Qualified Subtenant definition

Qualified Subtenant means a subtenant under the sublease entered into in accordance with the terms hereof which (i) has an investment rating of BBB or better from S&P (or an equivalent rating or shadow rating from another nationally recognized statistical rating organization) or (ii) at the time of the proposed sublease is a reputable, creditworthy subtenant, as determined by Lender and meets or exceeds a corporate EBITDAR Ratio of 1.25:1.00 or (iii) has a corporate GAAP net worth of at least equal to $25,000,000.00; provided, however, that the foregoing conditions may be satisfied by a Person that guarantees the lease obligations of the proposed subtenant.
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Qualified Subtenant means a Person whose business, as of the date the Person enters into a sublease with the Tenant, qualifies as an Independent Small Business that is: (a) a Locally Connected Business; or (b) a Non-Locally Connected Business that is deemed to be qualified under the Preference Test. A Person who meets the requirements of this Section will be deemed a Qualified Subtenant for the duration of his/her occupancy of the Leased Premises.
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Qualified Subtenant shall have the meaning set forth in Section 12.7(C) hereof.
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Examples of Qualified Subtenant in a sentence

  • Upon identifying a Qualified Subtenant, NACET shall provide written notice to the City in a form satisfactory to the City that includes the identity of the applicant subtenant, a detailed description of the proposed use of the portion of the Premises to be subleased, any hazardous or biological materials to be used or stored on the Premises, the desired term of the proposed sublease, and the subrent to be paid by the Subtenant in connection therewith.

  • Notwithstanding the foregoing, Landlord agrees to use commercially reasonable efforts in good faith to enter into an Affiliation Agreement with any Qualified Subtenant proposed by Tenant.

  • Any Subtenant under a Qualified Sublease, as defined below, is a "Qualified Subtenant.".

  • Notwithstanding the foregoing, the name and/or logo of the Exterior Signage shall be a single name and/or logo for which such Qualified Tenant or Qualified Subtenant, as applicable, is then, widely and publicly, known or identified, provided that such name and/or logo is not detrimental to the reputation or image of the Office Building as a first-class office building in Houston, Texas, as reasonably determined by Landlord.

  • Notwithstanding the foregoing, the name and/or logo of the Interior Building Signage shall be a single name and/or logo for which such Qualified Tenant or Qualified Subtenant, as applicable, is then, widely and publicly, known or identified, provided that such name and/or logo is not detrimental to the reputation or image of the Office Building as a first-class office building in Houston, Texas, as reasonably determined by Landlord.

  • Section 2.1. Subject to the terms of this Article 2, Tenant may use and occupy, and Tenant may permit a Permitted Occupant to use and occupy, the Premises as general, administrative, and executive offices, and uses incidental or ancillary thereto, and for no other purpose, except that Tenant shall have the right to permit a Qualified Subtenant to use the Lower Option Space for retail purposes as contemplated by Section 12.14 hereof.

  • Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the Group’s control.

  • In the event that Landlord exercises any such relocation right, then the applicable Qualified Subtenant shall be required to vacate and surrender such portion of the Subject Space, and to occupy such relocated space, no later than the expiration of such one hundred (120) day period.

  • Little, if any, time is spent developing conceptual understanding, connecting mathematical ideas, or engaging students in discussingmathematics.

  • Qualified Subtenant – means any Subtenant entering into a sublease with Tenant for the purpose of promoting scientific research and development or otherwise supporting the educational mission of Landlord.


