In-Occupancy definition
In-Occupancy means, with respect to a tenant, that such tenant or a subtenant (a) is physically in occupancy of not less than 80% of its premises (provided, a tenant shall be deemed to be “In Occupancy” if it is physically in occupancy of less than 80% of its space so long as (i) such tenant has not been in physical occupancy of less than 80% of its space for more than 18 consecutive months and (ii) such tenant is in physical occupancy of not less than 50% of its space), (b) is not more than thirty (30) days delinquent in its payment of rent, (c) is not subject to any insolvency proceeding, and (d) is not otherwise in default under any material provisions of its lease.
In-Occupancy means, with respect to a tenant under a Lease, that such tenant is (a) physically in occupancy of the premise covered by its Lease and (b) not in default under its Lease.