Definition of Gross Operating Income


Gross Operating Income for this purpose shall mean the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property and Improvements) discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any person with respect to Borrower's ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property and Improvements. Gross Operating Income shall be computed on a cash basis and shall include for each quarterly statement all amounts actually received in such quarter whether or not such amounts are attributable to a charge arising in such quarter.
Sample 1 Sample 2 Sample 3

Examples of Gross Operating Income in a sentence

Boiler and machinery (or equipment breakdown) insurance, in an amount which is no less than twenty percent (20%) of the sum of the one hundred percent (100%) replacement cost value of each Property, or such other amount agreed by Lender, plus an amount equivalent to the annual Gross Operating Income for each Property, covering the mechanical breakdown of boilers, air conditioning equipment and other machinery and equipment in an amount deemed necessary by Lender.
Until such time as the Note is paid in full, Borrower shall deliver to Lender monthly operating reports within thirty (30) days after the end of each month, and within thirty (30) days after the end of each quarter, which show in detail the amounts and sources of Gross Operating Income received by or on behalf of Borrower and the amounts and purposes of Permitted Operating Expenses paid by or on behalf of Borrower with respect to each Property and Improvements for the previous month.
Borrower shall apply or cause to be applied all Gross Operating Income from the Assets pursuant to the Approved Budget (as applicable) and otherwise in accordance with the terms of the Loan Documents.
Gross Operating Income shall be computed on a cash basis and shall include for each monthly statement all amounts actually received in such month whether or not such amounts are attributable to a charge arising in such month.
Borrower shall apply all Gross Operating Income from the Assets pursuant to the Approved Budget (as applicable) and otherwise in accordance with the terms of the Loan Documents.