Legal Event definition

Legal Event means that at the relevant point in time there shall be (x) a default by Tenant in the payment of any Fixed Rent, any increases thereto, and any other additional rent or other sums and charges then due Owner under this Lease, or in the performance or observance of any of the non-monetary terms and conditions of this Lease on Tenant’s part to be observed and performed, and (y) a prohibition on Owner, by virtue of Legal Requirements, including without limitation, those in the nature of the “automatic stay” provisions which are applicable to a Bankruptcy Event, which either prevents Owner from delivering a notice to Tenant demanding Tenant’s performance under this Lease or prevents Owner from delivering a notice to Tenant stating that Tenant is in default of its obligations under this Lease, (ii) the term “Bankruptcy Event” shall mean that at the relevant point in time Tenant shall be voluntarily seeking or involuntarily being required to seek any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy act or law or any other present or future applicable federal, state or other statute, and (iii) the term “Default Situation” shall mean (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. 
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Legal Event means the dismissal of the Claims with prejudice by the United States District Court for the District of Delaware pursuant to the binding written settlement agreement between the Company (or any of its Affiliates) and Jazz Pharmaceuticals, Inc., dated October 21, 2025.
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Legal Event means the dismissal of the Claims with prejudice by the United States District Court for the District of Delaware pursuant to the Settlement and License Agreement, by and between Jazz Pharmaceuticals, Inc. and Jazz Pharmaceuticals Ireland Limited, on the one hand, and Avadel CNS Pharmaceuticals and Flamel Ireland Limited, on the other hand, dated October 21, 2025.
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Examples of Legal Event in a sentence

  • The undersigned declares he/she has the authority to bind the Contracting Organization, or Legal Event Owner for this indemnification.

  • Notwithstanding anything to the contrary in this Agreement, the Parties acknowledge and agree that the implementation of Medicare Part D shall not constitute a Legal Event of the type that would require an amendment or amendment(s) as described in Section 15(a) above.

  • If the parties cannot agree upon whether a Legal Event requires amendment of this Agreement, the dispute shall be resolved by arbitration as provided in Section 11.7 of this Agreement.

  • 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.

  • If the parties or the arbitrator agree that a Legal Event requires amendment of this Agreement and this Agreement is not so amended within the Renegotiation Period, this Agreement shall terminate as of midnight (Pacific Time) on the last day of the Renegotiation Period, unless otherwise agreed to in writing by the parties.

  • Notwithstanding the foregoing, the Noticing Party may propose an amendment to the Contract to take into account the Legal Event, and, if accepted by the other Party prior to the end of the thirty (30) day notice period, the Contract shall be amended as of the date of such acceptance and if not amended shall automatically terminate.

  • Notwithstanding the foregoing, the Noticing Party may propose an amendment to this Lease to take into account the Legal Event, and, if accepted by the other Party prior to the end of the 30 day notice period, this Lease shall be amended as of the date of such acceptance and if not amended shall automatically terminate.

  • In the event of notice under Subsection 8.13.1 above, the Parties shall negotiate in good faith for a period of sixty (60) days from the giving of such notice (“Renegotiation Period”) to attempt to amend the Agreement to resolve the Legal Event.

Related to Legal Event