Qualifying Sublease definition

Qualifying Sublease means a direct sublease:
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Qualifying Sublease means a sublease to a Qualifying Subtenant that (i) complies with Paragraph 21, and (ii) subleases premises of not less than eighty percent (80%) of the rentable square feet of the Primary Building, which subleased premises is contiguous and any remaining space within the Primary Building may be separately demised and accessed.
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Qualifying Sublease is a sublease for the entirety of the Premises or any lesser portion thereof consisting of one (1) or more full floors of the Premises, or if the subleased premises does not consist of full floor(s) of the Premises, at least twenty-five percent (25%) of the rentable area of the Premises (the entirety of the Premises or any such lesser portion thereof is referred to herein as the “Qualifying Sublease Premises”) to a subtenant that has a tangible net worth (as determined in accordance with GAAP) equal to or greater than the lesser of (i) Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00), and (ii) Tenant's tangible net worth (as determined in accordance with GAAP) as of the date of Tenant's request for Landlord's consent to the proposed sublease, provided, that, if clause (i) is the operative clause, then the proposed subtenant shall also have a net income of not less than Ten Million and 00/100 Dollars ($10,000,000.00) in each of the three (3) years prior to the commencement date of the proposed term of the sublease to such subtenant. In the event of any dispute over the tangible net worth of an entity under this Lease for purposes of Section 16.3.4 or Section 16.9 of this Lease above or this Section 16.12, including with respect to any subtenant, Landlord and Tenant hereby agree to use, on commercially reasonable terms and with commercially reasonable availability, (i) Duff & Xxxxxx Corp. (“D&P”) to determine the tangible net worth; (ii) Xxxxxxxx Xxxxx (“Xxxxxxxx”), if D&P is unwilling or unable to determine the tangible net worth in accordance with the terms hereof; (iii) Valuation Research Corporation (“VRC”), if D&P and Xxxxxxxx are each unwilling or unable to determine the tangible net worth in accordance with the terms hereof; or (iv) another third party accounting firm reasonably acceptable to Landlord and Tenant (each such firm (including D&P, Xxxxxxxx, and VRC), an “Independent Accountant”), if D&P, Xxxxxxxx, and VRC are each unwilling or unable to determine the tangible net worth in accordance with the terms hereof, to determine the tangible net worth, which determination shall be binding upon both parties. The Independent Accountant shall apply GAAP to determine the tangible net worth of the applicable entity.
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Examples of Qualifying Sublease in a sentence

  • The Termination Notice shall include a copy of each Qualifying Sublease.

  • The Extension Option shall terminate automatically upon: (1) any termination of the Lease; and (2) execution of a Qualifying Sublease.

  • Oglethorpe's obligation in this Section 8.8 may be satisfied by increasing the maximum amounts payable under the existing Qualifying Head Lease Surety Bond and Qualifying Sublease Surety Bond by $50,000,000 each.

  • At all times during the Facility Sublease Term Oglethorpe shall, subject to the second sentence of this Section 8.6, maintain a Qualifying Sublease Surety Bond.

  • Landlord shall execute, have acknowledged and deliver such a recognition agreement contemporaneously with the giving of Landlord’s consent to such Qualifying Sublease; provided, however, that in no event shall Landlord be deemed to have recognized the subtenant of a Qualifying Sublease unless and until such recognition agreement has been executed, acknowledged and delivered by Landlord.

  • Notwithstanding anything to the contrary in this Article 7, Tenant may from time to time enter into one or more Qualifying Subleases of a portion of the Premises and Landlord’s recapture right pursuant to item (ii) of the first sentence of Section 7.3 above and Landlord’s profit sharing rights under Section 7.5 above shall not apply to any such Qualifying Sublease.

  • Except for Landlord’s obligations specifically set forth in this Lease, Tenant shall ensure that its subtenants (for purposes of this Article 8, subtenants do not include tenants under any Qualifying Sublease), at their own cost and expense, keep the Premises and every part thereof clean and in good condition and repair and Landlord shall have no obligation to alter, remodel, improve, repair, decorate or paint the Premises or any part thereof.

