee shall fail to possess at all times during the Lease Term all necessary licenses and findings of suitability for the operation of a casino at the Leased Premises.
Lessee Event of Default. Any of the following events shall constitute an event of default by the Lessee (“Lessee Event of Default”) unless such event has occurred as a result of Lessor Event of Default or a Force Majeure Event.
i. If the Lessee being ordered to be wound up by an order of any court of competent jurisdiction or in the event of the Lessee being declared ‘sick’ under XXXX, the lease granted herein shall automatically stand revoked
ii. The Lessee repudiates this Agreement or otherwise evidences an intention not to be bound by this Agreements
iii. The Lessee has delayed payments of Lease Amount.
iv. The Lessee fails to pay any other dues within the stipulated time.
v. The Lessee fails to satisfactorily discharge its obligations under the Agreement.
Lessee Event of Default. The Lessee Event of Default means any of the following events unless such an event has occurred as a consequence of the NRDA’s Event of Default or a Force Majeure Event:
(i) The Lessee has failed to achieve Project Milestone and obtain Completion Certificate, as per Clause 8 of this Agreement;
(ii) The Lessee’s repudiation or failure to perform or discharge any of its obligations in accordance with the provisions of this Agreement;
(iii) If the Lessee fails to obtain all necessary approvals required for commencement of work on the project land within the stipulated time mentioned in this Agreement;
(iv) The Lessee has abandoned the Project and closure of the Project for the consecutive period of 6 (six) months;
Lessee Event of Default. 1.50.1 The following events shall be considered as events of default on the part of the Lessee;
Lessee Event of Default. The occurrence of any one or more of the following shall constitute a “Lessee Event of Default”:
(a) Lessee shall fail to pay Rent when due, if such failure continues for ten (10) days after written notice of the same has been given to Lessee; or
(b) Lessee shall fail to perform any other provision of this Lease to be performed by Lessee, if such failure continues for thirty (30) days after written notice of the same has been given to Lessee (provided, however, that if the default cannot reasonably be cured within thirty (30) days, Lessee shall not be in default of this Lease if Lessee commences to cure such default during such 30-day period and proceeds diligently to cure the default); or
(c) Lessee shall fail to possess at all times during the Lease Term all necessary Gaming Approvals for the operation of a casino at the Hotel.
(d) Lessee shall file a voluntary petition of bankruptcy or a petition or answer seeking reorganization, arrangement, composition or similar relief under present or future federal bankruptcy laws or other applicable law of the United States of America or any state thereof, or shall file a petition to take advantage of any present or future insolvency act or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall consent to the appointment of any receiver, trustee or liquidator of all or a substantial part of its property, or if any petition seeking any of the aforementioned relief shall be commenced against Lessee, and if such proceeding is not dismissed within sixty (60)days after such proceeding is commenced.
Lessee Event of Default. Any of the following events shall constitute an Event of default by the lessee (“lessee Event of Default”) unless such event has occurred as a result of one or more reasons set out in Article 5.12:
(i) The lessee has failed to make any payments due to EDMC and more than 30 days have elapsed since such payment default;
(ii) The lessee is in Material Breach of any of its obligations under this Agreement and the same has not been remedied for more than 30 days:
(iii) A resolution for voluntary winding up has been passed by the shareholders of the lessee’s company.