More Definitions of Qualified Subtenant

Qualified Subtenant means a subtenant which (i) has gross revenues equal to not less than ten (10) times the aggregate rental
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Qualified Subtenant means, at the time of the proposed sublet, a proposed subtenant: (I) (A) that (i) meets or exceeds a corporate EBITDAR Ratio of 4:00:1.00; (ii) has total shareholder equity (as calculated pursuant to GAAP) of $500 Million, as reasonably determined by Lender; and (iii) has total assets (as calculated pursuant to GAAP) of $1 Billion, as reasonably determined by Lender; or (B) has an investment rating of BBB or better from S&P (or an equivalent rating or shadow rating from another nationally recognized statistical rating organization); and (II) that is under a proposed sublease that shall (i) provide for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such sublease is executed by Borrower, (ii) be an arms-length transaction with a bona fide, independent third party tenant, (iii) have substantially the same terms as the Operating Lease, including, but not limited to, the same remaining lease term, rent escalations, covenants, escrows and reserves, and financial reporting requirements, and (iv) contain no material provisions that benefit the subtenant, are unusual for a market sublease and are materially adverse to Borrower. For avoidance of doubt, the payment by Operating Tenant to a subtenant of a tenant allowance at the execution of the sublease shall not be considered unusual.
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Qualified Subtenant is a subtenant in possession under an existing sublease as to which the foregoing conditions have been met. No sublease shall relieve Tenant of any of its covenants or obligations under this Lease, including the Tenant’s obligation to pay Additional Rent where required by section 2.02, and any provision of a sublease purporting to do so shall be deemed a nullity as between Landlord and Tenant notwithstanding Landlord’s failure to object to the sublease.
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Related to Qualified Subtenant

  • Qualified Subsidiary means a Subsidiary that meets the definition of “a company controlled by its parent company” as defined in Rule 3a-5 under the 1940 Act.

  • qualified supplier means a supplier that a procuring entity recognises as having satisfied the conditions for participation;

  • Specified Subsidiary means, at any date of determination (a) any Material Subsidiary or (b) any Unrestricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 10% of the Consolidated Total Assets of the Borrower and the Subsidiaries at such date, or (ii) whose revenues during such Test Period were equal to or greater than 10% of the consolidated revenues of the Borrower and the Subsidiaries for such period, in each case determined in accordance with GAAP, and (c) each other Unrestricted Subsidiary that is the subject of an Event of Default under Section 11.5 and that, when such Subsidiary’s total assets or revenues are aggregated with the total assets or revenues, as applicable, of each other Subsidiary that is the subject of an Event of Default under Section 11.5 would constitute a Specified Subsidiary under clause (b) above.

  • Qualified Successor means a person who is entitled to ownership of an Option upon the death of an Optionee, pursuant to a will or the applicable laws of descent and distribution upon death;

  • Permitted Sublessee means the sublessee under a Permitted Sublease.

  • Qualified Substitute Mortgage Loan A Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of and not more than 5% less than the Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Rate not less than (and not more than one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) with respect to each Adjustable Rate Mortgage Loan have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) with respect to each Adjustable Rate Mortgage Loan have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) with respect to each Adjustable Rate Mortgage Loan have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (vi) with respect to each Adjustable Rate Mortgage Loan, adjust in accordance with the Index and have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, and have the same intervals between Adjustment Dates as the Deleted Mortgage Loan, (vii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have a risk grading certified by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xi) have been underwritten or reunderwritten by the Originator in accordance with the same underwriting criteria and guidelines as the Mortgage Loans being replaced, (xii) be of the same or better credit quality as the Mortgage Loan being replaced, (xiii) have a lien priority equal to or superior to that of the Deleted Mortgage Loan, (xiv) be secured by the same property type as the Deleted Mortgage Loan and (xv) conform to each representation and warranty in the applicable Mortgage Loan Purchase Agreement. In the event that one or more Mortgage Loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied as to each such Mortgage Loan, the risk gradings described in clause (x) hereof shall be satisfied as to each such Mortgage Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

  • Qualified Tenant means a tenant (i) with income not exceeding that permitted by the Minimum Set-Aside Test who leases a Low-Income Apartment Unit in the Project under a lease having an original term of not less than 6 months at a rent which satisfies the Rent Restriction Test and (ii) complying with any other requirements imposed by the Project Documents.

