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.".
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.
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).
As soon as practicable following the execution of this Agreement, Target shall use its best efforts to (i) cause the 000 Xxxxxx Xxxxxx Lease Agreement to be terminated in all respects at a cost to Target in an amount less than $8,644,000 or (ii) enter into a Qualified Sublease.
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.
More Definitions of Qualified Sublease
Qualified Sublease means a Landlord approved (or deemed approved) sublease that: (a) is for space with a rentable area of at least ten thousand (10,000) rentable square feet; (b) is for space which has a separate entrance; (c) leaves the balance of the Premises as a reasonably, commercially viable and leasable unit; (d) with respect to the use, maintenance and operation of the subleased premises, imposes upon sublessee substantially all of the duties and liabilities imposed upon Tenant under this Lease (adjusted for the size, location, and configuration of the subleased space); and (e) obligates sublessee to pay with respect to the subleased premises, taxes, utilities, and all other charges paid by Tenant with respect to the Leased Premises under this Lease. The Sublessee Recognition Agreement shall provide that in the event this Lease is terminated for any reason, if no default exists under the sublease (beyond applicable notice and cure periods), then such sublease and the rights of the sublessee thereunder shall not be disturbed by Landlord but shall continue in full force and effect so long as such sublessee shall continue to observe and perform all of its obligations under such sublease. Such sublessee shall attorn to Landlord, including the payment to Landlord of the Basic Monthly Rent and Additional Rent equal (on a per rentable square foot basis) to that provided for in this Lease. Such sublease shall become a direct lease between Landlord and such sublessee and those parties will execute and deliver any further reasonable documents at such time to more fully effectuate the foregoing. Notwithstanding the foregoing, in the event of any such attornment, Landlord shall not be: (i) liable for any previous act or omission by Tenant under any such sublease not then continuing; (ii) subject to any offset of rent that shall thereunto have accrued to any such sublessee against Tenant not specifically provided for in the Sublease; (iii) bound by any previous prepayment of rent made by any such sublessee to Tenant for more than the current month; or (iv) liable to any such sublessee for any security deposit made by any such sublessee to Tenant unless Tenant pays such security deposit over to Landlord.
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 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 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 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.
Qualified Sublease means a sublease (i) demising the entire Premises, (ii) having a monthly rent not less than the Rental which would be due for the equivalent time period pursuant to this Lease, or, if less, such subtenant agrees in the Subtenant Nondisturbance Agreement that if this Lease is terminated by reason of Tenant’s default under such sublease will be increased accordingly, and (iii) having an original term of not less than five (5) years.