Common use of Gross Income Clause in Contracts

Gross Income. As used in the Loan Documents, the term “Gross Income” for each Calendar Period shall mean rentals, revenues and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy of the Mortgaged Property, determined on a cash basis (except as specified herein), including, but not limited to, the following: (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion of the Mortgaged Property; (vi) interest, if any, earned by Borrower on security and other type deposits of and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and (vii) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeited; (ii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by Lender; (iii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the Mortgaged Property; (iv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of Trust, except for rental loss or business interruption insurance; and (v) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s consent to a sale, refinancing or other capital transaction. Lender reserves the right to review the rent rolls and leases relating to the Mortgaged Property as submitted by Borrower.

Gross Income. As used in the Loan Documents, the The term “Gross Income” for each Calendar Period shall mean rentals, revenues and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy of the Mortgaged Property, determined on a cash basis (except as specified herein), including, but not limited to, the following: : (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; (net of any concessions); (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; ; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; ; and (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion operation of the Mortgaged Property; ; and (vi) interest, if any, earned by Borrower on security and other type deposits of and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and (vii) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeitedowed; (ii) any security and other type deposits and advance rentals, relating to the Mortgaged Property which have been forfeited (and not applied to actual rentals owed) or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderProperty; (iiiiv) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the Mortgaged Property; (ivv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustProperty, except for rental loss or business interruption insurance; and (vvi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Lien Instrument or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s consent to a sale, refinancing or other capital transaction. Lender reserves ; and (vii) any Gross Income related to a tenant who is not paying Rents as of the right to review the rent rolls date of a Debt Coverage Ratio calculation, unless a replacement tenant is in place and leases relating to the Mortgaged Property as submitted by Borrowerpaying Rents.

Gross Income. As used in The annualized sum of (i) the Loan Documents, the term “Gross Income” for each Calendar Period shall mean rentals, revenues and other cash forms of considerationconsideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of, of Borrower resulting from or attributable to the operation, leasing and occupancy of the Mortgaged PropertyImprovements, determined on a cash basis (except as specified herein), including, but not limited to, during the following: (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; applicable DSC Period and (ii) rents the rentals, revenues and receipts received by other cash forms of consideration, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or for the benefit of Borrower with respect to furniturefree rent period, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the Mortgaged Property; (iii) proceeds received by or for extent the benefit of Borrower tenant is in connection with any rental loss or business interruption insurance with respect to occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the Mortgaged Property; (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion of the Mortgaged Property; (vi) interestapplicable DSC Period, if any, earned by Borrower on security and other type deposits of and advance rentals paid by, such rent abatement or free rent period were not then in effect during such applicable DSC Period (any lessees or tenants of such amount shall be annualized if such DSC Period is less than the Mortgaged Property; and full trailing twelve (vii12) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeitedconsecutive calendar month period). Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeitedfees; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderImprovements; (iiiiv) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the Mortgaged PropertyImprovements; (ivv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustImprovements, except for rental loss or business interruption insurance; insurance and (vvi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Trust or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves the right to review the rent rolls and leases relating to the Mortgaged Property as submitted by Borrower.

Gross Income. As used in the Loan Documents, the term “Gross Income” for For each applicable Calendar Period shall mean actual rentals, revenues and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy of the Mortgaged Property, determined on a cash basis (except as specified herein), including, but not limited to, including the following: : (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; Property; (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; ; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; ; (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating operation of the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; ; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion of the Mortgaged Property; ; (vi) interest, if any, earned by Borrower on security and other type deposits of and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and and (vii) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited. Notwithstanding anything included within the above this definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeited; (ii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderProperty; (iii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the Mortgaged Property; (iv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustProperty, except for rental loss or business interruption insurance; and (v) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Trust or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves the right to review the rent rolls and leases relating to the Mortgaged Property as submitted by Borrower.

