Aggregate Occupancy Rate Clause Samples
The Aggregate Occupancy Rate clause defines the minimum or target percentage of units or spaces that must be occupied within a property or portfolio over a specified period. In practice, this clause is often used in commercial leases, hotel management agreements, or real estate financing to set performance benchmarks, such as requiring that at least 85% of rooms are rented on average each month. Its core function is to establish clear occupancy expectations, which helps manage financial risk and ensures that all parties are aligned on performance standards.
Aggregate Occupancy Rate. The Borrower will not at any time permit the Aggregate Occupancy Rate to be less than eighty-five percent (85%).
Aggregate Occupancy Rate. All Pool Properties will at all times have an aggregate Occupancy Rate of no less than ninety percent (90%).
Aggregate Occupancy Rate. The Aggregate Occupancy Rate of the Unencumbered Properties shall not be less than ninety percent (90%).
Aggregate Occupancy Rate. The quotient of (a) Net Rentable Area for all of the Unencumbered Properties subject to Leases as to which (i) tenants are in occupancy of their respective leased premises (or as to which a tenant has executed and delivered a lease for space within an Unencumbered Property, which lease is in full force and effect and with respect to which the tenant will take occupancy within ninety (90) days of execution of such lease), (ii) tenants are not in default of any of their monetary or other material obligations under their respective Lease beyond sixty (60) days (excluding year-end reconciliations of CAM charges or similar items and any failure to pay the first month such amount becomes due and payable the incremental increase in annual base rent as a result of the impact of an annual escalation of such rent), (iii) are an arm’s length Lease entered into in the ordinary course of business with a party that is not an Affiliate of the Borrower, and (iv) tenants or any guarantor thereunder are not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) Net Rentable Area for all of the Unencumbered Properties, expressed as a percentage.
Aggregate Occupancy Rate. 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.
Aggregate Occupancy Rate. On any date of determination, for any Borrowing Base Property, the quotient of (a) the aggregate rentable area for such Borrowing Base Property subject to Leases (based on Net Rentable Area) or if there is no Lease, subject to a management agreement (based on beds, rooms or such other measure as Agent may reasonably determine) as to which (i) tenants or occupants are in occupancy of all of their respective leased premises (or beds, rooms or other measure reasonably determined by Agent, as applicable), (ii) tenants or occupants are not in default of any of their payment or other material obligations under their respective Lease or other occupancy agreement, which default has continued for more than thirty (30) days, (iii) 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 or the Advisor, and (iv) tenants, other occupants or any guarantor thereunder are not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) aggregate rentable area for such Borrowing Base Property (based on Net Rentable Area) if subject to a Lease (based on Net Rentable Area) or if there is no Lease, based on beds, rooms or such other measure as Agent may reasonably determine. 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.
Aggregate Occupancy Rate. The quotient of (a) Net Rentable Area for all of the Collateral Pool Properties subject to Leases as to which (i) tenants are in occupancy of all of their respective leased premises (or as to which a tenant has executed and delivered a lease for space within a Collateral Pool Property, which lease is in full force and effect and with respect to which the tenant will take occupancy within ninety (90) days of execution of such lease), (ii) tenants are not in default of any of their monetary or other material obligations under their respective Lease beyond sixty–two (62) days (excluding year-end reconciliations of CAM charges or similar items and any failure to pay the first month such amount becomes due and payable the incremental increase in annual base rent as a result of the impact of an annual escalation of such rent), (iii) are an arm’s length Lease entered into in the ordinary course of business with a party that is not an Affiliate of the Borrower, (iv) tenants thereunder are not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, unless such tenants have unconditionally assumed their lease pursuant to a final court order in such proceeding and (v) guarantors thereunder are not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) Net Rentable Area for all of the Collateral Pool Properties, expressed as a percentage.
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. The quotient of (a) Net Rentable Area for all of the Borrowing Base Properties subject to Leases as to which (i) tenants are in occupancy of all of their respective leased premises and operating (it being understood a tenant shall be deemed to be in occupancy of its leased premises and operating notwithstanding a Temporary Closure), or (ii) tenants have executed and delivered a new Lease that is deemed approved or has been approved by Agent (in either instance, as provided by this Agreement) for space within a Borrowing Base Property that is vacant and not otherwise subject to a Lease (other than such new Lease), which Lease is in full force and effect and with respect to which the tenant will take occupancy and commence operating within ninety (90) days of execution of such new Lease, and, with respect to tenants under clauses (i) or (ii) hereof, (A) the applicable tenants are not in default of any of their monetary or other material obligations under their respective Lease, (B) are an arm’s length Lease entered into in the ordinary course of business with a party that is not an Affiliate of the Borrower or any Guarantor and which is in full force and effect, and (C) tenants or any guarantor thereunder are not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) Net Rentable Area for all of the Borrowing Base Properties, expressed as a percentage.
Aggregate Occupancy Rate. The Aggregate Occupancy Rate of the Unencumbered Pool Properties shall not be less than ninety percent (90%); provided, however, that if, on or before the date on which the Aggregate Occupancy Rate, having been at least ninety percent (90%), falls below that level (such date, the "Initial Occupancy Deficiency Date"), Borrower has delivered to Agent (i) a UPP Eligibility Certification pursuant to Section 3.1.2, or (ii) a request for the acceptance as Unencumbered Pool Property(ies) pursuant to Section 3.1.3, with respect to one or more properties that, if included as Unencumbered Pool Properties, would cause the Aggregate Occupancy Rate to be at least ninety percent (90%) (the "Proposed Properties"), together with calculations establishing that such is the case: no breach of this covenant shall exist unless (1) either (A) such designation has not become effective with respect to each of the Proposed Properties, or such request has not been approved with respect to each of the Proposed Properties, as the case may be, by the fortieth (40th) day after the Initial Occupancy Deficiency Date; or (B) (if each designation or request with respect to a Proposed Property becomes effective or is approved within such forty-day period) at the time that the last of the Proposed Properties becomes an Unencumbered Pool Property (and notwithstanding the inclusion of the Proposed Properties as Unencumbered Pool Properties), the Aggregate Occupancy Level is below ninety percent (90%); or (2) if either of the circumstances described in subclauses (A) and (B) of the preceding clause (1) occurs, such deficiency in the Aggregate Occupancy