Common use of Material Monetary Default Clause in Contracts

Material Monetary Default. An Event of Default shall be deemed to have occurred if a Material Monetary Default shall occur and the Material Monetary Default shall continue and not be remedied for ten (10) days after Landlord has given Tenant Notice of such Material Monetary Default, specifying in reasonable detail the amount of money required to be paid by Tenant and the nature of such payment (any such Event of Default being referred to hereinafter as a "Material Monetary Event of Default"). Notwithstanding the foregoing, if a Material Monetary Default relating to Tenant's failure to maintain any of the insurance coverage required in Article 12 shall occur, a Material Monetary Event of Default with respect thereto shall not be deemed to have occurred unless such Material Monetary Default shall continue and not be remedied for sixty (60) days after receipt of Landlord's Notice, provided that Tenant shall, promptly upon the occurrence of such Material Monetary Default, and at all times until such Material Monetary Default is cured, maintain insurance coverage substantially equivalent, as reasonably determined by Landlord, to the insurance coverage to which such Material Monetary Default relates.

Material Monetary Default. An Event of Default shall be deemed to have occurred if a Material Monetary Default shall occur and the Material Monetary Default shall continue and not be remedied for ten (10) days after Landlord has given Tenant Notice of such Material Monetary Default, specifying in reasonable detail the amount of money required to be paid by Tenant and the nature of such payment (any such Event of Default being referred to hereinafter as a "“Material Monetary Event of Default"”). Notwithstanding the foregoing, if a Material Monetary Default relating to Tenant's ’s failure to maintain any of the insurance coverage required in Article 12 shall occur, a Material Monetary Event of Default with respect thereto shall not be deemed to have occurred unless such Material Monetary Default shall continue and not be remedied for sixty (60) days after receipt of Landlord's ’s Notice, provided that Tenant shall, promptly upon the occurrence of such Material Monetary Default, and at all times until such Material Monetary Default is cured, maintain insurance coverage substantially equivalent, as reasonably determined by Landlord, to the insurance coverage to which such Material Monetary Default relates.