In Periphery Loungewear v. Kantron Roofing Corp., 190 AD2d 457 (1st Dept 1993) tenant plaintiff sued the landlord to recover business interruption losses in connection with a water leak due to heavy rain. Id. at 459. Pursuant to the lease, the tenant obtained insurance coverage for "property damage" but not for losses due to business interruption. Id. The landlord moved to dismiss, basing its arguments upon the waiver of subrogation clause and the exclusion from business interruption loss provision of the lease. Id. at 460. As a threshold matter, the Court noted that while General Obligations Law deems any agreement exempting a landlord from liability for its own negligence as void and unenforceable, absent an indication of overreaching, a waiver of subrogation provision has been upheld as valid and enforceable. Id. The Court then noted that, while "property damage" was not defined in the lease, "it has a well understood meaning with respect to insurance coverage as referring to tangible property rather than intangible property rights such as business interruption." Id. Hence, the court found inapplicable the waiver of subrogation clause to a claim for business interruption. Id. at 461. The court next found that the business loss exclusion provision of the lease, "on its face and by its plain meaning," barred the plaintiff's claim for losses due to business interruption. Id.