Default Situation definition
Default Situation means any period during which there subsists:
Default Situation means any event which is, or after notice or lapse of time, or both, would become, a Default or an Event of Default.
Default Situation means (xx) an Event of Default (whether expressed as an Event of Default or as a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed beyond the expiration of the applicable notice and grace period) and/or (yy) a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed.
Examples of Default Situation in a sentence
Upon any such waiver, such Default Situation shall cease to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default Situation or impair any right consequent thereon.
More Definitions of Default Situation
Default Situation means (xx) an Event of Default (whether expressed as an Event of Default or as a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed beyond the expiration of the applicable notice and grace period) and/or (yy) a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed. The foregoing notwithstanding neither the occurrence of a Legal Event nor the occurrence of a Bankruptcy Event shall, in and of itself, entitle Owner to deliver a termination notice terminating this Lease pursuant to the terms and conditions of Section 16.01 of this Lease, unless Owner shall be entitled under Section 16.01 of this Lease (as opposed to under this Section 31.06) to deliver such notice.
Default Situation means any period during which there subsists an Event of Default;