Lease Material Default definition

Lease Material Default means (a) an event that is, or with the passage of time or the giving of notice would become, a Lease Event of Default under clause (a) or (b) of Section 16 of the Lease or (b) any Lease Bankruptcy Default.
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Examples of Lease Material Default in a sentence

  • After giving of such notice, so long as no Lease Material Default or Lease Event of Default shall have occurred and be then continuing, the Tax Indemnitee shall not pay such Tax Claim until at least 30 days after providing AEE with such written notice, unless required to do so by law or regulation.

Related to Lease Material Default

  • 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);

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Potential Default means any event or condition which with notice or passage of time, or both, would constitute an Event of Default.

  • 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 any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).