Annualized Net Operating Income definition

Annualized Net Operating Income means, for any Real Property for any fiscal quarter, the product of (a) Net Operating Income attributable to such Real Property for such fiscal quarter (adjusted (i) to include Net Operating Income for new leases commenced in such quarter and to exclude Net Operating Income for leases terminated in such quarter, in each case as if such leases were effective or terminated, as the case may be, for the entire quarter, and (ii) to give effect to rent increases and decreases becoming effective in such quarter as if such increases or decreases, as the case may be, were in effect for the entire quarter) multiplied by (b) four.

Annualized Net Operating Income. Means annualized Net Operating Income before payment of debt service from the Properties securing the Loan as of the date of calculation, calculated by annualizing the Net Operating Income for the immediately preceding prior two calendar quarters, provided that if the Debt Service Coverage Ratio is being calculated within 45 days after the end of a calendar quarter, the Net Operating Income shall be calculated by looking at the Net Operating Income during the two calendar quarters preceding the immediately prior calendar quarter; e.g., if the Debt Service Coverage Ratio is being calculated on January 10, 2013, the six-month period would be the period commencing on April 1, 2012 and ending on September 30, 2012 and if the Debt Service Coverage Ratio is being calculated on February 20, 2013, the six-month period would be the period commencing on July 1, 2012, and ending on December 31, 2012). Notwithstanding the foregoing, if any Property has been owned by a Borrower for less than the entire applicable foregoing period, then Net Operating Income for such Property shall be calculated by annualizing the Net Operating Income for such Property for the portion of such period during which a Borrower owned such Property. In addition, until a Property has secured the Loan for one full calendar quarter, the Net Operating Income for that Property shall be calculated using the Agent's underwritten projected year one Rental Income and Operating Expenses for such Additional Property based on the Appraisal obtained for such Additional Property in accordance with Section 7.21 (e.g., if an Additional Property is added on June 15, 2012, this sentence would apply to such Additional Property until September 30, 2012).

Examples of Annualized Net Operating Income in a sentence

Borrower will not permit the ratio of the sum of (i) the Net Operating Income for the most recent four fiscal quarters for each Four Quarter Property which is a Positive 100% Property and (ii) the Annualized Net Operating Income for each One To Three Quarter Property which is a Positive 100% property, calculated on a combined aggregated basis to Debt Service, to become less than 1.25 to 1.00, such ratio to be tested at each Fiscal Quarter based on financial reports proved by Borrower under Section 5.01(b).
Each Quarterly DCR Test shall be based upon the information delivered to Lender in accordance with Section 4.14 hereof, together with any other evidence which Lender may reasonably require to substantiate or explain the calculation of Annualized Net Operating Income.
The independent public accounting firm will act as arbitrator and will issue a report resolving all disputes as to the Annualized Net Operating Income and confirming the amount of the purchase price for Owner Shares, if any, as determined in accordance with the terms of this Agreement.
Borrower shall maintain a ----------------------------- Debt Service Coverage Ratio of at least 1.4:1.00 at all times, where Debt Service Coverage Ratio means the ratio of Annualized Net Operating Income to Annualized Hypothetical Debt Service.
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More Definitions of Annualized Net Operating Income

Annualized Net Operating Income of a Property shall mean the Net Operating Income (hereafter defined) of such Property projected from executed leases and garage income for the twelve (12) month period commencing on the first day of the month following the date of conveyance of such Property to RPLP, but treating any period of rent abatement as if such rent abatement did not exist and that the rent during each month of such rent abatement period equaled the rent for the first month during which full rent becomes payable; provided, however, that Annualized Net Operating Income shall not include Annualized Net Operating Income from Rent Paying Space constituting more than ninety five percent (95%) of the rentable area of such Property.

Annualized Net Operating Income. Means annualized Net Operating Income before payment of debt service from the Project securing the Loan as of the date of calculation, calculated by annualizing the Net Operating Income for the immediately preceding prior two calendar quarters; provided that if the Debt Service Coverage Ratio is being calculated within 60 days after the end of a calendar quarter (and prior to the quarterly reporting for the most recent calendar quarter end being available and/or delivered to Administrative Agent), the Net Operating Income shall be calculated by looking at the Net Operating Income during the two calendar quarters preceding the immediately prior calendar quarter; e.g., if the most recent calendar quarter end reporting is not yet delivered to Administrative Agent and the Debt Service Coverage Ratio is being calculated on January 10, 2021, the six-month period (if that is the relevant calculation period under the following provisions of this definition) would be the period commencing on April 1, 2020 and ending on September 30, 2020, and if the Debt Service Coverage Ratio is being calculated on March 20, 2021, the six-month period would be the period commencing on July 1, 2020, and ending on December 31, 2020).

Annualized Net Operating Income means the difference between (i) the sum of all Receipts generated during the twelve (12) full calendar months immediately preceding any Determination Date (including any calendar month ending on a Determination Date) less (ii) all Expenses paid during the twelve (12) full calendar months immediately preceding such Determination Date (including any calendar month ending on a Determination Date).

