Definition of Individual Property Net Operating Income


Individual Property Net Operating Income means for any period of determination, (i) net operating income generated by an Individual Property for such period (i.e. gross operating income, inclusive of any rent loss insurance, less expenses (exclusive of debt service, capital expenditures, vacancy allowances, depreciation and amortization)), determined in accordance with GAAP, as generated by, through or under Individual Property Leases, and (ii) all other income arising from direct operations of or licenses or operating agreements for any part of the Individual Property determined on a GAAP basis. For purposes hereof, all rental income shall be adjusted for straight line rents. Borrower shall provide Lender with all information and materials required by Lender necessary for the determination of Individual Property Net Operating Income. If any Individual Property Leases are scheduled to expire during such period of determination, no rents or other amounts payable under such Individual Property Leases with respect to any portion of such period occurring after such scheduled expiration date shall be included in the determination of Individual Property Net Operating Income. If any Individual Property Leases are scheduled to commence (and rent and occupancy pursuant thereto are also scheduled to commence) during such period of determination, the rents and other amounts payable under such Individual Property Leases with respect to any period occurring after the scheduled commencement date shall be included in the determination of Individual Property Net Operating Income for such period.
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