Common use of DEFAULT AND RECOURSE Clause in Contracts

DEFAULT AND RECOURSE. 28.1 Events of Default - The Lessee shall be in default hereunder in the following events: 28.1.1 if the Lessee fails to pay to Lessor any amount due under this Lease; 28.1.2 if the Lessee fails to pay any taxes on the Equipment when due; 28.1.3 if the Lessee or any other person using the Equipment becomes insolvent in whole or in part, or makes any assignment of property for the benefit of creditors; if the Lessee is placed in bankruptcy or liquidation, or takes the benefit of any legislation relating to bankruptcy or insolvency, or attempts to do so, if a receiver or a sequestrator is appointed for the Lessee’s property or any part of such property, or if a writ of execution or seizure is issued against the Lessee; 28.1.4 if the Lessee’s property is transferred, transmitted or otherwise passed to any other physical person or moral person, by mutual agreement or by the operation of the law, except where such physical person or moral person has, in writing, assumed this Lease toward Lessor and where the conditions described in Article 32 herein below have been observed; 28.1.5 if the Lessee fails to take possession of the Equipment, or, after taking possession, abandons the Equipment for any reason whatsoever, or if said Equipment is used by any physical person or moral person not so authorized under this Lease; 28.1.6 if the Lessee alters or modifies the use of the Equipment; 28.1.7 if the Lessee is in default under the Premises Leases or under the Asset Purchase Agreement executed on this date between the Parties to this Lease; 28.1.8 if any application is made or action taken for the winding-up or dissolution or liquidation of the Lessee or the Lessee’s assets; 28.1.9 if the Lessee is in default in fulfilling any other term, condition or obligation of this Lease. 28.2 Termination of Lease - Subject to an event of default described in Article 31.1.3 above, in which event termination of the Lease shall be automatic, in the event of any default by the Lessee as defined in this Article 31, Lessor may give the Lessee written notice of Lessor’s intentions to terminate the Lease, and the Term of the Lease shall end automatically on (i) the 30th day after this notice, in the case of default of any provisions relating to the payment of any amount of money, or (ii) the 60th day after the notice in all other events of default; this termination shall have the same effect and the same force as if it were the date of expiration of the Term of the Lease, without any legal action being required and subject in any case to the Lessee’s obligation to pay to Lessor all amounts due to Lessor and all damages resulting from the default. The Lessee hereby irrevocably waives his right to repudiate this Lease pursuant to the Bankruptcy and Insolvency Act or any section passed to amend or replace such provisions.

DEFAULT AND RECOURSE. 28.1 Events of Default - The Lessee 18.1 A default shall be in default hereunder occur in the following eventscases: 28.1.1 a) if the Lessee fails does not fulfil any of its obligations pursuant to pay to Lessor any amount due under the Lease and if this Leasedefault continues: i) in the cases of a pecuniary obligation, for more than five ( 5 ) days following the receipt by the Lessee of a written notice from the Lessor; 28.1.2 if ii) in all other cases, for more than fifteen ( 15 ) days following the receipt of a written notice from the Lessor (unless it constitutes a default otherwise provided for in this paragraph 18.1 or unless the default cannot be cured within said delay, in which case the Lessee fails shall have commenced to pay any taxes on cure the Equipment when duedefault within the prescribed delay and to continue to do so with diligence) or within a shorter delay stipulated in the Lease (the latter delay taking precedence); 28.1.3 if the Lessee or any other person using the Equipment becomes insolvent in whole or in part, or makes any assignment of property for the benefit of creditors; b) if the Lessee is placed in bankruptcy or liquidationthe object of bankruptcy, or takes the benefit of any legislation relating to bankruptcy or insolvency, dissolution or attempts to do so, if a receiver liquidation proceedings or a sequestrator is appointed for loses control of the Lessee’s property or any part of such property, or if a writ of execution or seizure is issued against located in the LesseeLeased Premises; 28.1.4 if the Lessee’s property is transferred, transmitted or otherwise passed to any other physical person or moral person, by mutual agreement or by the operation of the law, except where such physical person or moral person has, in writing, assumed this Lease toward Lessor and where the conditions described in Article 32 herein below have been observed; 28.1.5 c) if the Lessee fails to take possession makes a sale of the Equipment, or, after taking possession, abandons the Equipment for any reason whatsoever, an enterprise or if said Equipment the property located in the Leased Premises is used by any physical person or moral person seized and that a release thereof is not so authorized under this Leaseobtained within fifteen ( 15 ) days; 28.1.6 d) if the Lessee alters or modifies do not continuously operate its business in the use entire area of the Equipment;Leased Premises, leaves the Leased Premises vacant during five ( 5 ) consecutive days or if the Leased Premises are used by a person who is not authorised pursuant to the Lease; or 28.1.7 e) if a sublease or an assignment is attempted or if the Lessee is grants a guarantee that affects the Lessor's own guaranties provided in default under the Premises Leases or under the Asset Purchase Agreement executed on this date between the Parties to this Lease; 28.1.8 if any application is made or action taken for the winding-up or dissolution or liquidation . The mere lapse of the Lessee delays provided for in paragraph 18.1 or the Lessee’s assets; 28.1.9 if the Lessee is as otherwise provided for in default in fulfilling any other term, condition or obligation of this Lease. 