Stabilization Date means, with respect to a property, the earlier of (a) eighteen (18) months after substantial completion of new construction or development, or (b) the first date the Occupancy Level is at least ninety percent (90%).
Stabilization Date means, with respect to any Portfolio Property under development in which an Investment was made by the REIT or a Subsidiary thereof pursuant to Section 10.6(e) and subsequent to such Investment the construction of such Portfolio Property has been substantially completed, the date that is the earlier of (i) the last day of the first full fiscal quarter of the REIT following substantial completion of such construction for which financial statements have been provided to the holders pursuant to Section 7.1(a) or (b) and in which Portfolio Property Net Operating Income of such Portfolio Property for such fiscal quarter is greater than $0 and (ii) the last day of the second full fiscal quarter of the REIT following substantial completion of such construction in which financial statements have been provided to the holders pursuant to Section 7.1(a) or (b).
Stabilization Date means the first day of the month following the date on which any one of the following shall have occurred: (i) 93% occupancy in the operations of the Project at any point in time; (ii) 6 months after issuance of a certificate of occupancy for all of the apartments comprising the Project; or (iii) forty-two (42) months after the Initial Closing.
Examples of Stabilization Date in a sentence
After Final Completion of the Project Facilities, but in no event later than the Stabilization Date, all Surplus Bond Proceeds remaining in the Bond Proceeds Account of the Project Fund shall be transferred to the Bond Fund.
The Trustee shall transfer any Surplus Bond Proceeds remaining in the Capitalized Interest Account, after the Borrower certifies to the Trustee the Final Completion of the Project Facilities, but in no event later than the Stabilization Date, to the Bond Fund.
If there is a reduction in equity according to the following paragraphs, it will be implemented as of the Payment dependent upon the Stabilization Date.
The Fiscal Agent shall and is hereby authorized to transfer funds from the Capitalized Interest Account to the Funding Loan Fund to pay interest on the Funding Loan accruing up to and including: (i) the Completion Date with respect to amounts in the Funding Loan Proceeds Subaccount; and (ii) the Stabilization Date with respect to the Equity Subaccount without submission of any Requisition.
The Stabilization Date shall mean the end of the third consecutive month in which Gross Revenues less Annual Operating Expenses (prior to the payment of Debt Service) are equal to 115% of the Debt Service on the Bank Loan.
More Definitions of Stabilization Date
Stabilization Date means, with respect to any Portfolio Property under development in which a Development Investment was made by the REIT or a Subsidiary thereof and subsequent to such Investment the construction of such Portfolio Property has been substantially completed, the date that is the earlier of (i) the last day of the first full fiscal quarter of the REIT following substantial completion of such construction for which financial statements have been provided to the holders pursuant to Section 7.1(a) or (b) and in which Portfolio Property Net Operating Income of such Portfolio Property for such fiscal quarter is greater than $0 and (ii) the last day of the second full fiscal quarter of the REIT following substantial completion of such construction in which financial statements have been provided to the holders pursuant to Section 7.1(a) or (b).
Stabilization Date means the earlier to occur of: (i) the date specified by the Controlling Person that all of the conditions to achievement of Stabilization have been satisfied; or (ii) the Outside Stabilization Date, as the same may be extended pursuant to Section 6.37 of the Loan Agreement.
Stabilization Date means, with respect to any Pool Property, the last day of the month in which the Net Operating Income of such Property equals or exceeds the corresponding Net Operating Income levels used in the applicable Appraisal to determine the “stabilized value” of such Property for thirty (30) consecutive days as certified by the Borrower. If a new Appraisal is obtained in accordance with any of the provisions of Section 4.1(c), the Stabilization Date shall be reestablished as the last day of the month to occur following acceptance of such Appraisal by the Administrative Agent during which month the Net Operating Income of such Property equals or exceeds the corresponding Net Operating Income levels used in such Appraisal to determine the “stabilized value” of such Property as certified by the Borrower.
Stabilization Date means, with respect to each Property, the date on which all of the following have occurred: (i) the lease commencement date for the applicable Government Lease has occurred, (ii) the Department of Veterans Affairs has commenced Normal Business Operations at the applicable Property, and (iii) the Government has commenced paying year two rent pursuant to such Government Lease for the entire premises under the applicable Government Lease.
Stabilization Date means the earlier to occur of (a) the date the Occupancy Level reaches eighty percent (80%) for the first time, or (b) one (1) year after the construction of the building improvements, other than tenant improvements, is substantially complete. Stated Rate shall, on any day, mean whichever of the Base Rate, the Eurodollar Rate or the Competitive Bid Rate has been designated and provided pursuant to this Agreement; provided that, if on any day such rate shall exceed the Ceiling Rate for that day, the Stated Rate shall be fixed at the Ceiling Rate on that day and on each day thereafter until the total amount of interest accrued at the Stated Rate on the unpaid principal balance of the Notes equals the total amount of interest which would have accrued if there had been no Ceiling Rate. If the Notes mature (or are prepaid) before such equality is achieved, then, in addition to the unpaid principal and accrued interest then owing pursuant to the other provisions of the Credit Documents, Borrower promises to pay on demand to the order of the holders of the Notes interest in an amount equal to the excess (if any) of (a) the lesser of (i) the total interest which would have accrued on the Notes if the Stated Rate had been defined as equal to the Ceiling Rate from time to time in effect and (ii) the total interest which would have accrued on the Notes if the Stated Rate were not so prohibited from exceeding the Ceiling Rate, over (b) the total interest actually accrued on the Notes to such maturity (or prepayment) date. Subsidiary shall mean, as to a particular parent entity, any entity of which more than fifty percent (50%) of the indicia of voting equity or ownership rights (whether outstanding capital stock or otherwise) is at the time directly or indirectly owned by, such parent entity, or by one or more of its other Subsidiaries.
Stabilization Date means the earlier to occur of (i) the date on ------------------ which Borrower (A) has requested that Lender recalculate the Aggregate Principal Indebtedness outstanding on such date, (B) provided to Lender all information required pursuant to Section 8.32, and (C) has established, to Lender's ------- ---- satisfaction, that the Recalculated Loan Amount (calculated based upon the Underwriting NOI Criteria and in accordance with the methodology and debt service coverage ratio tests set forth in Section 8.32(a)), will be an amount ---------------- equal to or exceeding the then outstanding Indebtedness, and (ii) the Cut-Off Date.
Stabilization Date means, with respect to a property, the ------------------- earlier of (a) twelve (12) months after substantial completion of new construction or development, and (b) the date the Occupancy Level is at least ninety percent (90%).