Tenant-Specific Default definition
Tenant-Specific Default means any Event of Default that: (a) arises from any lien or encumbrance attaching solely to the Leasehold Estate (not the Fee Estate) but junior to the Leasehold Mortgage; or (b) is a Nonmonetary Default that Leasehold Mortgagee or New Tenant cannot with diligence and commercially reasonable efforts cure, but specifically excluding any default in connection with Tenant’s Construction Obligations, which shall not be deemed to be a Tenant-Specific Default.
Tenant-Specific Default means any Nonmonetary Default that by its nature relates only to, or can reasonably be performed only by, Tenant or its Affiliates.
Tenant-Specific Default means any Default that: (a) is not reasonably susceptible of cure by a Leasehold Mortgagee, such as (to the extent, if any, that it actually constitutes a Default under this Lease) any Default resulting from a Bankruptcy Proceeding affecting any Person; prohibited transfer; prohibited change of management; failure to deliver required financial information within Tenant's control; failure to remove or retain any particular officer, employee, or director of Tenant; failure to comply with restrictions or requirements regarding nondisclosure, competition, or obligations regarding other activities that relate to other real property of Landlord or Tenant; (b) by its nature relates only to, or can reasonably be performed only by, Tenant or its Affiliates; or (c) consists of Tenant's failure to satisfy or discharge any lien, charge, or encumbrance that: (1) attaches to the Leasehold Estate but not the Fee Estate; (2) is junior to the Leasehold Mortgage; and (3) this Lease prohibits. TENANT-SPECIFIC OBLIGATION. A "TENANT-SPECIFIC OBLIGATION" shall mean any obligation whose breach would constitute a Tenant-Specific Default.
Examples of Tenant-Specific Default in a sentence
In no event shall any Leasehold Mortgagee or New Tenant be required to cure any Tenant-Specific Default as a condition to obtaining or retaining a New Lease or otherwise.
More Definitions of Tenant-Specific Default
Tenant-Specific Default means any Tenant Default that: (i) Leasehold Mortgagee or New Tenant cannot reasonably cure; or (ii) arises from any lien or encumbrance that attaches solely to this Lease (not to the Fee Estate) but is junior to the Leasehold Mortgage.
Tenant-Specific Default means any Event of Default that: (a) arises from any lien or encumbrance attaching solely to the Leasehold Estate (not the Fee Estate) but junior to the Leasehold Mortgage; (b) is a Nonmonetary Default that Leasehold Mortgagee or New Tenant cannot with diligence and commercially reasonable efforts cure, but specifically excluding any default in connection with Tenant’s Construction Obligations, which shall not be deemed to be a Tenant-Specific Default, or (c) arises from a Bankruptcy Action or any related action, omission, event, circumstance, matter or related Event of Default.