Occupancy of Unencumbered Assets. The Unencumbered Assets that are Properties (excluding those Unencumbered Assets which are Development Properties) in the aggregate shall consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent of at least eighty percent (80%) of the aggregate rentable area or apartment units, as applicable, within such Unencumbered Assets.
Appears in 3 contracts
Samples: Term Loan Agreement (Colonial Realty Limited Partnership), Credit Agreement (Colonial Realty Limited Partnership), Term Loan Agreement (Colonial Properties Trust)
Occupancy of Unencumbered Assets. (a) The Unencumbered Assets that are Properties (excluding those Unencumbered Assets which are Development Properties) in the aggregate shall consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent of at least eighty percent (80%) of the aggregate rentable area or apartment units, as applicable, within such Unencumbered Assets.
Appears in 1 contract
Occupancy of Unencumbered Assets. The Unencumbered Assets that are Properties (excluding those Unencumbered Assets which are Development Properties) in the aggregate shall consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent (not more than sixty (60) days past due), or subject to free rent for periods of ninety (90) days or less, and which are not otherwise in default in any material manner under their respective leases, of at least eighty percent (80%) of the aggregate rentable area or apartment units, as applicable, within such Unencumbered Assets.
Appears in 1 contract
Samples: Credit Agreement (Wells Real Estate Investment Trust Ii Inc)
