Minimum Average Occupancy Clause Samples

Minimum Average Occupancy. The Borrower agrees that the average economic occupancy of the overall portfolio of Projects (excluding Construction in Progress) owned by the Consolidated Group for each fiscal quarter shall exceed 80% of the average gross leaseable area of such Projects for such fiscal quarter. As used herein, economic occupancy shall mean occupancy by a tenant other than an Excluded Tenant, provided that (i) space in such Projects which is subject to a master lease obligation of the seller may be included in the calculation of economic occupancy in a Project that is included as economically occupied space, provided the total master lease space does not exceed 5% of the total space in the overall portfolio of Projects, and (ii) space in a Project which is subject to a master lease obligation of the seller of such Project may be included in the calculation of economic occupancy even though no tenant is in occupancy provided that the amount of square feet of master leased space in a Project that is included as economically occupied space does not exceed 15% of the total space in such Project considered to be economically occupied.

Minimum Average Occupancy. The Borrowers agree that the average economic occupancy of the overall portfolio of Projects (excluding Construction in Progress) owned by the Consolidated Group for each fiscal quarter shall exceed 85% of the average gross leaseable area of such portfolio for such fiscal quarter. As used herein, economic occupancy shall mean occupancy by a tenant provided that space in such Projects which is subject to a master lease obligation of the seller may be included in the calculation of economic occupancy in a Project provided that (i) the total rental income from master lease space does not exceed 5% of the total rental income from all space in the overall portfolio of Projects, and (ii) the amount of square feet of master leased space in any single Project that is included as economically occupied space, does not exceed 15% of the total space in such Project considered to be economically occupied.

Minimum Average Occupancy. The Borrowers agree that the average economic occupancy of the overall portfolio of Projects (excluding Construction in Progress) owned by the Consolidated Group for each fiscal quarter shall exceed 85% of the average gross leaseable area of such portfolio for such fiscal quarter. As used herein, economic occupancy shall mean occupancy by a tenant other than an Excluded Tenant or a tenant which is more than sixty (60) days delinquent in the payment of its rent, provided that space in a Project which is subject to a master lease obligation of the Seller of such Project may be included in the calculation of economic occupancy even though no tenant is in occupancy provided that the amount of square feet of master leased space in a Project that is included as economically occupied space, does not exceed 15% of the total space in such Project considered to be economically occupied. Limit on Cross-Collateralized Pools. The Borrowers agree not to enter any new debt agreements in excess of $50,000,000 per pool which would provide for cross-collateralization without the consent of the Administrative Agent.

Minimum Average Occupancy. At all times during the term of the Loan, unless waived by the Required Lenders, Borrowers shall cause not less than sixty-five percent (65%) of the total leaseable square footage of the Collateral Pool, calculated on an aggregate basis, to be leased by Borrowers pursuant to one or more Approved Leases.

Minimum Average Occupancy. As of the end of each fiscal quarter, the minimum average occupancy rate (i) for the quarter then ended for each Facility shall be greater than or equal to 65%, (ii) for the trailing 12 months then ended (1) for each Facility shall be greater than or equal to 75% and (2) for all Facilities in aggregate shall be greater than or equal to 82%.