Common use of Gross Income Clause in Contracts

Gross Income. The annualized sum of (i) the rentals, revenues and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of Borrower resulting from or attributable to the operation, leasing and occupancy of the Improvements, determined on a cash basis (except as specified herein), during the applicable DSC Period and (ii) the rentals, revenues and other cash forms of consideration, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or free rent period, to the extent the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period). Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the Improvements; (iv) the proceeds of any sale or other capital transaction of all or any portion of the Improvements; (v) any insurance or condemnation proceeds paid with respect to the Improvements, except for rental loss or business interruption insurance and (vi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage or the other Security Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction.

Gross Income. The annualized sum of (i) term "Gross Income" shall mean the rentalsannual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of Borrower resulting from or attributable to the operation, leasing and occupancy operation of the ImprovementsMortgaged Property based upon the then actual trailing twelve (12) month period, giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), during including the applicable DSC Period and following: (i) rents by any lessees or tenants of the Mortgaged Property, provided however that total rents shall be determined utilizing a vacancy rate equal to the greater of (a) the actual vacancy, or (b) five percent (5%); (ii) proceeds received by or for the rentalsbenefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; (iii) any other fees or rents collected by, revenues for or on behalf of Borrower with respect to the leasing and operation of the Mortgaged Property; (iv) any refunds of deposits for obtaining, using or maintaining utility services for all or any part of the Mortgaged Property; (v) interest, if any, earned by Borrower on security and other cash forms deposits of, and advance rentals paid by, any lessees or tenants of considerationthe Mortgaged Property; and (vi) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, includinghowever, without duplicationfor purposes of determining Gross Income, (A) only rents from Approved Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or free rent period, Leases shall be taken into account and only to the extent such Approved Tenant Leases are fully executed, and (B) a vacancy rate equal to the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during greater of (i) the applicable DSC Periodactual vacancy, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount ii) five percent (5%), shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period)utilized. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or feesfees or forfeited; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the ImprovementsMortgaged Property; (iviii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the ImprovementsMortgaged Property; (viv) any insurance or condemnation proceeds paid with respect to the ImprovementsMortgaged Property, except for rental loss or business interruption insurance and insurance; (viv) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Lien Instrument or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the cessation of tenant operations at the subject leased premises or written notice from any such tenant to Borrower of tenant's intentions with respect to such leased premises, the future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; and (vii) any rentals, reimbursements or other revenues paid by the applicable tenant more than one (1) month in advance.

Gross Income. The annualized sum of (i) the For each applicable Calendar Period actual rentals, revenues and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursementsconsideration, received by, or paid to or for the account of or for the benefit of of, Borrower resulting from or attributable to the operation, leasing and occupancy of the ImprovementsMortgaged Property, determined on a cash basis (except as specified herein), during including the applicable DSC Period and following: (i) rents by any lessees or tenants of the Mortgaged Property; (ii) rents and receipts received by or for the rentalsbenefit of Borrower with respect to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; (iv) any other fees or rents collected by, revenues for or on behalf of Borrower with respect to the leasing and operation of the Mortgaged Property; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion of the Mortgaged Property; (vi) interest, if any, earned by Borrower on security and other cash forms type deposits of considerationand advance rentals paid by, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on lessees or tenants of the date Mortgaged Property; and (vii) the amount of determination, is then in a rent abatement or free rent period, any security and other type deposits and advance rentals relating to the extent the tenant is in occupancy and such rent and expense recoveries would Mortgaged Property which have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period)forfeited. Notwithstanding anything included within the above this definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or feesfees or forfeited; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the ImprovementsMortgaged Property; (iviii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the ImprovementsMortgaged Property; (viv) any insurance or condemnation proceeds paid with respect to the ImprovementsMortgaged Property, except for rental loss or business interruption insurance insurance; and (viv) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Deed of Trust or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction.

Gross Income. The annualized sum of (i) the term “Gross Income” for each Calendar Period shall mean rentals, revenues and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursementsconsideration, received by, or paid to or for the account of or for the benefit of of, Borrower resulting from or attributable to the operation, leasing and occupancy of the ImprovementsMortgaged Property, determined on a cash basis (except as specified herein), during including, but not limited to, the applicable DSC Period and following: (i) rents by any lessees or tenants of the Mortgaged Property (net of any concessions); (ii) rents and receipts received by or for the rentalsbenefit of Borrower with respect to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; and (iv) any other fees or rents collected by, revenues for or on behalf of Borrower with respect to the leasing and operation of the Mortgaged Property; and (vi) interest, if any, earned by Borrower on security and other cash forms type deposits of considerationand advance rentals paid by, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on lessees or tenants of the date of determination, is then in a rent abatement or free rent period, to the extent the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period)Mortgaged Property. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or feesowed; (ii) any security and other type deposits and advance rentals rentals, relating to the Improvements Mortgaged Property which have not been forfeited (and not applied to actual rentals owed) or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the ImprovementsMortgaged Property; (iv) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the ImprovementsMortgaged Property; (v) any insurance or condemnation proceeds paid with respect to the ImprovementsMortgaged Property, except for rental loss or business interruption insurance and insurance; (vi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Lien Instrument or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's ’s consent to a sale, refinancing or other capital transaction; and (vii) any Gross Income related to a tenant who is not paying Rents as of the date of a Debt Coverage Ratio calculation, unless a replacement tenant is in place and paying Rents.

