Common use of Events of Default and Remedies Therefor Clause in Contracts

Events of Default and Remedies Therefor. Any one or more of the following shall constitute an Event of Default hereunder: (a) Default by Leasee in making any payment of money required hereunder, whether a Lease Payment, taxes or any other sum required to be paid, which default shall continue for ten (10) days after the due date for such payment; (b) Default by Leasee in the observance or performance of any other covenant, condition, agreement or provision hereof, which default shall continue for thirty (30) days after the giving of notice thereof by Lessor to Leasee; (c) If any representation or warranty made by Leasee in any statement or certificate furnished by Leasee in connection with the preparation or execution of the Agreement or the acquisition of the Equipment, or in this Agreement, is untrue in any material respect; or (d) If Leasee becomes unable to pay its debts promptly as they come due in the usual course of its business, or becomes bankrupt or insolvent, or admits in writing an inability to pay its debts as they mature, or makes an assignment for the benefits of creditors, or applies for or consents to the appointment of a trustee or receiver for any part of its property, or petitions for an arrangement of its affairs under the Federal Bankruptcy Act, or if a trustee or receiver is appointed for Leasee or any part of its property, or bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceeding is otherwise instituted by or against Leasee or all or any part of its property under the Federal Bankruptcy Act or other law of the United States or of any state or other competent jurisdiction. When an Event of Default has occurred the Lessor shall have the right to exercise any one or more of the following remedies: (a) To take possession of the Equipment or any portion thereof wherever the same may be located without court or other legal process. Leasee hereby waives any and all damages occasioned by such taking and agrees to the summary seizure of the Equipment by seller without legal process. (b) To sell any or all of the Equipment. Lessor shall apply the proceeds of sale of any or all of the Equipment to the payment of the expenses of retaking, storing, repairing or than normal wear and tear and selling the Equipment, reasonable attorneys fees and to the satisfaction of all indebtedness secured under this Agreement. Any surplus shall be paid to Leasee and any deficiency shall be paid to Lessor by Leasee. (c) To terminate this Agreement as to any or all items of Equipment upon notice in writing sent to Leasee. (d) To pursue any other remedy at law or in equity. Notwithstanding any taking of possession of the Equipment or other remedy available to seller hereunder or at law or in equity, Leasee shall remain liable for the full performance of all obligations hereunder. The remedies conferred upon Lessor shall be cumulative and may be exercised concurrently or separately.

Events of Default and Remedies Therefor. Any one or more of the following shall constitute an Event of Default hereunder: (a) Default by Leasee in making any payment of money required hereunder, whether a Lease Payment, taxes or any other sum required to be paid, which default shall continue for ten (10) days after the due date for such payment; (b) Default by Leasee in the observance or performance of any other covenant, condition, agreement or provision hereof, which default shall continue for thirty (30) days after the giving of notice thereof by Lessor to Leasee; (c) If any representation or warranty made by Leasee in any statement or certificate furnished by Leasee in connection with the preparation or execution of the Agreement or the acquisition of the Equipment, or in this Agreement, is untrue in any material respect; or (d) If Leasee becomes unable to pay its debts promptly as they come due in the usual course of its business, or becomes bankrupt or insolvent, or admits in writing an inability to pay its debts as they mature, or makes an assignment for the benefits of creditors, or applies for or consents to the appointment of a trustee or receiver for any part of its property, or petitions for an arrangement of its affairs under the Federal Bankruptcy Act, or if a trustee or receiver is appointed for Leasee or any part of its property, or bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceeding is otherwise instituted by or against Leasee or all alt or any part of its property under the Federal Bankruptcy Act or other law of the United States or of any state or other competent jurisdiction. When an Event of Default has occurred the Lessor shall have the right to exercise any one or more of the following remedies: (a) To take possession of the Equipment or any portion thereof wherever the same may be located without court or other legal process. Leasee hereby waives any and all damages occasioned by such taking and agrees to the summary seizure of the Equipment by seller without legal process. (b) To sell any or all of the Equipment. Lessor shall apply the proceeds of sale of any or all alt of the Equipment to the payment of the expenses of retaking, storing, repairing or than normal wear and tear and selling the Equipment, reasonable attorneys fees and to the satisfaction of all indebtedness secured under this Agreement. Any surplus shall be paid to Leasee and any deficiency shall be paid to Lessor by Leasee. (c) To terminate this Agreement as to any or all items of Equipment upon notice in writing sent to Leasee. (d) To pursue any other remedy at law or in equity. Notwithstanding any taking of possession of the Equipment or other remedy available to seller hereunder or at law or in equity, Leasee shall remain liable for the full performance of all obligations hereunder. The remedies conferred upon Lessor shall be cumulative and may be exercised concurrently or separately.

Events of Default and Remedies Therefor. Any one Anyone or more of the following shall constitute an Event of Default hereunder: (a) Default by Leasee in making any payment of money required hereunder, whether a Lease Payment, taxes or any other sum required to be paid, which default shall continue for ten (10) days after the due date for such payment; (b) Default by Leasee in the observance or performance of any other covenant, condition, agreement or provision hereof, which default shall continue for thirty (30) days after the giving of notice thereof by Lessor to Leasee; (c) If any representation or warranty made by Leasee in any statement or certificate furnished by Leasee in connection with the preparation or execution of the Agreement or the acquisition of the Equipment, or in this Agreement, is untrue in any material respect; or (d) If Leasee becomes unable to pay its debts promptly as they come due in the usual course of its business, or becomes bankrupt or insolvent, or admits in writing an inability to pay its debts as they mature, or makes an assignment for the benefits of creditors, or applies for or consents to the appointment of a trustee or receiver for any part of its property, or petitions for an arrangement of its affairs under the Federal Bankruptcy Act, or if a trustee or receiver is appointed for Leasee or any part of its property, or bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar proceeding is otherwise instituted by or against Leasee or all or any part of its property under the Federal Bankruptcy Act or other law of the United States or of any state or other competent jurisdiction. When an Event of Default has occurred the Lessor shall have the right to exercise any one or more of the following remedies: (a) To take possession of the Equipment or any portion thereof wherever the same may be located without court or other legal process. Leasee hereby waives any and all damages occasioned by such taking and agrees to the summary seizure of the Equipment by seller without legal process. (b) To sell any or all of the Equipment. Lessor shall apply the proceeds of sale of any or all of the Equipment to the payment of the expenses of retaking, storing, repairing or than normal wear and tear and selling the Equipment, reasonable attorneys fees and to the satisfaction of all indebtedness secured under this Agreement. Any surplus shall be paid to Leasee and any deficiency shall be paid to Lessor by Leasee. (c) To terminate this Agreement as to any or all items of Equipment upon notice in writing sent to Leasee. (d) To pursue any other remedy at law or in equity. Notwithstanding any taking of possession of the Equipment or other remedy available to seller hereunder or at law or in equity, Leasee shall remain liable for the full performance of all obligations hereunder. The remedies conferred upon Lessor shall be cumulative and may be exercised concurrently or separately.