Common use of Lessee Default Clause in Contracts

Lessee Default. Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (a) Except as provided in Section 9.1(g), Lessee’s failure to make any payment of Rent when due; (b) Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; (c) a court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days; (d) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time made; (e) a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; (f) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; or ERCOT TRANSMISSION ASSETS LEASE AGREEMENT (g) Notwithstanding Section 9.1(a), Lessee’s failure to pay Rent when due shall not constitute a default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (a) Except as provided in Section 9.1(g), Lessee’s failure to make any payment of Rent when due; (b) Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing;; CREZ ASSETS LEASE AGREEMENT (c) a court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days; (d) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time made; (e) a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; (f) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTor (g) Notwithstanding Section 9.1(a), Lessee’s failure to pay Rent when due shall not constitute a default if (i) such failure is due to unforeseeable circumstances arising arising. from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. (a) Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (ai) Except as provided in Section 9.1(g)9.1(b) , Lessee’s failure to make any payment of Rent when due; (bii) Lessee (iA) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (iiB) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iiiC) makes an assignment for the benefit of its creditors, (ivD) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (vE) is adjudicated as insolvent or to be liquidated, or (viF) takes corporate any action for the purpose of any of the foregoing; (ciii) a A court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days;; ▇▇▇▇▇▇▇/▇▇▇▇▇/▇▇▇▇▇▇▇ ASSETS LEASE AGREEMENT (div) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time mademade (unless any representation or warranty is already qualified by materiality or a similar qualification, in which case such representation or warranty shall be accurate in all respects); (ev) a A final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay;; or (fvi) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; herein (unless any covenant or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTagreement is already qualified by materiality or a similar qualification, in which case such covenant or agreement shall have been complied with in all respects). (gb) Notwithstanding Section 9.1(a9.1(a)(i), Lessee’s failure to pay Rent when due shall not constitute a default an Event of Default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent Rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by lawApplicable Law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. (a) Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (ai) Except as provided in Section 9.1(g9.1(b), Lessee’s failure to make any payment of Rent when due; (bii) Lessee (iA) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (iiB) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iiiC) makes an assignment for the benefit of its creditors, (ivD) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (vE) is adjudicated as insolvent or to be liquidated, or (viF) takes corporate any action for the purpose of any of the foregoing; (ciii) a A court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 ninety (90) days;; PERMIAN LEASE AGREEMENT (div) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time mademade (unless any representation or warranty is already qualified by materiality or a similar qualification, in which case such representation or warranty shall be accurate in all respects); (ev) a A final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 sixty (60) days after the expiration of such stay;; or (fvi) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; herein (unless any covenant or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTagreement is already qualified by materiality or a similar qualification, in which case such covenant or agreement shall have been complied with in all respects). (gb) Notwithstanding Section 9.1(a9.1(a)(i), Lessee’s failure to pay Rent when due shall not constitute a default an Event of Default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent Rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by lawApplicable Law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (a) Except as provided in Section 9.1(g), Lessee’s failure to make any payment of Rent when due; (b) Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; (c) a court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days; (d) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time made; (e) a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; (f) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTor (g) Notwithstanding Section 9.1(a), Lessee’s failure to pay Rent when due shall not constitute a default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (a) Except as provided in Section 9.1(g), Lessee’s failure to make any payment of Rent when due; (b) Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; (c) a court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days; (d) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time made; (e) a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; (f) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; or ERCOT TRANSMISSION ▇▇▇▇▇▇▇/▇▇▇▇▇/▇▇▇▇▇▇▇ ASSETS LEASE AGREEMENT (g) Notwithstanding Section 9.1(a), Lessee’s failure to pay Rent when due shall not constitute a default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. (a) Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (ai) Except as provided in Section 9.1(g9.1(b), Lessee’s failure to make any payment of Rent when due; (bii) Lessee (iA) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (iiB) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iiiC) makes an assignment for the benefit of its creditors, (ivD) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (vE) is adjudicated as insolvent or to be liquidated, or (viF) takes corporate any action for the purpose of any of the foregoing; (ciii) a A court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 ninety (90) days; (div) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time mademade (unless any representation or warranty is already qualified by materiality or a similar qualification, in which case such representation or warranty shall be accurate in all respects); (ev) a A final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 sixty (60) days after the expiration of such stay;; or (fvi) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; herein (unless any covenant or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTagreement is already qualified by materiality or a similar qualification, in which case such covenant or agreement shall have been complied with in all respects). (gb) Notwithstanding Section 9.1(a9.1(a)(i), Lessee’s failure to pay Rent when due shall not constitute a default an Event of Default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such event and (ii) such failure is cured within ninety (90) days after the date such rent Rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by lawApplicable Law, whichever is lesser, from the date such Rent was originally due until the date of payment.

Lessee Default. Subject to Section 9.3, Lessee shall be in default in the event of any of the following: (a) Except as provided in Section 9.1(g), Lessee’s failure to make any payment of Rent when due; (b) Lessee (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate company action for the purpose of any of the foregoing; (c) a A court or a Regulatory Authority or other governmental agency of competent jurisdiction enters an order appointing, without consent by Lessee, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Lessee or any such petition shall be filed against Lessee and such petition shall not be dismissed within 90 days; (d) Any representation or warranty made by Lessee herein shall prove to have been inaccurate in any material respect at the time made; (e) a A final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against Lessee and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; (f) Lessee shall have breached or failed to comply in any material respect with any other covenant or agreement contained herein; or ERCOT TRANSMISSION ASSETS LEASE AGREEMENTor (g) Notwithstanding Section 9.1(a), Lessee’s failure to pay Rent when due shall not constitute a default if (i) such failure is due to unforeseeable circumstances arising from a physical event beyond the control of the Lessee, including the incurrence of costs and expenditures as a result of such an event that are materially in excess of budgeted costs and expenditures or an unforeseen material decline in electricity usage as a result of such an event and (ii) such failure is cured within ninety (90) days after the date such rent was due through Lessee’s payment of the entire amount of such unpaid Rent, plus interest thereon at a rate equal to six percent (6%) per annum or the maximum rate allowed by law, whichever is lesser, from the date such Rent was originally due until the date of payment.. ▇▇▇▇▇▇▇ TRANSMISSION LOOP LEASE AGREEMENT