Default by Concessionaire. 17.1 Each of the following shall constitute an event of default by Concessionaire: a. Concessionaire shall fail to timely pay any monetary obligation or maintain a performance guarantee as provided for in this Agreement, and fails to cure such by making payment in full for a period of ten (10) calendar days after receipt by Concessionaire of written notice of such failure. b. Concessionaire shall neglect or fail to perform or observe any of the terms, provisions, conditions or covenants herein contained, and on Concessionaire’s part to be performed or in any way observed, and if such neglect or failure should continue for a period of thirty (30) calendar days (or for such other time periods as may be specifically stated elsewhere herein) after receipt by Concessionaire of written notice of such neglect or failure. c. Concessionaire shall become insolvent, shall take the benefit of any present or future insolvency statute, shall make a general assignment for the benefit of creditors, shall file a voluntary petition in bankruptcy or a petition to answer seeking a reorganization or the readjustment of its indebtedness under the federal bankruptcy law or under any other law or statute of the United States or of any state thereof, or shall consent to the appointment of a receiver, trustee, or liquidator of all or substantially all of its property. d. An involuntary petition under any part of the federal bankruptcy laws or an action under any present or future insolvency law or statute shall be filed against Concessionaire and shall not be dismissed within thirty (30) calendar days after the filing thereof.
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Sources: Agreement for Operation of Valet Parking Services, Agreement for Operation of Valet Parking Services