Actions Constituting Default by Lessee Sample Clauses

Actions Constituting Default by Lessee. If Lessee at any time during the Term hereof (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency, or other proceedings in law, in equity or before any administrative tribunal, which prevent or might prevent Lessee from complying with the terms of this Lease): (i) shall fail to make payment of any installment of Rent or any other sum specifically to be paid by Lessee hereunder and such default shall not have been cured within ten (10) days after Lessee received written notice from Lessor of such failure; or (ii) shall fail in the observance or performance of any of Lessee’s covenants, agreements or obligations hereunder, other than the covenant to pay Rent or any other sum herein specified to be paid by Lessee, and such default shall not have been cured within ten (10) days after Lessee shall have received written notice from Lessor specifying such default; or if said default cannot by its nature be cured within ten (10) days, if Lessee shall not have commenced the curing promptly within such period and does not thereafter diligently proceed to cure the same. (iii) shall (1) be adjudicated bankrupt or insolvent, or (2) have a receiver or trustee appointed for all or substantially all of its business or assets on the ground of Lessee’s insolvency, or (3) suffer an order to be entered approving a petition filed against Lessee seeking reorganization of Lessee under the Federal Bankruptcy Laws or any other applicable law or statutes of the United States or any state thereof and such adjudication, appointment or order has not been vacated within ninety (90) days; or (iv) shall make an assignment for the benefit of its creditors or file a voluntary petition in bankruptcy or a petition or answer seeking reorganization or arrangement under the Federal Bankruptcy Laws or any other applicable law or statute of the United States, or of any state thereof, or shall file a petition to take advantage of any insolvency act; then, Lessee shall be in default of its obligations under this Lease unless Lessee has timely cured the failure giving rise to such default.