Common use of Termination Upon Event of Default Clause in Contracts

Termination Upon Event of Default. (a) Upon the occurrence and during the continuance of any Event of Default enumerated in Section 13.1(c), (d) or (e) or in Section 13.2(d), (e) or (f), the non-defaulting Party may elect to terminate this Agreement immediately in its entirety upon giving written notice to the defaulting Party. (b) Upon the occurrence and during the continuance of any Event of Default enumerated in Section 13.1(b), (f) or (g) or in Section 13.2(b), (c), (g) or (h), the non-defaulting Party may, without prejudice to any other remedy which it may have at law or in equity, terminate this Agreement by giving notice of such default, and the Party receiving such notice shall have thirty (30) days from the date of receipt of such notice to cure such default. If the Event of Default has not been cured by midnight of the thirtieth (30th) day after receipt of such notice, this Agreement shall be deemed immediately terminated, unless such cure period has been extended in writing by the non-defaulting Party or the defaulting Party is using commercially reasonable efforts to cure such default and such default is, in the reasonable judgment of the defaulting Party, capable of being cured with a reasonable period of time (not to exceed 30 days), in which case such additional time shall be allowed in order to cure such default. (c) Upon the occurrence and during the continuance of any Event of Default enumerated in Subsection 13.1(a), Groundco may only terminate this Agreement after giving notice of such default to Airco and the following procedures shall have been employed in an effort to cure such default: (i) the Parties shall have met and conferred to determine the nature and the causes of the default and, if possible, the changes to operations, schedules or routings as may be necessary to eliminate such default and (ii) following such meeting between the Parties, they shall diligently attempt to implement any such changes to the operations or schedules that have been determined will resolve such default, and they shall make such further adjustments or changes as are foreseen to be necessary to avoid a recurrence of the conditions that gave rise to the default. If the Parties are completely unable to reconcile the problems associated with the default, or the changes they have implemented fail to cure the default within ninety (90) days of operations after the implementation of such changes, Groundco may terminate this Agreement unless Airco in good faith contests the default, in which event Groundco's right to terminate shall be resolved in accordance with Section 17.1 of this Agreement. (d) Upon the occurrence of any Event of Default enumerated in Section 13.2(a), Airco will give Groundco notice thereof, and Groundco will have two (2) Business Days from the date of receipt of such notice (the "Outside Cure Date") to cure such default. In addition to payment of the Base Compensation, Groundco will pay to Airco an additional amount equal to the Base Compensation payment times LIBOR plus 2% divided by 365 for each day such payment has not been made from the Outside Cure Date. Groundco shall pay such Base Compensation payment and additional amount as set forth in the preceding sentence and, to the extent Groundco contests any such amount, Groundco shall seek recovery in accordance with Section 17.1 after it has paid and Airco has received such Base Compensation and any additional payments as set forth in the preceding sentence. (e) Subject to Section 8.9 hereof, the right of either Party under this Article XIII to terminate this Agreement following a Default of the other Party hereto shall not be deemed an exclusive remedy, and will be in addition to any other remedy such Party may have either at law or in equity.

