Qualified Subtenant definition

Qualified Subtenant means a subtenant under the sublease entered into in accordance with the terms hereof which (i) has an investment rating of BBB or better from S&P (or an equivalent rating or shadow rating from another nationally recognized statistical rating organization) or (ii) at the time of the proposed sublease is a reputable, creditworthy subtenant, as determined by Lender and meets or exceeds a corporate EBITDAR Ratio of 1.25:1.00 or (iii) has a corporate GAAP net worth of at least equal to $25,000,000.00; provided, however, that the foregoing conditions may be satisfied by a Person that guarantees the lease obligations of the proposed subtenant.

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Qualified Subtenant is a subtenant in possession under an existing sublease as to which the foregoing conditions have been met. No sublease shall relieve Tenant of any of its covenants or obligations under this Lease, including the Tenant’s obligation to pay Additional Rent where required by section 2.02, and any provision of a sublease purporting to do so shall be deemed a nullity as between Landlord and Tenant notwithstanding Landlord’s failure to object to the sublease.

Qualified Subtenant shall have the meaning set forth in Section 12.7(C) hereof.

Examples of Qualified Subtenant in a sentence

Any Subtenant under a Qualified Sublease, as defined below, is a "Qualified Subtenant.".
Tenant and any permitted assignee or Qualified Subtenant shall use the Leased Premises for the Leased Premises Use and for no other purpose.
Notwithstanding an Event of Default, but provided no event of default has occurred under any Qualified Sublease (as defined below), the provisions of this Paragraph 16(a) shall continue to apply for the benefit of the relevant Qualified Subtenant referred to in Paragraph 17 herein.
Tenant may enter into subleases with respect to the Leased Premises as Tenant sees fit provided that: (a) Tenant shall not enter into a sublease with any Person or permit any Person to occupy any portion of the House unless that Person is a Qualified Subtenant; (b) Tenant shall require each Qualified Subtenant to enter into a Qualified Sublease; and (c) Tenant shall deliver to Landlord a copy of each Qualified Sublease.
Notwithstanding the foregoing, the name and/or logo of the Interior Building Signage shall be a single name and/or logo for which such Qualified Tenant or Qualified Subtenant, as applicable, is then, widely and publicly, known or identified, provided that such name and/or logo is not detrimental to the reputation or image of the Office Building as a first-class office building in Houston, Texas, as reasonably determined by Landlord.
Lender shall execute and deliver a subordination, non-disturbance and attornment agreement to any Qualified Subtenant in form and substance substantially similar to Lender’s then current, standard form thereof.
Notwithstanding the foregoing, the name and/or logo of the Exterior Signage shall be a single name and/or logo for which such Qualified Tenant or Qualified Subtenant, as applicable, is then, widely and publicly, known or identified, provided that such name and/or logo is not detrimental to the reputation or image of the Office Building as a first-class office building in Houston, Texas, as reasonably determined by Landlord.
Upon identifying a Qualified Subtenant, NACET shall provide written notice to the City in a form satisfactory to the City that includes the identity of the applicant subtenant, a detailed description of the proposed use of the portion of the Premises to be subleased, any hazardous or biological materials to be used or stored on the Premises, the desired term of the proposed sublease, and the subrent to be paid by the Subtenant in connection therewith.
Section 2.1. Subject to the terms of this Article 2, Tenant may use and occupy, and Tenant may permit a Permitted Occupant to use and occupy, the Premises as general, administrative, and executive offices, and uses incidental or ancillary thereto, and for no other purpose, except that Tenant shall have the right to permit a Qualified Subtenant to use the Lower Option Space for retail purposes as contemplated by Section 12.14 hereof.
In the event that Landlord exercises any such relocation right, then the applicable Qualified Subtenant shall be required to vacate and surrender such portion of the Subject Space, and to occupy such relocated space, no later than the expiration of such one hundred (120) day period.

More Definitions of Qualified Subtenant

Qualified Subtenant means a Person whose business, as of the date the Person enters into a sublease with the Tenant, qualifies as an Independent Small Business that is: (a) a Locally Connected Business; or (b) a Non-Locally Connected Business that is deemed to be qualified under the Preference Test. A Person who meets the requirements of this Section will be deemed a Qualified Subtenant for the duration of his/her occupancy of the Leased Premises.

Qualified Subtenant means, at the time of the proposed sublet, a proposed subtenant: (I) (A) that (i) meets or exceeds a corporate EBITDAR Ratio of 4:00:1.00; (ii) has total shareholder equity (as calculated pursuant to GAAP) of $500 Million, as reasonably determined by Lender; and (iii) has total assets (as calculated pursuant to GAAP) of $1 Billion, as reasonably determined by Lender; or (B) has an investment rating of BBB or better from S&P (or an equivalent rating or shadow rating from another nationally recognized statistical rating organization); and (II) that is under a proposed sublease that shall (i) provide for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the tenant) as of the date such sublease is executed by Borrower, (ii) be an arms-length transaction with a bona fide, independent third party tenant, (iii) have substantially the same terms as the Operating Lease, including, but not limited to, the same remaining lease term, rent escalations, covenants, escrows and reserves, and financial reporting requirements, and (iv) contain no material provisions that benefit the subtenant, are unusual for a market sublease and are materially adverse to Borrower. For avoidance of doubt, the payment by Operating Tenant to a subtenant of a tenant allowance at the execution of the sublease shall not be considered unusual.

Qualified Subtenant means a subtenant which (i) has gross revenues equal to not less than ten (10) times the aggregate rental