Normalized Cash Flow definition
Normalized Cash Flow means for any applicable period the net income from the operation of the Demised Premises plus to the extent deducted in determining such net income, interest expense, income tax expense, depreciation expense, amortization expense and Base Rent expense for the Demised Premises, less capital expenditures for the previous twelve (12) month period; provided, however, for purposes of determining Normalized Cash Flow, and irrespective of the actual management fees paid by Tenant, it shall be assumed that the management fees shall not exceed five percent (5%) of the gross revenues from the operation of the Demised Premises.