Determination of Net Operating Income Sample Clauses

Determination of Net Operating Income. Commencing the calendar quarter ending December 31, 2012, and continuing each calendar quarter thereafter, the calculation of Net Operating Income for Borrowers shall be adjusted such that the actual bad debt expenses appearing on the subject Borrower’s financial statement for the applicable quarter shall be replaced (for the purpose of calculating Net Operating Income) with an amount equal to one-quarter of the aggregate bad debt expenses appearing on such Borrower’s financial statements for the trailing twelve-month period (as applicable, the “NOI Bad Debt Adjustment”) The NOI Bad Debt Adjustment to the determination of Net Operating Income is being permitted by Lender to avoid the occurrence of a Net Operating Income covenant violation as a result of an anomaly in the amount of bad debt expenses in any particular calendar quarter. The NOI Bad Debt Adjustment in each calendar quarter shall be subject to Lender’s review and approval, which shall not be unreasonably withheld.
Sample 1
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Determination of Net Operating Income. A. The Net Operating Income and the Projected Net Operating Income of Marietta Trade Center and Paradise Marketplace shall not, for purposes of this Agreement, be included in the calculation of Net Operating Income for any of the prior four Fiscal Quarters or Projected Net Operating Income for the applicable calendar year at such time as the outstanding principal balance of the Loan is less than $30 million.
Sample 1
Determination of Net Operating Income. Determinations relating to net operating income of the Surviving Entity shall be made by the Board in good faith as promptly as practicable following the expiration of the Vesting Period based on unaudited financial statements of the Surviving Entity for such period. The Optionee and its representatives shall be afforded a reasonable opportunity, upon reasonable advance notice and during business hours, to review the Board’s determination, ask the Board questions regarding its determination and review the books, records, work papers and written procedures, and have access to the applicable personnel, used to calculate the net operating income of the Surviving Entity. The Optionee and the Company will work together in good faith to resolve any disputed items.
Sample 1
Determination of Net Operating Income. For purposes of sections 1.3 and 1.4 above, “net operating income” shall be determined by calculating the gross profit of the Acquired Business and subtracting therefrom selling expenses, marketing expenses, general and administrative expenses and depreciation. In addition, the net operating income figures in sections 1.3 and 1.4 above have been calculated using an exchange rate of 6.5 DKK per US dollar, and such exchange rate shall be used for purposes of all calculations under sections 1.3 and 1.4 above. The determination of such net operating income for the Acquired Business shall be made by Buyer. Following June 30 of 2005 and 2006, Buyer shall, to determine the payment under section 1.3 above, calculate and report the net operating income of the Acquired Business in the country of Denmark for the period required by section 1.3, limiting such calculation for this purpose to sales achieved in Denmark and expenses incurred in Denmark. Following December 31 of each year from 2005 to and including 2008, Buyer shall, to determine the payment under section 1.4 above, calculate and report the cumulative net operating income of the Acquired Business as a whole from January 1, 2005 through each such December 31. Buyer shall report to Seller each such calculation, which shall be the basis for any payment of additional consideration by Buyer under either section 1.3 or 1.4 above. If Seller disagrees with the determination of Buyer, the parties agree to meet and discuss any such disagreement in order to resolve any differences. If the disagreement is not resolved to Seller’s satisfaction, Seller shall be entitled to resolve such disagreement through the dispute resolution procedure in section 5.4(b) below.
Sample 1

Related to Determination of Net Operating Income

  • Determination of Net Asset Value The Trustees shall cause the Net Asset Value of Shares of each Series or Class to be determined from time to time in a manner consistent with applicable laws and regulations. The Trustees may delegate the power and duty to determine Net Asset Value per Share to one or more Trustees or officers of the Trust or to a custodian, depository or other agent appointed for such purpose. The Net Asset Value of Shares shall be determined separately for each Series or Class at such times as may be prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of regular trading on the New York Stock Exchange on each day for all or part of which such Exchange is open for unrestricted trading.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • CALCULATION OF NET ASSET VALUE U.S. Trust will calculate the Fund's daily net asset value and the daily per-share net asset value in accordance with the Fund's effective Registration Statement on Form N-2 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), including its current prospectus. If so directed, U.S. Trust shall also calculate daily the net income of the Fund

  • Net Operating Income For any Real Estate and for a given period, an amount equal to the sum of (a) the rents, common area reimbursements, and service and other income for such Real Estate for such period received in the ordinary course of business from tenants or licensees in occupancy paying rent (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ or licensees’ obligations for rent and any non-recurring fees, charges or amounts including, without limitation, set-up fees and termination fees) minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period, including, but not limited to, 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 Real Estate, but specifically excluding general overhead expenses of REIT and its Subsidiaries, any property management fees and non recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to three percent (3.0%) of the gross revenues from such Real Estate excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to FAS 141R, minus (d) all rents, common area reimbursements and other income for such Real Estate received from tenants or licensees in default of payment or other material obligations under their lease, or with respect to leases as to which the tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Calculation of CP Costs On the third Business Day immediately preceding each Settlement Date, each Conduit shall calculate the aggregate amount of its Conduit Costs for the related Settlement Period and shall notify Seller of such aggregate amount.

  • Distribution of Net Cash Flow Net Cash Flow shall be distributed among the Partners in accordance with their Partnership Percentages at such times and in such amounts as shall be determined by the General Partner.

  • Exclusions from Operating Expenses Operating Expenses exclude the following expenditures:

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

  • Apportionment of Earnings and Profits and Tax Attributes (a) Tax Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and burdens of such Tax Attributes will inure to) the members of the Parent Group and the members of the SpinCo Group in accordance with the Code, Treasury regulations and any other Applicable Tax Law, and, in the absence of controlling legal authority or unless otherwise provided under this Agreement, Tax Attributes shall be allocated to the legal entity that created such Tax Attributes.

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