  • It is further agreed that as of the date hereof (a) the Berkshire Head Lease Surety Bond shall constitute a Qualifying Head Lease Surety Bond and (b) the Berkshire Sublease Surety Bond shall constitute a Qualifying Sublease Surety Bond.

  • Landlord shall execute and deliver such a recognition agreement contemporaneously with the giving of Landlord’s consent to such Qualifying Sublease; provided, however, that in no event shall Landlord be deemed to have recognized the subtenant of a Qualifying Sublease unless and until such recognition agreement has been executed and delivered by Landlord (provided that Landlord agrees to execute such agreement, subject to the terms and conditions of this Section 13.15).

  • Landlord makes no representation with respect to the adequacy or fitness of the HVAC equipment in the Building to maintain temperatures which may be required for, or because of, any equipment of Tenant or its subtenants (for purposes of this Lease, subtenants do not include tenants under any Qualifying Sublease), and Landlord shall have no liability for loss or damage in connection therewith.


More Definitions of Qualifying Sublease

Qualifying Sublease shall have the meaning set forth in Section 15.8.
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Qualifying Sublease is a sublease entered into with Landlord’s prior written consent in accordance with this Article 15, to a subtenant which is a bona fide third party, which is not an affiliate of Tenant and which meets the Non-disturbance Net Worth Test, of not less than two entire floors of the Premises, provided that the floors included in the sublease shall start with the lowest or highest floor (which has not been previously sublet by Tenant) in any group of floors leased by Tenant at the time of its request for Landlord’s consent.
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Qualifying Sublease is a sublease in form and substance reasonably satisfactory to Landlord (in accordance with the provisions of this Article 10) entered into with Landlord’s prior written consent, to a subtenant which is a bona fide third party, that is not an Affiliate of Tenant and that meets the Non-disturbance Financial Test (as hereinafter defined), of not less than one entire floor of the Building (containing at least the entire rentable area of one floor of the Building), provided that any portion of the Premises demised under any such sublease, and the balance of such floor on which such portion is located, shall each have a commercially reasonable configuration and be reasonably marketable on their own, as determined by Landlord in its reasonably exercised discretion, and, provided further, that the sublease must not, with respect to the Premises leased by Tenant, create any non-contiguity (including, without limitation, vertical noncontiguity) where contiguity exists on the date Tenant delivers its request for Landlord’s consent to the sublease (i.e., such that the Qualifying Sublease must contain the uppermost or lowermost full Floor of the Premises, unless such floor shall then be subject to another Qualifying Sublease).
Sample 1
Qualifying Sublease is a sublease to a single subtenant, which is a bona fide third party, which is not an affiliate of Lessee and which meets the Nondisturbance Financial Test, of not less than an entire floor of the Premises for floors 2 through 17, inclusive, and two entire floors for floor 18 and above of the Premises and providing for basic rent that is equal to or greater than the fair market rent for subleased premises at the time of execution of such sublease as evidenced by a letter of Lessor’s broker addressed to Lessor.
Sample 1
Qualifying Sublease shall have the meaning provided in Section 10.09.
Sample 1
Qualifying Sublease means a sublease to a Qualifying Subtenant that (i) complies with P aragraph 21, and (ii) subleases premises of not less than eighty percent (80%) of the rentable square feet of the Primary Building, which subleased premises is contiguous and any remaining space within the Primary Building may be separately demised and accessed.
Sample 1

Related to Qualifying Sublease

  • Usable space means all the space on a pole, except the portion below ground level, the 20 feet of safety clearance space above ground level, and the safety clearance space between communications and power circuits. There is a rebuttable presumption that six feet of a pole are buried below ground level.

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Landlord Consent means a Landlord Consent substantially in the form of Exhibit G.

