Material Sublease definition

Material Sublease. A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at a Facility) under which the monthly rent and/or fees and other payments payable by the Subtenant (or manager) exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month.

Material Sublease means any Sublease to a single Tenant covering the lesser of (a) 40,000 or more or (b) more than 50% of the square feet of rentable area of any Individual Property, including, without limitation, the Material Sublease (including all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof.

Material Sublease means: (i) each Individual Property Sublease; (ii) any Sublease to a single Tenant covering 10,000 square feet or more of rentable area of any Individual Property; and (iii) the Material Subleases (including all amendments and supplements thereto) designated as such on Schedule I attached hereto and made a part hereof.

Examples of Material Sublease in a sentence

• Tenant shall furnish Landlord with a copy of each Material Sublease that Tenant enters into promptly following the making thereof (irrespective of whether Landlord’s prior approval was required therefor).

• No Rent under any Material Sublease has been paid more than one (1) month in advance of its due date, except as disclosed on Schedule I.

• In the event of any assignment of the Lease by Tenant (other than a Permitted Transfer) or a Material Sublease (as defined below) by Tenant (other than a Permitted Transfer), the option to renew shall be extinguished.

• If Landlord elects to terminate this Lease due to the occurrence of an Event of Default, Landlord agrees to recognize any Material Sublease entered into by Tenant during the Term as a direct contract between Landlord and the subtenant.

• Furthermore, any Material Sublease or other agreement regarding a Transfer shall expressly provide that the Occupant, assignee, manager or other transferee shall furnish Lessor with such financial, operational and other information about the physical condition of the applicable Facility, including the information required by Section 25.1.2 herein, as Lessor may request from time to time.

More Definitions of Material Sublease

Material Sublease. A Sublease (excluding a management agreement or similar agreement to operate but not occupy as a tenant a particular space at the Facility) under which (i) the monthly rent and/or fees and other payments payable by the Subtenant (or manager) exceed Fifty Thousand and No/100 Dollars ($50,000.00) (which amount shall be increased by the Escalator on the first (1st) day of each Lease Year (commencing on the first (1st) day of the second (2nd) Lease Year)) per month or (ii) such tenant Subleases the entire Facility to the extent permitted pursuant to Section 22.3(v).

Material Sublease means, during any Low LCR Cash Sweep Period, any Sublease to a single Tenant covering more than 50,000 rentable square feet at any Individual Property.

Material Sublease. With respect to any Facility, one or more Commercial Occupancy Arrangements between Lessee and any Person and/or its Affiliates with respect to 5,000 or more square feet of space (in the aggregate) at such Facility, excluding (i) those existing subleases described on Schedule 3 hereto (provided that such subleases shall be deemed to cover all of the space at the applicable Facilities which is permitted to be subleased without the same constituting a Material Sublease), (ii) Permitted Subleases, and (iii) the OpCo Subleases, all of which are permitted hereunder without further consent by Lessor.

Material Sublease. Any Sublease (but not including any Concept Sublease or RLP Sublease) to a single Tenant covering the lesser of (a) 3,000 or more square feet or (b) more than 50% of the square feet, in either case, of the rentable area of the improvements located on any individual Leased Property.”

Material Sublease means any sublease (or, if no Intercompany Lease exists for such Hotel Property, then any lease) to which any Company is a party now existing or hereafter created affecting any of the Hotel Properties with monthly rents (including basic and percentage) payable to any of the Companies in excess of $5,000 per month.

Material Sublease means one or more Subleases to the same Tenant and/or its Affiliates covering the lesser of (a) 40,000 or more or (b) more than fifty percent (50%) of the square feet of rentable area of any individual Borrowing Base Property, including, without limitation, the Material Subleases (including all amendments and supplements thereto) designated as such on Schedule 1.1(g) attached hereto and made a part hereof.

Material Sublease means one or more subleases that, in aggregate, exceed 36% of the rentable area of the Premises.