Common use of Rangers Default Clause in Contracts

Rangers Default. The occurrence of any one or more of the following events shall constitute a default by the Rangers under this Agreement (each, a “Rangers Default”): (a) Failure by the Rangers to timely pay any amount owed by the Rangers to Licensor pursuant to this Agreement if such failure shall continue for fourteen (14) days after notice thereof is received by the Rangers from Licensor; (b) Failure by the Rangers to maintain the Team’s membership in the NHL; (c) The levy upon or other execution or the attachment by legal process of the interest of the Rangers in the Arena herein, or the filing or creation of a lien in respect of such interest, which levy, attachment or lien shall not be released, discharged or bonded against within sixty (60) days from the date of such filing; (d) The making by the Rangers of an assignment for the benefit of creditors; an adjudication that the Rangers are bankrupt, insolvent or unable to pay its debts as they mature; the filing by or against the Rangers of a petition to have the Rangers adjudged bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy unless, in the case of a petition filed against the Rangers, the case is dismissed within sixty (60) days after the filing thereof; the appointment of a trustee or receiver to take possession of substantially all of the Rangers’ assets or the Rangers’ interests in this Agreement unless the appointment is revoked within sixty (60) days after the appointment thereof; or an attachment, execution or levy against substantially all of the Rangers’ interests in this Agreement unless the attachment, execution or levy is revoked within sixty (60) days after the attachment, execution or levy; (e) Breach by the Rangers of ARTICLE XI (an “Exclusivity Breach”); and (f) Failure by the Rangers to observe or perform in any material respect any covenant, agreement, condition, or provision of this Agreement not otherwise specified in this ARTICLE XVII if such failure shall continue for sixty (60) days after notice thereof from Licensor to the Rangers; provided that the Rangers shall not be in a Rangers Default with respect to matters that cannot reasonably be cured within sixty (60) days so long as within sixty (60) days after such notice the Rangers commence such cure and diligently and continuously proceed to complete the same, but in any event, the Rangers shall not have more than ninety (90) days from its receipt of such notice to cure such failure.