Definition of TCF Revenue

  1. TCF Revenue means, for any period, the sum of (i) the amount of any periodic recurring revenue paid or payable to the Company or any Company Subsidiary for such period but excluding any such revenue from leases where the tenant has, as of 11:59 p.m. (New York City time) on the calendar day immediately preceding the Closing Date, given a written notice expressly terminating such lease, in each case, with respect to the Tower Assets, plus (ii) Pending Ground Lease Buy-out Savings, plus (iii) the Management Revenue, with respect to the Managed Properties. In the case of Pending Leases, to the extent rent has not commenced as of the date of determination, the recurring amount due and payable as rent for the first full month of the lease shall be included as TCF Revenue, as though it were in fact paid in full during such month. In the case of Prospective Leases which become either Pending Leases or Tenant Leases on or before the Closing Date, the amount due and payable as recurring rent for the first full month of the lease shall be included as TCF Revenue, as though it were in fact paid in full during such month. Each of the foregoing shall be calculated and only included net of any amounts reimbursable by a third party.

Definition of TCF Revenue in Agreement and Plan of Merger

TCF Revenue means, for any period, the sum of (i) the amount of any periodic recurring revenue paid or payable to the Company or any Company Subsidiary for such period but excluding any such revenue from leases where the tenant has, as of 11:59 p.m. (New York City time) on the calendar day immediately preceding the Closing Date, given a written notice expressly terminating such lease, in each case, with respect to the Tower Assets, plus (ii) Pending Ground Lease Buy-out Savings, plus (iii) the Management Revenue, with respect to the Managed Properties. In the case of Pending Leases, to the extent rent has not commenced as of the date of determination, the recurring amount due and payable as rent for the first full month of the lease shall be included as TCF Revenue, as though it were in fact paid in full during such month. In the case of Prospective Leases which become either Pending Leases or Tenant Leases on or before the Closing Date, the amount due and payable as recurring rent for the first full month of the lease shall be included as TCF Revenue, as though it were in fact paid in full during such month. Each of the foregoing shall be calculated and only included net of any amounts reimbursable by a third party.