SIGNIFICANT LEASE DEFAULT definition

SIGNIFICANT LEASE DEFAULT means, with respect to the Facility Lease, (i) an event that is, or solely with the passage of time or the giving of notice (or both) would become, a "Lease Event of Default" under clauses (a), (b), (c), (g), (h) or (k) of Section 16 of the Facility Lease, (ii) the failure of the Facility Lessee to comply in any material respect with its obligations under Section 6 of the Facility Lease and (iii) the occurrence and continuation of a Significant Lease Default under any Other South Point Facility Lease.

SIGNIFICANT LEASE DEFAULT means any of: (i) if PPL Montana shall fail to make any payment of Periodic Lease Rent, Renewal Lease Rent, or Termination Value after the same shall have become due and payable, (ii) if PPL Montana shall fail to make any payment of Supplemental Lease Rent (other than Excepted Payments or Termination Value) in excess of $250,000 after the same shall have become due and payable, except to the extent such amounts are in dispute and have not been established to be due and payable, and (iii) an event that is, or with the passage of time or the giving of notice would become, a "Lease Event of Default" under clauses (e), (g), (h), (i) or (k) of Section 16 of any Facility Lease.

SIGNIFICANT LEASE DEFAULT means any of: (a) if the Company shall fail to make any payment of Periodic Lease Rent, Renewal Lease Rent, or Termination Value after the same shall have become due and payable, (b) if the Company shall fail to make any payment under the Operative Documents (other than Excepted Payments, unless the Owner Participant shall have declared a default with respect thereto) in excess of $250,000, except to the extent such amounts are in dispute in good faith and have not been established to be due and payable, and (c) any event or circumstance that is, or with the passage of time or the giving of notice would become, a "Lease Event of Default" under clauses (g), (i) or (j) of Section 16 of the Facility Lease.

Examples of SIGNIFICANT LEASE DEFAULT in a sentence

• Notwithstanding anything to the contrary contained in the foregoing, the Facility Lessee shall not have any right to take any action otherwise permitted pursuant to this Section 5.20 if a Significant Lease Default or Lease Event of Default shall have occurred and be continuing.

• The Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default, Lease Event of Default, Significant Lease Default or Lease Indenture Event of Default (except for a Lease Indenture Event of Default resulting from an event of nonpayment) unless a Responsible Officer of the Indenture Trustee shall have received written notice thereof.

• If a Significant Lease Default or a Lease Event of Default shall have occurred and be continuing, no incurrence of Indebtedness shall be permitted, unless such incurrence of Indebtedness would otherwise satisfy the requirements set forth in this Section 7.1(a) and the application of the proceeds therefrom will cure such Significant Lease Default or Lease Event of Default.

• The board of managers of PPL Montana may redesignate any Additional Subsidiary to be a Core Subsidiary if the redesignation would not cause a Significant Lease Default or Lease Event of Default.

• Notwithstanding anything herein to the contrary and without limiting the Owner Lessor's rights to draw upon any Qualified Letter of Credit under Section 17.1(h), upon the occurrence and during the continuance of a Significant Lease Default of the type described in clause (i) of the definition of Significant Lease Default, the Owner Lessor shall have the right to draw upon any Qualifying Letter of Credit to pay any portion of Periodic Lease Rent or Termination Value which was not paid when due.

More Definitions of SIGNIFICANT LEASE DEFAULT

SIGNIFICANT LEASE DEFAULT means, with respect to the Facility Lease, (i) an event that is, or solely with the passage of time or the giving of notice (or both) would become, a "Lease Event of Default" under clauses (a), (b), (c), (g), (h) or (k) of Section 16 of the Facility Lease, (ii) the failure of the Facility Lessee to comply in any material respect with its obligations under Section 6 of the Facility Lease and (iii) the occurrence and continuation of a Significant Lease Default under any Other Broad River Facility Lease.

SIGNIFICANT LEASE DEFAULT means any of: (i) TVA shall fail to make any payment of Basic Lease Rent or Termination Value on the relevant payment date or after the same shall have become due and payable, (ii) TVA shall fail to make any payment of Supplemental Lease Rent in excess of $250,000 (other than Excepted Payments, or Termination Value or any amount determined by reference thereto) on the relevant payment date after the same shall have become due and payable, except to the extent such amounts are the subject of a good faith dispute and have not been established to be due and payable, or (iii) an event which is or, with the passage of time would be, a Lease Event of Default under Section 17(e) or (f) of the Facility Lease.

SIGNIFICANT LEASE DEFAULT means any of: (a) the failure by Lessee to make any payment of Rent after the same shall have become due and payable and (b) any event or circumstance that is, or with the passage of time or the giving of notice or both would become, a "Lease Event of Default" under clause (i), (j) or (k) of Section 16 of the Project Lease.

SIGNIFICANT LEASE DEFAULT with respect to any Lease, has the meaning given to such term in such Lease.

SIGNIFICANT LEASE DEFAULT shall have the meaning specified in Section 16 the ---------- Facility Lease.

SIGNIFICANT LEASE DEFAULT means any of: (i) if PPL Montana shall fail to make any payment of Periodic Lease Rent, Renewal Lease Rent, or Termination Value after the same shall have become due and payable, (ii) if PPL Montana shall fail to make any payment of Supplemental Lease Rent (other than Excepted Payments or Termination Value) in excess of $250,000 after the same shall have become due and payable, except to the extent such amounts are in dispute and have not been established to be due and payable, and (iii) an event that is, or

SIGNIFICANT LEASE DEFAULT has the meaning given to such term in the Participation Agreement.