Gross Income. As used in the Loan Documents, the The term “"Gross Income” for each Calendar Period " shall mean rentalsthe annual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy operation of the Mortgaged PropertyProperty based upon the then actual trailing twelve (12) month period giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), including, but not limited to, including the following: : (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; Property; (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the full or partial reimbursement of Operating Expenses from any lessee or tenant of the Mortgaged Property; ; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; ; (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating operation of the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; ; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion part of the Mortgaged Property; ; (vi) interest, if any, earned by Borrower on security and other type deposits of of, and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and and (vii) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, however, for purposes of determining Gross Income, only Rents from Approved Tenant Leases shall be taken into account and only to the extent such Approved Tenant Leases are fully executed. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeited; (ii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderProperty; (iii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the Mortgaged Property; (iv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustProperty, except for rental loss or business interruption insurance; and (v) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Lien Instrument or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves ; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the right cessation of tenant operations at the subject leased premises or written notice from any such tenant to review Borrower of tenant's intentions with respect to such leased premises, the rent rolls and leases relating future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; (vii) any rentals, reimbursements or other revenues paid by the Mortgaged Property as submitted by Borrower.applicable tenant more than one (1) month in advance; and

Gross Income. As used in the Loan Documents, the The term “"Gross Income” for each Calendar Period " shall mean rentalsthe annual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy operation of the Mortgaged PropertyProperty based upon the then actual trailing twelve (12) month period, giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), including, but not limited to, including the following: : (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder Property, provided however that total rents shall be determined utilizing a vacancy rate equal to the “greater of (a) the actual rents”; vacancy, or (b) five percent (5%); (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; ; (iviii) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating operation of the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; ; (viv) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion part of the Mortgaged Property; ; (viv) interest, if any, earned by Borrower on security and other type deposits of of, and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and and (viivi) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, however, for purposes of determining Gross Income, only rents from Approved Tenant Leases shall be taken into account and only to the extent such Approved Tenant Leases are fully executed. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeited; (ii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderProperty; (iii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the Mortgaged Property; (iv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustProperty, except for rental loss or business interruption insurance; and (v) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Lien Instrument or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves ; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the right cessation of tenant operations at the subject leased premises or written notice from any such tenant to review Borrower of tenant's intentions with respect to such leased premises, the rent rolls future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; and leases relating to (vii) any rentals, reimbursements or other revenues paid by the Mortgaged Property as submitted by Borrowerapplicable tenant more than one (1) month in advance.

Gross Income. As used in The annualized sum of (i) the Loan Documents, the term “Gross Income” for each Calendar Period shall mean rentals, revenues and other cash forms of considerationconsideration from Qualified Leases including, without duplication, Tenant Reimbursements, received by, or paid to or for the account of or for the benefit of, of Borrower resulting from or attributable to the operation, leasing and occupancy of the Mortgaged PropertyImprovements, determined on a cash basis (except as specified herein), including, but not limited to, during the following: (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder the “actual rents”; applicable DSC Period and (ii) rents the rentals, revenues and receipts received by other cash forms of consideration, including, without duplication, Tenant Reimbursements, from any Qualified Lease that, on the date of determination, is then in a rent abatement or for the benefit of Borrower with respect to furniturefree rent period, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the Mortgaged Property; (iii) proceeds received by or for extent the benefit of Borrower tenant is in connection with any rental loss or business interruption insurance with respect to occupancy and such rent and expense recoveries would have been paid under such Qualified Lease during the Mortgaged Property; (iv) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; (v) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion of the Mortgaged Property; (vi) interestapplicable DSC Period, if any, earned by Borrower on security and other type deposits of and advance rentals paid by, such rent abatement or free rent period were not then in effect during such applicable DSC Period (any lessees or tenants of such amount shall be annualized if such DSC Period is less than the Mortgaged Property; and full trailing twelve (vii12) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeitedconsecutive calendar month period). Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeitedfees; (ii) any security and other type deposits and advance rentals relating to the Improvements which have not been forfeited or other non-recurring income; (iii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderImprovements; (iiiiv) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion of the Mortgaged PropertyImprovements; (ivv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustImprovements, except for rental loss or business interruption insurance; insurance and (vvi) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Mortgage or the other Loan Security Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves the right to review the rent rolls and leases relating to the Mortgaged Property as submitted by Borrower.

