Common use of Net Operating Income Clause in Contracts

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation for rent) and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 actual property management expenses of such Real Estate, 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 for thirty (30) 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), minus (e) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 shall be excluded from Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent rent, and termination fees received for such period of not greater than one percent (1.0%) of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation or licensees’ obligations for rent) rent and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears(excluding Set-up Fees)) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 Parent Company and its Subsidiaries, any property management fees and non non-recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to four percent (4.0%) 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 for thirty (30) days unless such tenants or morelicensees have made a payment of such amounts in each month due other than amounts contested, in which case only amounts contested and not paid are excluded, 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 proceeding. The Borrowers’ and the Guarantors’ pro rata share (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease based upon the greater of such Person’s Equity Percentage in such bankruptcy proceeding), minus (eUnconsolidated Affiliate or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP Net Operating Income of Unconsolidated Affiliates of the Borrower and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 the Guarantors shall be excluded from included in determinations of Net Operating Income for the purposes of the calculation of Gross Asset Value. Notwithstanding anything to the contrary contained herein, Set-up Fees that are amortized over the term of the applicable Lease shall be included in determinations of Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent rent, and termination fees received for such period of not greater than one percent (1.0%) of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation or licensees’ obligations for rent) rent and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears(excluding Set-up Fees) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 Parent Company and its Subsidiaries, any property management fees and non non-recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to four percent (4.0%) 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 for thirty (30) days unless such tenants or morelicensees have made a payment of such amounts in each month due other than amounts contested, in which case only amounts contested and not paid are excluded, 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 proceeding. The Borrower’s and the Guarantors’ pro rata share (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease based upon the greater of such Person’s Equity Percentage in such bankruptcy proceeding), minus (eUnconsolidated Affiliate or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP Net Operating Income of Unconsolidated Affiliates of the Borrower and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 the Guarantors shall be excluded from included in determinations of Net Operating Income for the purposes of the calculation of Gross Asset Value. Notwithstanding anything to the contrary contained herein, Set-up Fees that are amortized over the term of the applicable Lease shall be included in determinations of Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent rent, and termination fees received for such period of not greater than one percent (1.0%) of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation or licensees’ obligations for rent) rent and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears(excluding Set-up Fees) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 Parent Company and its Subsidiaries, any property management fees and non non-recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to four percent (4.0%) of the gross revenues from such Real Estate excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to FASB ASC 805, 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 for thirty (30) days unless such tenants or morelicensees have made a payment of such amounts in each month due other than amounts contested, in which case only amounts contested and not paid are excluded, 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 proceeding. The Borrower’s and the Guarantors’ pro rata share (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease based upon the greater of such Person’s Equity Percentage in such bankruptcy proceeding), minus (eUnconsolidated Affiliate or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP Net Operating Income of Unconsolidated Affiliates of the Borrower and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 the Guarantors shall be excluded from included in determinations of Net Operating Income for the purposes of the calculation of Gross Asset Value. Notwithstanding anything to the contrary contained herein, Set-up Fees that are amortized over the term of the applicable Lease shall be included in determinations of Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent rent, and termination fees received for such period of not greater than one percent (1.0%) of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation or licensees’ obligations for rent) rent and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears(excluding Set-up Fees) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 Parent Company and its Subsidiaries, any property management fees and non recurring non‑recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to four percent (4.0%) 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 for thirty (30) days unless such tenants or morelicensees have made a payment of such amounts in each month due other than amounts contested, in which case only amounts contested and not paid are excluded, 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 proceeding. The Borrower’s and the Guarantors’ pro rata share (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease based upon the greater of such Person’s Equity Percentage in such bankruptcy proceeding), minus (eUnconsolidated Affiliate or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP Net Operating Income of Unconsolidated Affiliates of the Borrower and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 the Guarantors shall be excluded from included in determinations of Net Operating Income for the purposes of the calculation of Gross Asset Value. Notwithstanding anything to the contrary contained herein, Set-up Fees that are amortized over the term of the applicable Lease shall be included in determinations of Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.

Net Operating Income. For any Unencumbered Borrowing Base Property or other 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 collected or received (or with respect to reimbursements from Tenants which are not in default of their Leases for common area expenses, taxes and insurance, accrued in accordance with GAAP) in the ordinary course of business from tenants or licensees paying rent rent, and termination fees received for such period of not greater than one percent (1.0%) of the aggregate Monthly Recurring Charges for such period (excluding pre-paid rents and revenues and security deposits (except to the extent applied in satisfaction of tenants’ obligation or licensees’ obligations for rent) rent and any non-recurring fees, charges or amounts including, without limitation, termination fees, but including any deposits made by Tenants for such period with respect to property taxes that will be paid in arrears(excluding Set-up Fees) specifically excluding, however, (i) all equity contributions, (ii) all Loan proceeds, (iii) all insurance proceeds (except for rent loss insurance proceeds), (iv) all condemnation awards, (v) all receipts derived from the sale of any capital asset with respect to such Real Estate, (vi) all rents and/or other income derived from any Lease which is entered into by the REIT or any Subsidiary, as landlord, with any Borrower, Guarantor, or any Affiliate or Subsidiary of the Borrower or any Guarantor, as tenant, minus (b) all expenses paid or accrued (including taxes for such period not yet due and payable) by Borrower 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 Parent Company and its Subsidiaries, any property management fees and non recurring non‑recurring charges), minus (c) the greater of (i) actual property management expenses of such Real Estate, or (ii) an amount equal to four percent (4.0%) of the gross revenues from such Real Estate excluding straight line leveling adjustments required under GAAP and amortization of intangibles pursuant to FASB ASC 805, 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 for thirty (30) days unless such tenants or morelicensees have made a payment of such amounts in each month due other than amounts contested, in which case only amounts contested and not paid are excluded, 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 proceeding. The Borrower’s and the Guarantors’ pro rata share (and that, with respect to tenants in bankruptcy, have not unconditionally and finally affirmed or assumed their lease based upon the greater of such Person’s Equity Percentage in such bankruptcy proceeding), minus (eUnconsolidated Affiliate or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate) a capital reserve of $0.05 per square foot of the improvements on such Real Estate; provided, however, that straight line leveling adjustments required under GAAP Net Operating Income of Unconsolidated Affiliates of the Borrower and amortization of intangibles pursuant to Accounting Standards Codification Topic 805 the Guarantors shall be excluded from included in determinations of Net Operating Income for the purposes of the calculation of Gross Asset Value. Notwithstanding anything to the contrary contained herein, Set-up Fees that are amortized over the term of the applicable Lease shall be included in determinations of Net Operating Income. Non-Consenting Lender. See §18.8. Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.