Events of Default by the Owner Sample Clauses

Events of Default by the Owner. Subject to the provisions of Section 5(B)(4) and Section 5(C)(4) of this Agreement, “Default” or an “Event of Default” by an Owner under this Agreement shall mean one or more of the following:
View SourceView Similar (2)
Events of Default by the Owner. Each of the following events or conditions will be a “Owner Event of Default”: (a) a failure by the Owner to pay any undisputed amount due the Contractor hereunder within 30 days after such payment becomes due; (b) any other material failure by the Owner to perform or comply with the terms and conditions of this Agreement, including breach of any covenant contained herein and any such failure is not cured within 30 days after notice to the Owner specifying the failure and demanding that the failure be cured or, if the failure cannot reasonably be cured within such 30- day period, such longer period not to exceed 90 days, so long as the Owner is attempting to remedy the default as quickly as practicable; and (c) any representation or warranty made by the Owner in this Agreement or the Program Agreement was false or misleading in any material respect when made and the Owner fails to correct any material adverse consequences to the Contractor directly caused thereby within 30 days after notice of such failure has been given to the Owner by the Contractor.
View Source
Events of Default by the Owner. (i) Failure to pay in a timely manner as provided in this Agreement, with respect to the Management Fee, Incentive Fee, Marketing Expense Reimbursement, Reimbursement for Reservations and Online Sales Services, Group Services, or any other amounts payable by the Owner to AMR pursuant to the provisions of this Agreement; (ii) The failure by the Owner to provide the necessary funds required by AMR in terms of Clause Nine, subsections (B) and (C), if such funds have not been provided by the Owner within 20 (twenty) Calendar Days following the request made by AMR. (iii) Filing for bankruptcy, insolvency proceedings, or any other similar proceeding filed by or against the Owner, on the understanding that if the initiation of such proceedings comes from a Third Party, there will be no event of default if, within 120 (one hundred and twenty) Calendar Days following the initiation of any such proceeding, it is declared null and void; (iv) If any of the works or construction Permits of the Hotel is not renewed, if applicable, or obtained by the Owner, or if defaults are detected that cannot be remedied with respect thereto after the commencement of the term of this instrument, or if such defaults hinder the Operation of the Hotel. (v) Failure to deliver the Insurance policies that are the responsibility of the Owner under the terms and forms established in this Contract. (vi) If the Owner does not contribute the amounts required for the Hotel Operation in accordance with the Approved Annual Budget. (vii) If the Owner interferes with the activities entrusted to AMR under this Agreement, by means of instructing, ordering, directing, or carrying out the functions that were granted to AMR, and which it performs in accordance with the provisions of this instrument. (viii) Failure to reimburse the expenses for Group Services and/or its corresponding interests, if applicable, within 30 (thirty) Calendar Days immediately following the request for reimbursement made by AMR, under the terms of Clause Seven BIS. (ix) Early termination of this Agreement within the Initial Term for causes attributable to the Owner, without default by AMR. (x) The Owner has not completed the Works referred to in Clause Six of this Agreement, within the deadlines, terms, and conditions set forth therein, for causes attributable to the Owner.
View Source
Events of Default by the Owner. Each of the following shall constitute an Event of Default on the part of the Owner for which the Contractor may receive Damages:‌
View Source

Related to Events of Default by the Owner

  • Events of Default by Tenant If (i) Tenant fails to pay any Rent on the date due (a “Monetary Default”); or (ii) Tenant fails to cure any other default, such as, but not limited to, the performance of any other covenant or agreement of this Lease, or any rules and regulations attached to this Lease, or promulgated by Landlord under this Lease (a “Nonmonetary Default”); or (iii) Tenant fails to fulfill any of the material terms or conditions of this Lease following the giving of applicable notice and opportunity to cure or (iv) the appointment of a trustee or a receiver to take possession of all or substantially all of Tenant’s assets occurs, or if the attachment, execution or other judicial seizure of all or substantially all of Tenant’s assets located at the Premises, or of Tenant’s interest in this Lease, occurs, or (v) Tenant or any of its successors or assigns or surety of Tenant’s obligations should file any voluntary petition in bankruptcy, reorganization or arrangement, or an assignment for the benefit of creditors or for similar relief under any present or future statute, law or regulation relating to relief of debtors, or (vi) Tenant or any of its successors or assigns should be adjudicated bankrupt or have an involuntary petition in bankruptcy, reorganization or arrangement filed against it which is not dismissed within ninety (90) days, or (vii) Tenant shall permit, allow or suffer to exist any lien, judgment, writ, assessment, charge, attachment or execution upon Landlord’s or Tenant’s interest in this Lease or to the Premises, and/or the fixtures, and improvements and furnishings located thereon and fails within thirty (30) days either to discharge the same or provide a bond transferring same, then, Tenant shall be in default hereunder, or (viii) the leasehold estate granted to Tenant by this Lease is taken on execution or other process of law or equity in any action against Tenant.

  • Events of Default Any of the following shall constitute an Event of Default:

  • Default by Owner If one or more of the following Events of Default shall occur and be continuing, that is to say: (a) breach by Owner of the representations, warranties and covenants of the Owner as set forth in Section 6.02 above); then, and in each and every such case (except in instances where the Event of Default has been cured within thirty (30) days after the date on which written notice of such default, requiring the same to be remedied, shall have been given to the Owner by the Servicer), the Servicer, by notice in writing to the Owner, may immediately terminate all of its responsibilities, duties and obligations as servicer under this Agreement. On or after the receipt by the Owner of such written notice, all responsibilities, duties and obligations of the Servicer to service the Mortgage Loans under this Agreement shall on the date set forth in such notice pass to and be vested in the successor appointed pursuant to Section 10 herein.