Material Tenant Default definition

Material Tenant Default means, with respect to any Tenant under a Major Lease: (i) the failure to pay when due one month's fixed rent and additional rent, and/or any other amounts due under such Lease which in the aggregate equal or exceed one month of such Tenant's fixed rent and additional rent, (ii) the failure to restore within applicable notice and grace periods a portion of its Tenant Deposit equal to or greater than one month of its fixed rent and additional rent, which the Current Owner has applied to such Tenant's Lease obligations, or (iii) the occurrence of any material non-monetary default under such Lease.
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Material Tenant Default shall have the meaning set forth in the definition of Material Adverse Change.
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Material Tenant Default means a Tenant Default (as defined in Section 2.0 hereof) in any way relating to (i) the payment of any Base Rent, Additional Rent or any other amount payable by Tenant hereunder; (ii) Tenant's obligations hereunder with respect to the care and maintenance of the Property or the Premises; or (iii) any of Tenant's obligations under Section 14 (Use), 18 or 19 (Insurance), 24 (Assignment and Subletting) or 37 (Hazardous Material).
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Examples of Material Tenant Default in a sentence

  • For purposes of this Section 2(a), the term "Material Tenant Default" shall mean a Tenant Default (as defined in Section 2.0 hereof) in any way relating to (i) the payment of any Base Rent, Additional Rent or any other amount payable by Tenant hereunder; (ii) Tenant's obligations hereunder with respect to the care and maintenance of the Property or the Premises; or (iii) any of Tenant's obligations under Section 14 (Use), 18 or 19 (Insurance), 24 (Assignment and Subletting) or 37 (Hazardous Material).

  • Further, Purchaser agrees that, except in the event of a Material Tenant Default by a Required Tenant or a Bankruptcy Event by a Required Tenant, it shall not be grounds for Purchaser’s refusal to close this transaction that any tenant of the Property may be a holdover tenant or in default under its Lease on the Closing Date and Purchaser shall accept title subject to such holding over or default without abatement in, credit against, or reduction of, the Purchase Price.

  • In addition to the initial Lease Term, and provided that no "Material Tenant Default" (as hereinafter defined) shall have occurred and be then continuing, Tenant shall have the option ("Renewal Option") to extend the term of the Lease for up to two (2) additional terms of five (5) years each (the "Option Periods") immediately following the initial term of this Lease.

  • In the event that a Change in Lease Status constitutes a Material Tenant Default or a Bankruptcy Event under a Major Lease, then such Change in Lease Status shall constitute the failure of a Closing condition and Hines shall have the applicable rights set forth in Section 8.5 hereo▇.

  • In the event there is a Change in Lease Status which does not constitute a Material Tenant Default or a Bankruptcy Event by a Required Tenant, then such inaccuracy or incompleteness shall not be deemed to constitute a breach of Seller’s representations or warranties or the failure of a Closing condition, and this Agreement shall remain in full force and effect without adjustment to the Purchase Price or any other consideration to be delivered to Purchaser at any Closing.

Related to Material Tenant Default

  • 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).

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

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

  • 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.