Common use of Occupancy Rate Clause in Contracts

Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of Unencumbered Adjusted NOI or Unencumbered Asset Value, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such Eligible Real Estate. With respect to any Real Estate that is not income-producing multifamily, Unimproved Land, Development Property or Headquarters, the ratio, expressed as a percentage, of (a) the rented area of leased premises of such Real Estate to (b) the total rentable area of such Real Estate. For purposes of determining compliance with §7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing Base Property as set forth above.

Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of Unencumbered Adjusted NOI or Unencumbered Asset Value, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such Eligible Real Estate. With respect to any Real Estate that is not income-producing multifamily, Unimproved Land, Development Property or Headquarters, the ratio, expressed as a percentage, of (a) the rented area of leased premises of such Real Estate to (b) the total rentable area of such Real Estate. For purposes of determining compliance with §7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing Base Property as set forth above. OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United States of America. Original Credit Agreement. See the Recitals to this Agreement.

Occupancy Rate. With respect to any Eligible Real Estate included in the calculation of the Borrowing Base Availability, Unencumbered Adjusted NOI or Unencumbered Asset Value, the ratio, expressed as a percentage, of (a) the number of apartment units in such Eligible Real Estate actually occupied by tenants (excluding any tenants holding over) that are not affiliated with the Borrower and paying rent at rates not materially less than rates generally prevailing in the geographical market of the respective Eligible Real Estate at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and is continuing which has continued unremedied for thirty (30) or more days to (b) the aggregate number of apartment units in such Eligible Real Estate. With respect to any Real Estate that is not income-producing multifamily, Unimproved Land, Development Property or Headquarters, the ratio, expressed as a percentage, of (a) the rented area of leased premises of such Real Estate to (b) the total rentable area of such Real Estate. For purposes of determining compliance with §7.17(a)(viii), the aggregate Occupancy Rate shall be computed on an aggregated basis for all Unencumbered Borrowing Base Properties, consistent with the provisions for determining the Occupancy Rate for any individual Unencumbered Borrowing Base Property as set forth above. OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United States of America.