Qualifying Leases definition

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.

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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 means (i) 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 either (a) the Tenant under such Lease is in occupancy and has commenced rental payments and such Lease has a remaining term of six (6) months or more from the applicable testing date, or (b) the Tenant under such Lease is reasonably projected by Administrative Agent to (x) take occupancy of its premises and (y) commence rental payments, in each case, within six (6) months from the applicable testing date, and (ii) other fully executed and delivered Leases which Administrative Agent in its sole discretion determines are Qualifying Leases; provided, however, any Lease under which the applicable Tenant is not paying rent as required by the terms of the Lease or which is in material default (whether by landlord or tenant) as of the testing date or as of the reporting date will not be considered a Qualifying Lease.

Examples of Qualifying Leases in a sentence

• The determination of the arbitrator shall be limited solely to the issue of whether Landlord’s or Tenant’s last submitted FMRR (as contained in the sealed envelope exchanged between the parties as hereinabove provided) for the Premises is the closer to the actual rental rate per RSF for Qualifying Leases within the market Determination period for Comparative Transactions.

• Borrower must deliver to Lender with the Extension Request (i) a Rent Roll current as of the Request Date; (ii) copies of all Qualifying Leases listed on that Rent Roll; and (iii) such further supporting information as Lender may reasonably require.

• The Base Rent per RSF payable for the Option Term shall be equal to the then-current rental rate per RSF (as further defined below, “FMRR”) being agreed to by institutional or comparably creditworthy, portfolio-managed, owners (“Comparable Landlords”) of comparable South of Market properties in San Francisco, California (the “Comparable Buildings”), with Qualifying Leases in Comparable Buildings during the Market Determination Period, in each case on a full service gross lease basis.

• Seller will guaranty the payment of rental revenue (being the base “Monthly Rent + CAM” expenses) on the Vacant Suites at rates shown on Exhibit 1 to the Financial Agreement (“Exhibit 1”) from the Closing Date until the earlier of (a) the expiration of the Guarantee Period or (b) the first day following the date that Qualifying Leases (defined below) have been signed and Tenants are occupying leased premises and paying rent on Vacant Suites totaling not less than 15,344 square feet of rentable area.

• Landlord and Tenant agreed that there shall be no less than an eighteen (18) month separation between the earliest to occur and latest to occur of the expiration dates (as they may be extended from time-to-time) of Qualifying Leases (as defined in this Section 27.4) within any two (2) buildings occupied by Tenant in the Northwest Campus and no less than a thirty-six (36) month separation between expiration dates of Qualifying Leases within any three (3) buildings occupied by Tenant in the Northwest Campus.

More Definitions of Qualifying Leases

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 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.

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 is amended and restated to read as follows:

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 (i) leases to the Anchor Lessees, and (ii) all other leases under which the lessee has opened for business to the general public and is paying annual minimum basic rent. "Additional Qualifying Leases" means Qualifying Leases that meet the Leasing Guidelines (as defined in Section 9.2 hereof) entered into for any of the space at the Vista II Property which is not leased on the Closing Date of the Vista II Property. "Non-Credit Tenants" shall mean all tenants set forth on the list attached hereto as Schedule I, which list shall be updated and amended from time to time during the period following the date of this Agreement through the Closing Date subject to the reasonable approval of Buyer and Seller. "Anchor Lessees" shall mean all tenants set forth on the list attached hereto as Schedule J. Schedule K attached hereto sets forth a numeric example of calculation of the Purchase Price in accordance with this Section 2.1(b).

Qualifying Leases shall refer to (1) New Leases that are entered into by Seller and Modifications to New Leases that are entered into by Seller to expand the space occupied by tenants under such New Leases (in either case during the period prior to Closing) pursuant to Sections 3.3(e)(iii) and 3.3(e)(iv) herein and (2) leases that are entered into by Purchaser or modifications to leases entered into by Purchaser to expand the space occupied by tenants under such leases (in either case, during the period after Closing and prior to the expiration of the Master Lease Period) relative to Vacant Space.