Common use of Net Offering Proceeds Clause in Contracts

Net Offering Proceeds. The gross cash proceeds received by the Borrower or any of its Subsidiaries as a result of an Equity Offering less the customary and reasonable costs, expenses and discounts paid by the Borrower or such Subsidiary in connection therewith. Net Operating Income. For any Unencumbered Pool Asset (other than an Unencumbered Pool Property relating to a Qualifying Note Receivable) and for a period of determination, an amount equal to the sum of (a) Contract Rent for such Unencumbered Pool Property, minus (b) all rents received from tenants or licensees in default of payment or other material obligations under their lease for thirty-two (32) days or more, 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 (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease in such bankruptcy proceeding or the Required Lenders otherwise consent in writing to include such amounts), and minus (c) unless otherwise agreed to by Agent in its sole discretion, if the Lease applicable to such Unencumbered Pool Property is a Double Net Lease, all expenses and costs paid or accrued by Borrower or any of its Subsidiaries related to the maintenance, repair, operation or ownership of such Unencumbered Pool Property, plus (d) with respect to a Hybrid Mortgage, the Contract Interest Payments with respect thereto during such period for the Hybrid Mortgage that is not a Delinquent Loan or a Defaulted Loan. With respect to a Qualifying Note Receivable, Net Operating Income shall be an amount equal to Contract Interest Payments for such period for such Qualifying Note Receivable that is not a Delinquent Loan or a Defaulted Loan.

Net Offering Proceeds. The gross All cash proceeds received after the Effective Date by the Borrower or any of its Subsidiaries the Company as a result of an Equity Offering the sale of common, preferred or other classes of stock of the Company or the issuance of limited partnership interests in the Borrower less the customary and reasonable costs, expenses costs and discounts of issuance paid by the Company or Borrower or such Subsidiary in connection therewith. Net Operating Income. For With respect to any Unencumbered Pool Asset (other than an Unencumbered Pool Property relating to a Qualifying Note Receivable) and Real Estate Asset, for a the period of determination, an amount equal the Rents derived from the customary operation of such Real Estate Asset, less operating expenses attributable to such Real Estate Asset, and shall include only the sum of (ai) Contract Rent for such Unencumbered Pool Propertythe Rents received or expected to be received, minus and earned in accordance with Generally Accepted Accounting Principles, pursuant to Leases in place, plus (bii) all rents other income actually received from tenants or licensees and earned in default of payment or other material obligations under their lease for thirty-two (32) days or more, or accordance with Generally Accepted Accounting Principles 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 (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease in such bankruptcy proceeding or the Required Lenders otherwise consent in writing to include such amounts), and minus (c) unless otherwise agreed to by Agent in its sole discretion, if the Lease applicable to such Unencumbered Pool Property is a Double Net Lease, all expenses and costs paid or accrued by Borrower or any of its Subsidiaries related to the maintenance, repair, operation or ownership of such Unencumbered Pool PropertyReal Estate Asset, plus (diii) with respect rent loss or business interruption insurance proceeds received or expected to be received during or relating to such period due to a Hybrid Mortgagecasualty that has occurred prior to the date of calculation plus (iv) parking or other income, the Contract Interest Payments less operating expenses actually paid or payable on an accrual basis in accordance with respect thereto Generally Accepted Accounting Principles attributable to such Real Estate Asset during such period for period, as set forth on operating statements and schedules reasonably satisfactory to Agent. Net Operating Income shall be calculated in accordance with customary accounting principles applicable to real estate. Notwithstanding the Hybrid Mortgage that is not a Delinquent Loan or a Defaulted Loan. With respect to a Qualifying Note Receivableforegoing, Net Operating Income shall not include (i) any condemnation or insurance proceeds (excluding rent loss or business interruption insurance proceeds as described above), (ii) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any portion of the Real Estate Asset for which it is to be an amount equal determined, (iii) amounts received from tenants as security deposits unless actually applied toward the payment of rent or additional rent in accordance with the terms of such tenant's lease, (iv) interest income and (v) any type of income otherwise included in Net Operating Income but paid directly by any tenant to Contract Interest Payments for such period for such Qualifying Note Receivable that is not a Delinquent Loan Person other than Borrower or a Defaulted LoanGuarantor or other Related Company or their respective agents or representatives.

Net Offering Proceeds. The total gross cash proceeds received by the Borrower REIT or any of its Subsidiaries as a result of an Equity Offering or as a result of receipt of any contribution of capital less the customary and reasonable costs, expenses and discounts paid by the Borrower REIT or such Subsidiary in connection therewith. Net Operating Income. For any Unencumbered Pool Asset Real Estate (other than an Unencumbered Pool Property relating to a Qualifying Note Receivableincluding any Borrowing Base Property) and for a period of determinationgiven period, an amount equal to the sum of the following (awithout duplication): (A) Contract Rent cash rents and other cash revenues received in the ordinary course from Tenants paying rent at such Real Estate, but excluding (i) pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligations for rent) and any other non-recurring fees, charges or amounts including, without limitation termination fees, (ii) any accrued revenues attributable to so-called “straight-line rent accounting”, and (iii) all rents, common area reimbursements and other income and revenue for such Unencumbered Pool Property, minus (b) all rents Real Estate received from tenants or licensees (X) in default of payment or other material obligations under their lease for thirty-two (32) days or morelease, 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 (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease in such bankruptcy proceeding or the Required Lenders otherwise consent in writing to include such amountsproceeding), or (Y) under a Lease that (1) is within twelve (12) months of lease expiration and such tenant or licensee provides notice that it will vacate its leased premises and such notice is not irrevocably rescinded or cancelled prior to the date that is six (6) months from the applicable lease expiration date, or (2) is within six (6) months from the lease expiration date, unless such tenant or licensee has prior to such date of determination renewed its lease or entered into a new lease on substantially similar or better economic terms for the applicable Real Estate, which new lease is deemed approved or approved by Agent (in either instance, as provided in this Agreement), or (Z) that have vacated or are not operating in their respective leased premises (except as a result of Temporary Closures) at any time during the twelve (12) months immediately prior to lease expiration, minus (cB) unless otherwise agreed to by Agent in its sole discretion, if the Lease applicable to such Unencumbered Pool Property is a Double Net Lease, sum of all expenses and costs paid or accrued by Borrower or any of its Subsidiaries related to other proper charges incurred in connection with the maintenance, repair, operation or ownership of such Unencumbered Pool Property, plus (d) with respect to a Hybrid Mortgage, the Contract Interest Payments with respect thereto Real Estate during such period (including, without limitation, real estate taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, actual management fees, payments under ground leases, bad debt and collection 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 the Hybrid Mortgage that is not a Delinquent Loan REIT or a Defaulted Loanany Subsidiary). With respect to a Qualifying Note Receivable, Net Operating Income of a Person’s Real Estate shall be an amount equal to Contract Interest Payments for include such period for Person’s pro rata share (based upon its Equity Percentage) of Net Operating Income from Real Estate of any Unconsolidated Affiliate or non-Wholly-Owned Subsidiary of such Qualifying Note Receivable that is not a Delinquent Loan or a Defaulted LoanPerson.