Economic Occupancy definition
Economic Occupancy means the percentage occupancy of a self-storage and/or mini-warehouse facility determined by dividing (i) the aggregate amount of rent and any rent-related charges paid by tenants occupying space at such facility during the relevant period by (ii) the product obtained by multiplying (x) the then prevailing market annual rental rate for such facility on a per square foot basis by (y) the aggregate number of rentable square feet at such facility.
Economic Occupancy means, with respect to any Property and for any given period, the ratio (expressed as a percentage) of (i) the square footage of such Property that is subject to commenced leases to tenants that are not subject to free rent or other rent abatement during such period, to (ii) the total square footage of such building, in each case, as reasonably determined by the Borrower and approved by Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed.
Economic Occupancy means the gross rental income which would be received if the Housing Development were fully occupied.
Examples of Economic Occupancy in a sentence
If the Operating Partnership determines that the applicable Controlled Properties have both Economic Occupancy and Physical Occupancy consistent with or exceeding local market levels for self-storage and/or mini-warehouse facilities for such periods, then the Operating Partnership shall so notify the applicable Manager Parties pursuant to a written notice in accordance with the provisions of Section 8.4(b) below.
After deposited by Borrower with Lender, the Letter of Credit shall be held by Lender in the Economic Occupancy Reserve and held as security for the Loan.
Borrower shall not be entitled to earn any interest with respect to funds on deposit in the Payment Reserve, the Economic Occupancy Reserve and the Impound Account.
The adjustments above for the Properties that have less than eighty percent (80%) Economic Occupancy shall be capped at twenty percent (20%) of Total Asset Value and any excess shall not constitute a default, but rather shall be excluded from the calculation of Total Asset Value.
The Economic Occupancy Holdback shall be maintained with Lender and held as security for the Loan.
More Definitions of Economic Occupancy
Economic Occupancy. The square footage generating rental income expressed as a percentage of its total rentable square feet. LEASES SIGNED - COMPARABLE: Represents leases signed on spaces for which there was a former tenant. LEASES SIGNED - NONCOMPARABLE: Represents leases signed on spaces for which there was no previous tenant, i.e. expansion space or space that was previously non-leasable. LEASES SIGNED - PRIOR RENT: Total rent paid by the previous tenant; includes minimum and percentage rent.
Economic Occupancy is added to Section 1.1 of the Credit Agreement after the defined term “EBITDA” and is defined as follows:
Economic Occupancy of a Replacement Tenant shall mean that: (i) the Replacement Tenant is in actual physical possession of the premises, and open for business therefrom; (ii) the Replacement Tenant is paying rent and all other sums due under the corresponding Lease on a current basis without rental concession, credit, offset, holdback or defense, or the assertion of an unexercised right of that nature; (iii) the Replacement Tenant is occupying the premises which have been completed in accordance with the plans and specifications that have been finally approved by Borrower, that Replacement Tenant and Lender, and under a final certificate of occupancy and with all other permits and approvals necessary for the occupancy and use thereof issued in final form; (iv) Lender shall have received an estoppel letter from that Replacement Tenant, in form and substance satisfactory to Lender, which shall (among other things) acknowledge each of the foregoing and the completion of all work and the payment of all sums required from Borrower in connection with those premises and the obligation to pay rent thereunder on a current basis without offset or reduction for any reason; and, if those premises have been subject to any construction or other lienable work in connection with the Replacement Tenant's occupancy thereof, (v) Lender shall have received, at Borrower's expense, those endorsements to Lender's policy of title insurance with respect to the applicable Individual Property, in form and substance satisfactory to Lender, containing those assurances acceptable to Lender and its counsel with respect to mechanics liens, pending disbursements, completed work and all other issues that have potential impact upon Lender's first lien position as a result of the work performed in connection with readying those premises for Economic Occupancy.
Economic Occupancy means, for a given period of time, the actual gross rental revenues received from the Project less rent concessions, rebates and credit loss divided by contracted rents under written leases.
Economic Occupancy. The square footage generating rental income expressed as a percentage of its total rentable square feet. Leases signed - comparable: Represents leases signed on spaces for which there was a former tenant. Leases signed - noncomparable: Represents leases signed on spaces for which there was no previous tenant, i.e. expansion space or space that was previously non-leasable. Leases signed - prior rent: Total rent paid by the previous tenant; includes minimum and percentage rent.
Economic Occupancy. The square footage generating rental income expressed as a percentage of its total rentable square feet.
Economic Occupancy means, (a) with respect to any commercial Tenant, that such Tenant (i) is bound by a valid written Lease for the demised premises and has accepted the space demised to it pursuant to the related Lease, and acknowledged that Borrower has completed all fit-out, work and other conditions required under such Lease, (ii) has taken occupancy of its space, and is using substantially all of such space for the purposes contemplated by such Lease, and (iii) has made the first full unabated monthly payment of base rent under such Lease, provided, however, that a commercial Tenant shall not be deemed to be in “Economic Occupancy” to the extent that any of the following conditions exist with respect to such Tenant or its Lease: (A) a Tenant that is the subject of a proceeding under any Creditors’ Rights Law and has not affirmed its Lease in the applicable proceeding under the Bankruptcy Code pursuant to a final, non-appealable order of a court of competent jurisdiction; (B) the Tenant is in default under its Lease in the payment of rent for a period of more than thirty (30) days or with respect to any other material default for a period beyond any applicable notice and cure periods; (C) a Tenant that has expressed its intention (directly, constructively or otherwise) to not renew, terminate, cancel and/or reject its applicable Lease, (D) a Tenant whose tenancy at the Property is month-to-month, or (E) a Lease which expires within 90 days or less of the applicable date of calculation hereunder and (b) with respect to any residential Tenant, that such Tenant (i) is bound by a valid written Lease for the demised premises, and (ii) has made the first full unabated monthly payment of base rent under such Lease (or the payment of a security deposit in the amount of the first month’s rent under such Lease), provided, however, that a residential Tenant shall not be deemed to be in “Economic Occupancy” to the extent that the Tenant is in default under its Lease in the payment of rent for a period of more than thirty (30) days, provided further, that Lender shall agree to consider residential Tenants to be in “Economic Occupancy” for purposes of this definition that are in default under its Lease in the payment of a rent for a period of not more than forty-five (45) days so long as the portion of Tenants in monetary default for in excess of thirty (30) days does not exceed ten percent (10%) of the aggregate potential rent from the then-current Rent Roll.