Approved Sublease definition
Approved Sublease. Any sublease of the Property approved by the Master Tenant.
Approved Sublease means the Aircraft Sublease made and entered into as of the 24th day of May, 2005 by and between World Travel and Las Vegas Jet, LLC (the "Aircraft Sublease"), or any other lease between World Travel, or any Affiliate of World Travel, substantially in the form of the Aircraft Sublease.
Approved Sublease means a sublease of less than thirty percent (30%) (or thirty percent (30%) calculated in the aggregate all subleases) of the Building so long as the following conditions are satisfied: (i) no Material Event of Default has occurred and is continuing, (ii) the use of the Project by such subtenant shall be limited to the Permitted Use, (iii) such sublease complies with one (1) or more of the following: (A) a sublease to an entity wholly owned or controlled by Tenant, (B) a sublease to a party or parties conducting business as a supplier, distributor or otherwise with respect to Tenant's activities at the Project, and for a term not to exceed ninety (90) days, or (C) the proposed sublessee is of sound financial condition, (iv) the activities of such subtenant at the Project shall be limited to uses not detrimental to the Project, (v) Tenant has not previously assigned this Lease or its rights hereunder, and (vi) the term of the sublease is shorter than the then remaining Lease Term. If Tenant desires to assign this Lease or sublet any or all of the Project, Tenant shall give Landlord written notice forty-five (45) days prior to the anticipated effective date of the assignment or sublease. Landlord shall then have a period of thirty (30) days following receipt of such notice and the information required hereunder to notify Tenant in writing that Landlord elects to either (x) refuse to consent to the proposed assignment or sublease, or (y) permit Tenant to assign this Lease or sublet such space, except that Landlord may not refuse to consent to an Approved Sublease. If Landlord should fail to notify Tenant in writing of such election within said period, Landlord shall be deemed to have waived option (x) above. Prior to the effective date of any assignment or sublease (whether or not permitted hereunder), Tenant shall furnish to Landlord true, correct and complete copies of all documents, instruments and other information executed or delivered in connection therewith.
Examples of Approved Sublease in a sentence
If so requested by Landlord, Tenant shall deliver to Landlord, a statement in reasonable detail itemizing Tenant’s sublease improvement expenditures to the Sublet Space and such other and further information and documentation regarding the Cost Approved Sublease as Landlord shall reasonably request.
Master Tenant must take commercially reasonable efforts to, or must take commercially reasonable efforts to cause Approved Subtenant, at all times during the Term and, at Master Tenant’s or Approved Subtenant’s sole cost and expense, keep the Premises (including landscaping, , driveways , paths, sidewalks and walkways upon the Premises) in such condition and repair as required by the Approved Sublease.
All conditions to the effectiveness or continuing effectiveness thereof required to be satisfied as of all times during the term of the Approved Sublease and any other leases.
Landlord hereby assigns to Master Tenant any and all rights, titles and interests of Landlord in and to any such insurance proceeds, and any Fee Loan Documents and Approved Sublease must allow same.
The requirements of the Approved Sublease as to such repair and maintenance shall be the standard hereunder for the Master Tenant or Approved Subtenant; or if there is no such standard specified in the Approved Sublease, then such repairs and maintenance standard shall be determined by Master Tenant, in its sole and absolute discretion.
More Definitions of Approved Sublease
Approved Sublease shall have the meaning set forth in Section 10.5(e).
Approved Sublease means any lease or sublease of all or any portion of the Wacker Space which either (i) has been approved in writin▇ ▇▇ ▇he Mezzanine Lender and the Senior Agent, or (ii) meets all of the following criteria:
(A) is co-terminus with the expiration date of the Wacker Lease (as that expiration date may ▇▇▇▇ been extended pursuant to Article 34 of the Wacker Lease at the time such lease or sublease is executed);
(B) satisfies all of the requirements of Article 20 of the Wacker Lease;
(C) is to a tena▇▇ ▇▇at either (1) has a net worth (on a GAAP basis) of no less than five (5) times the annual gross rent payable under such sublease and an operating cash flow for the prior calendar year of no less than two (2) times the annual gross rent payable under such sublease, or provides an unconditional guaranty of all of the obligations of such tenant under such sublease from an entity which satisfies the conditions set out in the foregoing clause (1), or (2) provides a cash security deposit or an Acceptable Form Letter of Credit (as hereinafter defined) from an entity reasonably acceptable to Mezzanine Lender and Senior Agent in an amount equal to or greater than one full year of gross rent under such sublease. "Acceptable Form Letter of Credit" shall mean an irrevocable letter of credit which provides by its terms that either (x) such letter of credit shall be automatically renewed (no more frequently than annually) during the entire term of the Approved Sublease or (y) such letter of credit may be drawn upon if a replacement letter of credit is not provided at least 30 days in advance of its expiration date, and is in all other respects reasonably satisfactory to Mezzanine Lender and Senior Agent;
Approved Sublease a sublease by a Major Tenant of up to 15% of the Property on fair market terms for a term of not less than 3 years.
Approved Sublease means (i) the Roof Sublease dated as of November 15, 2023 between the Borrower, as sublessor and Solar Communities, Inc., as sublessee and (ii) any other sublease relating to the Project or all or any portion of the Collateral (or any component thereof) which sublease shall be (x) permitted under the Ground Lease, (y) subject and subordinate to the Security Agreement and (z) consented to in writing by EXIM Bank in its sole discretion.
Approved Sublease. Those certain subleases for the Premises by and between Tenant and each Subtenant, the form of which is attached hereto as Exhibit D.
Approved Sublease means a sublease of all or part of the Premises or the Improvements made by Tenant to a subtenant, which sublease and all amendments thereto shall have been submitted to and approved in writing by Landlord, which approval shall not be unreasonably withheld or delayed provided (a) the sublease complies with all conditions of paragraph (e) of Section 14.01 hereof and (b) the rent is commercially reasonable and (c) no additional obligations are imposed on the Landlord and (d) there is no reduction of the Tenant's or subtenant's obligations.
Approved Sublease means any sublease entered into by the Lessee with respect to any Property or portion thereof if either (i) such sublease satisfies the Non-Disturbance Criteria or (ii) the rent under the sublease, the tenant improvement allowances thereunder and the other material economic and non-economic terms of such sublease were approved in writing by the Lessor; it being understood that it shall be in the Lessor's sole discretion as to whether it shall approve the material terms of any sublease.