Modified Net Operating Income definition
Modified Net Operating Income means, for each Fiscal Year, an amount equal to the sum of (i) the Net Operating Income, if any, for the Fiscal Year plus (ii) the amount of interest expense of the Partnership included in the computation of the Net Operating Income.
Modified Net Operating Income means, for Carneros Commons at any time, Net Operating Income for Carneros Commons at such time; provided, however, that for purposes of determining Modified Net Operating Income of Carneros Commons as of any date occurring before March 31, 2003, notwithstanding anything to the contrary in the definition of “Net Operating Income”, Gross Income for Carneros Commons shall be the annual gross income for Carneros Commons for the year in which the determination is made, as determined based on a pro forma cash flow statement which, promptly upon the Administrative Agent’s request at any time, shall be prepared by the Company and delivered to the Administrative Agent and shall be in form and detail satisfactory to the Majority Banks.