Lease Default definition

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.

Lease Default. Majority in Interest of Certificate Holders", "Make-Whole Amount" or "Certificate Holder", or the percentage of Certificate Holders required to take or approve any action hereunder, (ii) reduce the amount, or change the time of payment or method of calculation of any amount, of Principal Amount, Make-Whole Amount, if any, or interest with respect to any Secured Certificate, or alter or modify the provisions of Article III hereof with respect to the order of priorities in which distribution thereunder shall be made as among the Certificate Holders, the Owner Trustee and Lessee, (iii) reduce, modify or amend any indemnities in favor of the Certificate Holders, (iv) consent to any change in the Trust Indenture or the Lease which would permit redemption of Secured Certificates earlier than permitted under Section 2.10 or 2.11 hereof or the purchase of the Secured Certificates other than as permitted by Section 2.14 hereof, (v) modify any of the provisions of Section 3(d)(v) of the Lease, or modify, amend or supplement the Lease or consent to any assignment of the Lease, in either case releasing Lessee from its obligations in respect of the payment of Basic Rent, Stipulated Loss Value or Termination Value for the Aircraft or altering the absolute and unconditional character of the obligations of Lessee to pay Rent as set forth in Sections 3 and 18 of the Lease or (vi) permit the creation of any Lien on the Trust Indenture Estate or any part thereof other than Permitted Liens or deprive any Certificate Holder of the benefit of the Lien of this Trust Indenture on the Trust Indenture Estate, except as provided in connection with the exercise of remedies under Article IV hereof. So long as no Lease Event of Default has occurred and is continuing, without the consent of Lessee no amendment or supplement to this Trust Indenture or waiver or modification of the terms hereof shall adversely affect Lessee.

Lease Default means any event or occurrence, which, with the passage of time or the giving of notice or both, would become a Lease Event of Default.

Examples of Lease Default in a sentence

• The remedies in connection with an Event of Lease Default shall be limited as set forth in this Section.

• The Trustee may waive any Event of Lease Default under this Lease and its consequences.

• Consultant may retain reproducible copies of all of the foregoing documents for information and reference and customary marketing and public relations.

• Any such personal property or fixtures which are installed at the City’s expense and which do not constitute a part of the personal property and fixtures subject to this Capital Lease shall be and remain the property of the City and may be removed by the City at any time while no Lease Default exists; provided, that any damage to the Parking Facility occasioned by such removal shall be repaired by the City at its own expense.

• No delay or omission to exercise any right or power accruing upon any Lease Default Event or the failure of the City to observe and perform any of its obligations hereunder shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient.

More Definitions of Lease Default

Lease Default. The occurrence of any default or breach of condition continuing beyond any applicable notice and/or grace periods under this Lease and/or any of the other Lease Documents.

Lease Default means the occurrence of any default (other than a default which has been waived in compliance with Section 7.14, excluding the proviso therein) under a Lease which is not or has not become, through the giving of notice and/or passage of time or otherwise, a Lease Event of Default.

Lease Default means a "Default" as defined in the Lease.

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

Lease Default means, with respect to any Lease, any Event of Default (as such term is defined in the Lease).

Lease Default. The occurrence of any default or breach of condition continuing beyond any applicable notice and/or grace and/or cure periods under this Lease and/or any of the other Lease Documents.

Lease Default means there shall exist (i) any “Event of Default” as defined in any Lease, or (ii) any default under a Lease by Trustor after the expiration of any applicable notice or cure period, in respect of a covenant, misrepresentation, violation or other occurrence that Beneficiary, in its reasonable discretion, determines to be a material covenant, misrepresentation, violation or occurrence under such Lease.