Annualized Net Operating Income. Means annualized Net Operating Income before payment of debt service from the Projects securing the Loan as of the date of calculation, calculated by annualizing the Net Operating Income for the immediately preceding prior two calendar quarters; provided that if the Debt Service Coverage Ratio is being calculated within 60 days after the end of a calendar quarter (and prior to the quarterly reporting for the most recent calendar quarter end being available and/or delivered to Administrative Agent), the Net Operating Income shall be calculated by looking at the Net Operating Income during the two calendar quarters preceding the immediately prior calendar quarter; e.g., if the most recent calendar quarter end reporting is not yet delivered to Administrative Agent and the Debt Service Coverage Ratio is being calculated on January 10, 2019, the six-month period (if that is the relevant calculation period under the following provisions of this definition) would be the period commencing on April 1, 2018 and ending on September 30, 2018, and if the Debt Service Coverage Ratio is being calculated on March 20, 2019, the six-month period would be the period commencing on July 1, 2018, and ending on December 31, 2018). Notwithstanding the foregoing, if any Project has been owned by a Borrower for less than the entire applicable foregoing six-month period, then Net Operating Income for such Project shall be calculated by annualizing the Net Operating Income for such Project for the portion of such period during which a Borrower owned such Project. In addition, until a Project has secured the Loan for one full calendar quarter, the Net Operating Income for that Project shall be calculated using the Administrative Agent's underwritten projected year one Rental Income and Operating Expenses for such Project based on the Appraisal obtained for such Project (e.g., if an Additional Project is added in accordance with Section 10.30 on June 15, 2019, this sentence would apply to such Additional Project until September 30, 2019).

Annualized Net Operating Income means with respect to any Real Property that has reached the Calculation Date, the annualized Net Operating Income for the first three full calendar quarters ending after the Calculation Date determined as follows: (i) with respect to the first full calendar quarter, the Net Operating Income for the first full calendar quarter multiplied by four (4), (ii) with respect to the second full calendar quarter after the Calculation Date, the sum of the Net Operating Income for the first full calendar quarter and the second full calendar quarter multiplied by two (2) and (iii) with respect to the third full calendar quarter after the Calculation Date, the sum of the Net Operating Income for the first full calendar quarter, the second full calendar quarter and the third full calendar quarter multiplied by one and one-third (1.333). Applicable Margin shall mean (a) if a Credit Rating is obtained from more than one agency, and one of the two highest Credit Ratings is an S&P Rating or a Mxxxx’x Rating, the following percentage based on the corresponding Credit Rating which is the second highest, or (b) if one of the two highest Credit Ratings in clause (a) above is not an S&P Rating or a Mxxxx’x Rating, the following percentage based on the corresponding S&P Rating or Mxxxx’x Rating which is the highest, or (c) if only one Credit Rating is obtained, which must be an S&P Rating or a Mxxxx’x Rating, the following percentage based on the corresponding S&P Rating or Mxxxx’x Rating: APPLICABLE EURODOLLAR RATE BASE RATE CREDIT RATING BORROWING BORROWING A/A2 or better 0.325 % 0 A-/A3 0.350 % 0 BBB+/Baa1 0.400 % 0 BBB/Baa2 0.500 % 0 BBB-/Baa3 0.675 % 0 Worse than BBB-/Baa3 or no Credit Rating 1.000 % 0.25 % Each Applicable Margin shall be in effect whenever and for so long as the corresponding Credit Rating or no Credit Rating is in effect.

Annualized Net Operating Income means the greater of (i) two (2) times the net operating income (which is identified as operating profit in the financial statements of EBRx) for the six-month period used to calculate the Purchase Date Net Operating Income; or (ii) the net operating income for the twelve-month period used to calculate the Purchase Date Net Operating Income. All calculations of Annualized Net Operating Income shall be based on financial statements of EBRx for the applicable period prepared in accordance with GAAP on a basis consistent with the unaudited financial statements of EBRx as of and for the fiscal year ended May 31, 2005; and shall specifically not include depreciation or amortization of intangible assets attributable to the acquisition of EBRx or the Merger. Furthermore, in the event EBRx incurs expenses for the benefit of Parent or an Other Subsidiary, such expenses shall not be part of the calculation of the EBRx Annualized Net Operating Income.

Annualized Net Operating Income means, with respect to all ------------------------------- assets within the Collateral Pool, the aggregate annualized recurring rental income received or to be received by Borrower from tenants under fully executed leases approved by Lender, as of any date of determination, less the aggregate annualized expenses paid or to be paid by Borrower in connection with the ownership and operation of the assets (excluding debt service on the Loans but including annualized property taxes and insurance premiums [to the extent not passed through to tenants], capital expenditure and property replacement reserves in an aggregate amount equal to the greater of (i) actual capital expenditure and property placement reserves or (ii) fifty cents ($.50) per square foot times the aggregate net rentable area of the assets, and a property management fee equal to two percent (2.0%) of rental income). Administrative Agent's determination of Annualized Net Operating Income shall be binding and conclusive in the absence of manifest error.

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