Projected Net Operating Income means, with respect to any Commercial Property securing a Commercial Mortgage Loan, the following amount (determined for the 12 months following the date of the related Warehousing Advance or any other date of determination): PNOI = PFOR - XX - XXX,
Projected Net Operating Income means, for the twelve (12) month period succeeding the date of determination, the amount obtained by (i) subtracting Lender’s estimate of Operating Expenses for such period (based on, among other things, the actual Operating Expenses for the twelve (12) month period preceding the date of determination and the applicable Approved Annual Budget), from (ii) Lender’s estimate of Gross Income from Operations projected for collection during such period (based on, among other things, the most recent Rent Roll, in-place Leases, and the applicable Approved Annual Budget).
Projected Net Operating Income means, as of the Effective Date, for the succeeding twelve-month period, the amount obtained by subtracting Operating Expenses for such period from Gross Income from Operations for such period.
Examples of Projected Net Operating Income in a sentence
Foreign citizens arriving in the Kyrgyz Republic for the purpose of the religious activity shall enjoy the right to conduct their activity on the date of issuance of the Certificate of record-keeping registration and within a period as indicated in the Certificate.
Projected Net Operating Income Yield on Incremental Investment at Stabilization - for redevelopment projects, this represents projected stabilized incremental net operating income as a percentage of the Estimated Net Investment.
Also, the full text of a clause may be accessed electronically at this/these.
Projected Net Operating Income for the Property The NOI for the Property in year 1 is estimated to be approximately $1,535,081 (based on the rent under the Lease).
In some cases, plaintiff’s damages were plainly unliquidated and “subject to proof.” See, e.g., Duggan, 174 So. 2d at 394-95 (claim for “reasonable value” of brokerage services); Croker, 156 So. at 149 (claim for reasonable value of legal services).
More Definitions of Projected Net Operating Income
Projected Net Operating Income means the projected net operating income as determined in good faith by BHMF GP in accordance with BHMF GP’s then current twelve (12) month forward net operating income projections.
Projected Net Operating Income means the gross rental income and expense reimbursements as projected by Borrower (and approved by Lender) to be received over the subsequent 12-month period from tenants free from bankruptcy (1) which are in occupancy and paying rent at the commencement of the 12-month period (but, except for apartment properties, only to the extent of the rent payable prior to the lease expiration date if the lease expires during the 12-month period and (2) from tenants with signed leases at the commencement of the 12-month period which are anticipated to take occupancy and commence paying rent within the subject 12-month period (but only to the extent of the rent actually payable during the 12-month period) less Projected Expenses, all as reasonably approved by Lender.
Projected Net Operating Income means Projected Operating Income less the sum of (i) Adjusted Operating Expenses (as defined in the Loan Agreement) plus (ii) the Vacancy Loss Factor (as defined in the Loan Agreement). As used herein, the term “Projected Operating Income” means the aggregate rentals and all other revenue (unless excluded pursuant hereto) of the Property as projected by Administrative Agent for the ensuing twelve (12) month period from only executed bona fide leases, licenses and other occupancy agreements of the Property which are in full force and effect as to which the tenant thereunder is in occupancy and paying full base rent, is not the subject of any bankruptcy proceeding and is not in default under its lease, beyond any applicable notice or cure periods set forth therein. Projected Operating Income shall exclude all extraordinary items of income, all amounts paid to Borrower for tenant alterations in connection with the leasing of space at the Property, all amounts payable to Borrower under leases with affiliates of Borrower, as tenant, or with Borrower, as tenant (unless Administrative Agent otherwise agrees) and, with respect to any lease providing for a reduction in the rentals payable under such lease at any time during the term thereof, base rentals in excess of the lowest base rentals payable under such lease (other than during any period of rent concessions made with respect to consecutive monthly periods commencing with the first month of the term of such lease), but notwithstanding the preceding, including reimbursements for operating expenses and percentage rent pursuant to executed leases, provided a sales report is provided by the applicable tenant. In the event of a foreclosure sale, Guarantor agrees that Guarantor’s Non-Principal Liability obligation hereunder shall not be reduced out of the proceeds of such sale except to the extent that such proceeds exceed the sum of (x) the unpaid principal amount of the Loan, (y) costs and expenses of such sale and (z) the amount of any taxes or assessments or any similar charges paid out of the proceeds of such sale or subject to which the Property has been sold. Nothing herein is intended to require Administrative Agent to proceed against Borrower or any security for the Loan before proceeding against Guarantor at any time or limit Administrative Agent’s right to proceed against Guarantor at any time or from time to time for principal, interest, default interest and late charges guaranteed hereby which are not ...
