StadCo Event of Default. The occurrence of the following shall be a “StadCo Event of Default”: (i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement if such failure continues for more than thirty (30) days after TeamCo gives written notice to StadCo that such amount was not paid when due; (ii) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause (i) above) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith; (iii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or (iv) the material breach of any representation or warranty made in this Agreement by StadCo that would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after TeamCo gives notice to StadCo of such breach.
Appears in 2 contracts
Samples: Team Use Agreement, Team Use Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the Team fails to keep and perform any of its obligations under Sections [ and ] of the Non Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) or (iv) above) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiivi) Intentionally omitted;
(vii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncurred for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 2 contracts
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if TeamCo fails to keep and perform its obligations under Sections 2.2(a) and 3.1 of the Non-Relocation Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vii), (viii) or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiivi) Intentionally omitted;
(vii) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 2 contracts
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the Team fails to keep and perform any of its obligations under Sections [ and ] of the Non Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) or (iv) above) if if
(1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiivi) Intentionally omitted;
(vii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncurred for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo StadCo, as applicable, that such amount was not paid when due;
(ii) if any default by StadCo under the Stadium Lease or the Construction Funds Trust Agreement has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of the applicable document;
(iii) the failure of StadCo to keep, observe observe, or perform any of the material terms, covenants covenants, or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), (vii) or (viii) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiiv) the failure of StadCo to comply with the terms of Section 7.14(a) or Section 7.14(b), if such failure is not remedied by StadCo within thirty (30) days after Notice from the Authority as to such failure;
(v) if the Substantial Completion Date of all the Project Improvements has not occurred within sixty (60) months after the commencement of construction of the Stadium Project Improvements, as adjusted for any Force Majeure event, or as otherwise mutually agreed to by the Parties;
(vi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment adjustment, or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee trustee, or other similar official for StadCo, or StadCo’s propertyProperty, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives Notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(viii) if StadCo defaults under or otherwise fails to comply with the terms of a decision rendered pursuant to arbitration in accordance Article 19 and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply or StadCo fails to prosecute diligently compliance with such decision within such additional period as may be reasonably required to comply with such decision with diligence and in good faith; it being intended that, in connection with any such decision which is not susceptible of StadCo’s compliance with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to comply with such decision shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith.
Appears in 1 contract
Samples: Development Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when duedue;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the Team fails to keep and perform any of its obligations under Sections [ and ] of the Non Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iiv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) or (iv) above) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faithfaith;
(vi) Intentionally omitted;
(iiivii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCoXxxxXx’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; ordischarged;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when duedue;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 (Assignments; Mortgages) of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if, during the Initial Term, a Specified Relocation Default occurs pursuant to the Non-Relocation Agreement and the Authority has not obtained specific performance or equitable remedies with respect to such Specified Relocation Default;
(iv) if any default by StadCo under the Development Agreement or Construction Funds Trust Agreement has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of the Development Agreement or Construction Funds Trust Agreement, as applicable;
(iiv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vi), (vii), (viii), or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;faith so long as StadCo continues to prosecute the cure thereof with diligence and in good faith;
(iiivi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially all of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement;
(viii) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply, or StadCo fails to prosecute diligently compliance with such decision within such additional period as may be reasonably required to comply with such decision with diligence and in good faith; it being intended that, in connection with any such decision which is not susceptible of the StadCo’s compliance with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to comply with such decision shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith; or
(ix) if StadCo defaults under or otherwise fails to comply with the terms of Section 14.8(b) (Extension Period(s)), as such terms may be modified by the Parties pursuant to Section 14.8(e) (Future MLB Practices) (provided, for purposes of this Agreement, the StadCo Event of Default under this Section 15.1(a)(ix) shall only exist and continue for the calendar year in which StadCo defaults or fails to comply with the terms of Section 14.8(b) (Extension Period(s)) and thereafter shall no longer be a StadCo Event of Default (unless and only to the extent the Authority’s pursuit of remedies for such StadCo Event of Default pursuant to Section 15.2 (the Authority’s Remedies) continues following the end of such calendar year)). Notwithstanding the foregoing, no StadCo Event of Default shall exist so long as the subject default is being contested pursuant to the Alternative Dispute Resolution Procedures of Section 19.13 (Alternative Dispute Resolution) of this Agreement.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 (Assignments; Mortgages) of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if, during the Initial Term, a Specified Relocation Default occurs pursuant to the Non-Relocation Agreement and the Authority has not obtained specific performance or equitable remedies with respect to such Specified Relocation Default;
(iv) if any default by StadCo under the Development Agreement or Construction Funds Trust Agreement has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of the Development Agreement or Construction Funds Trust Agreement, as applicable;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vi), (vii), (viii), or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith so long as StadCo continues to prosecute the cure thereof with diligence and in good faith;
(iiivi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially all of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement;
