Borrowing Base NOI means for the most recent Rolling Period, the aggregate Property NOI attributable to the Eligible Properties.
Borrowing Base NOI means, as of any date, the sum of (a) the aggregate NOI for the most recent fiscal quarter for which financial results have been reported attributable to all Borrowing Base Properties owned for the entirety of such fiscal quarter as of the last day of such fiscal quarter plus, (b) in the case of any Borrowing Base Property that was owned as of the last day of such fiscal quarter by a Subsidiary Guarantor, but not so owned for the full fiscal quarter, the additional amount of NOI that would have been earned if such Borrowing Base Property had been so owned for the full fiscal quarter.
Borrowing Base NOI means, for the Borrowing Base Properties, (a) in the case of any Borrowing Base Property that has been owned and operated for at least four (4) fiscal quarters, the Net Operating Income from such Borrowing Base Property for the then most recently ended Calculation Period minus the Annual Capital Expenditure Adjustment with respect to such Borrowing Base Property, plus (b) in the case of any Borrowing Base Property that has been owned and operated for more than one (1) full but less than four (4) full fiscal quarters as of the most recently ended Calculation Period, the Net Operating Income from such Borrowing Base Property for the period from the first day of the first full fiscal quarter during which such Borrowing Base Property was owned and operated through the end of the most recently ended fiscal quarter for which financial statements have been delivered, divided by the number of quarters in such period and multiplied by four (4) minus the Annual Capital Expenditure Adjustment with respect to such Borrowing Base Property, plus (c) in the case of any Borrowing Base Property that has been owned and operated for less than one (1) full fiscal quarter, an estimated amount of quarterly Net Operating Income from such Borrowing Base Property (as determined based on rent rolls and operating statements provided in connection with the acquisition of such Borrowing Base Property and calculated in a manner satisfactory to Administrative Agent) multiplied by four (4) minus the Annual Capital Expenditure Adjustment with respect to such Borrowing Base Property; provided that the aggregate amount of the Borrowing Base NOI from Borrowing Base Properties described in clause (c) above shall not exceed ten percent (10%) of the aggregate Borrowing Base NOI. For the avoidance of doubt, (i) the Net Operating Income of a Borrowing Base Property that is sold within a fiscal quarter will be excluded in calculating Borrowing Base NOI and (ii) income from, and identifiable and avoidable expenses directly related to, tenants in bankruptcy will be excluded in calculating Borrowing Base NOI.
Examples of Borrowing Base NOI in a sentence
Permit the ratio of Borrowing Base NOI for any period of four consecutive fiscal quarters of the Borrower to Facility Interest Expense for such period to be less than 2.0 to 1.0 as at the last day of any period of four consecutive fiscal quarters of the Borrower or on the date of any incurrence of Indebtedness by the Borrower or its subsidiaries.
Not more than ten percent (10%) of the Borrowing Base Value and not more than ten percent (10%) of the Adjusted Borrowing Base NOI may at any time be attributable to Qualifying Borrowing Base Properties that are not owned in fee simple, but are instead leased under a Qualifying Ground Lease.
To the extent that such percentage limitation is exceeded, such Qualifying Borrowing Base Properties shall still be included in the calculations of Borrowing Base Value and of Adjusted Borrowing Base NOI, but the amounts so contributed to Borrowing Base Value and Adjusted Borrowing Base NOI shall be reduced to the extent necessary to comply with such percentage limitation.
The information contained in Schedule I of this certificate and the attached information supporting the calculation of the Borrowing Base Amount, Total Borrowing Base Value, and aggregate Borrowing Base NOI is true, complete and correct as of the close of business on ____________, 20__ (the “Calculation Date”) and has been prepared in accordance with the provisions of the Credit Agreement.
Borrowing Base Properties which have been subject to an Exclusion Event may, at Borrower’s request, be released from the Borrowing Base Availability; provided that such release shall be subject to the conditions for release set forth in Section 4.08, except that the occurrence of such Exclusion Event shall not be taken into consideration for the purposes of calculating subsection (b) of the definition of Borrowing Base NOI or for the purposes of compliance with Section 8.10(e).
