Material Lease Default definition

Material Lease Default means any of the following:

Material Lease Default means any event which, with notice, lapse of time or both notice and lapse of time, would become a Lease Event of Default described in clause (a), (b), (f) or (g) of the definition thereof set forth in Section 16 of the Facility Lease.

Material Lease Default a “Default” under the Lease that would, if it became a Lease Event of Default, have a material adverse effect on the value of the Collateral or the perfected security interests of the Secured Parties.

Examples of Material Lease Default in a sentence

• To the best of the Borrower’s knowledge, no Material Lease Default, no Lease Event of Default and no Total Loss or event which, with the passage of time, would become a Total Loss, has occurred.

• If a Responsible Officer of the Borrower has given the Agent notice of a Material Lease Default pursuant to Section 5.1(a), the Borrower shall consult with the Agent as to whether notice of such Material Lease Default shall be given to the Lessee.

• No Event of Loss, Lease Event of Default, Material Lease Default or event that with the passage of time or notice or both would constitute a Lease Event of Default will occur solely by the execution of this Agreement; provided, however, that the commencement or pendency of the Chapter 11 Cases (and any default related to the non-payment of Rent during the pendency of the Chapter 11 Cases) shall not be considered a Lease Event of Default for purposes of this Section 3.1.

• No Lease Event of Default, Material Lease Default or event that with the passage of time or notice or both would constitute a Lease Event of Default has occurred or will occur upon execution and delivery of the Operative Documents.

• The Lease Financing Parties shall attempt to conduct their inspections at the same time and, except during the continuance of a Material Lease Default or a Lease Event of Default or during the last 24 months of the Facility Lease Term (unless the Facility Lessee shall have exercised its option to renew the Facility Lease), no more than one inspection a year shall be conducted by any Lease Financing Party.

More Definitions of Material Lease Default

Material Lease Default means a Lease Default of the type described in Section 12.1(a), (f) or (g).

Material Lease Default means any Lease Default described in Section 18.1(d) of the Lease.

Material Lease Default means an Event of Default under clauses 15.1.1, 15.1.2, 15.1.3, 15.1.4, 15.1.5 or 15.1.7 of the Wagon Automotive Nagold Lease Agreement and clause 15.1 of the Wagon Automotive Lease Agreement.

Material Lease Default means a Lease Default under Sections 14(a), 14(b) or 14(e) of the Lease.

Material Lease Default means any Lease Default (as hereinafter defined) other than a Lease Default resulting pursuant to Section XVII(a)(3) of this Agreement.

Material Lease Default means any of the following: (1) any "Event of Default" under and as defined in the Land Lease, including any such Event of Default consisting of a failure of NAI to comply with the requirements of Exhibit I attached to the Land Lease; and (a) any failure of NAI to make any payment required by and when first due under the Land Lease, regardless of whether any period provided in the Land Lease for the cure of such failure by NAI shall have expired, and (b) any other default, event or condition which would, with the giving of any requisite notices and the passage of any requisite periods of time, constitute an "Event of Default" under and as defined in the Land Lease, if such other default, event or failure involves a material noncompliance with Applicable Law. (For purposes of this definition, "material" noncompliance with Applicable Law will include any noncompliance, the correction of which has been requested by a governmental authority, or because of which a threat of action against the Property or BNPLC has been asserted by a governmental authority.)

Material Lease Default means a Lease Default as described in Section 9.1(a), (e), (f) or (m) of the Lease.