Termination Upon Event of Default. (a) Upon The following shall constitute events of default (“Events of Default”): (i) the occurrence filing of a voluntary petition in bankruptcy or insolvency or a petition for reorganization under any bankruptcy law by either Owner or Manager; (ii) the consent to an involuntary petition in bankruptcy or the failure by either Owner or Manager to vacate within sixty (60) days from the date of entry thereof of any order approving an involuntary petition; (iii) the entering of an order, judgment or decree by any court of competent jurisdiction, on the application of a creditor, adjudicating either Owner or Manager a bankrupt or insolvent or approving a petition seeking reorganization or appointing a receiver, trustee or liquidator of all or a substantial part of such party’s assets, and during such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) days; (iv) the gross negligence, fraud or willful misconduct of Owner or Manager, as the case may be, in the performance or observance of its obligations, duties or services, as applicable, provided for under the terms of this Agreement, to the extent the same materially and adversely effects the non-defaulting party; (v) the failure of either Owner or Manager to perform, keep or fulfill any of the covenants, undertakings, obligations or conditions set forth in this Agreement to the extent the same materially and adversely effects the non-defaulting party, and the continuance of any Event such default for a period of Default enumerated ninety (90) days after written notice of said failure or, if such default (a) is not a default in Section 13.1(c)the payment of a monetary sum provided to be paid under this Agreement, and (db) cannot be reasonably cured within such ninety (90) day period but is susceptible of cure with reasonable diligence, and Owner or Manager (ewhichever is the defaulting party) or commences such cure promptly following receipt of written notice of said failure, then for such additional period as such cure shall continue to be pursued with reasonable diligence, but in Section 13.2(d)any event not longer than one hundred twenty (120) days after written notice of said failure, (e) or (f), unless and except further extensions of the cure period are afforded to the defaulting party upon written consent from the non-defaulting Party may elect to terminate this Agreement immediately in its entirety upon giving written notice to party, which consent shall not be unreasonably withheld, conditioned or delayed; and (vi) the defaulting Partyoccurrence of an Event of Default under the Related Management Agreement. (b) Upon the occurrence and during the continuance of any an Event of Default enumerated in Section 13.1(b), (f) or (g) or in Section 13.2(b), (c), (g) or (h)Default, the non-defaulting Party party may, without prejudice to any other remedy which it may have recourse at law or in equityequity which it may have, terminate give to the defaulting party notice (a “Final Notice”) of the termination of this Agreement by giving notice and upon the delivery of such default, and Final Notice to the Party receiving such notice shall have thirty (30) days from the date of receipt of such notice to cure such default. If the Event of Default has not been cured by midnight of the thirtieth (30th) day after receipt of such noticedefaulting party, this Agreement shall be deemed immediately terminated, unless such cure period has been extended in writing by the non-defaulting Party or the defaulting Party is using commercially reasonable efforts to cure such default and such default is, in the reasonable judgment of the defaulting Party, capable of being cured with a reasonable period of time (not to exceed 30 days), in which case such additional time shall be allowed in order to cure such defaultterminate. (c) Upon the occurrence and during the continuance of any Event of Default enumerated in Subsection 13.1(a), Groundco may only terminate this Agreement after giving notice of such default to Airco and the following procedures shall have been employed in an effort to cure such default: (i) the Parties shall have met and conferred to determine the nature and the causes of the default and, if possible, the changes to operations, schedules or routings as may be necessary to eliminate such default and (ii) following such meeting between the Parties, they shall diligently attempt to implement any such changes to the operations or schedules that have been determined will resolve such default, and they shall make such further adjustments or changes as are foreseen to be necessary to avoid a recurrence of the conditions that gave rise to the default. If the Parties are completely unable to reconcile the problems associated with the default, or the changes they have implemented fail to cure the default within ninety (90) days of operations after the implementation of such changes, Groundco may terminate this Agreement unless Airco in good faith contests the default, in which event Groundco's right to terminate shall be resolved in accordance with Section 17.1 of this Agreement. (d) Upon the occurrence of any Event of Default enumerated in Section 13.2(a), Airco will give Groundco notice thereof, and Groundco will have two (2) Business Days from the date of receipt of such notice (the "Outside Cure Date") to cure such default. In addition to payment of the Base Compensation, Groundco will pay to Airco an additional amount equal to the Base Compensation payment times LIBOR plus 2% divided by 365 for each day such payment has not been made from the Outside Cure Date. Groundco shall pay such Base Compensation payment and additional amount as set forth in the preceding sentence and, to the extent Groundco contests any such amount, Groundco shall seek recovery in accordance with Section 17.1 after it has paid and Airco has received such Base Compensation and any additional payments as set forth in the preceding sentence. (e) Subject to Section 8.9 hereof, the right of either Party under this Article XIII to terminate this Agreement following a Default of the other Party hereto shall not be deemed an exclusive remedy, and will be in addition to any other remedy such Party may have either at law or in equity.

Termination Upon Event of Default. (a) Upon the occurrence and during the continuance of any Event of Default enumerated in Section 13.1(c), (d) or (e) or in Section 13.2(d), (e) or (f), the non-defaulting Party may elect to terminate this Agreement immediately in its entirety upon giving written notice to the defaulting Party. (b) Upon the occurrence and during the continuance of any Event of Default enumerated in Section 13.1(b), (f) or (g) or in Section 13.2(b), (c), (g) or (h), the non-defaulting Party may, without prejudice to any other remedy which it may have at law or in equity, terminate this Agreement by giving notice of such default, and the Party receiving such notice shall have thirty (30) days from the date of receipt of such notice to cure such default. If the Event of Default has not been cured by midnight of the thirtieth (30th) day after receipt of such notice, this Agreement shall be deemed immediately terminated, unless such cure period has been extended in writing by the non-defaulting Party or the defaulting Party is using commercially reasonable efforts to cure such default and such default is, in the reasonable judgment of the defaulting Party, capable of being cured with a reasonable period of time (not to exceed 30 days), in which case such additional time shall be allowed in order to cure such default. (c) Upon the occurrence and during the continuance of any Event of Default enumerated in Subsection 13.1(a), Groundco may only terminate this Agreement after giving notice of such default to Airco and the following procedures shall have been employed in an effort to cure such default: (i) the Parties shall have met and conferred to determine the nature and the causes of the default and, if possible, the changes to operations, schedules or routings as may be necessary to eliminate such default and (ii) following such meeting between the Parties, they shall diligently attempt to implement any such changes to the operations or schedules that have been determined will resolve such default, and they shall make such further adjustments or changes as are foreseen to be necessary to avoid a recurrence of the conditions that gave rise to the default. If the Parties are completely unable to reconcile the problems associated with the default, or the changes they have implemented fail to cure the default within ninety (90) days of operations after the implementation of such changes, Groundco may terminate this Agreement unless Airco in good faith contests the default, in which event Groundco's ’s right to terminate shall be resolved in accordance with Section 17.1 of this Agreement. (d) Upon the occurrence of any Event of Default enumerated in Section 13.2(a), Airco will give Groundco notice thereof, and Groundco will have two (2) Business Days from the date of receipt of such notice (the "“Outside Cure Date"”) to cure such default. In addition to payment of the Base Compensation, Groundco will pay to Airco an additional amount equal to the Base Compensation payment times LIBOR plus 2% divided by 365 for each day such payment has not been made from the Outside Cure Date. Groundco shall pay such Base Compensation payment and additional amount as set forth in the preceding sentence and, to the extent Groundco contests any such amount, Groundco shall seek recovery in accordance with Section 17.1 after it has paid and Airco has received such Base Compensation and any additional payments as set forth in the preceding sentence. (e) Subject to Section 8.9 hereof, the right of either Party under this Article XIII to terminate this Agreement following a Default of the other Party hereto shall not be deemed an exclusive remedy, and will be in addition to any other remedy such Party may have either at law or in equity.