Qualified Lease means, on the Closing Date or on the dates during or after the Earn-Out Period on which an Earn-Out Payment is required to be paid hereunder, any Lease or New Lease that, pursuant to the terms thereof:
Qualified Lease means a lease or amendment, renewal or extension thereof that (a) provides for rental rates and term, which, in New Borrower’s reasonable judgment (supported by applicable evidence in Agent’s reasonable discretion), are comparable to existing local market rates and terms, (b) is an arms-length transaction, (c) is for a term of not more than six (6) years, but not exceeding the Initial Maturity Date of the New Loan; provided, however, the term of such lease may be more than six (6) years or exceed the Initial Maturity Date if such lease is cancelable after the earlier of six (6) years or the Initial Maturity Date by the landlord thereunder (or successor thereto) on not less than ninety (90) days notice, (d) provides that such lease is subordinate to the First Lien Mortgage and that the tenant under such lease shall attorn to Agent and (e) is on New Borrower’s standard form lease (which shall be previously approved by Agent). Any lease which is not a Qualified Lease shall be permitted only with Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In the event that Agent fails to notify Borrower within ten (10) Business Days after receipt of Borrower’s written request for consent, such consent shall be deemed to be given. While New Borrower would expect that short-term leases where extensive tenant installation work is not required will generally not require a non-disturbance agreement (and New Borrower shall not offer one in those circumstances), if and to the extent that New Borrower believes it is appropriate to seek a non-disturbance agreement, whether due to the lease term, credit of the tenant or expense of required tenant installation, Agent will not unreasonably withhold, condition or delay its consent thereto. Upon the second anniversary of the Effective Date, New Borrower and Agent shall cooperate in all reasonable respects to reevaluate the terms and provisions of the definition of “Qualified Lease”.
Qualified Lease. ’ means a lease of commercial and industrial machinery and equipment for not less than 30 days for fair and valuable consideration where such machinery and equipment is physically transferred to the lessee to be used in the lessee’s business or trade; and
Examples of Qualified Lease in a sentence
Any lease which is not a Qualified Lease shall be permitted only with Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed.
In the event a New Lease is executed during the First or Second Segment, but it does not become a Qualified Lease until after the expiration of the Earn-Out Period, but prior to the Lease Reservation Date, Purchaser, subject to the satisfaction of the Earn-Out Conditions, shall pay to Seller at the time aforesaid, an amount equal to the Earn-Out Payment computed in respect to such subsequent Qualified Lease.
Lender shall have received an agreement to attorn to Lender satisfactory to Lender from any tenant under a Qualified Lease that does not provide for such attornment by its terms.
Borrower shall, prior to the expiration of any insurance required hereunder, deliver to the Lender evidence of insurance evidencing the existence of all such insurance, such certificates to be in form and substance reasonably satisfactory to Lender, it being agreed that such insurance and certificates may be maintained by the tenant under its applicable Qualified Lease.
Subject to Section 9.29 hereof and the terms of the applicable Qualified Lease, Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings.
More Definitions of Qualified Lease
Qualified Lease means, on any date of determination, a lease of space within the Property or any Other Property, (a) which has been approved or deemed approved by Lender in accordance with this Agreement or the applicable Other Loan Documents, as the case may be, (b) which has been fully executed and a copy of which has been delivered to Lender, (c) which remains in effect, (d) which has a remaining term of not less than three (3) months (and is not month-to-month), (e) under which the tenant has taken occupancy and commenced paying rent, and (f) under which no Tenant Monetary Default has occurred and is continuing.
Qualified Lease means (i) a duly executed and delivered lease (as the same may be amended, modified and supplemented in accordance with the terms of this Agreement) from an Obligor (other than Borrower), as landlord, to a third party, as tenant, which is not an Affiliate of any Obligor which tenant (or lease guarantor) and lease is approved by the Lender in its reasonable discretion, and (ii) a Qualified Operating Agreement.
Qualified Lease means either: (A) the original Lease Sweep Lease, as extended in accordance with (i) the express renewal option set forth in such Lease Sweep Lease and, with respect to which, the terms of such renewal are on market terms with respect to, among other things, base rent, additional rent and recoveries and tenant improvement allowances or (ii) a modification of the Lease Sweep Lease approved by Lender, or (B) a replacement lease (i) with a term that extends at least two (2) years beyond the end of the Loan Term and with an initial term of at least five (5) years; (ii) entered into in accordance with this Agreement; and (iii) on market terms with respect to, among other things, base rent, additional rent and recoveries and tenant improvement allowances.
Qualified Lease means a natural gas or oil
Qualified Lease means a replacement lease (i) with a term that extends at least five (5) years beyond the end of the Loan Term, (ii) entered into in accordance with this Agreement and (iii) on market terms with respect to, among other things, base rent, additional rent and recoveries and tenant improvement allowances.
Qualified Lease means any Lease (a) which is a direct ground lease granted by the fee owner of real property, (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), (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least 35 years, (d) under which no material default has occurred and is continuing, (e) with respect to which a security interest may be granted without the consent of the lessor (or as to which the Lease expressly provides that (i) a security interest in such lease may be granted with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed), and (f) which contains lender protection provisions reasonably acceptable to the Administrative Agent.
Qualified Lease means any Lease (a) which is a direct ground lease granted by the fee owner of real property, (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), (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least 35 years, (d) under which no material default has occurred and is continuing, (e) with respect to which a security interest may be granted without the consent of the lessor (or as to which the Lease expressly provides that (i) a security interest in such lease may be granted with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed), and (f) which contains lender protection provisions reasonably acceptable to the Administrative Agent. Notwithstanding the foregoing, Qualified Lease shall in any event include each of the Leases described on Schedule V (which Schedule includes (i) all leases existing as of the Restatement Effective Date which satisfy the criteria set forth above and (ii) all leases deemed to be Qualified Leases pursuant to Section 10.1(a)(x) of this Agreement prior to the Restatement Effective Date).