5Protected leases and protected lessees

5 Protected leases and protected lessees

(1)  For the purposes of this Act, a lease is a protected lease at a time if –

(a) the lease is a commercial lease; and

(b) the time is any time, during the financial hardship period, after which the lessee has become –

(i) an eligible person; or

(ii) a member of a class of persons that is prescribed –

whether or not subparagraph (i) or (ii) ceases to apply to the person during the financial hardship period.

(2)  Despite subsection (1) , a lease is not a protected lease if it is a lease, or a member of a class of leases, that is prescribed for the purposes of this subsection.

(3)  Despite subsection (1) , a lease ceases to be a protected lease when, in accordance with any regulations, including regulations for the purposes of subsection (2) or section 4 , the lease ceases to be a protected lease or the lessee in relation to the lease ceases to be a protected lessee.