Lease Impairment means any of the following, whether occurring pursuant to a provision of the Agreement, or resulting from a future agreement between the Authority and StadCo or its Affiliates, or resulting from the unilateral action of either: (a) any material amendment, modification or restatement of this Agreement, provided the following shall be deemed not to be a Lease Impairment: (i) amendments and modifications reasonably required to effectuate the grant of Permitted Easements, and (ii) amendments and modifications to the legal description of the Premises approved by StadCo or the Team and the Authority made in connection with any land registration or plat whether using a subdivision plat or registered land survey to conform such legal description to the as-built Premises; (b) any cancellation, termination, acceptance of termination, surrender, acceptance of surrender, abandonment or rejection of this Agreement, in whole or in part; (c) subordination of this Agreement to any fee mortgage or other Encumbrance of the fee estate of the Authority; (d) the execution or modification by the Authority of any Encumbrance affecting its fee estate that has priority over this Agreement and the leasehold, license, and other estates or interests of StadCo or the Team; or (e) any material demolition of the Stadium that results in a material reduction of net rentable square footage except in connection with the maintenance, repair or renovation of, or construction of improvements to, the Stadium or the Improvements, or any repair or restoration following a casualty or a Condemnation.
Lease Impairment means Lessee’s: (a) canceling, modifying, surrendering, or terminating this Lease, including upon any loss; (b) exercising any bankruptcy termination option under 11 U.S.C. § 365(h)(1)(A)(i) or any comparable provision of law; (c) subordinating this Lease or the Leasehold Estate to any other estate or interest in the Property; or (d) waiving any term(s) of this Lease.
Lease Impairment. ’ means Tenant's: (a) cancel- ing, modifying,13 surrendering, or terminating this Lease, including upon a Loss; (b) waiving any term of this Lease; (c) subordinating this Lease to any other estate or interest in the Premises; or (d) exercising a Bankruptcy Termination Option.
Examples of Lease Impairment in a sentence
Any Lease Impairment made or entered into without such Approval of the Leasehold Mortgagees shall not be effective, and not bind the Leasehold Mortgagees or any New Tenant or Post-Foreclosure Tenant.
Neither the Authority nor StadCo shall make, and the Authority and the StadCo shall not agree to, any Lease Impairment without obtaining the prior Approval of the Leasehold Mortgagees.
Any Lease Impairment (as defined below) made without First Leasehold Mortgagee’s prior written consent (or any deemed consent under its Leasehold Mortgage), which consent shall not be unreasonably withheld, conditioned or delayed, shall be null, void, and of no further force or effect, and shall not bind OVG, Leasehold Mortgagee, or New Operator.
Any Lease Impairment made without Leasehold Mortgagee’s consent shall be null, void, and of no force or effect, and not bind Leasehold Mortgagee or any New Lessee.
Any Lease Impairment made without Leasehold Mortgagee’s consent shall (at Leasehold Mortgagee’s option) be null, void, and of no force or effect, and not bind Tenant, Leasehold Mortgagee, or New Tenant.
More Definitions of Lease Impairment
Lease Impairment means any (A) cancellation, amendment, modification, rejection, surrender (whether voluntary or otherwise), or termination of the Lease Agreement (other than a termination or eviction by the City pursuant to the City’s rights [as provided in the Lease Agreement pursuant to Section 9(t) of the MOU] as expressly limited hereunder), including upon a casualty or condemnation affecting the Arena or the Premises, (B) consent, or affirmative acquiescence, by OVG to a sale of any property, or interest in any property, under 11 U.S.C. § 363 or otherwise in any Bankruptcy Proceeding by the City, (C) exercise of any right of OVG to treat the Lease Agreement as terminated under 11 U.S.C. § 365(h)(1)(A)(i) or any comparable provision of law, or (D) subordination of the Lease Agreement or the Leasehold Estate to any other estate or interest in the Arena or the Premises.
