Definition of Adjusted Net Operating Income From Unencumbered Assets


Adjusted Net Operating Income From Unencumbered Assets means, as of any Calculation Date, for all income producing Unencumbered Assets, the Net Operating Income From Unencumbered Assets less (i) the Capital Expenditure Reserve for such Unencumbered Assets and (ii) the non-cash revenues that are included within Net Operating Income From Unencumbered Assets for such Unencumbered Assets (including, without limitation, revenues from the straight-lining of rents in accordance with GAAP).
Sample 1

Examples of Adjusted Net Operating Income From Unencumbered Assets in a sentence

Borrower shall not permit, as of any date of calculation, the ratio of Adjusted Net Operating Income From Unencumbered Assets for the twelve-month period ending as of the most-recent Calculation Date to Indebtedness as of such Calculation Date to be less than twelve percent (12.0%).