Gross Income. The annualized sum of (i) term "Gross Income" shall mean the rentalsannual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of Borrower resulting from or attributable to the operation, leasing and occupancy operation of the ImprovementsMortgaged Property based upon the then actual trailing twelve (12) month period, giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), during including the applicable DSC Period and following: (i) rents by any lessees or tenants of the Mortgaged Property, provided however that total rents shall be determined utilizing a vacancy rate equal to the greater of (a) the actual vacancy, or (b) five percent (5%); (ii) proceeds received by or for the rentalsbenefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; (iii) any other fees or rents collected by, revenues for or on behalf of Borrower with respect to the leasing and operation of the Mortgaged Property; (iv) any refunds of deposits for obtaining, using or maintaining utility services for all or any part of the Mortgaged Property; (v) interest, if any, earned by Borrower on security and other cash forms deposits of, and advance rentals paid by, any lessees or tenants of considerationthe Mortgaged Property; and (vi) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, includinghowever, without duplicationfor purposes of determining Gross Income, only rents from Approved Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or free rent period, Leases shall be taken into account and only to the extent the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period)Approved Tenant Leases are fully executed. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or feesfees or forfeited; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the ImprovementsMortgaged Property; (iviii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the ImprovementsMortgaged Property; (viv) any insurance or condemnation proceeds paid with respect to the ImprovementsMortgaged Property, except for rental loss or business interruption insurance and insurance; (viv) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Lien Instrument or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the cessation of tenant operations at the subject leased premises or written notice from any such tenant to Borrower of tenant's intentions with respect to such leased premises, the future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; and (vii) any rentals, reimbursements or other revenues paid by the applicable tenant more than one (1) month in advance.

Gross Income. The annualized sum of (i) term "Gross Income" shall mean the rentalsannual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of Borrower resulting from or attributable to the operation, leasing and occupancy operation of the ImprovementsMortgaged Property based upon the then actual trailing twelve (12) month period giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), during including the applicable DSC Period and following: (i) rents by any lessees or tenants of the Mortgaged Property; (ii) rents and receipts received by or for the rentalsbenefit of Borrower with respect to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; (iv) any other fees or rents collected by, revenues for or on behalf of Borrower with respect to the leasing and operation of the Mortgaged Property; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any part of the Mortgaged Property; (vi) interest, if any, earned by Borrower on security and other cash forms deposits of, and advance rentals paid by, any lessees or tenants of considerationthe Mortgaged Property; and (vii) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, includinghowever, without duplicationfor purposes of determining Gross Income, only Rents from Approved Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or free rent period, Leases shall be taken into account and only to the extent the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period)Approved Tenant Leases are fully executed. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or feesfees or forfeited; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the ImprovementsMortgaged Property; (iviii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the ImprovementsMortgaged Property; (viv) any insurance or condemnation proceeds paid with respect to the ImprovementsMortgaged Property, except for rental loss or business interruption insurance and insurance; (viv) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Lien Instrument or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction.; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the cessation of tenant operations at the subject leased premises or written notice from any such tenant to Borrower of tenant's intentions with respect to such leased premises, the future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; (vii) any rentals, reimbursements or other revenues paid by the applicable tenant more than one (1) month in advance; and

Gross Income. The annualized sum of (i) the rentals, revenues and other cash forms of consideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of Borrower resulting from or attributable to the operation, leasing and occupancy of the Improvements, determined on a cash basis (except as specified herein), during the applicable DSC Period and (ii) the rentals, revenues and other cash forms of consideration, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or free rent period, to the extent the tenant is in occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the applicable DSC Period, if such rent abatement or free rent period were not then in effect during such applicable DSC Period (any such amount shall be annualized if such DSC Period is less than the full trailing twelve (12) consecutive calendar month period). Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the Improvements; (iv) the proceeds of any sale or other capital transaction of all or any portion of the Improvements; (v) any insurance or condemnation proceeds paid with respect to the Improvements, except for rental loss or business interruption insurance and (vi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Mortgage Deed of Trust or the other Security Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender's consent to a sale, refinancing or other capital transaction.