Gross Income. As used in the Loan Documents, the The term “"Gross Income” for each Calendar Period " shall mean rentalsthe annual ordinary income, revenues as reasonably determined by Lender, then derived from Borrower's ownership and other cash forms of consideration, received by, or paid to or for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy operation of the Mortgaged PropertyProperty based upon the then actual trailing twelve (12) month period, giving consideration to ordinary and normal seasonal fluctuations in the market in which the Mortgaged Property is located, determined on a cash basis (except as specified herein), including, but not limited to, including the following: : (i) rents by any lessees or tenants of the Mortgaged Property using for all calculations hereunder Property, provided however that total rents shall be determined utilizing a vacancy rate equal to the “greater of (a) the actual rents”; vacancy, or (b) five percent (5%); (ii) rents and receipts received by or for the benefit of Borrower with respect to furniture, cable television, licenses, concessions, vending machines, parking fees, laundry fees, corporate apartment rentals and similar items relating to the Mortgaged Property; (iii) proceeds received by or for the benefit of Borrower in connection with any rental loss or business interruption insurance with respect to the Mortgaged Property; ; (iviii) any other fees or rents collected by, for or on behalf of Borrower with respect to the leasing and operating operation of the Mortgaged Property, including common area maintenance, tax and insurance payments and payments under easements; ; (viv) any refunds of deposits for obtaining, using or maintaining utility services for all or any portion part of the Mortgaged Property; ; (viv) interest, if any, earned by Borrower on security and other type deposits of of, and advance rentals paid by, any lessees or tenants of the Mortgaged Property; and and (viivi) the amount of any security and other type deposits and advance rentals relating to the Mortgaged Property which have been forfeited; provided, however, for purposes of determining Gross Income, (A) only rents from Approved Tenant Leases shall be taken into account and only to the extent such Approved Tenant Leases are fully executed, and (B) a vacancy rate equal to the greater of (i) the actual vacancy, or (ii) five percent (5%), shall be utilized. Notwithstanding anything included within the above definition of Gross Income, there shall be excluded from Gross Income the following: (i) any security or other deposits of lessees and tenants, unless and until the same actually are either applied to actual rentals owed or other charges or fees or forfeited; (ii) the proceeds of any financing or refinancing with respect to all or any part of the Mortgaged Property which has been previously approved in writing by LenderProperty; (iii) the proceeds of any sale or other capital transaction (excluding leases for occupancy purposes only) of all or any portion part of the Mortgaged Property; (iv) any insurance or condemnation proceeds paid with respect to the Mortgaged Property to the extent such proceeds are available and are used to restore or rebuild the Mortgaged Property as may be permitted in accordance with the terms of the Deed of TrustProperty, except for rental loss or business interruption insurance; and (v) any insurance and condemnation proceeds applied in reduction of the principal of the Note in accordance with the terms of the Deed of Trust, the Note Lien Instrument or the other Loan Documents; provided, however, nothing set forth herein shall in any manner imply Lender’s 's consent to a sale, refinancing or other capital transaction. Lender reserves ; (vi) any rentals, reimbursements or other revenues attributable to tenants under leases which are not Approved Tenant Leases or which, due to a bankruptcy or insolvency action, the right cessation of tenant operations at the subject leased premises or written notice from any such tenant to review Borrower of tenant's intentions with respect to such leased premises, the rent rolls future rental payment to be made by such tenant appear, in Lender's judgment, to be questionable; and leases relating to (vii) any rentals, reimbursements or other revenues paid by the Mortgaged Property as submitted by Borrowerapplicable tenant more than one (1) month in advance.