Level 1 Tenant Default definition

Level 1 Tenant Default means any Tenant Event of Default described in Sections 23.1(a), 23.1(b), 23.1(d), 23.1(g), 23.1(h), 23.1(j), 23.1(k), or 23.1(l)
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Examples of Level 1 Tenant Default in a sentence

  • So long as no Level 1 Tenant Default has occurred and is continuing, in the event Landlord fails to pay to Tenant any amounts due to Tenant pursuant to subsections (i), (ii), (iii), (iv), or (v), above, within ten (10) Business Days after written demand from Tenant, Tenant may offset such delinquent amounts, including interest thereon at the Default Interest Rate, from Base Rent otherwise due and owing by Tenant, whether previously or thereafter due and owing.

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  • Following the occurrence and during the continuance of a Level 1 Tenant Default only, Landlord shall have, with respect to each such Xxxxx 0 Xxxxxx Xxxxxxx either, but not both, of the rights and remedies specified in subsection (i) and subsection (ii), below.

  • In the event that Landlord elects NOT to exercise its remedies under subsection (i) above with respect to a Xxxxx 0 Xxxxxx Xxxxxxx, and in lieu of its remedies under subsection (i), above, upon the occurrence and during the continuance of a Level 1 Tenant Default, Landlord may exercise any or all of its rights or remedies under subsection (b), below, with respect to such Xxxxx 0 Xxxxxx Xxxxxxx.

  • In the event that Landlord elects NOT to exercise its remedies under subsection (i) above with respect to a Lxxxx 0 Xxxxxx Xxxxxxx, and in lieu of its remedies under subsection (i), above, upon the occurrence and during the continuance of a Level 1 Tenant Default, Landlord may exercise any or all of its rights or remedies under subsection (b), below, with respect to such Lxxxx 0 Xxxxxx Xxxxxxx.

  • For the avoidance of doubt, if this Lease is terminated by Landlord pursuant to Section 23.2(a)(i) as a result of a Level 1 Tenant Default or if a Xxxxx 0 Xxxxxx Xxxxxxx has occurred and is continuing, the provisions of this Section 25.4 shall not apply and Landlord may consummate a Landlord Lease Transaction without complying with the terms and conditions of this Section 25.4 .

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  • In the event that Landlord elects NOT to exercise its remedies under subsection (i) above with respect to a Xxxxx 0 Xxxxxx Xxxxxxx, and in lieu of its remedies under subsection (i) , above, upon the occurrence and during the continuance of a Level 1 Tenant Default, Landlord may exercise any or all of its rights or remedies under subsection (b) , below, with respect to such Xxxxx 0 Xxxxxx Xxxxxxx.

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  • So long as no Level 1 Tenant Default has occurred and is continuing, in the event Landlord fails to pay to Tenant any amounts due to Tenant pursuant to subsections (i) , (ii) , (iii) , (iv) , or (v) , above, within ten (10) Business Days after written demand from Tenant, Tenant may offset such delinquent amounts, including interest thereon at the Default Interest Rate, from Base Rent otherwise due and owing by Tenant, whether previously or thereafter due and owing.

Related to Level 1 Tenant Default

  • Landlord Default shall have the meaning given such term in Article 14.

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

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

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

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

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Customer Default shall have the meaning set forth in Section 11.1.

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

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

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

  • 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).

  • 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.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Senior Event of Default means an Event of Default under a Senior Financing Agreement.

  • Owner Event of Default shall have the meaning set forth in Section 12.3 hereof

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • 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).

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

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

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

  • Liquidity Event of Default means the occurrence of either (a) the Acceleration of all of the Equipment Notes or (b) an American Bankruptcy Event.