Qualifying Lease definition

Qualifying Lease means a Lease to a Tenant that is in occupancy at the Property, open for business at the Property, not in default under its Lease and not the subject of a bankruptcy or similar insolvency proceedings (unless such Tenant has assumed such Lease in bankruptcy).

Qualifying Lease means a lease agreement entered into by a D&I Subsidiary, as lessor, to lease the real property owned by such D&I Subsidiary upon completion of construction thereof to the extent that (a) the senior unsecured non-credit-enhanced long-term debt of the tenant or the guarantor of the tenant’s obligations under such lease is rated BBB- or higher by S&P or Baa3 or higher by Moody’s, (b) the obligation of such tenant to accept possession of such real property and begin paying rent under such lease is not subject to any material condition other than (i) completion of construction in accordance with all requirements of applicable law and approved plans and specifications and on or before a date certain and (ii) issuance of a certificate of occupancy, (c) such lease has a non-cancelable primary term of 10 years or more and (d) such tenant has not failed or refused to perform under such lease agreement or notified TCC or the applicable D&I Subsidiary of its intention to not perform under such lease agreement (provided that the failure of one (but not more than one) tenant under a Qualifying Lease to meet the ratings criteria set forth in clause (a) above shall not result in the disqualification of such lease as a Qualifying Lease so long as, at the time such lease was entered into, such ratings criteria were satisfied, and such tenant only fails to satisfy such ratings criteria due to subsequent rating downgrades).

Qualifying Lease means any lease which is a new tenancy for the purposes of section 1 of the Landlord and Tenant (Covenants) Act 1995 other than a residential lease, namely a lease by which a building or part of a building is let wholly or mainly as a single private residence; and

Examples of Qualifying Lease in a sentence

• During the Leasing Period, the Owners shall be permitted to obtain prospective Tenants for the Subject Spaces and negotiate new leases for the Subject Spaces, provided that the rent under said leases is not less than $18.00 per square foot per annum, and the terms of any such leases are consistent with the Owners' past practices of leasing space at the Premises (a "Qualifying Lease").

• Each Postal Lease for each Borrowing Base Property is a Qualifying Lease.

• If Sybra does not enter into a Qualifying Lease during the Initial Period, Buyer shall pay Seller on August 15, 1997 an aggregate amount equal to the Monthly Contingent Consideration for each Fiscal Month during the Initial Period.

• If Sybra enters into a Qualifying Lease after the Initial Period, then any Monthly Contingent Consideration previously paid shall be reimbursed to Buyer by Seller by wire transfer or delivery of other immediately available funds within 15 business days after Buyer notifies Seller that Sybra has entered into a Qualifying Lease.

• Any such adjustment shall only be effective during the term of the Qualifying Lease.

More Definitions of Qualifying Lease

Qualifying Lease means a lease for less than 50,000 square feet.

Qualifying Lease means a lease granted by the person chargeable to a qualifying tenant;

Qualifying Lease means a lease granted by the person chargeable to a tenant residing in a residential property;

Qualifying Lease means a lease of a Residential Unit in the Building which is registered against the Building's records held by Land Registry that: (a) requires the property to be used exclusively for residential occupation; and (b) was granted on a date prior to 11 March 2020 for a term of not less than 21 years.

Qualifying Lease means a lease, for a term of not less than 10 years, in respect of a relevant residential unit entered into with a housing authority or an approved housing body for the purpose of the provision of social housing support;

Qualifying Lease means a Lease that (i)(A) is an Approved Lease and (B) when considered together with all other Qualifying Leases other than the Bank One Lease, provides for an average base rental rate (weighted pro rata to the area of the applicable leased premises) of at least $22.50 per NRSF, which rate assumes that the Tenant under the applicable Qualifying Lease must pay its pro rata share (payable on a “net” basis) of Taxes and Operating Expenses or (ii) the Agent otherwise approves as a Qualifiying Lease.

Qualifying Lease means a commission-designated oil lease whose production during the four-month period used in computing the baseline is no more than seven barrels of oil equivalents per day per well, excluding gas flared pursuant to the rules of the commission, and which has shown incremental production for four of five consecutive months on or after September 1, 1997, and after performing an incremental production technique within the lease. For purposes of qualifying a lease, production per well per day is measured by dividing the sum of lease production during the four highest months of production in the baseline period by the sum of the number of well-days, where a well-day is one well producing for one day.