Gross Income from Operations means all income, computed in accordance with GAAP, derived from the ownership and operation of the Properties from whatever source, including, but not limited to, the Rents, utility charges, escalations, service fees or charges, license fees, parking fees, rent concessions or credits, and other required pass-throughs, but excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Mortgage Borrower to any Governmental Authority, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, Insurance Proceeds (other than business interruption or other loss of income insurance), Awards, security deposits, interest on credit accounts, utility and other similar deposits, payments received under the Mortgage Interest Rate Cap Agreement, interest on credit accounts, interest on the Mortgage Reserve Funds, and any disbursements to Mortgage Borrower from the Mortgage Reserve Funds. Gross income shall not be diminished as a result of the Security Instruments or the creation of any intervening estate or interest in a Property or any part thereof.
Gross Income from Operations means, during any period, all sustainable income as reported on the financial statements delivered by Borrower in accordance with this Agreement, computed in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including (i) Rents from Tenants that are in occupancy and paying full contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits, (v) interest on credit accounts, (vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss of income or rental insurance proceeds, (xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that are included in any Bankruptcy Action, (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards, (vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the creation of any intervening estate or interest in the Property or any part thereof.
Gross Income from Operations means all sustainable income and proceeds (whether in cash or on credit, and computed on an accrual basis) received by Borrower or Manager for the use, occupancy or enjoyment of the Property, or any part thereof, or received by Borrower or Manager for the sale of any goods, services or other items sold on or provided from the Property in the ordinary course of the Property operation, including without limitation: (a) all income and proceeds received from rental of rooms, Leases and commercial space, meeting, conference and/or banquet space within the Property including net parking revenue; (b) all income and proceeds received from food and beverage operations and from catering services conducted from the Property even though rendered outside of the Property; (c) all income and proceeds from business interruption, rental interruption and use and occupancy insurance with respect to the operation of the Property (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); (d) all Awards for temporary use (after deducting therefrom all costs incurred in the adjustment or collection thereof and in Restoration of the Property); (e) all income and proceeds from judgments, settlements and other resolutions of disputes with respect to matters which would be includable in this definition of “Gross Income from Operations” if received in the ordinary course of the Property operation (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); and (f) interest on credit accounts, rent concessions or credits, and other required pass-throughs and interest on Reserve Funds; but excluding, (1) gross receipts received by lessees, licensees or concessionaires of the Property; (2) consideration received at the Property for hotel accommodations, goods and services to be provided at other hotels, although arranged by, for or on behalf of Borrower or Manager; (3) income and proceeds from the sale or other disposition of goods, capital assets and other items not in the ordinary course of the Property operation; (4) federal, state and municipal excise, sales and use taxes collected directly from patrons or guests of the Property as a part of or based on the sales price of any goods, services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes; (5) Awards (except to the extent provided in clause (d) above); (6) refunds of amounts not included in Opera...
Examples of Gross Income from Operations in a sentence
Such statements shall set forth the financial condition and the results of operations for the Property for such Fiscal Year and shall include, but not be limited to, amounts representing annual Gross Income from Operations, Operating Expenses, Capital Expenditures, Net Operating Income and Net Cash Flow.
For example, should the actual average occupancy rate at the Property for the applicable trailing twelve (12) month period be 95%, the Gross Income from Operations for the applicable trailing twelve (12) month period would be divided by 95% and then multiplied by 100% to calculate the full potential Gross Income from Operations had the Property been 100% occupied.
The full potential Gross Income from Operations should then be multiplied by the vacancy allowance factor of 6% to arrive at the dollar amount of the vacancy allowance for the applicable trailing twelve (12) month period, which vacancy allowance will then be deducted from the full potential Gross Income from Operations had the Property been 100% occupied.
The fee payable to Manager shall not exceed three percent (3.0%) of Gross Income from Operations generated by the Properties, in the aggregate, per annum (specifically excluding any Vacant Space Rent payable under the Master Leases).
Borrowers shall pay to Lender on each Payment Date an amount equal to three percent (3%) of the Gross Income from Operations of the Hotel/Casino Property for the immediately preceding calendar month, to be applied in accordance with this Agreement to the costs of FF&E Expenditures and FF&E Expenditures Work required to be made to the Hotel/Casino Property during the calendar year (collectively, the “Replacements”).
More Definitions of Gross Income from Operations
Gross Income from Operations means all income, computed in accordance with GAAP derived from the ownership and operation of the Property from whatever source, including, but not limited to, rents, utility charges, escalations, service fees or charges, license fees, parking fees, rent concessions or credits, and other required pass-throughs, but excluding sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, insurance proceeds (other than business interruption or other loss of income insurance), interest on credit accounts, security deposits, utility and other similar deposits.