Projected Net Operating Income means (A) the projected rental income from all executed Direct Leases (excluding the Schwab Lease) and all other income from the Secured Property (including any business interruption insurance but only to the extent received and deposited into the Sponsor’s Lockbox Account or the Clearing Account, as applicable, less the anticipated revenue from any tenant that has terminated its Lease) during the twelve (12) month period following the date of determination (collectively, “Gross Revenues”), which calculation of Gross Revenues shall be adjusted to include a Free Rent Credit (as defined below), less (B) the projected expenses for the same twelve (12) month period, adjusted to include all expenses Lender reasonably determines are necessary to operate and maintain the Secured Property in an institutional-quality manner (including, without limitation, real estate taxes, insurance, and actual property management fees (not less than two and one-half percent (2.50%) of Gross Revenues)). Such calculation of Projected Net Operating Income shall be determined by Borrower subject to confirmation by Lender. “Free Rent Credit” shall mean a credit equal to (i) the actual free rent amount, or a reasonable approximation of such free rent amount, based on the anticipated rental payments to be made by Credit Tenants after their free rent period expires, as applicable, plus (ii) if Guarantor shall guarantee the free rent amount for non-Credit Tenants pursuant to the Free Rent Guaranty (as defined in the Side Letter), such guaranteed amount (which Free Rent Guaranty shall terminate upon the expiration of the free rent period of such non-Credit Tenants).
Projected Net Operating Income means, for the applicable calendar year, the Projected Annual Rental Income in such calendar year, subtracting therefrom all necessary and ordinary operating expenses for such calendar year, including, but not limited to, utilities, administrative, cleaning, landscaping, security, repairs and maintenance, management fees, real estate and other taxes, assessments and insurance, but excluding therefrom, deductions for federal, state and other income taxes, debt service expense, depreciation or amortization of capital expenditures and other similar non-cash items (all as determined by Lender in its sole discretion). Gross income shall be determined in a manner consistent with GAAP. Projected Net Operating Income may include remaining rental abatement insurance proceeds for casualty events having already occurred. "PROPOSED FACILITY" means a property that Borrower is proposing to add to the Security Pool in accordance with the terms of SECTION 4 hereof.
Projected Net Operating Income means, with respect to any Property, the following amount (determined for the 12 months following the date of the related Warehousing Advance): PNOI = PFOR — VR — XXX,
Projected Net Operating Income means the in-place, forward net operating income for the applicable future periods of determination based on executed Approved Leases that are executed as of or prior to such date of determination and are or will be effective during such future projected period of determination. Net operating income shall be (a) the actual rental payments to be received from Approved Leases in each Property in accordance with GAAP, including any rental loss insurance proceeds, if applicable, (but modified to exclude the straight line recognition of rents and xxxx to market adjustments); plus (b) the estimated expense reimbursements to be received; plus (c) any and all other normal and recurring income from each Property to be received; minus (d) projected operating expenses (no less than the then current appraisal estimates, subject to reasonable adjustment by Lender to conform to Lender’s standard practices) of each Property determined in accordance with GAAP (excluding any interest or principal payments on the Loan, any allowance for depreciation, any similar non-cash accrual expenses, leasing costs and expenses, and any actual capital expenditures or tenant improvement costs or allowances) payable in the ordinary course of business; provided, however, that such operating expenses shall include (i) property management fees equal to the greater of (A) the property management fees used in the financial proforma in the then most recent Appraisal approved by Lender, (B) the actual amount of property management fees, and (C) the amount equal to three percent (3%) (prorated on an annual basis) of the amounts set forth in clauses (a), (b) and (c) above for such applicable period; (ii) annual project reserves equal to the greater of (A) the reserves used in the financial proforma in the then most recent Appraisal obtained and approved by Lender, and (B) the sum of $0.05 per rentable square feet per year in the Properties and (iii) normalized customary expenses that are typically paid once or twice per calendar year, including, without limitation real property taxes and insurance premiums. For the avoidance of doubt, revenue set forth above in clauses (a), (b) and (c) shall exclude any concessions provided to a tenant under an Approved Lease for the purpose of inducing such tenant to enter into such Approved Lease (including, without limitation, an excessive tenant improvement allowance, moving expenses, free rent periods or abatements or lease buyouts). For purposes of determini...