28.2 Termination of Lease - Subject to an event of default described in Article 31.1.3 above, in which event termination of the Lease shall be automatic, in have the event effect of any default by deeming the Lessee as defined in this Article 31, Lessor may give the Lessee written notice of Lessor’s intentions to terminate the Lease, and the Term of the Lease shall end automatically on (i) the 30th day after this notice, in the case of default of any provisions relating to the payment of any amount of money, or (ii) the 60th day after the notice in all other events of default; this termination shall have the same effect and the same force as if it were the date of expiration of the Term of the Lease, without any legal action being required and subject in any case to the Lessee’s obligation to pay to Lessor all amounts due to Lessor and all damages resulting from the default. The Lessee hereby irrevocably waives his right to repudiate this Lease pursuant to the Bankruptcy and Insolvency Act or any section passed to amend or replace such provisions.

DEFAULT AND RECOURSE. 28.1 Events of Default - The Lessee 18.1 A default shall be in default hereunder occur in the following eventscases: 28.1.1 a) if the Lessee fails does not fulfill any of its obligations pursuant to pay to Lessor any amount due under the Lease and if this Leasedefault continues: i) in the cases of a pecuniary obligation, for more than five (5) days following the receipt by the Lessee of a written notice from the Lessor; 28.1.2 if ii) in all other cases, for more than fifteen (15) days following the receipt of a written notice from the Lessor (unless it constitutes a default otherwise provided for in this paragraph 18.1 or unless the default cannot be cured within said delay, in which case the Lessee fails shall have commenced to pay any taxes on cure the Equipment when duedefault within the prescribed delay and to continue to do so with diligence) or within a shorter delay stipulated in the Lease (the latter delay taking precedence); 28.1.3 if the Lessee or any other person using the Equipment becomes insolvent in whole or in part, or makes any assignment of property for the benefit of creditors; b) if the Lessee is placed in bankruptcy or liquidationthe object of bankruptcy, or takes the benefit of any legislation relating to bankruptcy or insolvency, dissolution or attempts to do so, if a receiver liquidation proceedings or a sequestrator is appointed for loses control of the Lessee’s property or any part of such property, or if a writ of execution or seizure is issued against located in the LesseeLeased Premises; 28.1.4 if the Lessee’s property is transferred, transmitted or otherwise passed to any other physical person or moral person, by mutual agreement or by the operation of the law, except where such physical person or moral person has, in writing, assumed this Lease toward Lessor and where the conditions described in Article 32 herein below have been observed; 28.1.5 c) if the Lessee fails to take possession makes a sale of the Equipment, or, after taking possession, abandons the Equipment for any reason whatsoever, an enterprise or if said Equipment the property located in the Leased Premises is used by any physical person or moral person seized and that a release thereof is not so authorized under this Lease;obtained within fifteen (15) days; -------------------------------------------------------------------------------- SITQ IMMOBILIER -------------------------------------------------------------------------------- 28.1.6 d) if the Lessee alters leaves the Leased Premises vacant during five (5) consecutive days or modifies if the use of Leased Premises are used by a person who is not authorized pursuant to the Equipment;Lease; or 28.1.7 e) if a sublease or an assignment is attempted or if the Lessee is grants a guarantee that affects the Lessor's own guaranties provided in default under the Premises Leases or under the Asset Purchase Agreement executed on this date between the Parties to this Lease; 28.1.8 if any application is made or action taken for the winding-up or dissolution or liquidation . The mere lapse of the Lessee delays provided for in paragraph 18.1 or the Lessee’s assets; 28.1.9 if the Lessee is as otherwise provided for in default in fulfilling any other term, condition or obligation of this Lease. 28.2 Termination of Lease - Subject to an event of default described in Article 31.1.3 above, in which event termination of the Lease shall be automatic, in have the event effect of any default by deeming the Lessee as defined in this Article 31, Lessor may give the Lessee written notice of Lessor’s intentions to terminate the Lease, and the Term of the Lease shall end automatically on (i) the 30th day after this notice, in the case of default of any provisions relating to the payment of any amount of money, or (ii) the 60th day after the notice in all other events of default; this termination shall have the same effect and the same force as if it were the date of expiration of the Term of the Lease, without any legal action being required and subject in any case to the Lessee’s obligation to pay to Lessor all amounts due to Lessor and all damages resulting from the default. The Lessee hereby irrevocably waives his right to repudiate this Lease pursuant to the Bankruptcy and Insolvency Act or any section passed to amend or replace such provisions.

