Aggregate Occupancy Rate means, with respect to the Unencumbered Properties at any time, the ratio, as of such date, expressed as a percentage, of (i) the gross leasable area of all Unencumbered Properties occupied by tenants paying rent pursuant to Leases other than Materially Defaulted Leases, to (ii) the aggregate gross leasable area of all Unencumbered Properties, excluding from both (i) and (ii) the gross leasable area of Construction Projects prior to the date which is 3 months after the Rent Stabilization Date for such Construction Project. Only premises which are actually open for business shall be counted as occupied.
Aggregate Occupancy Rate means, with respect to any reporting period, a percentage equaling (x) Aggregate Occupancy for the such reporting period divided by (y) the aggregate total rentable square footage relating to Unencumbered Property Pool for such reporting period.
Aggregate Occupancy Rate. With respect to the Unencumbered Properties at any time, the ratio, as of such date, expressed as a percentage, of (i) the net leasable area of all Unencumbered Properties leased to tenants paying rent pursuant to Leases other than Leases which are in material default, to (ii) the aggregate net leasable area of all Unencumbered Properties.
Examples of Aggregate Occupancy Rate in a sentence
The Borrower will not at any time permit the Aggregate Occupancy Rate to be less than eighty-five percent (85%).
The Aggregate Occupancy Rate of the Unencumbered Properties shall not be less than ninety percent (90%).
Borrower shall fail to satisfy the financial covenant regarding the Aggregate Occupancy Rate set forth in SECTION 9.8 and such failure shall continue for sixty (60) days.
The Borrower will not at any time permit the Aggregate Occupancy Rate for the Borrowing Base Properties (excluding Borrowing Base Properties that are Newly-Built Properties) to be less than eighty-five percent (85%).
The occupancy rate for each Borrowing Base Property (expressed as a percentage) shall be aggregated, with each Borrowing Base Property being weighted based on its Appraised Value, to determine the Aggregate Occupancy Rate, expressed as a percentage.
More Definitions of Aggregate Occupancy Rate
Aggregate Occupancy Rate. With respect to the Unencumbered Assets at any time, the ratio, as of such date, expressed as a percentage, of
Aggregate Occupancy Rate means, with respect to the Unencumbered Pool Properties at any time, the ratio, as of such date, expressed as a percentage, of (i) the net rentable square footage of all Unencumbered Pool Properties occupied by tenants paying rent pursuant to binding leases as to which no monetary default has occurred and is continuing, to (ii) the aggregate net rentable square footage of all Unencumbered Pool Properties.
Aggregate Occupancy Rate. The overall portfolio of real estate assets must maintain an 85% aggregate occupancy rate.
Aggregate Occupancy Rate and “Occupancy Rate”, a Tenant shall be deemed to occupy a Property notwithstanding a temporary cessation (not to exceed three months in any single instance) of operations for renovation, repairs or other similar temporary reason (not to exceed three months in any single instance) or for the purpose of completing tenant build-out, provided that the tenant pays rent during such cessation. “Aggregate Occupancy Rate” means, with respect to any reporting period, a percentage equaling (x) Aggregate Occupancy for the such reporting period divided by (y) the aggregate total rentable square footage relating to Unencumbered Property Pool for such reporting period. “Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving Lenders. “Aggregate Revolving Committed Amount” has the meaning provided in Section 2.01(a), as increased from time to time pursuant to Section 2.01(e). “Agreement” has the meaning provided in the introductory paragraph hereof. “Agreement Currency” has the meaning provided in Section 10.23, “Alternative Currency” means each of the following currencies: Euro, Sterling and Canadian Dollars, together with each other currency (other than Dollars) that is approved in accordance with Section 1.06. 2
Aggregate Occupancy Rate means, with respect to any reporting period, a percentage equaling (x) Aggregate Occupancy for the such reporting period divided by (y) the aggregate total rentable square footage relating to Unencumbered Property Pool for such reporting period. “Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving Lenders. “Aggregate Revolving Committed Amount” has the meaning provided in Section 2.01(a), as increased from time to time pursuant to Section 2.01(e). “Agreement” has the meaning provided in the introductory paragraph hereof. “Agreement Currency” has the meaning provided in Section 10.23, “Alternative Currency” means each of the following currencies: Euro, Sterling and Canadian Dollars, together with each other currency (other than Dollars) that is approved in accordance with Section 1.06. 2
Aggregate Occupancy Rate and “Occupancy Rate”, a Tenant shall be deemed to occupy a Property notwithstanding a temporary cessation (not to exceed three months in any single instance) of operations for renovation, repairs or other similar temporary reason (not to exceed three months in any single instance) or for the purpose of completing tenant build-out, provided that the tenant pays rent during such cessation. “Aggregate Occupancy Rate” means, with respect to any reporting period, a percentage equaling (x) Aggregate Occupancy for such reporting period divided by (y) the aggregate total rentable square footage relating to Unencumbered Property Pool for such reporting period. “Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving Lenders as increased or decreased from time to time pursuant to this Credit Agreement. “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject. “Applicable Maturity Date” means (a) with respect to the Revolving Loans and Letters of Credit, the Revolving Loan Maturity Date and (b) with respect to the Term Loan, the Term Loan Maturity Date. “Applicable Rate” means: (a) until such time as (a) the Borrower or the Parent have obtained two Investment Grade Ratings from any of Xxxxx’x, S&P and/or Fitch, and (b) the Borrower has submitted a written election (which election shall be irrevocable) to the Administrative Agent, the per annum “Applicable Rate” for any applicable period shall be determined based on the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a) as set forth in the table labeled as the Consolidated Leverage Ratio Based Pricing Grid below:
Aggregate Occupancy Rate means, with respect to any reporting period, a percentage equaling (x) Aggregate Occupancy for such reporting period divided by (y) the aggregate total rentable square footage relating to Unencumbered Property Pool for such reporting period. “Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving Lenders as increased or decreased from time to time pursuant to this Credit Agreement. “Applicable Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject. “Applicable Maturity Date” means (a) with respect to the Revolving Loans and Letters of Credit, the Revolving Loan Maturity Date and (b) with respect to the Term Loan, the Term Loan Maturity Date. “Applicable Rate” means: (a) until such time as (a) the Borrower or the Parent have obtained two Investment Grade Ratings from any of Xxxxx’x, S&P and/or Fitch, and (b) the Borrower has submitted a written election (which election shall be irrevocable) to the Administrative Agent, the per annum “Applicable Rate” for any applicable period shall be determined based on the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a) as set forth in the table labeled as the Consolidated Leverage Ratio Based Pricing Grid below: