Qualifying Sublease definition
Qualifying Sublease means a direct sublease:
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.
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 (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 & ▇▇▇▇▇▇ Corp. (“D&P”) to determine the tangible net worth; (ii) ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (“▇▇▇▇▇▇▇▇”), 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 ▇▇▇▇▇▇▇▇ 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, ▇▇▇▇▇▇▇▇, and VRC), an “Independent Accountant”), if D&P, ▇▇▇▇▇▇▇▇, 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.
Examples of Qualifying Sublease in a sentence
The Extension Option shall terminate automatically upon: (1) any termination of the Lease; and (2) execution of a Qualifying Sublease.
Landlord’s failure to notify Tenant within the fifteen (15)-day period referred to above in this Section 10.09 shall be deemed Landlord’s determination that the Sublease in question is a Qualifying Sublease.
The Termination Notice shall include a copy of each Qualifying Sublease.
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.
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.
More Definitions of Qualifying Sublease
Qualifying Sublease means a sublease with a Qualifying Subtenant:
(A) that complies with all requirements of this Section 18(d); and
(B) under which the subleased premises consists of at least 50,000 rentable square feet and with entrances separate from the balance of the Demised Premises, is separately demised with walls and submetered from the balance of the Premises;
(C) The remainder of the Premises that are not sublet constitute a commercially reasonable leasable space as approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.
Qualifying Sublease means a sublease which satisfies all of the following requirements: (i) the sublease is for a full floor of the Building; (ii) the sublease contains rent which is in an amount that equals or exceeds the rent in the Lease, subject to equitable modifications based on the number of rentable square feet contained in the sublease premises; or the sublease provides that following any termination of the Lease and recognition by Landlord, such transferee shall assume and perform all obligations of Tenant under the terms of this Lease for the benefit of Landlord, subject to equitable modifications based on the number of rentable square feet contained in the sublease premises; ; (iii) the transferee is, as of the date of execution of the Recognition Agreement and the date the Lease is terminated, a party of reasonable financial worth and/or financial stability in light of the responsibilities involved under the subject transfer and has a tangible net worth of no less than the product of [$_______] times the number of floors the transferee is leasing (or such transferee’s parent company satisfies the foregoing net worth requirement and delivers a parent company guaranty reasonably acceptable to Landlord); (iv) Landlord shall not be subject to any offsets or defenses which the transferee might have as against Tenant, nor shall Landlord be obligated to pay any improvement allowances or provide any other monetary concessions unless the economic equivalent of such allowances and concessions have been transferred by Tenant to Landlord, or such allowances and concessions have been granted to Tenant by Landlord in the Lease and transferred by Tenant to Subtenant; (v) the transferee shall attorn to Landlord, as lessor, pursuant to a written agreement confirming direct privity of contract between Landlord and the transferee at the time of such recognition.
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.
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.
Qualifying Sublease shall have the meaning set forth in Section 15.8.
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).
Qualifying Sublease shall have the meaning provided in Section 10.09.