Adjusted Net Cash Flow means NOI minus (a) normalized tenant improvement and leasing commission expenditures equal to $38,191 per annum, and (b) normalized capital improvements equal to $0.19 per square foot per annum.
Adjusted Net Cash Flow means, with respect to each Individual Property, for any period, the Net Operating Income for the twelve (12) months trailing such period (Net Operating Income to be calculated for the purposes of this definition of “Adjusted Net Cash Flow” without deduction for actual base management fees or incentive management fees paid pursuant to any Management Agreement for such period, actual franchise fees paid pursuant to any Franchise Agreement for such period, or the Capital Reserve Amount for such period) reduced by (i) annual base management fees, pro rated for the applicable period, equal to the greater of (a) 3% of Gross Revenues per annum and (b) actual base management fees paid pursuant to the applicable Management Agreement, (ii) an annual reserve with respect to leases, purchases and replacements of FF&E, pro rated for the applicable period, equal to the greater of (a) 4% of Gross Revenues per annum, and (b) the amount required to be reserved during such period with respect to leases, purchases and replacements of FF&E pursuant to the applicable Management Agreement, (iii) actual incentive management fees paid pursuant to the applicable Management Agreement for the applicable period and (iv) actual base franchise fees paid pursuant to the applicable Franchise Agreement for the applicable period (if applicable), all as determined by Lender in its reasonable discretion.
Adjusted Net Cash Flow means, with respect to each Individual Property, for any period, the Net Operating Income for the twelve (12) months trailing such period (Net Operating Income to be calculated for the purposes of this definition of "Adjusted Net Cash Flow" without deduction for actual base management fees or incentive management fees paid pursuant to any Management Agreement for such period, or the Capital Reserve Amount for such period) reduced by (i) annual base management fees, pro rated for the applicable period, equal to the greater of (a) 3% of Gross Revenues per annum and (b) actual base management fees paid pursuant to the applicable Management Agreement, (ii) an annual reserve with respect to leases, purchases and replacements of FF&E, pro rated for the applicable period, equal to the greater of (a) 4% of Gross Revenues per annum, and (b) the amount required to be reserved during such period with respect to leases, purchases and replacements of FF&E pursuant to the applicable Management Agreement, and (iii) actual incentive management fees paid pursuant to the applicable Management Agreement for the applicable period, all as determined by Lender in its reasonable discretion.
Examples of Adjusted Net Cash Flow in a sentence
Each Participant will be eligible to receive a Bonus based on the Company’s Adjusted EPS, Adjusted Net Cash Flow From Operations and Revenue for the First Half Performance Period.
The Committee’s determination of the Adjusted EPS, Adjusted Net Cash Flow From Operations, Revenue, Adjusted EPS Growth Performance Ranking, Adjusted Net Cash Flow From Operations Growth Performance Ranking, and Revenue Growth Performance Ranking for each Performance Period and whether, and the extent to which, any such adjustment is necessary shall be final and binding.
For each Performance Period, each Participant’s Target Bonus (or First Half Target Bonus, as the case may be) for that Performance Period will be allocated one -third (⅓) to the Company’s Adjusted EPS for the Performance Period, one-third (⅓) to the Company’s Adjusted Net Cash Flow From Operations for the Performance Period, and one-third (⅓) to the Company’s Revenue for the Performance Period.
Participants will be eligible to receive a Bonus based on the Company’s Adjusted EPS, Adjusted Net Cash Flow From Operations and Revenue for the First Half Performance Period as provided in Section 4.2 below.
The Committee shall also establish the Applicable EPS Percentages, Applicable Cash Flow Percentages and the Applicable Revenue Percentages that relate to different levels of Adjusted EPS, Adjusted Net Cash Flow From Operations and Revenue for each Performance Period.
More Definitions of Adjusted Net Cash Flow
Adjusted Net Cash Flow means Net Operating Income for the twelve (12)-month period prior to the date of calculation less, without duplication, (a) the Recurring Replacement Reserve Monthly Installment (assuming for purposes of this definition that the definition of Recurring Replacement Reserve Monthly Installment only includes the first sentence thereof) multiplied by twelve (12) and (b) extraordinary capital improvements projected by Lender, in its reasonable discretion, for the subsequent twelve (12) month period for which sums were not deposited into the Recurring Replacement Reserve Escrow Account. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means Pro-Forma Net Operating Income projected over the twelve (12)-month period subsequent to the date of calculation less (a) the Recurring Replacement Reserve Monthly Installment multiplied by twelve (12), (b) Reletting Expenses, and (c) extraordinary capital improvements projected by Lender, in its reasonable discretion, for the subsequent twelve (12) month period for which sums were not deposited into the Recurring Replacement Reserve Escrow Account. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means, as of any date of calculation, the Net Operating Income for all of the Cross-collateralized Properties over the twelve (12)-month period preceding the date of calculation adjusted to reflect (a) an annual replacement reserve of 4% of gross revenues and (b) scheduled increases in real estate taxes over the subsequent twelve (12) month period resulting from, among other things, increases in tax rates or the assessed value of the Property and/or the expiration of any applicable tax abatements. The Adjusted Net Cash Flow shall be calculated by Borrower and shall be subject to the reasonable review and approval of Lender.
Adjusted Net Cash Flow means on any determination date, the Pro-Forma Net Operating Income less (a) the Recurring Replacement Monthly Installment for the Property multiplied by twelve (12), (b) the Reletting Reserve Monthly Installment for the Property multiplied by twelve (12), and (c) Net Capital Expenditures for the Property to be incurred (as estimated by Lender, in its reasonable discretion) for the subsequent twelve (12) month period. The Adjusted Net Cash Flow shall be calculated by Lender in accordance with the terms of this Security Instrument.
Adjusted Net Cash Flow means, for any particular period, Net Cash Flow less, without duplication (including any amounts already taken into account when calculating Net Cash Flow), (i) deposits to the Approved Corporate Expense Reserve Account (as defined in the Xxxxx Fargo Mortgage Loan Agreement), (ii) Capital Replacement Reserve Monthly Deposits (as defined in the Xxxxx Fargo Mortgage Loan Agreement), and (iii) the CIGNA Property Capital Replacement Reserve Monthly Deposits.
Adjusted Net Cash Flow means the remainder of:
Adjusted Net Cash Flow means, for any period, the amount obtained by subtracting (a) the sum of (i) Operating Expenses plus (ii) 3% multiplied by Gross Income from Operations for such period from (b) Gross Income from Operations for such period.