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, 2015, the six-month period would be the period commencing on April 1, 2014 and ending on September 30, 2014, and if the Debt Service Coverage Ratio is being calculated on February 20, 2015, the six-month period would be the period commencing on July 1, 2014, and ending on December 31, 2014). 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, 2014, this sentence would apply to such Additional Property until September 30, 2014).
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.
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).
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.
For the Consideration contemplated by Section 8.7 (the Phase Three Parcel), the Annualized Net Operating Income shall be computed with respect to the Phase Three Parcel.
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.
In the event that the Shareholders do not object to the applicable EBRx income statement within 20 business days of their receipt, then the determination of applicable Annualized Net Operating Income shall be final.
More Definitions of Annualized Net Operating Income
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 to include Net Operating Income for new leases commenced in such quarter) multiplied by (b) four.
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 quarterly reporting from the prior calendar quarter has not yet been delivered and if the Debt Service Coverage Ratio is being calculated within 60 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 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, 2024, 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, 2023 and ending on September 30, 2023, and if the Debt Service Coverage Ratio is being calculated on March 20, 2024, the six-month period would be the period commencing on July 1, 2023, and ending on December 31, 2023).
Annualized Net Operating Income means the difference between (i) the sum of all Receipts generated during the twelve
Annualized Net Operating Income means the Net Operating Income of a One to Three Quarter Property computed for the greatest number of one (1), two (2) or three (3) complete consecutive Fiscal Quarters during which such Property qualified as a One to Three Quarter Property hereunder, as applicable (each, a “Measurement Period”) multiplied by the applicable Annualization Multiplier to such Measurement Period in order to account for four (4) complete Fiscal Quarters (x) less the annual real property taxes in effect as of the end of the Measurement Period with respect to such One to Three Quarter Property as of the end of the applicable Measurement Period (y) plus the annualized amount of real property taxes deducted from the gross income in computing Net Operating Income during such Measurement Period. “Anti-Corruption Laws” shall mean the United States Foreign Corrupt Practices Act of 1977, as amended. “Anti-Terrorism Law” shall mean any U.S. State or Federal law relating to terrorism, money laundering or any related seizure, forfeiture or confiscation of assets, including: (a) Executive Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the Executive Order); (b) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the USA PATRIOT Act), Public Law 107-56; and (c) the Money Laundering Control Act of 1986, Public Law 99-570. “Applicable Margin” shall mean one-quarter percentage point (0.25%) with respect to the Floating Rate. “Board of Governors” shall mean the Board of Governors of the Federal Reserve System of the United States of America. “Borrowing Base Availability” shall mean as of any Borrowing Base Determination Date, an amount equal to the lesser of (a) $35,000,000 less the outstanding principal amount of the Loan and (b) the Aggregate Borrowing Base Calculation Result less the outstanding principal amount of the Loan. “Borrowing Base Certificate” shall have the meaning set forth in Section 5.01(b) of the Agreement. “Borrowing Base Determination Date” shall mean any of the following dates on which the Borrowing Base Calculation Result is required to be measured by Lender: (i) the last day of each Fiscal Quarter occurring during the Credit Period, (ii) the closing of the sale or other disposition of each 100% Property, (iii) the closing of any 100% Property Refinancing, (iv) the acquisition or other event whic...
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 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, 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.