Adjusted Unencumbered NOI definition
Adjusted Unencumbered NOI means, for any period for any Unencumbered Eligible Property, (i) Unencumbered NOI for such Unencumbered Eligible Property for such period, minus (ii) the Annual Capital Expenditure Adjustment for such Unencumbered Eligible Property.
Adjusted Unencumbered NOI means, with respect to Projects owned by the Borrower and Subsidiary Guarantors for any period, Unencumbered NOI for the most recently ended Measurement Period less an amount for capital expenditures equal to (a) $0.25 per square foot for office Projects, (b) $0.15 per square foot for retail Projects, and (c) $0.10 per square foot for industrial Projects, in each case, multiplied by the weighted average gross leaseable area for such Projects (including only the square footage or units in (a) — (c) above which is or are owned by the Borrower and Subsidiary Guarantors during such Measurement Period and excluding the square footage or units of the buildings on the ground leased portion of any Project for which one of the members of the Borrower and Subsidiary Guarantors is the lessor).
Adjusted Unencumbered NOI means Unencumbered NOI for the most recently ended testing period less the Capital Expenditures Reserve.
Examples of Adjusted Unencumbered NOI in a sentence
As of the first day of each calendar quarter for the immediately preceding four consecutive calendar quarters, the ratio of Adjusted Unencumbered NOI to Unsecured Interest Expense shall not be less than 1.65 to 1.0.
As of the first day of each calendar quarter for the immediately preceding four consecutive calendar quarters, the ratio of the sum of Adjusted Unencumbered NOI of all Unencumbered Eligible Projects to Unsecured Interest Expense shall not be less than 1.75 to 1.0.
As of the first day of each calendar quarter for the immediately preceding calendar quarter, the ratio of (i) Adjusted Unencumbered NOI to (ii) Unsecured Interest Expense shall not be less than 2.0 to 1.0.
As of the first day of each calendar quarter for the immediately preceding calendar quarter, the ratio of (i) Adjusted Unencumbered NOI to (ii) Unsecured Interest Expense shall not be less than 2.25 to 1.0.
For the purposes of calculating the Minimum Unsecured Debt Yield, the Borrower shall add to the annualized Adjusted Unencumbered NOI for the previous quarter, for any Real Property acquired during the quarter or with a Borrowing made hereunder, the lesser of (x) the product of .095 and the purchase price of any such Real Property, and (y) the annualized Adjusted Unencumbered NOI with respect thereto.
More Definitions of Adjusted Unencumbered NOI
Adjusted Unencumbered NOI means, as of any date, Unencumbered NOI for the most recent fiscal quarter of the Borrower for which financial results have been reported less an amount for capital expenditures equal to $0.0375 per gross leasable square foot ($0.15 per annum divided by four quarters) times the weighted average gross leasable area of Qualifying Unencumbered Properties owned by the Borrower and the Subsidiary Guarantors during such fiscal quarter.
Adjusted Unencumbered NOI means Unencumbered Pool NOI less the applicable Capital Reserves.
Adjusted Unencumbered NOI means, as of any date, Adjusted NOI attributable to Qualified Unencumbered Projects that are then included in the Unencumbered Pool, provided that, with respect to any such Qualified Unencumbered Project that was either (i) acquired by the Consolidated Group after the first day of the Fiscal Quarter on which such Adjusted NOI is based, or (ii) first opened for occupancy after the first day of such Fiscal Quarter, the Adjusted NOI for such Project for such Fiscal Quarter shall be deemed to be increased by the per diem Adjusted NOI for such Project after acquisition or opening times the number of days in such Fiscal Quarter prior to the date of acquisition.
Adjusted Unencumbered NOI means, with respect to Projects owned by Borrower and Subsidiary Guarantors for any period, Unencumbered NOI for the most recently ended Measurement Period less an amount for capital expenditures equal to (a) $0.25 per square foot for Projects in which the material leasable space thereof is office space, (b) $0.15 per square foot for Projects in which the material leasable space thereof is retail space and (c) $0.10 per square foot for Projects in which the material leasable space thereof is industrial, distribution or warehouse space, in each case, multiplied by the weighted average gross leaseable area for such Projects (including only the square footage or units in (a) - (c) above which is or are owned by Borrower and Subsidiary Guarantors during such Measurement Period and excluding the square footage or units of the buildings on the ground leased portion of any Project for which one of the members of Borrower and Subsidiary Guarantors is the lessor).
Adjusted Unencumbered NOI means, for any period, Adjusted NOI derived from Unencumbered Eligible Projects and which Adjusted NOI is not subject to any Liens,
Adjusted Unencumbered NOI means, for the prior calendar quarter, the sum of (i) NOI from the Consolidated Businesses attributable to Unencumbered Projects and Unencumbered New York City Assets which are wholly-owned or ground-leased by a Consolidated Business; plus (ii) the Borrower's pro rata share of NOI from Joint Ventures attributable to Unencumbered Projects and Unencumbered New York City Assets in which the Borrower's beneficial economic interest in such Joint Ventures is 51% or greater, provided the sale or financing of any Property owned or ground-leased by such Joint Venture is substantially controlled by the Borrower, subject to customary provisions set forth in the organizational documents of such Joint Venture with respect to financings, sales or rights of first refusal granted to other members of such Joint Venture; plus (iii) the Borrower's pro rata share of NOI from Joint Ventures attributable to Unencumbered Projects and Unencumbered New York City Assets in which the Borrower's beneficial economic interest is less than 51%, provided that a majority of the beneficial economic interests in such Joint Ventures that is not owned by the Consolidated Businesses is owned or controlled by Qualified Joint Venture Partners; plus (iv) the Borrower's pro rata share of Net Income attributable to other Unencumbered assets including Performing Notes (exclusive of Investment Funds, land and development, and service company income); plus (v) NOI from Eligible Encumbered Properties; LESS (vi) the quotient of Capital Expenditure Coverage Reserve Amounts for such period relating to such Unencumbered assets and Eligible Encumbered Properties, divided by four (4); PROVIDED, clause (ii) above shall not exceed twenty percent (20%) of Adjusted Unencumbered NOI; clause (iii) above shall not exceed five percent (5%) of Adjusted Unencumbered NOI; and clause (iv) above shall not exceed fifteen percent (15%) of Adjusted Unencumbered NOI.
Adjusted Unencumbered NOI means, for any period, NOI not subject to any Liens for such period derived from an Unencumbered Eligible Project less the Capital Expenditure Reserve Amount with respect to such Unencumbered Eligible Project for such period.