Net Operating Income means, for any Property and for a given period, the sum of the following (without duplication and determined on a consistent basis with prior periods): (a) cash rents and other revenues received in the ordinary course from such Property (including proceeds of rent loss insurance or business interruption insurance but excluding pre-paid rents and revenues, lease termination fees and security deposits except to the extent applied in satisfaction of tenants' obligations for rent) minus (b) all cash expenses paid (excluding Interest Expense but including an appropriate accrual for property taxes and property insurance) related to the ownership, operation or maintenance of such Property, including but not limited to, property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Borrower or any Subsidiary and any property management fees) minus (c) the Capital Reserves for such Property as of the end of such period minus (d) the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 3% of the gross revenues for such Property for such period.
Net Operating Income means, with respect to any period of time, the amount obtained by subtracting Operating Expenses from Actual Operating Revenue, as such amount may be adjusted by Administrative Agent in its reasonable discretion based on Administrative Agent's customary underwriting standards, including adjustments for vacancy allowance and other concessions, less a capital expenditure reserve equal to $50 for each pad in the Property. As used herein, "vacancy allowance" means an allowance for reductions in potential income attributable to vacancies, tenant turnover, and nonpayment of rent.
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 Net Cash Flow, Net Operating Income, Gross Income from Operations and Operating Expenses.
Aggregate Net Operating Income means for any period an amount equal to Aggregate Gross Revenues for such period less Aggregate Facility Expenses for such period.
Such statements shall set forth the financial condition and the results of operations for the Properties for such Fiscal Year, and shall include, but not be limited to, amounts representing annual Net Cash Flow, Net Operating Income, Gross Income from Operations and Operating Expenses.
Subject to the rights of tenants to make alterations pursuant to the terms of their respective Leases, Borrower shall obtain Lender's prior written consent to any alterations to any Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that may have a material adverse effect on Borrower's financial condition, the value of the Property or the Net Operating Income.
Together with such financial statements, the Borrower shall deliver a report, certified by the chief financial officer or chief accounting officer of Borrower, in form and detail reasonably satisfactory to the Administrative Agent, setting forth the Net Operating Income for each Property for such fiscal year.
More definitions of Net Operating Income
Net Operating Income means the amount obtained by subtracting Operating Expenses from Gross Income from Operations.
Net Operating Income means an amount equal to (a) the aggregate gross rental revenues received by Borrower from all Borrowing Base Properties from tenants (i) in occupancy of their respective leased premises and paying full rent, and (ii) not in bankruptcy or otherwise in default under their respective Lease, for the most recent three (3) month period ending as of the Determination Date multiplied by four (4), minus (b) actual expenses paid by Borrower in connection with the operation of such Borrowing Base Property during such three (3) month period ending as of the Determination Date (excluding debt service charges, income taxes, depreciation, amortization and other non-cash expenses) multiplied by four (4), minus (c) annual real estate taxes and insurance, minus (d) a base management fee that is the greater of three percent (3.0%) of the aggregate net revenues from the operations of such Borrowing Base Property during twelve (12) month period or actual management fees paid over such twelve (12) month period, and minus (e) an annual replacement reserve equal to $0.25 per square foot per year for the total square footage of rentable space in such Borrowing Base Property for the prior twelve (12) months.
Net Operating Income means, with respect to any Test Period, the excess of (i) Operating Income for the last Fiscal Quarter contained in such Test Period multiplied by four minus (ii) Operating Expenses for such Test Period.
Net Operating Income means, for any fiscal year or portion thereof, the excess of the items of income and gain over the items of deduction and loss, excluding, in each case, items of gain or loss realized in connection with the sale or disposition of real property and other capital assets.