Average Occupancy Rate Clause Samples

Average Occupancy Rate. 1. The Occupancy Rate of each Borrowing Base Property is set forth [above or on the attached Schedule] and the weighted average (based on Borrowing Base Value) Occupancy Rate of all Borrowing Base Properties is ____%. ___________% 2. Line C1 shall not be less than 70% 3. The Borrower is in compliance (circle yes or no) yes/no
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Average Occupancy Rate. The Guarantor shall not permit the Average Occupancy Rate to be less than eighty-seven and one-half percent (87.5%). “Average Occupancy Rate” shall mean, for each period measured, the quotient, expressed as a percentage, of the “average resident count” divided by the total number of occupied beds in the assisted living facility on the Property; and the term “average resident count” means, for each period measured, the quotient of the total number of residents living in the assisted living facility on the Property for each day of the period measured divided by the total number of days in such period measured. The Bank shall test Borrower’s compliance under this subsection quarterly, calculated on a year to date basis, commencing June 30, 2013 and at the end of each fiscal quarter thereafter until December 31, 2013 and commencing December 31, 2013, the Bank shall test Borrower’s compliance quarterly but the calculation shall then be based on the prior four (4) fiscal quarters, provided, however, the Bank may test compliance at any time if the Bank reasonably believes that an Event of Default has otherwise occurred or if an event has occurred that with the giving of a notice or the lapse of time would constitute such an Event of Default.
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Average Occupancy Rate. (1) Calculation Period: (1) Trailing 3 months (2) Average Occupancy Rate for Calculation Period: (2) _______% (a) Aggregate [Borrower Name]: (a) _______% (b) [Borrower Name]: (b) _______% (3) Initial Occupancy Rate: (3) _______% (4) Required Minimum Occupancy Rate (80% of (3) above): (4) _______% (5) In Compliance: (5) ¨ Yes ¨ No
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Related to Average Occupancy Rate

  • Maximum Occupancy No more than two (2) guests per one (1) resident (who is present) are permitted in a student room/suite/apartment at any given time unless otherwise approved by the University (Residential Life).

  • Early Occupancy If Tenant occupies the Property prior to the Commencement Date, Tenant's occupancy of the Property shall be subject to all of the provisions of this Lease. Early occupancy of the Property shall not advance the expiration date of this Lease. Tenant shall pay Base Rent and all other charges specified in this Lease for the early occupancy period.

  • Excess Availability Borrowers shall maintain Excess Availability at ------------------- all times of at least $4,500,000.

  • PARTIAL OCCUPANCY OR USE § 9.9.1 The Owner may occupy or use any completed or partially completed portion of the Work at any stage when such portion is designated by separate agreement with the Design-Builder, provided such occupancy or use is consented to, by endorsement or otherwise, by the insurer providing property insurance and authorized by public authorities having jurisdiction over the Project. Such partial occupancy or use may commence whether or not the portion is substantially complete, provided the Owner and Design-Builder have accepted in writing the responsibilities assigned to each of them for payments, retainage, if any, security, maintenance, heat, utilities, damage to the Work and insurance, and have agreed in writing concerning the period for correction of the Work and commencement of warranties required by the Design-Build Documents. When the Design-Builder considers a portion substantially complete, the Design-Builder shall prepare and submit a list to the Owner as provided under Section 9.8.2. Consent of the Design-Builder to partial occupancy or use shall not be unreasonably withheld. The stage of the progress of the Work shall be determined by written agreement between the Owner and Design-Builder. § 9.9.2 Immediately prior to such partial occupancy or use, the Owner and Design-Builder shall jointly inspect the area to be occupied or portion of the Work to be used in order to determine and record the condition of the Work. § 9.9.3 Unless otherwise agreed upon, partial occupancy or use of a portion or portions of the Work shall not constitute acceptance of Work not complying with the requirements of the Design-Build Documents.

  • Rental Rate The Lessee shall pay rent to the Lessor for the premises at the following rate: Payment shall be made at the end of each month upon submission of properly executed vouchers.