Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of the Pool Availability, the ratio, expressed as a percentage, of (a) the Net Rentable Area of such Eligible Real Estate actually occupied by tenants that are (i) conducting business operations therein (subject to the last sentence of this definition) which are recognized businesses separate and distinct from those of the Borrower, the Guarantors or any of their respective Subsidiaries and (ii) paying rent (or subject to a specified free rent period provided for under the applicable lease) at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for thirty (30) or more days to (b) the aggregate Net Rentable Area of such Eligible Real Estate. For purposes of the definition of “Occupancy Rate”, a tenant shall be deemed to actually occupy, and to be conducting business operations in, Eligible Real Estate (i) notwithstanding a temporary cessation of operations for renovation, repairs or other temporary reason, or for the purpose of completing tenant build-out or (ii) if it is otherwise scheduled to be open for business within some specified period. For purposes of determining compliance with §9.10, the aggregate Occupancy Rate shall be computed on an aggregated basis for all Pool Properties, consistent with the provisions for determining the Occupancy Rate for any individual Pool Property as set forth above. OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United States of America, or any successor thereto carrying out similar functions.
Occupancy Rate. With respect to an Unencumbered Asset at any time, the ratio, as of such date, expressed as a percentage, of (i) the net rentable area of such Unencumbered Asset leased to tenants paying rent pursuant to, and to the extent required under, Leases other than Leases which are in material default, to (ii) the net rentable area of such Unencumbered Asset.
Occupancy Rate. Permit the Occupancy Rate to be less than eighty percent (80%) for all Unencumbered Properties in the aggregate; and
Occupancy Rate. The aggregate Occupancy Rate for all Borrowing Base Properties to be eighty percent (80%) or greater.
Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of the Borrowing Base Availability, Unencumbered Adjusted NOI or Unencumbered Asset Value, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such Eligible Real Estate. With respect to any Real Estate that is not income-producing multifamily, Unimproved Land, Development Property or Headquarters, the ratio, expressed as a percentage, of (a) the rented area of leased premises of such Real Estate to (b) the total rentable area of such Real Estate. For purposes of determining compliance with §7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing Base Property as set forth above. OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United States of America.
Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of the Borrowing Base Availability, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such Eligible Real Estate. For purposes of determining compliance with §7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing Base Property as set forth above.
Occupancy Rate. The Occupancy Rate is strictly enforced. Large parties or groups are not permitted. Only those parties on the rental agreement are allowed to USE and/or STAY in the travel trailer. Exceeding the number of adults or children specified is a violation of the terms set forth in this agreement and will result in the forfeiture of the entire Security Deposit and Cleaning Deposit.
Occupancy Rate. As of the Closing Date, the occupancy rate of the Project shall be no less than 95% (based on the aggregate rentable square footage with respect to such Project) and taking into account the Contributor’s obligations for the NOI Deficit as provided for in Section 10.1 as rent on occupied space.
Occupancy Rate. Employee occupancy not to exceed Eight (8) Full and Part-Time Employees
Occupancy Rate. On any date of determination, for any Borrowing Base Property, the quotient of (a) the aggregate net rentable square footage of individual storage units for such Borrowing Base Property subject to Leases as to which (i) tenants or occupants are not in default of any of their payment or other material obligations under their respective Lease or other occupancy agreement, (ii) are an arm’s length Lease or occupancy agreement entered into in the ordinary course of business with a party that is not an Affiliate of the REIT, the Borrower or the Advisor, and (iii) the tenant is not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) aggregate net rentable square footage of storage units on such Borrowing Base Property.