(viii) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply, or StadCo fails to prosecute diligently compliance with such decision within such additional period as may be reasonably required to comply with such decision with diligence and in good faith; it being intended that, in connection with any such decision which is not susceptible of the StadCo’s compliance with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to comply with such decision shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith; or
(ix) [clause will address Section 14.8(b)]. Notwithstanding the foregoing, no StadCo Event of Default shall exist so long as the subject default is being contested pursuant to the Alternative Dispute Resolution Procedures of Section 19.13 (Alternative Dispute Resolution) of this Agreement.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 (Assignments; Mortgages) of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if, during the Initial Term, a Specified Relocation Default occurs pursuant to the Non-Relocation Agreement and the Authority has not obtained specific performance or equitable remedies with respect to such Specified Relocation Default;
(iv) if any default by StadCo under the Development Agreement or Construction Funds Trust Agreement has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of the Development Agreement or Construction Funds Trust Agreement, as applicable;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vi), (vii), (viii), or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith so long as StadCo continues to prosecute the cure thereof with diligence and in good faith;
(iiivi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially all of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement;
(viii) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply, or StadCo fails to prosecute diligently compliance with such decision within such additional period as may be reasonably required to comply with such decision with diligence and in good faith; it being intended that, in connection with any such decision which is not susceptible of the StadCo’s compliance with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to comply with such decision shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith; or
(ix) if StadCo defaults under or otherwise fails to comply with the terms of Section 14.8(b) (Extension Period(s)), as such terms may be modified by the Parties pursuant to Section 14.8(e) (Future MLB Practices) (provided, for purposes of this Agreement, the StadCo Event of Default under this Section 15.1(a)(ix) shall only exist and continue for the calendar year in which StadCo defaults or fails to comply with the terms of Section 14.8(b) (Extension Period(s)) and thereafter shall no longer be a StadCo Event of Default (unless and only to the extent the Authority’s pursuit of remedies for such StadCo Event of Default pursuant to Section 15.2 (the Authority’s Remedies) continues following the end of such calendar year)). Notwithstanding the foregoing, no StadCo Event of Default shall exist so long as the subject default is being contested pursuant to the Alternative Dispute Resolution Procedures of Section 19.13 (Alternative Dispute Resolution) of this Agreement.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 16 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the Team fails to keep and perform any of its obligations under Sections [ and ] of the Non Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) or (iv) above) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or
(iv) the material breach of any representation or warranty made in this Agreement by StadCo that would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after TeamCo gives notice to StadCo of such breach.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when duedue;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the Team fails to keep and perform any of its obligations under Sections [ and ] of the Non Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iiv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) or (iv) above) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faithfaith;
(vi) Intentionally omitted;
(iiivii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; ordischarged;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:Default”:
(i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo StadCo, as applicable, that such amount was not paid when due;
(ii) if any default by StadCo under the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iii) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), (vii) or (viii) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty thirty
(30iv) daysthe failure of StadCo to comply with the terms of Section 7.14(a) or Section 7.14(b), if such failure is not remedied by StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo of the Authority as to such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faithfailure;
(iiiv) if the Substantial Completion Date of all the Project Improvements has not occurred by December 31, 2024, as adjusted for any Force Majeure event, or as otherwise mutually agreed to by the Parties;
(vi) the: (1A) filing by StadCo XxxxXx of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or
(iv) the material breach of any representation or warranty made in this Agreement by StadCo that would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after TeamCo gives notice to StadCo of such breach.;
Appears in 1 contract
Samples: Development Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if the TeamTeamCo fails to keep and perform any of its obligations under Sections [ 2.2(a) and ]3.1 of the Non -Relocation Agreement or under any section of the Team Use Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(v) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vii), (viii) or (ix) below) if (11A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (22B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiivi) Intentionally omitted;
(vii) the: (11A) filing by StadCo of a voluntary petition in bankruptcy; (22B) adjudication of StadCo as a bankrupt; (33C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (44D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (55E) insolvency of StadCo; (66F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) 8H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (99I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo StadCo, as applicable, that such amount was not paid when due;
(ii) if any default by StadCo under the Stadium Lease or the Construction Funds Trust Agreement has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of the applicable document;
(iii) the failure of StadCo to keep, observe observe, or perform any of the material terms, covenants covenants, or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), (vii) or (viii) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiiv) the failure of StadCo to comply with the terms of Section 7.14(a) or Section 7.14(b), if such failure is not remedied by StadCo within thirty (30) days after Notice from the Authority as to such failure;
(v) if the Substantial Completion Date of all the Project Improvements has not occurred within sixty (60) months after the commencement of construction of the Stadium Project Improvements, as adjusted for any Force Majeure event, or as otherwise mutually agreed to by the Parties;
(vi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment adjustment, or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee trustee, or other similar official for StadCo, or StadCo’s propertyProperty, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives Notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(viii) if StadCo defaults under or otherwise fails to comply with the terms of a decision rendered pursuant to Regular Arbitration and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply or StadCo fails to prosecute diligently compliance with such decision within such additional period as may be reasonably required to comply with such decision with diligence and in good faith; it being intended that, in connection with any such decision which is not susceptible of StadCo’s compliance with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to comply with such decision shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith.
