Definition of Draw Event. “Draw Event” means the occurrence of any of the following events:
Definition of Draw Event. A "Draw Event" shall mean any of the following: (I) Tenant is the subject of an Insolvency Proceeding (as defined in the Lease); provided, however, that if such proceeding is pursuant to Chapter 11 of the United States Bankruptcy Code (as opposed to Chapter 7), a Draw Event shall not be deemed to have occurred so long as (A) the Lease and Work Letter are assumed by Tenant within sixty (60) days after the order for relief is entered, (B) no other Draw Event has occurred, (C) Tenant is not in breach of any other obligations under the Lease or this Work Letter, and (D) no lien has been filed against Phase I arising out of any work performed, material furnished or obligations incurred by Tenant which has not been released prior to the commencement of such Insolvency Proceeding; (II) Tenant terminates its construction contract with Tenant's Contractor without Landlord's prior consent, or defaults under such construction contract or any substitute thereof and does not cure such default within the longer of the applicable cure period under such contract or five (5) days after such default occurs; (III) the Lease is terminated by Landlord due to a Tenant default before completion of the Tenant Improvements and any Tenant Modifications; (IV) the letter(s) of credit are not extended within thirty (30) days prior to their expiration; (V) Tenant fails to deliver Tenant's space plan, Working Drawings, or any other item required to be delivered pursuant to Paragraph 5(a) on or before the date specified for such delivery; (VI) Tenant fails to commence construction of the Tenant Improvements within ninety (90) days after the Occupancy Date (subject to delay caused by Force Majeure Events); (VII) Tenant terminates the Lease pursuant to Paragraph 22(d) prior to completion of the Tenant Improvements and any Tenant Modifications, provided that in such event Tenant shall be entitled to any insurance proceeds attributable to the Tenant Improvements completed by Tenant prior to the casualty and Landlord shall be entitled to the entire face amount of the letter(s) of credit; and (VIII) Tenant fails to complete the Tenant Improvements within one hundred eighty (180) days after the Occupancy Date (subject to delay caused by Force Majeure Events), provided that if Landlord reasonably determines that Tenant is diligently pursuing construction of the Tenant Improvements, Landlord shall allow Tenant an additional thirty (30) days to complete the Tenant Improvements before a "Draw Event...