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

  • Available Space means the balance of the rentable square footage in the Building not already included as part of the Premises, which is not occupied by a tenant or which is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space. If there is any Available Space in the Building, Landlord shall, at such time as Landlord shall elect so long as Tenant’s rights hereunder are preserved, deliver to Tenant written notice (the “Expansion Notice”) of such Available Space, together with the terms and conditions on which Landlord is prepared to lease Tenant such Available Space; provided that Base Rent shall be at the Market Rate (as defined in Section 40(a) below) for such Available Space. Tenant shall be entitled to exercise its right under this Section 39(a) only with respect to the entire Available Space described in such Expansion Notice (“Identified Available Space”). Tenant shall have 5 business days following delivery of the Expansion Notice to deliver to Landlord written notification of Tenant’s exercise of the Expansion Right with respect to the Identified Available Space (“Exercise Notice”). Tenant shall be entitled to lease such Identified Available Space upon the terms and conditions set forth in the Expansion Notice. If Landlord and Tenant are unable to agree on the Market Rate for the Available Space after negotiating in good faith within 5 days after Tenant’s delivery of an Exercise Notice, the applicable Market Rate will be determined through arbitration in accordance with Section 40(b). Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind or elect not to lease the Available Space. Tenant acknowledges that the Term of the Lease with respect to the Identified Available Space may not be co-terminous with the Term of the Lease with respect to the original Premises. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to exercise the Expansion Right and the provisions of this Section 39(a) shall no longer apply after the date that is 9 months prior to the expiration of the Base Term if Tenant has not exercised its Extension Right pursuant to Section 40. If Tenant fails to deliver an Exercise Notice to Landlord for the Identified Available Space within the required 5 business day period, Tenant shall be deemed to have forever waived its rights under this Section 39(a) to lease the Identified Available Space, and Landlord shall have the right to lease the Identified Available Space to any third party on any terms and conditions acceptable to Landlord.

  • Commencement Date means the date of this Agreement.

  • Sublease Agreement shall have the meaning specified in Section 8.2(b).

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

  • Collocation Space means an area of space located in a Building to be used by CLEC to house telecommunications equipment. Additionally, roof or wall space used for wireless interconnection shall be included in the definition where applicable.

  • car-share parking space means a parking space that is reserved and actively used for car-sharing;

  • Eligible Ground Lease means a ground lease containing terms and conditions customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, and shall include the following: (a) a remaining term (exclusive of any unexercised extension options) of 30 years or more from the date the applicable Property first becomes an Eligible Property; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) clearly determinable rental payment terms which in no event contain profit participation rights.

  • Mobile home space means a parcel of land for rent which has been designed to accommodate a mobile home and provide the required sewer and utility connections.

  • public open space means the securing of an area of a site at grade or street level which is acceptable to the City and is appropriately landscaped for the use and enjoyment of the public during reasonable hours.

  • Existing Lease shall have the meaning assigned thereto in Section 10.7.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Automatic Renewal Term has the meaning set forth in Section 10(a) hereof.

  • New Lease Any lease of REO Property entered into on behalf of the Trust, including any lease renewed or extended on behalf of the Trust if the Trust has the right to renegotiate the terms of such lease.

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Storage Space means a space where goods of non-hazardous nature are stored and includes cold storage and banking safe vaults;

  • 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.

  • 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.

  • Public space means any real property or structures thereon that are owned, leased, or controlled by a governmental entity.

  • Rental Period means the calendar period during which Government property is made available for nongovernmental purposes.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.

  • Permitted Sublessee means the sublessee under a Permitted Sublease.

  • Company Lease means any lease, sublease, sub-sublease, license and other agreement under which the Company or any of its Subsidiaries leases, subleases, licenses, uses or occupies (in each case whether as landlord, tenant, sublandlord, subtenant or by other occupancy arrangement), or has the right to use or occupy, now or in the future, any real property.