Appears in 1 contract
Samples: Development Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when duedue;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if TeamCo fails to keep and perform its obligations under Sections 2.2(a) and 3.1 of the Non-Relocation Agreement;
(iv) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iiv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vii), (viii) or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiivi) Intentionally omitted;
(vii) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCoXxxxXx’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; ordischarged;
(ivviii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(ix) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo StadCo, as applicable, that such amount was not paid when due;
(ii) if any default by StadCo under the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iii) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), (vii) or (viii) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iii) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or
(iv) the material breach of any representation or warranty made in this Agreement by StadCo that would have a material adverse effect on the ability failure of StadCo to perform its obligations under this Agreement and comply with the terms of Section 7.14(a) or Section 7.14(b), if such breach failure is not remedied by StadCo within thirty (30) days after TeamCo gives notice Notice from the Authority as to StadCo such failure;
(v) if the Substantial Completion Date of such breach.all the Project Improvements has not occurred by December 31, 2024, as adjusted for any Force Majeure event, or as otherwise mutually agreed to by the Parties;
(vi) the: (A) filing by XxxxXx of a voluntary petition in bankruptcy;
Appears in 1 contract
Samples: Development Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty ten (3010) days Business Days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;; provided, however, that the Authority shall never be required to give more than two (2) notices pursuant to this Section 18.1(i) in any consecutive twelve month period;
(ii) if TeamCo fails to keep and perform its obligations under Section 3(b) the Non-Relocation Agreement (to the extent that compliance with such Section 3(b) is not expressly excused by another term of the Non-Relocation Agreement);
(iii) if any default by StadCo under any of the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement Lease to be kept, performed or observed by StadCo (other than Section 6.5(c) and those referred to in clause clauses (i), (ii), or (iii) aboveabove or clauses (v) or (vi), below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or if commenced timely StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiv) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ ' rights generally; (4D) all or substantially all of StadCo’s 's assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s XxxxXx's property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; ordischarged;
(ivvi) the material breach of any representation or warranty made in this Agreement by StadCo that if such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach, in each case solely to the extent such breach would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and Agreement; or
(vii) the failure of StadCo to perform its obligations under Section 6.5(c) of this Lease, if such breach failure is not remedied by StadCo within thirty (30) days after TeamCo gives written notice to StadCo from the Authority of such breach.default.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo StadCo, as applicable, that such amount was not paid when due;
(ii) if any default by StadCo under the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iii) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), (vii), or (viii) below) if (1) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiiv) The failure of StadCo to comply with the terms of Section 7.14(a) or Section 7.14(b), if such failure is not remedied by StadCo within thirty (30) days after Notice from the Authority as to such failure.
