Common use of No Defaults; Required Financial Condition of Tenant Clause in Contracts

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 shall be personal to the Original Tenant and its Permitted Transferees and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or a Permitted Transferee occupies not less than the entire then existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material default pursuant to the terms of this Lease (beyond any applicable notice and cure periods), and (B) Tenant has previously been in economic or material default under this Lease (beyond any applicable notice and cure periods) during the previous twenty-four (24) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 1.4 shall be personal to the Original Tenant and its Permitted Transferees Transferee Assignees and may only be exercised by the Original Tenant or a Permitted Transferee Assignee (and not by any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or a Permitted Transferee Assignee occupies not less than seventy-five percent (75%) of the entire then existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 1.4 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in XXXXXX REALTY XXXXXX CENTRE DEL MAR [Santarus, Inc.] the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in material economic or material default pursuant to the terms of this Lease (beyond any applicable notice and cure periods), and (B) Tenant has previously been in material economic or material default under this Lease (beyond any applicable notice and cure periods) during the previous twenty-four twelve (2412) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 6 shall be personal to the Original Tenant and its Permitted Transferees Assignees and may only be exercised by the Original Tenant or a Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this the Lease) if the Original Tenant and/or a Permitted Transferee Assignee occupies not less than the entire then existing then‑existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 6 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material non-economic default pursuant to the terms of this the Lease (beyond any applicable notice and cure periods), and (B) Tenant has previously been in economic or material default under this the Lease (beyond any the applicable notice and cure periods) more than once during the previous twenty-four (24) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 1.4 shall be personal to the Original Tenant and its Permitted Transferees Transferee Assignees and may only be exercised by the Original Tenant or a Permitted Transferee Assignee (and not by any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or a Permitted Transferee Assignee occupies not less than seventy-five percent (75%) of the entire then existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 1.4 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in material economic or material default pursuant to the terms of this Lease (beyond any applicable notice and cure periods), and (B) Tenant has previously been in material economic or material default under this Lease (beyond any applicable notice and cure periods) during the previous twenty-four twelve (2412) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 shall be personal to the Original Tenant and its Permitted Transferees Transferee Assignees and may only be exercised by the Original Tenant or a Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this Lease) if the Original Tenant and/or a Permitted Transferee Assignee occupies not less than the entire then existing then‑existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material non-economic default pursuant to the terms of this Lease (beyond any applicable notice the Notice and cure periods), and (B) Tenant has previously been in economic or material default under this Lease (beyond any the applicable notice and cure periods) more than once during the previous twenty-four (24) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 2.4 shall be personal to the Original Tenant and its Permitted Transferees and may only be exercised by the Original Tenant or a Permitted Transferee (and not 701285.05/WLA214064-00137/12-20-12/eg/eg XXXXXX CENTRE DEL MAR[Second Amendment/Substitute Premises Amendment][Volcano Corporation] any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this Leasethe Lease (as amended)) if the Original Tenant and/or a Permitted Transferee occupies not less than seventy-five percent (75%) of the entire then existing then‑existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 2.4 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or or, at Landlord's option, as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material non-economic default pursuant to the terms of this the Lease (as amended) (beyond any the applicable notice and cure periods), and (B) Tenant has previously been in economic or material non-economic default under this the Lease (as amended) (beyond any the applicable notice and cure periods) during the previous twenty-four (24) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 12 shall be personal to the Original Tenant and its Permitted Transferees and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this the Lease, as amended) if the Original Tenant and/or a Permitted Transferee occupies not less than four (4) floors of the entire then existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 12 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material non-economic default pursuant to the terms of this Lease the Lease, as amended (beyond any the applicable notice and cure periods), and (B) Tenant has previously been in economic or material non-economic default under this Lease the Lease, as amended (beyond any the applicable notice and cure periods) more than once during the previous twenty-four (24) month period.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 shall be personal to the Original Tenant and its Permitted Transferees and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or a Permitted Transferee occupies not less than the entire then then-existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material default pursuant to the terms of this Lease (beyond any the applicable notice and cure periods), and (B) Tenant has previously been in economic or material default under this Lease (beyond any the applicable notice and cure periods) during the previous twenty-four (24) month periodmore than once.

No Defaults; Required Financial Condition of Tenant. The rights contained in this Section 1.3 shall be personal to the Original Tenant and its Permitted Transferees and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this Lease) if the Original Tenant and/or a Permitted Transferee occupies not less than seventy-five percent (75%) of the entire then existing Premises. The right to lease the First Refusal Space as provided in this Section 1.3 may not be exercised if, as of the date Tenant attempts to exercise its right of first refusal with respect to the First Refusal Space described in the First Refusal Notice, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (A) Tenant is in economic or material non-economic default pursuant to the terms of this Lease (beyond any the applicable notice and cure periods), and (B) Tenant has previously been in economic or material non-economic default under this Lease (beyond any the applicable notice and cure periods) on more than three (3) occasions during the previous twenty-four (24) month period.