Common use of Events of Default by Airline Clause in Contracts

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).