(v) [PENDING]10
(vi) the: (1) filing by StadCo of a voluntary petition in bankruptcy; (2) adjudication of StadCo as a bankrupt; (3) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5) insolvency of StadCo; (6) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; or (9) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or
(iv) the material breach of any representation or warranty made in this Agreement by StadCo that would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after TeamCo gives notice to StadCo of such breach.;
Appears in 1 contract
Samples: Development Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) the failure of StadCo to pay any payments due to TeamCo the Authority when due and payable under this Agreement or any other Project Document if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when due;
(ii) if StadCo defaults under or otherwise fails to comply with Article 17 of this Agreement and the same remains uncured for more than thirty (30) days after the Authority gives written notice to StadCo of such default or failure to comply;
(iii) if TeamCo fails to keep and perform its obligations under Sections 2.2(a) and 3.1 of the Non-Relocation Agreement;
(iv) the failure of StadCo to keep, observe or perform any of the material terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i), (ii), (iii) aboveor (iv) above or clauses (vii), (viii) or (ix) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiv) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its their assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety (90) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCoXxxxXx’s property, unless within ninety (90) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvi) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement Agreement; or
(vii) if StadCo defaults under or otherwise fails to comply with terms of a decision rendered pursuant to the Alternative Dispute Resolution Procedures and such breach is not remedied within the same remains uncured for more than thirty (30) days after TeamCo the Authority gives StadCo written notice to StadCo of such breachdefault or failure to comply.
Appears in 1 contract
Samples: Stadium Lease Agreement
StadCo Event of Default. The occurrence of any of the following shall be an “Event of Default” by StadCo or a “StadCo Event of Default”:
(i) Subject to the availability of funds pursuant to this Agreement and the Construction Funds Trust Agreement, the failure of StadCo to pay any payments due to TeamCo when due and payable under this Agreement or when due and payable under the terms of other Project Documents if such failure continues for more than thirty (30) days after TeamCo the Authority gives written notice to StadCo that such amount was not paid when dueStadCo, as applicable;
(ii) if any default by StadCo under the other Project Documents has occurred and remains uncured after the lapse of the applicable notice and cure period, if any, provided for under the terms of such other Project Documents;
(iii) the failure of StadCo to keep, observe or perform any of the material other terms, covenants or agreements contained in this Agreement to be kept, performed or observed by StadCo (other than those referred to in clause clauses (i) aboveand (ii) above or clauses (iv), (v), (vi), or (vii) below) if (1A) such failure is not remedied by StadCo within thirty (30) days after written notice Notice from TeamCo the Authority of such default or (2B) in the case of any such default that cannot with due diligence and good faith be cured within thirty (30) days, StadCo fails to commence to cure such default within thirty (30) days after written notice Notice from TeamCo the Authority of such default or StadCo fails to prosecute diligently the cure of such default to completion within such additional period as may be reasonably required to cure such default with diligence and in good faith; it being intended that, in connection with any such default that is not susceptible of being cured with due diligence and in good faith within thirty (30) days, the time within which StadCo is required to cure such default shall be extended for such additional period as may be necessary for the curing thereof with due diligence and in good faith;
(iiiiv) the failure of StadCo to comply with the terms of Section 7.13(a) or Section 7.13(b), if such failure is not remedied by StadCo within ten (10) days after Notice from the Authority as to such failure or such shorter period of time pursuant to any Leasehold Mortgage;
(v) if the Substantial Completion Date of all the Project Improvements has not occurred by June 1, 2028, as adjusted for any Force Majeure event, or as otherwise mutually agreed to by the Parties;
(vi) the: (1A) filing by StadCo of a voluntary petition in bankruptcy; (2B) adjudication of StadCo as a bankrupt; (3C) approval as properly filed by a court of competent jurisdiction of any petition or other pleading in any action seeking reorganization, rearrangement, adjustment or composition of, or in respect of StadCo or under the United States Bankruptcy Code or any other similar state or federal law dealing with creditors’ rights generally; (4D) all or substantially all of StadCo’s assets are levied upon by virtue of a writ of court of competent jurisdiction; (5E) insolvency of StadCo; (6F) assignment by StadCo of all or substantially of its assets for the benefit of creditors; (7G) initiation of procedures for involuntary dissolution of StadCo, unless within ninety sixty (9060) days after such filing, StadCo causes such filing to be stayed or discharged; (8) H) StadCo ceases to do business other than as a result of an internal reorganization and the respective obligations of StadCo are properly transferred to (and assumed by) a successor entity as provided herein; herein or (9I) appointment of a receiver, trustee or other similar official for StadCo, or StadCo’s propertyProperty, unless within ninety sixty (9060) days after such appointment, StadCo causes such appointment to be stayed or discharged; or;
(ivvii) the material breach of any representation or warranty made in this Agreement by StadCo that and such breach is not remedied within thirty (30) days after the Authority gives Notice to StadCo of such breach which would have a material adverse effect on the ability of StadCo to perform its obligations under this Agreement and such breach is not remedied within thirty (30) days after TeamCo gives notice to StadCo of such breachAgreement.
Appears in 1 contract
Samples: Development and Funding Agreement
