Common use of Occupancy Rate Clause in Contracts

Occupancy Rate. On any date of determination, for any Borrowing Base Property, the quotient of (a) the aggregate net rentable square footage of individual storage units for such Borrowing Base Property subject to Leases as to which (i) tenants or occupants are not in default of any of their payment or other material obligations under their respective Lease or other occupancy agreement, (ii) 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, the Borrower or the Advisor, and (iii) the tenant is not subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided by (b) aggregate net rentable square footage of storage units on such Borrowing Base Property.