Economic Default definition

Economic Default means any default contemplated by the terms of Section 19.1.1 of this Lease, and a “Material Non-Economic Default” shall mean any of the defaults identified in Sections 19.1.3 through 19.1.6 of this Lease; provided, however, that in no event shall (1) any one circumstance (e.g. an instance of failed rent payment, a failure to timely complete an estoppel certificate, a failure to comply with CC&Rs, etc.) result in, or constitute, more than one Economic Default or Material Non-Economic Default, and/or (2) any circumstance be deemed an Economic Default or Material Non-Economic Default under this Section 2.3.1 to the extent such matter has been reasonably disputed in accordance with the TCCs of this Lease by Tenant and remains unresolved.
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Economic Default has the meaning ascribed to it in Section 4(a)(i) of Annex A.
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Economic Default means a monetary default by Tenant under Section 19.1.1 below, beyond the applicable notice and cure period set forth in Section 19.1.1, so long as the unpaid and/or delinquent amount that is the subject of such monetary default is equal to or greater than one (1) monthly installment of Base Rent payable by Tenant at the rate in effect under this Lease as of the date of Tenant’s delivery of the applicable exercise notice purporting to exercise such expansion, first refusal, first offer and/or extension rights, as applicable.
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Examples of Economic Default in a sentence

  • HR strategies, cross-college CPD annual plans, and performance review arrangements generally support college operational and team plans well.

  • Economic Default shares that after a series of financial setbacks brought on by an unexpected major illness, this couple is no longer able, and has thus stopped making their monthly mortgage payments.

  • If Tenant shall be in Economic Default or Material Non-Economic Default under the Lease (as modified by this Second Amendment) at any time during the Base Rent Abatement Period beyond the expiration of all applicable notice and cure periods, if any, then the unamortized portion of the Base Rent Abatement granted to Tenant pursuant to this Section 5 may be considered when determining the remedies available to Landlord pursuant to the terms of Article 19 of the Original Lease.

  • Economic Default Recovery – A new legislative issue is proposed as a top priority.

  • The Economic Default Recovery funding proposal would provide the courts with temporary resources for OPS and senior judges to alleviate those dockets (mortgage foreclosures, as well as evictions, consumer collections/loans) experiencing backlogs and assist with mediation scheduling issues.

  • In addition, at Landlord’s option, and in addition to all of Landlord’s remedies under this Lease, at law or in equity, Tenant shall not have the right to lease the First Offer Space, as provided in this Section 1.6, if, as of the date of Tenant’s delivery of Xxxxxx’s First Offer Notice, Tenant is in Economic Default under this Lease.

  • In addition, at Landlord’s option, and in addition to all of Landlord’s remedies under this Lease, at law or in equity, Tenant shall not have the right to lease the Expansion Space, as provided in this Section 1.4, if, as of the date of Tenant’s delivery of its Expansion Space Notice to Landlord, Tenant is in Economic Default (as defined below) under this Lease.

  • The right to lease First Refusal Space as provided in this Section 1.6 may not be exercised if, as of the date of the attempted exercise of the expansion option by Tenant, or as of the scheduled date of delivery of such First Refusal Space to Tenant, Tenant is in Economic Default pursuant to the terms of this Lease (beyond any applicable notice and cure periods).

  • Such options shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.4, below, provided that, as of the date of delivery of such notice, (i) Tenant is not then in Economic Default under this Lease (beyond any applicable notice and We have requested confidential treatment for certain portions of this document pursuant to an application for confidential treatment sent to the Securities and Exchange Commission (SEC).

  • Such Transferee shall rely on any representation by Landlord that Tenant is in Economic Default or Material Non-Economic Default hereunder, without any need for confirmation thereof by Tenant.


More Definitions of Economic Default

Economic Default means any default contemplated by the terms of Section 19.1.1 of this Lease, and a “Material Non-Economic Default” shall mean any of the defaults identified in Sections 19.1.3 through 19.1.6 of this Lease. With respect to any portion of the First Refusal Space that is the subject of a First Refusal Notice for which Tenant fails to timely exercise its rights in accordance with this Section 1.3, and for which Landlord is not obligated to re-offer to Tenant pursuant to the terms of Section 1.3.1.2 above, the right of first refusal therefor shall expire and terminate.
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Economic Default as used in this Lease shall mean a monetary default by Tenant under this Lease in an amount in excess of one (1) month of the Abated Rent. ​ ​ -7- [Execution Original] ​ ​ ​
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Related to Economic Default

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p) of this Note.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Senior Default means any Default or Event of Default under the Senior Credit Agreement or any document referred to therein.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Funding Default as defined in Section 2.22.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Minor Default means any Event of Default that is not a Major Default.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Reporting Default means a Default described in Section 6.01(d).