Economic Default definition

Economic Default has the meaning ascribed to it in Section 4(a)(i) of Annex A.
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Economic Default means any default contemplated by the terms of Section 19.1.1 of this Lease, and a “Material Non-Economic Default” shall mean any of the defaults identified in Sections 19.1.3 through 19.1.6 of this Lease; provided, however, that in no event shall (1) any one circumstance (e.g. an instance of failed rent payment, a failure to timely complete an estoppel certificate, a failure to comply with CC&Rs, etc.) result in, or constitute, more than one Economic Default or Material Non-Economic Default, and/or (2) any circumstance be deemed an Economic Default or Material Non-Economic Default under this Section 2.3.1 to the extent such matter has been reasonably disputed in accordance with the TCCs of this Lease by Tenant and remains unresolved.
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Economic Default means any default contemplated by the terms of Section 19.1.1 of this Lease, and a “Material Non-Economic Default” shall mean any of the defaults identified in Sections 19.1.3 through 19.1.6 of this Lease. With respect to any portion of the First Refusal Space that is the subject of a First Refusal Notice for which Tenant fails to timely exercise its rights in accordance with this Section 1.3, and for which Landlord is not obligated to re-offer to Tenant pursuant to the terms of Section 1.3.1.2 above, the right of first refusal therefor shall expire and terminate.
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Examples of Economic Default in a sentence

  • In addition, at Landlord’s option, and in addition to all of Landlord’s remedies under this Lease, at law or in equity, Tenant shall not have the right to lease any applicable First Refusal Space, as provided in this Section 1.5, if, as of the date of Tenant’s delivery of the applicable First Refusal Notice, Tenant is in Economic Default under this Lease.

  • If Tenant shall be in Economic Default or Material Non-Economic Default under this Lease at any time during the Base Rent Abatement Period beyond the expiration of all applicable notice and cure periods, if any, then the unamortized portion of the Base Rent Abatement granted to Tenant pursuant to this Section 3.2 may be considered when determining the remedies available to Landlord pursuant to the terms of Article 19 of this Lease.

  • If Tenant shall be in Economic Default or Material Non-Economic Default under this Lease, then Landlord is hereby irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards Tenant’s obligations under this Lease) until such Economic Default or Material Non-Economic Default is cured.

  • Notwithstanding anything to the contrary, at Landlord’s option, and in addition to all of Landlord’s remedies under the Lease, at law or in equity, the option to extend the Lease Term hereinabove granted to Tenant for the applicable Option Term shall not be deemed to be properly exercised if, as of the date of Tenant’s delivery of such applicable Exercise Notice for the applicable Option Term, Tenant is in Economic Default (as defined in Section 1.4 of the Lease) under this Lease.

  • In addition, at Landlord’s option, and in addition to all of Landlord’s remedies under this Lease, at law or in equity, Tenant shall not have the right to lease the First Offer Space, as provided in this Section 1.6, if, as of the date of Tenant’s delivery of ▇▇▇▇▇▇’s First Offer Notice, Tenant is in Economic Default under this Lease.

  • Such Transferee shall rely on any representation by Landlord that Tenant is in Economic Default or Material Non-Economic Default hereunder, without any need for confirmation thereof by Tenant.

  • If Tenant shall be in Economic Default or Material Non-Economic Default under the Lease (as modified by this Second Amendment) at any time during the Base Rent Abatement Period beyond the expiration of all applicable notice and cure periods, if any, then the unamortized portion of the Base Rent Abatement granted to Tenant pursuant to this Section 5 may be considered when determining the remedies available to Landlord pursuant to the terms of Article 19 of the Original Lease.

  • In addition, at Landlord’s option, and in addition to all of Landlord’s remedies under this Lease, at law or in equity, Tenant shall not have the right to lease the Expansion Space, as provided in this Section 1.4, if, as of the date of Tenant’s delivery of its Expansion Space Notice to Landlord, Tenant is in Economic Default (as defined below) under this Lease.


More Definitions of Economic Default

Economic Default means a monetary default by Tenant under Section 19.1.1 below, beyond the applicable notice and cure period set forth in Section 19.1.1, so long as the unpaid and/or delinquent amount that is the subject of such monetary default is equal to or greater than one (1) monthly installment of Base Rent payable by Tenant at the rate in effect under this Lease as of the date of Tenant’s delivery of the applicable exercise notice purporting to exercise such expansion, first refusal, first offer and/or extension rights, as applicable.
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Economic Default as used in this Lease shall mean a monetary default by Tenant under this Lease in an amount in excess of one (1) month of the Abated Rent. ​ ​ -7- [Execution Original] ​
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Related to Economic Default

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • PTC Event of Default Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p) of this Note.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.