Material Lease Default means any of the following:
Material Lease Default means any event which, with notice, lapse of time or both notice and lapse of time, would become a Lease Event of Default described in clause (a), (b), (f) or (g) of the definition thereof set forth in Section 16 of the Facility Lease.
Material Lease Default a “Default” under the Lease that would, if it became a Lease Event of Default, have a material adverse effect on the value of the Collateral or the perfected security interests of the Secured Parties.
Examples of Material Lease Default in a sentence
To the best of the Borrower’s knowledge, no Material Lease Default, no Lease Event of Default and no Total Loss or event which, with the passage of time, would become a Total Loss, has occurred.
More Definitions of Material Lease Default
Material Lease Default means a Lease Default of the type described in Section 12.1(a), (f) or (g).
Material Lease Default means any Lease Default described in Section 18.1(d) of the Lease.
Material Lease Default means any event which, with notice or lapse of time or both notice and lapse of time, would become a Lease Event of Default described in clause (a), (b), (g) or (h) of the definition thereof set forth in Section 16 of the Facility Lease.
Material Lease Default means a Lease Default under Sections 14(a), 14(b) or 14(e) of the Lease.
Material Lease Default means an Event of Default under Clauses 15.1.1, 15.1.2, 15.1.3, 15.1.4, 15.1.5 or 15.1.7 of this Lease or Clause 15.1.1 of the Waldaschaff Lease.
Material Lease Default means (i) a Lease Default which would result in an express termination of a Lease as a result of a Landlord having provided a termination notice on or prior to the relevant Closing Date; or (ii) a Lease Default which could reasonably be
Material Lease Default means (i) a Lease Default which would result in an express termination of a Lease as a result of a Landlord having provided a termination notice on or prior to the relevant Closing Date; or (ii) a Lease Default which could reasonably be expected to give rise to the termination of a Lease by the relevant Landlord or which could reasonably be expected to give rise to Zellers’ loss of possession under the Subject Lease by the Landlord; except in the case of (i) and (ii) a Lease Default where such breach or termination could be remedied by Target Canada or its Designee within 12 months after the relevant Closing Date with an expenditure of money not exceeding $50,000. For certainty, any default arising under the Leases as a result of the failure to obtain the consent of the applicable Landlords under the Leases to the transactions contemplated by this Agreement (inclusive of the Wind-Down Actions, the Subleases and the rights of Zellers therein) shall not constitute a Material Lease Default.