Qualified Sublease shall be any absolute net sublease (that is, a subleases that requires the uninterrupted payment of rent without offset or diminution, that confers all rights to condemnation awards [other than a separate award for moving expenses and subtenant's fixtures] upon the sublessor, and that places no obligations upon the sublessor thereunder other than those of the type placed upon Landlord hereunder) of the entire Project with a subtenant whose creditworthiness is reasonably acceptable to Landlord and pursuant to which the subtenant thereunder is required to fulfill all of the obligations of Tenant hereunder, including, without limitation, payment of rent which shall at all times be equal to or greater than the rent which Tenant is required to pay hereunder.
Qualified Sublease will have the meaning set forth in Section 13.9.
Qualified Sublease means a sublease which is executed after the date hereof with a subtenant who is a person or entity which has a credit rating or creditworthiness (taking into account any security deposit, letter of credit or other credit enhancement provided by such subtenant) which is reasonably acceptable to Landlord and any Mortgagee of Landlord.
Examples of Qualified Sublease in a sentence
Any Subtenant under a Qualified Sublease, as defined below, is a "Qualified Subtenant.".
Tenant shall, upon request of Landlord and as a condition to Landlord executing a Lease Recognition Agreement, submit to Landlord sufficient information to enable Landlord to verify that the sublease for which a Lease Recognition Agreement is being requested is a Qualified Sublease.
Landlord agrees, upon request of Tenant, to execute and deliver a lease recognition and non-disturbance agreement in form and substance reasonably satisfactory to Landlord (“Lease Recognition Agreement”) with respect to each Qualified Sublease (as hereinafter defined).
In connection with any Qualified Sublease, notwithstanding anything to the contrary in this Lease, Tenant may, pursuant to a separate written agreement, subsidize the payment of rent due under any Qualified Sublease, or provide to any subtenant/assignee under a Qualified Sublease such other rental concessions as Tenant and such subtenant/assignee may agree (provided, however, that no such rental concession shall be enforceable against Landlord).
Acquiror shall have received written evidence to its satisfaction that the 000 Xxxxxx Xxxxxx Lease Agreement shall have been terminated in all respects with no continuing obligation of Target thereunder and shall have received a written release of all claims with respect to such lease, in form reasonably satisfactory to Acquiror, executed by the Landlord in favor of Target, or, alternatively, Target shall have entered into a Qualified Sublease.
More Definitions of Qualified Sublease
Qualified Sublease means any sublease which (A) demises all of the leasable area on a Premises Floor (it being understood that such sublease may demise other space in addition thereto), (B) has an initial term of five (5) years or more (it being agreed that, for purposes of this clause (B) only, the "initial term" of a sublease shall be the initial term thereof, excluding any period within such initial term during which the subtenant under such sublease is an Affiliate of Tenant), (C) provides that if the subtenant under such sublease shall desire to assign its sublease or undersublease the whole or any portion of its sublease premises (other than as contemplated in subsections (2) and (3) of Section 7.13(d)), then Tenant and the subtenant shall jointly notify Landlord of the subtenant's desire, which notification shall be given prior to the subtenant either marketing its sublease for assignment or its sublease premises or any part thereof for undersubletting, or otherwise considering offers therefor, (D) sets forth the provisions of Section 7.11 hereof, mutatis mutandis, with respect to the assignment of the sublease (other than an assignment or deemed assignment contemplated by the provisions described in Section 7.13(d)(2) hereof) and the undersubletting of all or a part of the sublease premises (other than an undersubletting contemplated by the provisions described Section 7.13(d)(3) hereof), such that Tenant shall be entitled to receive from the subtenant (I) the same portion of the consideration paid to the subtenant on account of an assignment of the sublease that Landlord is entitled to receive under Section 7.11(b) hereof from Tenant on account of an assignment of this lease, and (II) the same portion of the rent and other consideration paid to the subtenant on account of an undersubletting that Landlord is entitled to receive under Section 7.11(c) hereof from Tenant on account of a sublease of all or a part of the Premises, and (E) provides that any and all of the rights of Tenant, as sublandlord, under the provisions of the sublease described in clause (D) above shall be assignable by Tenant to Landlord at any time and from time to time.
Qualified Sublease means a written sublease with a Qualified Subtenant that: (a) is in a commercially reasonable form; (b) includes provisions referencing this Lease and requiring the Qualified Subtenant to abide by all provisions of this Lease that would customarily apply to subtenants in the context of a sublease of a commercial building;
Qualified Sublease shall be any sublease of all of the Leased Premises, pursuant to which the subtenant thereunder had, at the time such sublease was entered into, a Standard & Poor's rating of BB, or higher, or a Xxxxx'x rating of Ba, or higher (or equivalent rating of any other nationally recognized statistical rating organization), such sublease to be on the terms and conditions of this Lease (except the Basic Rent or Additional Rent (or both) may be higher), and for a term not to exceed the Term of this Lease, (and if any such Qualified Sublease shall include all or part of any Renewal Term or Renewal Terms, then Tenant shall be conclusively deemed to have irrevocably waived the right to issue a Renewal Term Cancellation Notice as to such Renewal Term or Renewal Terms, which waiver Tenant will confirm in writing to Landlord if requested to do so, except that if thereafter such Qualified Sublease shall terminate prior to its original term and on or before the last day as of which Tenant would otherwise be entitled to issue a Renewal Term Cancellation Notice as to any Renewal Term originally included within the term of such Qualified Sublease, then Tenant's right to issue a Renewal Term Cancellation Notice as to such Renewal Term and all subsequent Renewal Terms originally falling within the term of such Qualified Sublease shall be reinstated in accordance with the terms of this Lease).
