Material Sublease definition

Material Sublease means any Sublease to a single Tenant covering the lesser of (a) 40,000 or more or (b) more than 50% of the square feet of rentable area of any Individual Property, including, without limitation, the Material Sublease (including all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof.

Material Sublease means: (i) each Individual Property Sublease; (ii) any Sublease to a single Tenant covering 10,000 square feet or more of rentable area of any Individual Property; and (iii) the Material Subleases (including all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof.

Examples of Material Sublease in a sentence

Tenant shall furnish Landlord with a copy of each Material Sublease that Tenant enters into promptly following the making thereof (irrespective of whether Landlord’s prior approval was required therefor).
No Rent under any Material Sublease has been paid more than one (1) month in advance of its due date, except as disclosed on Schedule I.
In the event of any assignment of the Lease by Tenant (other than a Permitted Transfer) or a Material Sublease (as defined below) by Tenant (other than a Permitted Transfer), the option to renew shall be extinguished.
Furthermore, any Material Sublease or other agreement regarding a Transfer shall expressly provide that the Occupant, assignee, manager or other transferee shall furnish Lessor with such financial, operational and other information about the physical condition of the applicable Facility, including the information required by Section 25.1.2 herein, as Lessor may request from time to time.
In the event that Lessor shall not require such attornment with respect to any Material Sublease, then such Material Sublease shall automatically terminate upon the expiration or earlier termination of this Lease, including any early termination by mutual agreement of Lessor and Lessee.

More Definitions of Material Sublease

Material Sublease. A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at the Facility) under which (i) the monthly rent and/or fees and other payments payable by the Subtenant (or manager) exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month or (ii) such tenant Subleases the entire Facility to the extent permitted pursuant to Section 22.3(v).

Material Sublease. With respect to any Facility, one or more Commercial Occupancy Arrangements between Lessee and any Person and/or its Affiliates with respect to 5,000 or more square feet of space (in the aggregate) at such Facility, excluding (i) those existing subleases described on Schedule 3 hereto (provided that such subleases shall be deemed to cover all of the space at the applicable Facilities which is permitted to be subleased without the same constituting a Material Sublease), (ii) Permitted Subleases, and (iii) the OpCo Subleases, all of which are permitted hereunder without further consent by Lessor.

Material Sublease means, during any Low LCR Cash Sweep Period, any Sublease to a single Tenant covering more than 50,000 rentable square feet at any Individual Property.

Material Sublease. Any Sublease (but not including any Concept Sublease or RLP Sublease) to a single Tenant covering the lesser of (a) 3,000 or more square feet or (b) more than 50% of the square feet, in either case, of the rentable area of the improvements located on any individual Leased Property.”

Material Sublease. A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at a Facility) under which the monthly rent and/or fees and other payments payable by the Subtenant (or manager) exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month. “Minimum Cap Ex Amount”: The Initial Minimum Cap Ex Amount and the Annual Minimum Building and Improvement Cap Ex Amount, as applicable. “Minimum Cap Ex Requirements”: The Initial Minimum Cap Ex Requirement and the Annual Minimum Cap Ex Building and Improvement Requirement, as applicable. “Net Revenue”: The net sum of the following, without duplication, over the applicable time period of measurement: (i) the amount received by Tenant (and its Subsidiaries) from patrons at the Facility for gaming, less, (A) to the extent otherwise included in the calculation of Net Revenue, refunds and free promotional play provided pursuant to a rewards, marketing, and/or frequent users program (including rewards granted by Affiliates of Tenant) and (B) amounts returned to patrons through winnings at the Facility (the net amount described in this clause (i), “Gaming Revenues”); plus (ii) the gross receipts of Tenant (and its Subsidiaries) for all goods and merchandise sold, room revenues derived from hotel operations, food and beverages sold, the charges for all services performed, or any other revenues generated by or otherwise payable to Tenant (and its Subsidiaries) (including, without limitation, use fees, retail and commercial rent, revenue from rooms, accommodations, food and beverage, and the proceeds of business interruption insurance) in, at or from the Facility for cash, credit or otherwise (without reserve or deduction for uncollected amounts), but excluding pass-through revenues collected by Tenant to the extent such amounts are remitted to the applicable third party entitled thereto (the net amounts described in this clause (ii), “Retail Sales”); less

Material Sublease means a Sublease that generates $15,000 per year or more in revenue for a Property.

Material Sublease means a sublease (i) whose term (including all extensions and renewals thereof, regardless of whether or not the right or the option to so extend or renew is exercised) is to end on a date that is during the last two (2) years of the Term, and (ii) where the aggregate area of the Premises that is to be covered by such sublease (including all portions of the Premises which the prospective subtenant may sublease pursuant to any rights or options set forth in the sublease or otherwise, regardless of whether or not such rights or options are exercised) comprises seventy-five (75%) percent (or more) of the RSF of the Premises, including (A) the aggregate area of the Premises covered by all other subleases and other occupancy agreements then in effect (regardless of whether or not the terms thereof have commenced), including all portions of the Premises which the subtenant or other occupant under such subleases or other occupancy agreements then in effect may sublease or occupy pursuant to any rights or options set forth in its sublease, occupancy agreement or otherwise, regardless of whether or not such rights or options are exercised, and (B) the aggregate area of the Premises covered by all other subleases theretofore submitted to Landlord for approval, which such approval is pending, including all portions of the Premises which the prospective subtenant may sublease pursuant to any rights or options set forth in its proposed sublease, regardless of whether or not such rights or options are exercised. In determining whether a sublease is a Material Sublease, the portions of the Premises covered by the sublease in question, including the portions of the Premises described in clauses “(A)” and “(B)” of the preceding sentence, shall not be counted more than one (1) time. Such other subleases and other occupancy agreements then in effect, if any, are herein referred to as the “Existing Subleases” and such pending subleases are herein referred to as the “Pending Subleases.”

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