Physical Occupancy definition

Physical Occupancy means the percentage occupancy of a self-storage and/or mini-warehouse facility determined by dividing (x) the aggregate number of rentable square feet actually occupied by tenants at such facility by (y) the aggregate number of rentable square feet at such facility.
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Physical Occupancy means physical occupancy based on sqm and excludes land and development; in per cent.
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Physical Occupancy means that Tenant shall not have entered into any assignment or entered into any subleases other than any transaction permitted under Section 12.07 of the Lease.
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Examples of Physical Occupancy in a sentence

  • If the Operating Partnership determines that the applicable Controlled Properties have both Economic Occupancy and Physical Occupancy consistent with or exceeding local market levels for self-storage and/or mini-warehouse facilities for such periods, then the Operating Partnership shall so notify the applicable Manager Parties pursuant to a written notice in accordance with the provisions of Section 8.4(b) below.

  • CIM Urban REIT and Borrower shall not permit: (i) the aggregate Physical Occupancy Rate for all Unencumbered Properties to be less than eighty percent (80%), or (ii) the Economic Leasing Percentage to be less than seventy percent (70%) for each individual Unencumbered Property, or (iii) the average Hotel Occupancy Rate to be less than sixty percent (60%) for all Unencumbered Properties, which are hotel Properties, as of the last day of any fiscal quarter of the Companies.

  • Borrower shall not permit: (i) the aggregate Physical Occupancy Rate for all Unencumbered Properties to be less than eighty percent (80%), or (ii) the Economic Leasing Percentage to be less than seventy percent (70%) for each individual Unencumbered Property, or (iii) the average Hotel Occupancy Rate to be less than sixty percent (60%) for all Unencumbered Properties, which are hotel Properties, as of the last day of any fiscal quarter of the Companies.


More Definitions of Physical Occupancy

Physical Occupancy meaning the first to occur of (A) the date Tenant or its contractors, agents or other representatives move any significant amount of materials, equipment or other items into any portion of the 27th Floor Space, or (B) the date any such parties commence performance of any of Tenant's Work within the 27th Floor Space), time being of the essence. The notice delivered by Tenant (herein, the "EXERCISE NOTICE") shall specify the exact area, configuration and location of the 27th Floor Space, as adjusted by the Contraction Space or Expansion Space (as the case may be), which Tenant desires to be included as part of the initial Premises hereunder; provided, however, that:
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