Qualified Sublease means any sublease (i) of all of the Leased Premises, (ii) pursuant to which the subtenant thereunder had, at the time such sublease was entered into, either a Standard & Poors rating of BBB or better or a net worth equal to or greater than $300,000,000, (iii) that is on the terms and conditions of this Lease (except that Basic Rent or Additional Rent (or both) may be higher), (iv) for a term not to exceed the Term of this Lease (and if any such Qualified Sublease includes all or part of any Renewal Term or Renewal Terms, then Tenant will be conclusively deemed to have irrevocably waived the right to issue a Renewal Term Cancellation Notice as to such Renewal Term or Renewal Terms, which waiver Tenant will confirm in writing to Landlord if requested to do so), (v) at fair market rents, confirmed by an appraisal or a broker's certification, and (vi) providing that such subtenant may not assign or further sublease the Leased Premises.
Qualified Sublease means a sublease (A) the rentable square footage of which, when aggregated with the rentable square footage of all other subleases then in effect, exceeds 55,500 rentable square feet and (B) that is for a term (taking into account any renewal options contained in such sublease) that constitutes more than fifty percent (50%) of the then remaining Term of this Lease.
Qualified Sublease means any sublease which (A) demises an area in excess of 16,350 rentable square feet, (B) has an initial term of five (5) years or more (it being agreed that, for purposes of this clause (B) only, the "initial term" of a sublease shall be the initial term thereof, excluding any period within such initial term during which the subtenant under such sublease is an Affiliate of Tenant), (C) provides that if the subtenant under such sublease shall desire to assign its sublease or undersublease the whole or any portion of its sublease premises (other than as contemplated in subsections (2) and (3) of Section 7.13(d)), then Tenant and the subtenant shall jointly notify Landlord of the subtenant's desire, which notification shall be given prior to the subtenant either marketing its sublease for assignment or its sublease premises or any part thereof for undersubletting, or otherwise considering offers therefor, (D) sets forth the provisions of Section 7.11 hereof, mutatis mutandis, with respect to the assignment of the sublease (other than an assignment or deemed assignment contemplated by the provisions described in Section 7.13(d)(2) hereof) and the undersubletting of all or a part of the sublease premises (other than an undersubletting contemplated by the provisions described in Section 7.13(d)(3) hereof), such that Tenant shall be entitled to receive from the subtenant (I) the same portion of the consideration paid to the subtenant on account of an assignment of the sublease that Landlord is entitled to receive under Section 7.11(b) hereof from Tenant on account of an assignment of this lease, and (II) the same portion of the rent and other consideration paid to the subtenant on account of an undersubletting that Landlord is entitled to receive under Section 7.11(c) hereof from Tenant on account of a sublease of all or a part of the Premises, and (E) provides that any and all of the rights of Tenant, as sublandlord, under the provisions of the sublease described in clause (D) above shall be assignable by Tenant to Landlord at any time and from time to time.
Qualified Sublease means a sublease meeting all of the following criteria: (a) the space sublet contains at least one (1) full floor of the Premises, (b) the sublease term is for all or substantially all of the then-remaining Term (including any previously exercised Renewal Terms), (c) the space sublet, as well as the balance of the space in the Premises shall each be marketable units, as reasonably determined by Landlord, and otherwise in compliance with all Laws, (d) the subtenant is obligated to attorn to Landlord in accordance with the provisions of the sublease in accordance with the terms of this 10.06 in the event of a termination of this Lease, (e) the Qualified Sublease shall provide that, except with respect to the scope of the sublet space and the rent payable on such sublet space, in the event of any conflict between the terms and conditions of the Qualified Sublease and this Lease, the terms and conditions of Lease shall control; provided, however the Qualified Sublease shall not include Tenant’s rights under this Lease with respect to Tenant’s Exclusive Use as set forth in Section 7.04, Tenant’s right to self-insure as set forth in Section 16.06, the Expansion Option as set forth in Section 26.25(a), the Reduction Option as set forth in Section 26.25(b), the Surrender Option as set forth in Section 26.28, and the Right of First Refusal as set forth in Section 26.30, and (g) the subtenant under such sublease meets Landlord’s then-current underwriting standards for new leases of comparable size and length of term. All of Landlord’s reasonable expenses (including reasonable attorneys’ fees) in reviewing and executing any such non-disturbance and attornment agreement shall be paid by Tenant or such subtenant.