OCCUPANCY EXPENSE definition

OCCUPANCY EXPENSE for any period of determination shall mean the consolidated rental expense under operating leases for the retail store sites (including common area maintenance charges, taxes and other amounts payable under lease agreements) of the Borrower and its Subsidiaries as lessees, determined and consolidated in accordance with GAAP. If the Borrower or any Loan Party shall have made one or more Permitted Acquisitions as permitted under Section 8.2.6(2) during the period of determination, the Occupancy Expense for such period shall be adjusted on a pro forma basis acceptable to the Agent and based upon the historical financial statements of the Person or assets acquired to give effect to such Permitted Acquisitions as if they had occurred at the beginning of such period. OFFICIAL BODY shall mean any national, federal, state, local or other government or political subdivision or any agency, authority, board, bureau, central bank, commission, department or instrumentality of either, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. PARTICIPATION ADVANCE shall mean, with respect to any Bank, such Bank's payment in respect of its participation in a Letter of Credit Borrowing according to its Ratable Share pursuant to Section 2.9.4.
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OCCUPANCY EXPENSE for any period of determination shall mean the consolidated rental expense under operating leases for the retail store sites (including common area maintenance charges, taxes and other amounts payable under lease agreements) of the Borrower and its Subsidiaries as lessees, determined and consolidated in accordance with GAAP. OFFICIAL BODY shall mean any national, federal, state, local or other government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of either, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. PARTICIPATION ADVANCE shall mean, with respect to any Bank, such Bank's payment in respect of its participation in a Letter of Credit Borrowing according to its Ratable Share pursuant to Section 2.9.4.
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Examples of OCCUPANCY EXPENSE in a sentence

  • SALE DATE OF SALE EGIM OCCUPANCY EXPENSE RATIO --------------------------------------------------------- 1 11/97 7.67 93.5% 30.8% 2 07/97 6.50 94% 27.0% 3 06/97 7.43 92.5% 29.2% 4 02/97 6.51 93% 29.1% 5 12/96 7.05 94% 29.6% 6 11/96 6.78 94% 30.7% Subject 96% 30.4% The sales indicated EGIMs ranging from 6.50 to 7.67, with all sales operating at stabilized levels.

  • SALE DATE OF SALE EGIM OCCUPANCY EXPENSE RATIO -------------------------------------------------------- 1 11/97 5.59 98% N/A 2 11/97 5.60 97% N/A 3 11/97 5.38 97% N/A 6 03/97 5.74 94% 42.58% 8 12/96 5.53 90% 45.86% 9 12/96 6.31 90% 40.57% 10 8/96 6.59 90% 39.48% Subject 93% 44.08% The sales indicated EGIMs ranging from 5.38 to 6.59, with all sales operating at or near stabilized levels.

  • OCCUPANCY EXPENSE Occupancy expense is recorded on the straight-line basis over the term of the leases, including certain leases under which lease payments escalate over the term of the lease.