Minimum Occupancy. The Occupancy Rate for the entire facility of the Borrower, on a combined basis, shall be no less than 87%. This covenant shall be tested semi- annually on each February 28 and August 30 during the term of this Agreement. Provided, however, that Borrower may choose a consecutive six (6) month period of time during the Construction period whereby the Occupancy Rate may be no less than 85%.
Appears in 2 contracts
Sources: Bond Purchase and Loan Agreement, Bond Purchase and Loan Agreement