Master Lease Tenant Default definition

Master Lease Tenant Default means a default by Master Lessee under the terms of the Master Lease beyond any applicable notice and cure periods contained therein.
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Examples of Master Lease Tenant Default in a sentence

  • Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant Default, Mezzanine Lender shall have the right to exercise any right of approval that Mezzanine Borrower, on behalf of Mortgage Borrower, may have to approve the annual budgets and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion.

  • Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant Default, Mezzanine Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budgets and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion.

  • Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant Default, Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budgets and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion.

  • Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant Default, Mezzanine Lender shall have the right to exercise any right of approval that Borrower may have to approve the annual budget and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion.

  • In the event that no 80% Cash Sweep Period, 60% Cash Sweep Period or Master Lease Tenant Default is then continuing, Lender shall direct the Cash Management Bank to transfer the unapplied portion, if any, of the funds in the Master Lease Variable Additional Rent Reserve Account to the Master Lessee in accordance with the terms of the Master Lease.

  • In the event that no Master Lease Tenant Default or Tenant Security Period is then continuing, the Administrative Agent shall direct Cash Management Bank to transfer the unapplied portion, if any, of the funds in the Variable Additional Rent Reserve Account to Master Lessee in accordance with the terms of the Master Lease.

  • Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default and if there is a Master Lease Tenant Default, the Administrative Agent shall have the right to exercise any right of approval that Borrower and/or any PropCo Subsidiary may have to approve the annual budgets and any amendments thereto under any Operating Agreements subject to any constraints in the Operating Agreement in question, in its sole and absolute discretion.