Lease Impairment means Tenant’s: (a) canceling, modifying, restating, surrendering, or terminating this Lease, including upon Loss; (b) consenting, or failing to object, to a Bankruptcy Sale of any portion of the Premises; (c) determining that a Substantial Condemnation has occurred; (d) exercising any Bankruptcy Termination Option; (e) subordinating this Lease or the Leasehold Estate to any other estate or interest in the Premises; or (f) waiving any term(s) of this Lease.
Lease Impairment means Tenant’s: (a) canceling, Modifying, restating, surrendering, or terminating this Lease, including upon Loss; (b) consenting, or failing to object, to a Bankruptcy Sale of any Premises; (c) determining that a Total Loss has occurred; (d) exercising any right to treat this Lease as terminated under 11 U.S.C.§365(h)(1)(A)(i) or any comparable provision of Law; (e) subordinating this Lease or the Leasehold Estate to any other estate or interest in the Premises; or (f) waiving any term(s) of this Lease.
Lease Impairment means any (A) cancellation, amendment, modification, rejection, surrender (whether voluntary or otherwise), or termination of the Lease Agreement (other than a termination or eviction by the City pursuant to the City’s rights [as provided in the Lease Agreement pursuant to Section 8(t) of the MOU] as expressly limited hereunder), including upon a casualty or condemnation affecting the Arena or the Premises, (B) consent, or affirmative acquiescence, by OVG to a sale of any property, or interest in any property, under 11 U.S.C. § 363 or otherwise in any Bankruptcy Proceeding by the City, (C) exercise of any right of OVG to treat the Lease Agreement as terminated under 11 U.S.C. § 365(h)(1)(A)(i) or any comparable provision of law, or (D) subordination of the Lease Agreement or the Leasehold Estate to any other estate or interest in the Arena or the Premises.
Lease Impairment means Tenant's: (a) canceling, modifying, restating, surrendering, or terminating this Lease, upon Loss or otherwise; (b) consenting, or failing to object, to a Bankruptcy Sale of any portion of the Premises; (c) determining that a Loss has occurred that would or could cause a termination of this Lease; (d) exercising any Bankruptcy Termination Option; (e) subordinating this Lease or the Leasehold Estate to any other estate or interest in the Premises other than the Fee Estate and any Transit Agency Leases; or (f) waiving any term(s) of this Lease.
Lease Impairment means any (A) cancellation, amendment, modification, rejection surrender (whether voluntary or otherwise), or termination of this Agreement (other than a termination by the City pursuant to the City's rights as expressly provided hereunder), including upon a casualty or condemnation affecting the Parking Facilities or the Parking Land, (B) consent, or affirmative acquiescence, by ArenaCo to a sale of any property, or interest in any property, under 11 U.S.C. § 363 or otherwise in any Bankruptcy Proceeding by the City, (C) exercise of any right of ArenaCo to treat this Agreement as terminated under 11 U.S.C. § 365(h)(1)(A)(i) or any comparable provision of law, or (D) subordination of this Agreement or the Management Rights to any other estate or interest in the Parking Facilities or the Parking Land.
Lease Impairment means any of the following, whether occurring pursuant to a provision of this Lease, or resulting from a future agreement between the Authority and StadCo or its Affiliates, or resulting from the unilateral action of either: (a) any material amendment, modification or restatement of this Lease, provided the following shall be deemed not to be a Lease Impairment: (i) amendments and modifications reasonably required to effectuate the grant of easements that are Permitted Encumbrances, and (ii) amendments and modifications to the legal description of the Premises approved by StadCo or TeamCo and by the Authority and made in connection with any land registration or plat whether using a subdivision plat or registered land survey to conform such legal description to the as-built Premises; (b) any cancellation, termination, acceptance of termination, surrender, acceptance of surrender, abandonment or rejection of this Lease, in whole or in part; (c) subordination of this Lease to any fee mortgage or other encumbrance of the fee estate of the Authority; (d) the execution or modification by the Authority of any encumbrance affecting its fee estate that has priority over this Lease and the leasehold, license, and other estates or interests of StadCo or TeamCo; or (e) any material demolition of the Stadium that results in a material reduction of net rentable square footage except in connection with the maintenance, repair or renovation of, or construction of improvements to, the Stadium or the Improvements, or any repair or restoration following a Casualty or a Condemnation.