  • Qualified Ground Lease means each of the ground leases or ground subleases set forth on Schedule 1.01(d) hereto and for a Future Property means any ground lease (a) which is a direct ground lease or ground sublease granted by the fee owner of real property or a master ground lessee from such fee owner, (b) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (i) such lease may be transferred and/or assigned with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain reasonable pre‑defined requirements, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least twenty (20) years, (d) under which no material default has occurred and is continuing, (e) with respect to which a Lien may be granted without the consent of the lessor (but subject to customary requirements regarding the nature of the holder of such Lien and prior notice to the lessor), (f) which contains customary and reasonable lender protection provisions, including, without limitation, provisions to the effect that (i) the lessor shall notify any holder of a Lien in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder the option to cure such default, and (ii) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease and (g) which otherwise contains no non-customary terms that are material and adverse to the lessee.

  • Permitted Sublease means a sublease permitted under Section 7.2.7 of the Lease.

  • Specified Subsidiaries means any of (i) Intermediate, (ii) Dell, (iii) Denali Finance, (iv) Dell International (until such time as the MD Stockholders and the SLP Stockholders otherwise agree), (v) EMC, (vi) any successors and assigns of any of Intermediate, Dell, Denali Finance, Dell International (until such time as the MD Stockholders and the SLP Stockholders otherwise agree) and EMC, (vii) any other borrowers under the senior secured indebtedness and/or issuer of the debt securities, in each case, incurred or issued to finance the Merger and the transactions contemplated thereby and by the related transactions entered into in connection therewith and (viii) each intermediate entity or Subsidiary between the Corporation and any of the foregoing.

  • Qualified Tenants means any tenants who have incomes of 60% or less of the area median gross income, as adjusted for family size, so as to make the Project eligible for LIHTC.

  • Tenant Affiliate means and refer to any partnership, limited liability company, or corporation or other entity, which, directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, Tenant.

  • Qualified school means a nongovernmental primary or secondary

  • Non-Material Subsidiary means any Subsidiary that

  • Domestic Restricted Subsidiary means a Restricted Subsidiary incorporated or otherwise organized under the laws of the United States, any State thereof or the District of Columbia.

  • Qualified building means a building built at least 30 years before the date of application, located within a designated downtown or, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organization may be qualified buildings, but in no event shall tax credits be used for religious worship.

  • domestic premises means any premises used wholly or partly as a dwelling or intended for such use;

  • Qualified buildings means construction of new structures,

  • Major Tenant means a tenant of a Loan Party under a lease of Property which entitles it to occupy 15,000 square feet or more of the net rentable area of such Property.

  • Insignificant Subsidiary means, on any date, any Subsidiary of Caterpillar or CFSC whose aggregate asset value, as reasonably calculated by Caterpillar in accordance with generally accepted accounting principles, is at less than or equal to $50,000,000 on such date.

  • Tenant Party means any of the following persons: Tenant; any assignees claiming by, through, or under Tenant; any subtenants claiming by, through, or under Tenant; and any of their respective agents, contractors, employees, licensees, guests and invitees.

  • Material Subsidiary means any Subsidiary that is not an Immaterial Subsidiary.

  • Qualified Servicer means any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that (i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS, that within the twelve (12) month period prior to the date of determination such servicer was acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such servicer as servicer or special servicer, as applicable, of such commercial mortgage securities as a material reason for such downgrade or withdrawal (or placement on watch status). For purposes of this definition, for so long as any Note is included in a Securitization, the ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall not be considered.

  • Significant Restricted Subsidiary means any Restricted Subsidiary, or group of Restricted Subsidiaries, that would, taken together, be a “significant subsidiary” as defined in Article 1, Rule 1-02 (w)(1) or (2) of Regulation S-X promulgated under the Securities Act, as such regulation is in effect on the Issue Date.

  • Restricted Subsidiary means any Subsidiary of the Company other than an Unrestricted Subsidiary.

  • Significant Subsidiary means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.