Qualifying Leases means, in the first instance, ground floor retail leases being renewed with existing unaffiliated first class national retail tenants in arms-length transactions or if sufficient renewal leases are not available, then as a supplement to any such renewal leases, new leases for space with unaffiliated national retail tenants in arms-length transactions. The intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparative Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparative Transactions. “Affected Monetary Terms” shall mean and refer to those monetary terms that support the determination of Base Rent, and shall include, without limitation, the amount of Security Deposit, additional forms of credit enhancement, any concessions being offered, and/or the amount of any allowance extended to renewal or, if applicable, new tenants in Comparative Transactions for refurbishment to leased premises or for new improvements under new leases. Landlord shall provide its determination of the FMRR to Tenant within thirty (30) days after Landlord receives the Option Notice. Tenant shall have twenty (20) days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the FMRR within which to reasonably object thereto in writing (“Objection Notice”). Tenant shall be deemed to have accepted Landlord’s determination of FMRR unless Tenant timely delivers an Objection Notice to Landlord that sets forth Tenant’s proposed FMRR. In the event Tenant timely delivers an Objection Notice, Landlord and Tenant shall attempt to agree upon such FMRR. If Landlord and Tenant fail to reach agreement on such FMRR within fifteen (15) days following Tenant’s Review Period (the “Outside Agreement Date”), then each party shall place in a separate sealed envelope its final proposal as to FMRR and such determination shall be submitted to arbitration in accordance with Section 34(c) below.
Qualifying Leases means fully executed and delivered Leases which are not in default and are entered into with entities unaffiliated with any Borrower Party for which either (a) the Tenant under any such Lease has commenced rental payments and such Lease has a remaining term of three months or more from the applicable Test Date, or (b) the Tenant under any such Lease is obligated to commence rental payments within one year (or such Leases with more than twelve (12) months of free rent so long as Borrowers reserve such amounts in excess of twelve (12) months in a manner reasonably acceptable to Administrative Agent) from the applicable Test Date and such Lease has an initial term of three years or more.
Qualifying Leases is amended and restated to read as follows:
Examples of Qualifying Leases in a sentence
Both types of takings often victimize racial and ethnic minorities.
More Definitions of Qualifying Leases
Qualifying Leases. Leases with respect to which the tenants thereunder have taken occupancy of the premises demised thereunder and have commenced paying unabated rent.
Qualifying Leases means (a) fully executed and delivered Leases with unrelated third party Tenants and with an initial term of three (3) years or more, entered into in accordance with the terms of this Agreement, for which the Tenant under such Lease has commenced rental payments; provided, however, (i) any Lease which is in material default (whether by landlord or tenant) as of the testing date will not be considered a Qualifying Lease and (ii) in no event will the Kansas City Master Lease be considered a Qualifying Lease.
Qualifying Leases means a lease for less than 12,500 square feet. Notwithstanding the foregoing deemed approval provisions, in no event shall Agent or the Lenders be deemed to have approved or consented to any lease covering any portion of the Property that expressly permits the use of the Property for any illegal or prohibited activity in violation of any applicable federal, state and/or local laws, requirements, regulations and/or ordinances. Additionally, notwithstanding anything contained in this paragraph, Borrowers shall be obligated to obtain Agent's prior written consent for Qualifying Leases during any period of time in which an Event of Default has occurred and is continuing to occur.
Qualifying Leases means leases that are legally enforceable, arms-length leasehold estates with terms of not less than 20 years (including extensions thereof at the option of Borrower or the applicable Subsidiary) and are financeable. A lease shall be deemed “financeable” under this definition if and only if such lease provides protections for a potential leasehold mortgagee (“Mortgagee”) which include, among other things (i) that the lease will not be terminated until the Mortgagee has received notice of a default and has had a reasonable opportunity to cure or assume the lease, and fails to do so, (ii) provision for a new lease on the same terms to the Mortgagee as tenant if the lease is terminated for any reason, subject to the Mortgagee’s cure of any defaults under Borrower’s lease, (iii) non-merger of the fee and leasehold estates, (iv) transferability of the tenant’s interest under the lease, without the lessor’s prior consent except for reasonable restrictions based on the satisfaction of certain objective criteria, and (v) that insurance proceeds and condemnation awards (from the fee interest as well as the leasehold interest) will be applied pursuant to the terms of a leasehold mortgage. Regardless of whether it satisfies clauses (i) through (v) above, a lease of Property located in Europe shall, for purposes of this definition, be deemed “financeable” if it has previously been financed under commercially reasonable terms by an institutional lender.
Qualifying Leases means any lease agreement or any other similar agreement providing for the right to occupy all or part of the Owned Real Property or any construction erected on such property, whether existing or new, entered into between the Company, as landlord, and an Unaffiliated Third Party as lessee, in any case, other than the Permitted Leases;
Qualifying Leases means all Leases in place, fully executed and in good standing for the Property with Tenant’s is possession and paying rent.
Qualifying Leases shall have the meaning ascribed to such term in Section 3.3(f)(i)(E) herein. (ttt) “Rent Commencement Date” shall have the meaning ascribed to such term in Section 3.3(f)(i)(F) herein.