Events of Default by Airline Clause Samples

Events of Default by Airline. ‌ Each of the following events shall constitute an "Event of Default" by Airline: (a) Airline fails to pay any Rent, of whatever form, when due, and such default continues for a period of ten (10) calendar days; (b) Airline fails to perform or observe any material term, covenant or condition of this Agreement, other than those set forth in Section 31.1(a); (c) except to the extent that Airline is protected by the provisions of the bankruptcy code, Airline becomes insolvent, takes the benefit of any present or future insolvency statute, makes a general assignment for the benefit of creditors, files a voluntary petition in bankruptcy or a petition seeking a reorganization or the readjustment of its indebtedness under the federal bankruptcy laws or under any other law or statute of the United States or of any state, or consents to the appointment of a receiver, trustee, or liquidator of all or substantially all of its property; (d) except to the extent that Airline is protected by the provisions of the bankruptcy code, an order for relief is entered at the request of Airline, or any of its creditors, under the federal bankruptcy or reorganization laws, or under any law or statute of the United States, or any state thereof; (e) except to the extent that Airline is protected by the provisions of the bankruptcy code, an involuntary petition under any part of the federal bankruptcy laws or an action under any present or future insolvency law or statute is filed against Airline; (f) by or pursuant to or under the authority of any legislative act, resolution or rule, or any order or decree of any court or governmental board or agency, an officer, receiver, trustee, or liquidator takes possession or control of all or substantially all of the property of Airline; (g) Airline becomes a corporation in dissolution, or voluntarily or involuntarily forfeits its corporate charter, other than through merger with a successor corporation, as permitted in Section 31.1; and (h) the rights of Airline under this Agreement are transferred to, pass to, or devolve upon, by operation of law or otherwise, any other person, firm, corporation, or other entity, as a result of any bankruptcy, insolvency, trusteeship, liquidation, or other proceedings or occurrence described in this Section 31.1 (c) through (g).

Events of Default by Airline. Upon the occurrence of any one of the following events of default, Authority may issue a written notice of default after providing Airline the cure period noted:

Events of Default by Airline. If any of the following events of default occur, AUTHORITY will issue a thirty (30) day written notice to AIRLINE to cure.

Events of Default by Airline. Each of the following shall constitute an "Event of Default by Airline": A. Airline shall fail to make due and punctual payment of any rents, fees or charges payable hereunder, and such default shall continue for a period of ten (10) days after receipt of written notice from Authority of such non-payment. B. Airline shall fail, within twenty (20) days after receipt of written notice from Authority, to keep, perform or observe any term, covenant or condition of this Agreement to be kept, performed or observed by Airline, other than those covered by A. or G. of this Section; provided, however, that if by its nature such default cannot be cured within such twenty-day period, then such default shall not constitute an Event of Default if Airline commences to cure or remove such default within said twenty-day period and thereafter pursues the curing or removal of such default with due diligence. C. Airline shall file a voluntary petition in bankruptcy, or make assignment of all or substantially all of Airline's assets for the benefit of Airline's creditors. D. Airline is adjudicated a bankrupt in any involuntary proceeding in bankruptcy against Airline. E. A receiver of the assets of Airline is appointed; provided, however, that in the latter event, if any such appointment is involuntary, then it shall not be considered an Event of Default by Airline unless Airline fails to procure a dismissal thereof within sixty (60) days after appointment of such receiver. F. A court shall take jurisdiction of Airline and its assets pursuant to proceedings brought under the provisions of any reorganization. G. Airline shall fail to provide the Contract Security or to renew or replace such Contract Security on or before the date on which the same is required hereunder.