Major Lease shall have the meaning assigned to such term in the Mortgage Loan Agreement.
Major Lease means any of the following: (a) with respect to any Individual Property, any Lease (i) covering in excess of forty thousand (40,000) net rentable square feet at such Individual Property or (ii) made with a tenant that is a tenant under another Lease at such Individual Property (or with a tenant that is an Affiliate of a tenant under another Lease at such Individual Property) if any such Leases, together, cover in excess of forty thousand (40,000) net rentable square feet or more at such Individual Property, (b) any Lease of space at any Individual Property with an Affiliate of Mortgage Borrower, or (c) any Lease that is not the result of arm’s-length negotiations; provided, however, that the Operating Lease shall not constitute a Major Lease for purposes of this Agreement.
Major Lease means as to each Individual Property, other than any Operating Lease (i) any Lease which, individually or when aggregated with all other leases at any Individual Property with the same Tenant or its Affiliate demises 10,000 square feet or more of such Individual Property’s gross leasable area, (ii) any Lease which contains any option, offer, right of first refusal or other similar entitlement to acquire all or any portion of any Individual Property, (iii) any Lease under which the Tenant is an Affiliate of Mortgage Borrower or Guarantor or (iv) any instrument guaranteeing or providing credit support for any Lease meeting the requirements of (i), (ii) or (iii) above.
Examples of Major Lease in a sentence
Deemed Approval after 5 Business Days.” and if Administrative Agent or the Required Lenders continue to fail to approve, expressly disapprove or provide comments to such proposed Major Lease (or material amendment thereof) subsequent to Borrower’s delivery of a second notice within five (5) Business Days, then such proposed Major Lease (or material amendment thereof) shall be deemed approved.
More Definitions of Major Lease
Major Lease means as to any Individual Property (i) any Lease which, individually or when aggregated with all other leases at the related Individual Property with the same Tenant or its Affiliate, accounts for greater than 10,000 rentable square feet or (ii) any Lease which contains any option, offer, right of first refusal or other similar entitlement to acquire all or any portion of the related Individual Property, or (iii) any instrument guaranteeing or providing credit support for any Lease meeting the requirements of (i) or (ii) above.
Major Lease means any Lease (i) covering more than 5,000 square feet at the Property, (ii) made with a Tenant that is a Tenant under another Lease at the Property or that is an Affiliate of any other Tenant under a Lease at the Property, if the Leases together cover more than 7,500 square feet, (iii) made with a Tenant that is paying base rent in an amount equal to or exceeding three percent (3)% of the Gross Income from Operations, or (iv) any other Tenant under a Lease at the Property identified by Lender as an “major tenant” of the Property.
Major Lease means any Lease (a) with respect to more than 15% of the net rentable space of the Property, or (b) under which Borrower’s obligation as to the cost of tenant improvements exceeds 130% of the estimated tenant improvement allowance (per rentable square foot) as set forth in the then most recent Appraisal, or (c) under which the (Net Effective Rental Rate) is less than 85% of the amount assumed for such Lease estimated effective in the then most recent Appraisal.
Major Lease means (i) any Lease for space in any Borrowing Base Property (x) in excess of 25,000 rentable square feet, or (y) in excess of 15,000 rentable square feet and in excess of ten percent (10%) of the rentable square footage of such Borrowing Base Property, or (ii) any Lease with a tenant who is a tenant in more than one Borrowing Base Property and who leases 25,000 or more rentable square feet, in the aggregate, in all Borrowing Base Properties.
Major Lease means any Lease between Borrower as landlord and a third party as tenant demising in the aggregate more than the lesser of (i) 15,000 rentable square feet or (ii) fifteen percent (15%) of the total rentable square feet at the Property.
Major Lease means any Lease which together with all other Leases to the same tenant and to all Affiliates of such tenant, (i) provides for rental income representing ten percent (10%) or more of the total rental income for the applicable Individual Property; or (ii) covers (A) ten percent (10%) or more, or (B) 4,000 square feet or more, of the total leaseable area of the related Individual Property.
Major Lease means any Lease which a. either individually, or when taken together with any other Lease with the same Tenant or its Affiliates, and assuming the exercise of all expansion rights and preferential rights to lease additional space contained in such Lease, is expected to cover more than 5,000 rentable square feet at any Individual Property, and is otherwise a Lease that is not permitted pursuant to the terms of the Approved Annual Budget, b. contains an option or preferential right to purchase all or any portion of any Individual Property, or c. is with an Affiliate of Borrower as Tenant.