Defaulting tenant definition

Defaulting tenant means a tenant who fails to pay for his or her occupancy in a park or fails to comply with reasonable written rules and regulations of the park given to the person upon registration or during the term of his or her occupancy in the park.
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Defaulting tenant means, as at any date of determination, any tenant that (i) has filed a bankruptcy petition or has had a bankruptcy petition filed against it unless such tenant has accepted its Lease, or (ii) is in default for two or more monthly payments of base rent required to be paid by it under its Lease.
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Defaulting tenant has the meaning set forth in the Loan Agreement, provided however, that if East West or F▇▇▇▇▇ M▇▇ has failed to make a scheduled lease payment (regardless of whether any cure or grace period applicable thereto has expired) under its lease at any time prior to the Defaulting Tenant Cut-Off Date, then such tenant shall be a Defaulting Tenant hereunder regardless of whether the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, has expired prior to the Defaulting Tenant Cut-Off Date, so long as such 45 day period with respect to such failure expires either prior to, on or subsequent to the Defaulting Tenant Cut-Off Date. Further, for purposes of measuring when East West or F▇▇▇▇▇ M▇▇ has become a Defaulting Tenant for purposes of the periods set forth in the definition of “Applicable Portion,” such tenant shall be deemed to have become a Defaulting Tenant upon its original failure to make a scheduled lease payment (regardless of whether any cure or grace period applicable thereto has expired) under its lease, regardless of when the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, expires, so long as such 45 day period with respect to such failure does expire. Accordingly, as an example, if East West or Fannie were to fail to make a scheduled lease payment under its lease during the period described in clause (I) of the definition of “Applicable Portion,” and the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, expires during the period described in clause (II) of the definition of “Applicable Portion,” the default shall be deemed to have occurred during the period described in clause (I) of such definition, so that the relevant Applicable Portion on account of such default shall be the 100% portion stated in clause (I).
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Related to Defaulting tenant

  • Defaulting Partner shall have the meaning set forth in Section 9.1.

  • Defaulting Entity shall have the meaning set forth for such term in Section 6.02(a) hereof. “Deficiency Amount” shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Defaulting Member has the meaning set forth in Section 3.3(a).

  • Defaulting Purchaser means, subject to Section 2.11(c), any Purchaser that (a) has failed to (i) fund all or any portion of such Purchaser’s Pro Rata Share of any Payment Amount by the time such amount was required to be funded hereunder unless such Purchaser notifies the Administrative Agent and the Seller Representative in writing that such failure is the result of such Purchaser’s good faith determination that one or more of the conditions precedent to funding (specifically identified in writing and including the particular default if any) has not been satisfied, or (ii) pay to the Administrative Agent or any other Purchaser any other amount required to be paid by it hereunder within two Business Days of the date when such payment is due, (b) has notified the Seller Representative, any Seller, the Administrative Agent, or any Purchaser in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to the effect that it does not intend to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Purchaser’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Administrative Agent or the Seller Representative, to confirm in writing to the Administrative Agent and the Seller Representative that it will comply with its prospective funding obligations hereunder (provided that such Purchaser shall cease to be a Defaulting Purchaser pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Seller Representative) or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an Insolvency Event; provided that a Purchaser shall not be a Defaulting Purchaser solely by virtue of the ownership or acquisition of any equity interest in that Purchaser or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Purchaser with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Purchaser (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Purchaser. Any determination by the Administrative Agent that a Purchaser is a Defaulting Purchaser under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Purchaser shall be deemed to be a Defaulting Purchaser (subject to Section 2.11(c)) upon delivery of written notice of such determination to the Seller Representative and each Purchaser.