DEFAULT AND RECOURSE. 28.1 Events of Default - The Lessee 17.1 A default shall be in default hereunder occur in the following eventscases:xxx 28.1.1 (a) if the Lessee fails does not fulfil any of its obligations pursuant to pay to Lessor any amount due under the Lease and if this Leasedefault continues: (i) in the case of a pecuniary obligation, for more than five (5) days following the receipt by the Lessee of a written notice from the Lessor; 28.1.2 if (ii) in all other cases, for more than fifteen (15) days following the receipt of a written notice from the Lessor (unless the default cannot be remedied within said delay, in which case the Lessee fails shall have commenced to pay any taxes on remedy the Equipment when duedefault within the prescribed delay and to continue to do so with diligence) or within a shorter delay stipulated in the Lease (the latter delay taking precedence); 28.1.3 if the Lessee or any other person using the Equipment becomes insolvent in whole or in part, or makes any assignment of property for the benefit of creditors; (b) if the Lessee is placed in bankruptcy or liquidation, or takes the benefit of any legislation relating party to bankruptcy or insolvency, dissolution proceedings or attempts to do so, loses control of the property located in the Leased Premises; (c) if the Lessee makes a receiver or a sequestrator is appointed for the Lessee’s property or any part sale of such property, an enterprise(1)I or if the property located in the Leased Premises is seized and that a writ release thereof is not obtained within fifteen (15) days. The sole lapse of execution time with respect to the delays mentioned above or seizure is issued against the Lessee; 28.1.4 if the Lessee’s property is transferred, transmitted or otherwise passed with respect to any other physical person or moral persondelay referred to in the Lease shall have the effect of putting the Lessee in default. In the event of a default, the Lessor may, notwithstanding any law to the contrary and subject to its other rights and remedies provided by mutual agreement the Lease or by law: (1) (other than pursuant to an assignment or sublet permitted hereunder) (d) enter into the operation Leased Premises and remedy the default on behalf of and at the law, except where such physical person or moral person has, in writing, assumed this Lease toward Lessor and where the conditions described in Article 32 herein below have been observed; 28.1.5 if the Lessee fails to take possession of the Equipment, or, after taking possession, abandons the Equipment for any reason whatsoever, or if said Equipment is used by any physical person or moral person not so authorized under this Lease; 28.1.6 if the Lessee alters or modifies the use of the Equipment; 28.1.7 if the Lessee is in default under the Premises Leases or under the Asset Purchase Agreement executed on this date between the Parties to this Lease; 28.1.8 if any application is made or action taken for the winding-up or dissolution or liquidation expense of the Lessee or the Lessee’s assets; 28.1.9 if and recover from the Lessee is in default in fulfilling any other term, condition or obligation of this Lease. 28.2 Termination of Lease - Subject to an event of default described in Article 31.1.3 above, in which event termination of the Lease shall be automatic, in the event of any default all damages suffered by the Lessee as defined in this Article 31Lessor, Lessor may give the Lessee written notice of Lessor’s intentions to terminate the Leaseincluding all expenses incurred by it, and the Term of the Lease shall end automatically on (i) the 30th day after this notice, in the case of default of any provisions relating to the payment of any amount of money, or (ii) the 60th day after the notice in all other events of default; this termination shall have the same effect and the same force as if it were the date of expiration of the Term of the Lease, without any legal action being required and subject in any case to the Lessee’s obligation to pay to Lessor all amounts due to Lessor and all damages resulting whether such expenses result directly from the default. The Lessee hereby irrevocably waives his right to repudiate this ; (e) resiliate the Lease pursuant to the Bankruptcy and Insolvency Act or any section passed to amend or replace such provisionswithout legal proceedings.