Adjusted Net Cash Flow means NOI minus (a) normalized tenant improvement and leasing commission expenditures equal to $38,191 per annum, and (b) normalized capital improvements equal to $0.19 per square foot per annum.
Adjusted Net Cash Flow means, with respect to each Individual Property, for any period, the Net Operating Income for the twelve (12) months trailing such period (Net Operating Income to be calculated for the purposes of this definition of “Adjusted Net Cash Flow” without deduction for actual base management fees or incentive management fees paid pursuant to any Management Agreement for such period, actual franchise fees paid pursuant to any Franchise Agreement for such period, or the Capital Reserve Amount for such period) reduced by (i) annual base management fees, pro rated for the applicable period, equal to the greater of (a) 3% of Gross Revenues per annum and (b) actual base management fees paid pursuant to the applicable Management Agreement, (ii) an annual reserve with respect to leases, purchases and replacements of FF&E, pro rated for the applicable period, equal to the greater of (a) 4% of Gross Revenues per annum, and (b) the amount required to be reserved during such period with respect to leases, purchases and replacements of FF&E pursuant to the applicable Management Agreement, (iii) actual incentive management fees paid pursuant to the applicable Management Agreement for the applicable period and (iv) actual base franchise fees paid pursuant to the applicable Franchise Agreement for the applicable period (if applicable), all as determined by Lender in its reasonable discretion.
Adjusted Net Cash Flow means, with respect to each Individual Property, for any period, the Net Operating Income for the twelve (12) months trailing such period (Net Operating Income to be calculated for the purposes of this definition of "Adjusted Net Cash Flow" without deduction for actual base management fees or incentive management fees paid pursuant to any Management Agreement for such period, or the Capital Reserve Amount for such period) reduced by (i) annual base management fees, pro rated for the applicable period, equal to the greater of (a) 3% of Gross Revenues per annum and (b) actual base management fees paid pursuant to the applicable Management Agreement, (ii) an annual reserve with respect to leases, purchases and replacements of FF&E, pro rated for the applicable period, equal to the greater of (a) 4% of Gross Revenues per annum, and (b) the amount required to be reserved during such period with respect to leases, purchases and replacements of FF&E pursuant to the applicable Management Agreement, and (iii) actual incentive management fees paid pursuant to the applicable Management Agreement for the applicable period, all as determined by Lender in its reasonable discretion.
Examples of Adjusted Net Cash Flow in a sentence
Adjusted Net Cash Flow is Gross Revenues less Total Expenses, less the total amount of capital expenses for furniture, fixtures, and equipment for the Tenant Improvements in excess of the aggregate amount expended from any reserve during such year.
Determinations of the Committee regarding 2013 Non-GAAP Pretax Earnings, 2013 Net Sales Performance, 2013 Non-GAAP Diluted EPS Performance, and 2013 Adjusted Net Cash Flow from Operating Activities Performance, and the resulting 2013 Performance Share Units earned, and related matters, will be final and binding on Participant.
For all uses of the Premises that would be categorized under the 2017 North American Industry Classification System (2017 NAICS) under codes 4400 through 454390 (“Retail Uses”), as Additional Annual Rent Tenant shall pay a sum equal to twenty-five percent (25%) of the Adjusted Net Cash Flow commencing with the first day the Tenant Improvements open for business (“Additional Retail Rent”).
Following the deletion of the Additional Retail Rent requirement from this Lease, no Additional Retail Rent and no Additional Rent involving any payment of any portion of the Adjusted Net Cash Flow shall be owed for any use of the Premises.
No Additional Retail Rent and no Additional Rent involving any payment of any portion of the Adjusted Net Cash Flow shall be owed for any use of the Premises that is not a Retail Use under codes 4400 through 454390 of the 2017 NAICS.
More Definitions of Adjusted Net Cash Flow
Adjusted Net Cash Flow means Net Operating Income for the twelve (12)-month period prior to the date of calculation less, without duplication, (a) the Recurring Replacement Reserve Monthly Installment (assuming for purposes of this definition that the definition of Recurring Replacement Reserve Monthly Installment only includes the first sentence thereof) multiplied by twelve (12) and (b) extraordinary capital improvements projected by Lender, in its reasonable discretion, for the subsequent twelve (12) month period for which sums were not deposited into the Recurring Replacement Reserve Escrow Account. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means Pro-Forma Net Operating Income projected over the twelve (12)-month period subsequent to the date of calculation less (a) the Recurring Replacement Reserve Monthly Installment multiplied by twelve (12), (b) Reletting Expenses, and (c) extraordinary capital improvements projected by Lender, in its reasonable discretion, for the subsequent twelve (12) month period for which sums were not deposited into the Recurring Replacement Reserve Escrow Account. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means, as of any date of calculation, the Net Operating Income for all of the Cross-collateralized Properties over the twelve (12)-month period preceding the date of calculation adjusted to reflect (a) an annual replacement reserve of 4% of gross revenues and (b) scheduled increases in real estate taxes over the subsequent twelve (12) month period resulting from, among other things, increases in tax rates or the assessed value of the Property and/or the expiration of any applicable tax abatements. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means, for any particular period, Net Cash Flow less, without duplication (including any amounts already taken into account when calculating Net Cash Flow), (i) deposits to the Approved Corporate Expense Reserve Account (as defined in the Xxxxx Fargo Mortgage Loan Agreement), (ii) Capital Replacement Reserve Monthly Deposits (as defined in the Xxxxx Fargo Mortgage Loan Agreement), and (iii) the CIGNA Property Capital Replacement Reserve Monthly Deposits.
Adjusted Net Cash Flow means the remainder of:
Adjusted Net Cash Flow means on any determination date, the Pro-Forma Net Operating Income less (a) the Recurring Replacement Monthly Installment for all of the Cross-collateralized Properties multiplied by twelve (12), (b) the Reletting Reserve Monthly Installment for all of the Cross-collateralized Properties multiplied by twelve (12), and (c) Net Capital Expenditures for all of the Cross-collateralized Properties to be incurred (as estimated by Lender, in its reasonable discretion) for the subsequent twelve (12) month period. The Adjusted Net Cash Flow shall be calculated by Lender in accordance with the terms of this Security Instrument.
Adjusted Net Cash Flow means, for any period, the amount obtained by subtracting (a) the sum of (i) Operating Expenses plus (ii) 3% multiplied by Gross Income from Operations for such period from (b) Gross Income from Operations for such period.