Average Occupancy Rate Clause Samples
Average Occupancy Rate. 1. The Occupancy Rate of each Borrowing Base Property is set forth [above or on the attached Schedule] and the weighted average (based on Borrowing Base Value) Occupancy Rate of all Borrowing Base Properties is ____%. ___________%
2. Line C1 shall not be less than 70%
3. The Borrower is in compliance (circle yes or no) yes/no
Average Occupancy Rate. The Guarantor shall not permit the Average Occupancy Rate to be less than eighty-seven and one-half percent (87.5%). “Average Occupancy Rate” shall mean, for each period measured, the quotient, expressed as a percentage, of the “average resident count” divided by the total number of occupied beds in the assisted living facility on the Property; and the term “average resident count” means, for each period measured, the quotient of the total number of residents living in the assisted living facility on the Property for each day of the period measured divided by the total number of days in such period measured. The Bank shall test Borrower’s compliance under this subsection quarterly, calculated on a year to date basis, commencing June 30, 2013 and at the end of each fiscal quarter thereafter until December 31, 2013 and commencing December 31, 2013, the Bank shall test Borrower’s compliance quarterly but the calculation shall then be based on the prior four (4) fiscal quarters, provided, however, the Bank may test compliance at any time if the Bank reasonably believes that an Event of Default has otherwise occurred or if an event has occurred that with the giving of a notice or the lapse of time would constitute such an Event of Default.
Average Occupancy Rate. (1) Calculation Period: (1) Trailing 3 months
(2) Average Occupancy Rate for Calculation Period: (2) _______%
(a) Aggregate [Borrower Name]: (a) _______%
(b) [Borrower Name]: (b) _______%
(3) Initial Occupancy Rate: (3) _______%
(4) Required Minimum Occupancy Rate (80% of (3) above): (4) _______%
(5) In Compliance: (5) ¨ Yes ¨ No