Qualified Leases. The parties intend that all payments made to Landlord under this Lease will qualify as rents from real property for purposes of Sections 512(b)(3) and 856(d) of the Internal Revenue Code of 1986, as amended (“Qualified Rents”). If Landlord, in its sole discretion, advises Tenant that there is any risk that all or part of any payments made under this Lease will not qualify as Qualified Rents, Tenant agrees (i) to cooperate with landlord to restructure this Lease in such manner as may be necessary to enable such payments to be treated as Qualified Rents, and (ii) to permit an assignment of this Lease, in each case provided such restructuring or assignment will not have a material economic impact on Tenant.
Qualified Leases. (a) Each Obligor shall (i) promptly perform and fulfill, or cause to be performed and fulfilled, each and every material term and provision of such Obligor's obligations under any Qualified Lease relating to a Borrowing Base Property, (ii) give to the Administrative Agent a duplicate notice of default of each default by any lessee under any such Qualified Lease, (iii) cause each Qualified Lease executed after the date hereof to require the lessee thereunder to agree to give to the Administrative Agent written notice of each and every notice of default given by such lessee to such Obligor under its respective Qualified Lease and (iv) enforce each material covenant or obligation of any such Qualified Lease in accordance with its terms.
Qualified Leases. At any time prior to the Closing Date, Seller may cause Southwest to enter into one or more Qualified Leases (as such term is defined in the Master Lease described in SCHEDULE 1 attached hereto and made a part hereof) with respect to any space covered by the Master Lease in the Southwest Project, upon the terms and conditions set forth in the Master Lease, without the consent of Purchaser. In the event that any Acceleration Payment (as such term is defined in the Master Lease) is due from Seller or a Subsidiary to the Tenant under the Master Lease with respect to any Qualified Lease, or to the extent that the landlord under the Master Lease is responsible to pay a portion of the leasing commissions with respect to a Qualified Lease that is executed between the date hereof and the Closing Date, Purchaser shall pay Seller the amount of such payments at Closing. In the event that any Release Payment (as such term is defined in the Master Lease) is received by Seller or a Subsidiary from the Tenant under the Master Lease with respect to any Qualified Lease, Seller shall provide a credit at closing to Purchaser for such payment to the extent not in reimbursement of Seller's out-of-pocket costs or other expenses for which Seller remains responsible. Seller shall furnish Purchaser, on or before the earlier of (i) three (3) business days following execution thereof, or (ii) the Closing Date, with a true and complete copy of each Qualified Lease executed by a Subsidiary and the Tenant under such Qualified Lease.
Qualified Leases. Landlord intends that all payments made to Landlord under this Lease will qualify as rents from real property for purposes of Section 512(b)(3) of the Internal Revenue Code of 1986, as amended (“Qualified Rents”). If Landlord, in its reasonable discretion, advises Tenant that there is any material risk that all or a material part of any payments made to Landlord under this Lease will not qualify as Qualified Rents, Tenant agrees (i) to cooperate with Landlord to restructure this Lease in such manner as may be necessary to enable such payments to be treated as Qualified Rents, provided such restructuring or assignment will not have an economic impact on Tenant or any of its rights or obligations under this Lease. Landlord agrees to promptly reimburse Tenant for all reasonable costs incurred by Tenant in connection with Tenant’s cooperation pursuant to the foregoing.
Qualified Leases. A Qualified Lease shall be a Lease with respect to the occupancy of the Project which satisfies each of the following requirements: (i) such Lease is an arm’s-length transaction with a Person not related to or an Affiliate of Borrower or any owner of Borrower or any Person owning a direct or a 5% or greater indirect interest in Borrower; (ii) the annual rent payable under such Lease is not less than ninety five percent (95%) of the pro forma rental rates in the Appraisal for the Project approved by Agent; (iii) such Lease shall have a minimum term of no less than seven (7) years; (iv) the tenant improvement allowance shall be a commercially reasonable amount; (v) such Lease shall be on the form approved by Agent or otherwise approved by Agent or the Required Lenders as required by this Agreement; (vi) such Lease shall be in full force and effect and no default by Borrower, a Tenant or any guarantor shall exist under such Lease which has not been cured within any applicable notice and cure period; and (vii) such Tenant and any guarantor of such Lease shall not be subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation proceeding.
Qualified Leases. At any time prior to the Closing Date, ORE TX may enter into one or more Qualified Leases (as such term is defined in the Existing Master Lease) with respect to any space covered by the Existing Master Lease in the Crystal Park Project, upon the terms and conditions set forth in the Existing Master Lease. If ORE TX becomes aware of a proposed Qualified Lease, ORE TX shall submit the proposed Qualified Lease to Purchaser, and Purchaser shall have the same review and approval rights for such proposed Qualified Lease that are given to the Landlord under the Existing Master Lease. In the event that any Acceleration Payment (as such term is defined in the Existing Master Lease) is due from ORE TX to the tenant under the Existing Master Lease with respect to any Qualified Lease that is executed between the date hereof and the Closing Date, or to the extent that ORE TX is responsible to pay a portion of the leasing commissions or tenant improvement costs with respect to a Qualified Lease that is executed between the date hereof and the Closing Date, Purchaser shall pay such amount to the tenant under the Existing Master Lease at Closing, or, if ORE TX has previously paid such amounts prior to Closing, Purchaser shall reimburse ORE TX for such payment at Closing. In the event that any Release Payment (as such term is defined in the Existing Master Lease) is received by ORE TX from the tenant under the Existing Master Lease with respect to any Qualified Lease executed between the date hereof and the Closing Date, ORE TX shall provide a credit at Closing to Purchaser for such payment. ORE TX shall furnish Purchaser, on or before the earlier of (i) three (3) business days following execution thereof, or (ii) the Closing Date, with a true and complete copy of each Qualified Lease executed by ORE TX and the tenant under such Qualified Lease from and after the date hereof through the Closing Date.
Qualified Leases. Paging and each of the Underlying Borrowers which are Licensees for a System or Contiguous System shall enter into, and shall provide Borrower and CoBank with copies of Qualified Leases for all sites leased by Paging or such Underlying Borrowers on which equipment being used in the operation of the System, Paging System or Contiguous System is to be located.
Qualified Leases. The Phase I Purchase Agreement is hereby amended by deleting the first sentence of Section 7.1.11 thereof in its entirety and inserting the following sentence in lieu thereof: "On or before the Closing, at least 86% of the Property shall have been leased pursuant to Qualified Leases."
