Square Footage Limitation definition
Square Footage Limitation means the aggregate combined amount (by square foot) of rentable space that can be assigned, sublet or substituted may not exceed twenty percent (20%) in any one calendar year and thirty percent (30%) over the term of the Operating Leases. For purposes of clarification, the maximum amount of rentable square footage in the Operating Leases that can be assigned, sublet or substituted in any one calendar year is limited to twenty percent (20%) of the aggregate amount of rentable square footage of the building(s) covered by the Operating Leases and the maximum amount of rentable square footage of the building(s) in the Operating Leases that can be assigned, sublet or substituted over the term of the Operating Leases is limited to thirty percent (30%) of the aggregate amount of rentable square footage of the building(s) covered by the Operating Leases. The Square Footage Limitations shall not include or apply to (i) Immaterial Leases, (ii) Individual Properties at which the Operating Tenant has ceased operations (or has “gone dark”) as permitted under the Operating Lease, and (iii) any subleases existing as of the Closing Date.