Definition of Adjusted Net Operating Income


Adjusted Net Operating Income means, for any income producing Real Property, the Net Operating Income less the Capital Expenditure Reserve for such property.
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Examples of Adjusted Net Operating Income in a sentence

During the period from July 1, 2005 through the Closing Date, the Fund has distributed or will distribute, from time to time, no more or less than its good faith estimate of the Fund's Adjusted Net Operating Income for the period commencing on July 1, 2005 and ending on the Closing Date, to holders of Fund Partnership Interests in accordance with Section 5.3 of the Fund Partnership Agreement.
Adjusted Net Operating Income shall mean Net Operating Income, exclusive of any income from tenants subject to any proceeding or case under the Bankruptcy Code (except to the extent such income has been actually received).
Adjusted Net Operating Income shall mean, for any period of determination, for any Individual Property, the Pro Rata Share of (i) Net Operating Income, less (ii) management fees (calculated as the greater of either three percent (3%) of total revenue or actual management expenses incurred), to the extent not already deducted from Net Operating Income, less (iii) allowances for capital expenditures in the amount of $0.20 per annum per rentable square foot of completed improvements.
Additional Borrowing Base Request shall have the meaning set forth in Section 3.4. Adjusted Capitalized Value shall mean with respect to any Borrowing Base Property, the most recent fiscal quarter Adjusted Net Operating Income for such Borrowing Base Property, annualized, capitalized at the Capitalization Rate.
Adjusted Net Operating Income means, with respect to any Borrowing Base Asset, (a) the Net Operating Income attributable to such Borrowing Base Asset less (b) the Capital Expenditure Reserve for such Borrowing Base Asset, less (c) the Management Fee Adjustment for such Borrowing Base Asset, in each case for the consecutive four fiscal quarters most recently ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c), as the case may be.