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
Landlord shall have the option, by giving written notice to Tenant within thirty (30) days after receipt of a Transfer Notice setting forth Tenant’s intent to assign this Lease or enter into a Material Sublease, to recapture the Premises, and cancel and terminate this Lease, as of the contemplated effective date for the assignment or sublease.
If Landlord notifies Tenant that ▇▇▇▇▇▇▇▇ is recapturing the Premises under this Section 14.4 in connection with a Material Sublease, then Tenant may void Landlord’s recapture election by withdrawing its request to enter into the proposed Material Sublease and cancelling the proposed sublease transaction.
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. 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 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. 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 shall have the meaning specified in Section 4.1(c).
Material Sublease means a sublease (i) whose term (including all extensions and renewals thereof, regardless of whether or not the right or the option to so extend or renew is exercised) is to end on a date that is during the last two (2) years of the Term, and (ii) where the aggregate area of the Premises that is to be covered by such sublease (including all portions of the Premises which the prospective subtenant may sublease pursuant to any rights or options set forth in the sublease or otherwise, regardless of whether or not such rights or options are exercised) comprises seventy-five (75%) percent (or more) of the RSF of the Premises, including (A) the aggregate area of the Premises covered by all other subleases and other occupancy agreements then in effect (regardless of whether or not the terms thereof have commenced), including all portions of the Premises which the subtenant or other occupant under such subleases or other occupancy agreements then in effect may sublease or occupy pursuant to any rights or options set forth in its sublease, occupancy agreement or otherwise, regardless of whether or not such rights or options are exercised, and (B) the aggregate area of the Premises covered by all other subleases theretofore submitted to Landlord for approval, which such approval is pending, including all portions of the Premises which the prospective subtenant may sublease pursuant to any rights or options set forth in its proposed sublease, regardless of whether or not such rights or options are exercised. In determining whether a sublease is a Material Sublease, the portions of the Premises covered by the sublease in question, including the portions of the Premises described in clauses “(A)” and “(B)” of the preceding sentence, shall not be counted more than one (1) time. Such other subleases and other occupancy agreements then in effect, if any, are herein referred to as the “Existing Subleases” and such pending subleases are herein referred to as the “Pending Subleases.”
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.