Defaulting tenant means a tenant who fails to pay for his or her occupancy in a park or fails to comply with reasonable written rules and regulations of the park given to the person upon registration or during the term of his or her occupancy in the park.
Defaulting tenant means, as at any date of determination, any tenant that (i) has filed a bankruptcy petition or has had a bankruptcy petition filed against it unless such tenant has accepted its Lease, or (ii) is in default for two or more monthly payments of base rent required to be paid by it under its Lease.
Defaulting tenant has the meaning set forth in the Loan Agreement, provided however, that if East West or Fxxxxx Mxx has failed to make a scheduled lease payment (regardless of whether any cure or grace period applicable thereto has expired) under its lease at any time prior to the Defaulting Tenant Cut-Off Date, then such tenant shall be a Defaulting Tenant hereunder regardless of whether the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, has expired prior to the Defaulting Tenant Cut-Off Date, so long as such 45 day period with respect to such failure expires either prior to, on or subsequent to the Defaulting Tenant Cut-Off Date. Further, for purposes of measuring when East West or Fxxxxx Mxx has become a Defaulting Tenant for purposes of the periods set forth in the definition of “Applicable Portion,” such tenant shall be deemed to have become a Defaulting Tenant upon its original failure to make a scheduled lease payment (regardless of whether any cure or grace period applicable thereto has expired) under its lease, regardless of when the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, expires, so long as such 45 day period with respect to such failure does expire. Accordingly, as an example, if East West or Fannie were to fail to make a scheduled lease payment under its lease during the period described in clause (I) of the definition of “Applicable Portion,” and the 45-day period with respect to such failure, as set forth in the definition of “Monetary Lease Default” in the Loan Agreement, expires during the period described in clause (II) of the definition of “Applicable Portion,” the default shall be deemed to have occurred during the period described in clause (I) of such definition, so that the relevant Applicable Portion on account of such default shall be the 100% portion stated in clause (I).
Examples of Defaulting tenant in a sentence
Defaulting tenant has vacated or steps taken to compel him to vacate property.