Gross Income from Operations means, for any period, all sustainable income, computed in accordance with the Acceptable Accounting Basis, derived from the ownership and operation of the Property from whatever source during such period, including, but not limited to, Rents, utility charges, escalations, forfeited security deposits, interest on credit accounts, service fees or charges, license fees, parking fees, and other pass-through or reimbursements paid by tenants under the Leases of any nature, but excluding Rents from month-to-month tenants, tenants that are included as debtors in any Bankruptcy Action, tenants whose lease guarantors are included as debtors in any Bankruptcy Action, tenants that have given notice of their intention to terminate or not extend or renew their Leases (unless, subsequent to such notice, the applicable tenant has extended or renewed its Lease or entered into a new Lease or rescinded such notice in writing), or tenants that have “gone dark”, vacated, ceased to occupy or discontinued their operations at the Property (other than temporary cessation of operations in connection with remodeling, renovation or restoration of their leased premises), Extraordinary Lease Payments, sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, rent concessions, credits, and free rent, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, Net Proceeds (other than business or rental interruption or other loss of income insurance proceeds to the extent Lender elects to treat such Insurance Proceeds as business or rental interruption Insurance Proceeds that replace lost Rents for such period in accordance with Section 5.2.3 hereof), unforfeited security deposits, utility and other similar deposits and any disbursements to Borrower from the Reserve Funds, if any.
Gross Income from Operations as defined in the Mortgage Loan Agreement.
Gross Income from Operations means, for any period, all income, computed in accordance with GAAP, derived from the ownership and operation of the Property from whatever source during such period, including, but not limited to, Rents, utility charges, escalations, forfeited security deposits, interest on credit accounts, service fees or charges, license fees, parking fees, any and all payments received pursuant to and in accordance with the Interest Rate Protection Agreement, pass-through or reimbursements paid by tenants under the Leases of any nature but excluding Rents from month-to-month tenants or tenants that are included in any voluntary or involuntary bankruptcy case pursuant to the Bankruptcy Code is currently pending (unless the debtor in such bankruptcy case or another Person has assumed the obligations under such lease pursuant to a confirmed plan of reorganization for which an order approving such plan of reorganization has been entered), sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds and uncollectible accounts, sales of furniture, fixtures and equipment, Net Proceeds (other than business interruption or other loss of income insurance), and any disbursements to Borrower from the Tax Funds, Insurance Funds, the Capital Expenditure Funds, the Rollover Funds, the Existing Tenant Improvement Funds or any other escrow fund established by the Loan Documents.
Gross Income from Operations means, for any period, all income, computed in accordance with the Acceptable Accounting Basis, derived from the ownership and operation of the Property from whatever source during such period, including (without duplication), but not limited to, Rents, utility charges, escalations, forfeited security deposits, interest on credit accounts, service fees or charges, license fees, parking fees, and other pass-through or reimbursements paid by tenants under the Leases of any nature, but excluding (i) Rents from tenants that are in default under their Leases (which defaults are continuing (a) in the case of Leases which are not Storage Leases, beyond any applicable notice and/or cure period, or (b) in the case of Storage Leases, for more than ninety (90) days), month-to-month tenants under Leases which are not Storage Leases (but only to the extent such Leases are entered into after the date hereof, it being acknowledged and agreed that Rents from month-to-month tenants under all Storage Leases and Rents from month-to-month tenants under all other Leases entered into prior to the date hereof, shall in all cases be included in Gross Income from Operations), tenants that are included as debtors in any Bankruptcy Action, tenants whose lease guarantors are included as debtors in any Bankruptcy Action, (ii) Extraordinary Lease Payments; (iii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority; (iv) rent concessions, credits, and free rent and refunds; (v) uncollectible accounts; (vi) proceeds from the sale of furniture, fixtures and equipment; (vii) Net Proceeds (other than business or rental interruption or other loss of income insurance proceeds that replace lost Rents for such period in accordance with Section 5.2.3 hereof; (viii) forfeited or unforfeited security deposits (which amounts shall not include any prepaid Rents for partial months received by Borrower in accordance with the terms of the Storage Leases), utility and other similar deposits; and (ix) any disbursements to Borrower from the Reserve Funds (other than disbursements of the Rent Concession Funds transferred to the Cash Management Account or Borrower during such period in accordance with Section 6.9.2 hereof), if any. Except as otherwise set forth in this Agreement (including Section 5.3.2(a) hereof), Gross Income from Operations shall be determined by Lender with respect to the applicable trailing twelve (12) month period.
Gross Income from Operations means the sum of (i) rent payments made under the Operating Leases received by or on behalf of Borrower or any Restricted Subsidiary of Borrower and (ii) that portion of the Gross Income from Property Operations received by or on behalf of Borrower or any Restricted Subsidiary of Borrower.