Actual Vacancy Amount definition
Actual Vacancy Amount means, for the applicable calendar quarter, an amount equal to the product of (a) a fraction (expressed as a percentage) having a numerator equal to the number of days for which Properties were vacant during the course of the applicable calendar quarter and a denominator equal to 365 and (b) the then-current annualized market rents for Properties that are vacant as of such period, as determined by Borrower.
Actual Vacancy Amount means, for the applicable calendar quarter, an amount equal to the product of (a) a fraction (expressed as a percentage) having a numerator equal to the number of days for which Properties were vacant during the course of the applicable calendar quarter and a denominator equal to 365 and (b) the then-current annualized market rents for Properties that are vacant as of such period, as determined by Borrower. “Aged Receivables Balance” means, for the applicable calendar month, the rent-specific accounts receivable balance outstanding as of the last day of the applicable calendar month, in each case outlined according to the following categorizations: (i) prepaid rent, (ii) balance 61-90 days past due, (iii) balance more than 90 days past due, and (iv) balance more than 60 days past due (which shall be calculated as (x) the sum of the amounts reported in items (ii) and (iii) less (y) any amounts reported in item (i)). “Controllable Operating Expense” means, all expenses that constitute Operating Expense, provided Controllable Operating Expense shall not include any of the expenses included in the calculation of Non-Controllable Operating Expense. “Gross Revenue” means, for the applicable period, an amount equal to the Collections received by ▇▇▇▇▇▇▇▇ (before the impact of any Concessions or deducting the Actual Delinquent Amount for such period), determined in accordance with GAAP. “Non-Controllable Operating Expense” means, all items of Operating Expense, described in clause (b)(1)(xii) of this Schedule X.