Definition of Re-tenanting Pro Forma Net Operating Income


Re-tenanting Pro Forma Net Operating Income means, as of any date, the amount obtained by subtracting (i) the greater of (a) Operating Expenses for the twelve (12) month period ending with the most recently completed calendar month or (b) the twelve (12) months of Operating Expenses budgeted in the Approved Annual Budget most recently approved by Lender in accordance with the terms of this Agreement (whether for the year in which the date of determination occurs or for the immediately preceding or immediately succeeding calendar year, depending upon which is the Approved Annual Budget most recently approved by Lender in accordance with the terms of this Agreement), from (ii) Re-Tenanting Pro Forma Gross Income from Operations for the succeeding twelve (12) month period from such date.
Sample 1