Common use of MATERIAL DEFAULT AND BREACH BY LESSEE Clause in Contracts

MATERIAL DEFAULT AND BREACH BY LESSEE. The occurrence of any one or more of the following events shall constitute a material default and breach of this Sublease by Lessee: (i) The vacating or abandonment of the Subleased Premises by Lessee for SIXTY (60) DAYS out of any period of 120 CONSECUTIVE DAYS during the Term. (ii) The failure by Lessee to make any payment of Rent or any other payment required to be made by Lessee under this Sublease as and when due and the continuance of such failure for a period of TEN (10) DAYS after written notice thereof to Lessee, Lessee hereby waiving any statutory notice of default for nonpayment of Rent. (iii) The failure by Lessee to observe or perform any of the covenants, conditions, or provisions of this Sublease to be observed or performed by Lessee, OTHER THAN those described in Section 10.1(a)(ii) above, and the continuance of such failure for a period of THIRTY (30) DAYS after written notice thereof from Lessor to Lessee; PROVIDED, HOWEVER, that if the nature of Lessee's default is such that more than THIRTY (30) DAYS is reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commences such cure within such THIRTY (30) DAY period and thereafter diligently pursues such cure to completion. (iv) The making by Lessee of any general assignment or general arrangement for the benefit of creditors. (v) The filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, such action is dismissed within SIXTY (60) DAYS). (vi) The appointment of a trustee or receiver to take possession of all or substantially all of Lessee's assets located at the Subleased Premises or of Lessee's interests under this Sublease, UNLESS possession is restored to Lessee within SIXTY (60)

MATERIAL DEFAULT AND BREACH BY LESSEE. The occurrence of any one or more of the following events shall constitute a material default and breach of this Sublease Lease by Lessee: (i) The vacating or abandonment of the Subleased Leased Premises by Lessee for SIXTY (60) DAYS 60 days out of any period of 120 CONSECUTIVE DAYS consecutive days during the Term. (ii) The failure by Lessee to make any payment of Rent or any other payment required to be made by Lessee under this Sublease Lease as and when due and the continuance of such failure for a period of TEN (10) DAYS 10 days after written notice thereof to Lessee, Lessee hereby waiving any statutory notice of default for nonpayment of Rent. (iii) The failure by Lessee to observe or perform any of the covenants, conditions, or provisions of this Sublease Lease to be observed or performed by Lessee, OTHER THAN other than those described in Section 10.1(a)(ii10.1((a))((ii)) above, and the continuance of such failure for a period of THIRTY (30) DAYS 30 days after written notice thereof from Lessor to Lessee; PROVIDED, HOWEVER, that if the nature of Lessee's default is such that more than THIRTY (30) DAYS 30 days is reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commences such cure within such THIRTY (30) DAY 30 day period and thereafter diligently pursues such cure to completion. (iv) The making by Lessee of any general assignment or general arrangement for the benefit of creditors. (v) The filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, such action is dismissed within SIXTY (60) DAYS60 days). (vi) The appointment of a trustee or receiver to take possession of all or substantially all of Lessee's assets located at the Subleased Leased Premises or of Lessee's interests under this SubleaseLease, UNLESS unless possession is restored to Lessee within SIXTY 60 days. (60)vii) The attachment, execution, or other judicial seizure of all or substantially all of Lessee's assets located at the Leased Premises or of Lessee's interests under this Lease, unless such seizure is bonded or discharged within 60 days.

MATERIAL DEFAULT AND BREACH BY LESSEE. The occurrence of any one or more of the following events shall constitute a material default and breach of this Sublease Lease by Lessee: (i) The vacating or abandonment of the Subleased Leased Premises by Lessee for SIXTY (60) 60 DAYS out of any period of 120 CONSECUTIVE DAYS during the Term. (ii) The failure by Lessee to make any payment of Rent or any other payment required to be made by Lessee under this Sublease Lease as and when due and the continuance of such failure for a period of TEN (10) 10 DAYS after written notice thereof to LesseeLessee (a "LATE NOTICE"), Lessee hereby waiving any other statutory notice or other notices of default for nonpayment of Rent; PROVIDED, HOWEVER, that the failure by Lessee to make any payment of Rent or any other payment required to be made by Lessee under this Lease as and when due and the continuance of such failure for a period of 10 DAYS thereafter (without regard to any notices) shall constitute a material default under this Lease if, during the TWELVE (12) MONTH period ending with the month in which such due date occurs, Lessor has given more than TWO (2) Late Notices to Lessee. (iii) The failure by Lessee to observe or perform any of the covenants, conditions, or provisions of this Sublease Lease to be observed or performed by Lessee, OTHER THAN other than those described in Section 10.1(a)(ii) above, and the continuance of such failure for a period of THIRTY (30) 30 DAYS after written notice thereof from Lessor to Lessee; PROVIDED, HOWEVER, that if the nature of Lessee's default is such that more than THIRTY (30) 30 DAYS is reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commences such cure within such THIRTY (30) 30 DAY period and thereafter diligently pursues such cure to completion. (iv) The making by Lessee of any general assignment or general arrangement for the benefit of creditors. (v) The filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, such action is dismissed within SIXTY (60) 60 DAYS). (vi) The appointment of a trustee or receiver to take possession of all or substantially all of Lessee's assets located at the Subleased Leased Premises or of Lessee's interests under this SubleaseLease, UNLESS unless possession is restored to Lessee within SIXTY 60 DAYS. (60)vii) The attachment, execution, or other judicial seizure of all or substantially all of Lessee's assets located at the Leased Premises or of Lessee's interests under this Lease, unless such seizure is bonded or discharged within 60 DAYS.