More Definitions of Borrowing Base NOI
Borrowing Base NOI means, for any period, the aggregate amount of Net Operating Income attributable to Borrowing Base Properties for such period.
Borrowing Base NOI means, (a) with respect to any Borrowing Base Property (other than the Empire State Observatory) at any time, an amount equal to (i) (x) the Net Operating Income of such Borrowing Base Property for the then most recently ended fiscal quarter of the Parent for which financial statements have been provided to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b), plus (y) the following to the extent allocable to such Borrowing Base Property and deducted in calculating such Net Operating Income for such fiscal quarter: (A) if such Borrowing Base Property is not “self-managed” (i.e., not managed by a member of the Consolidated Group), management fees paid in cash during such fiscal quarter in respect of such Borrowing Base Property and (B) if such Borrowing Base Property is “self-managed” (i.e., managed by a member of the Consolidated Group), expenses incurred during such fiscal quarter in connection with the management of such Borrowing Base Property that under a customary management agreement with a third party manager that is not an Affiliate of the Parent would be borne by such third party manager, multiplied by (ii) four and (b) with respect to the Empire State Observatory at any time, an amount equal to (i) the Net Operating Income of the Empire State Observatory for the then most recently ended four consecutive fiscal quarter period of the Parent for which financial statements have been provided to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b), plus (ii) the following to the extent allocable to the Empire State Observatory and deducted in calculating such Net Operating Income: (x) if the Empire State Observatory is not “self-managed” (i.e., not managed by a member of the Consolidated Group), management fees paid in cash during such four fiscal quarter period in respect of the Empire State Observatory and (y) if the Empire State Observatory is “self-managed” (i.e., managed by a member of the Consolidated Group), expenses incurred during such four fiscal quarter period in connection with the management of the Empire State Observatory that under a customary management agreement with a third party manager that is not an Affiliate of the Parent would be borne by such third party manager. For the avoidance of doubt, the Net Operating Income with respect to any Borrowing Base Property that is owned or leased by a Loan Party for less than one full fiscal quarter shall be included in the calculation of Borrowin...
Borrowing Base NOI means, as of any date, the amount determined by multiplying four (4) times the sum of (a) the aggregate Net Operating Income for the most recent fiscal quarter of Borrower for which financial results have been reported attributable to all Borrowing Base Properties owned by a Subsidiary Guarantor as of such date and for the entirety of such fiscal quarter plus, (b) in the case of any Borrowing Base Property that is owned as of such date but was not so owned for such full fiscal quarter, the additional amount of Net Operating Income that would have been earned if such Borrowing Base Property had been so owned for such full fiscal quarter.
Borrowing Base NOI for any fiscal period, the total Adjusted NOI attributable to all Borrowing Base Properties for such period plus the net income attributable to unencumbered Mortgage Notes included in the computation of Borrowing Base Value.
Borrowing Base NOI means, at any time with respect to any real property asset owned by any Person, if owned for at least twelve (12) months, the Net Operating Income from such real property asset for the trailing twelve months; if owned for at least one fiscal quarter but less than twelve months, the Net Operating Income from such real property asset for the most recent fiscal quarter times four; and if owned for less than one fiscal quarter, the Net Operating Income from such real property asset for most recent quarter of historical financials times four. For the avoidance of doubt, the Net Operating Income of a real property asset that is sold by a Person within the trailing twelve months will be excluded in calculating Borrowing Base NOI. For the purposes of calculating Borrowing Base NOI:
Borrowing Base NOI means, at any time with respect to a Borrowing Base Property, the Net Operating Income from such real property asset for the trailing fiscal quarter multiplied by four minus the Annual Capital Expenditure Adjustment with respect to such Borrowing Base Property. For the avoidance of doubt, the Net Operating Income of a real property asset that is owned by a Person for less than one fiscal quarter will be included in calculating Borrowing Base NOI as if such property was owned by such Person for the then most recent fiscal quarter. For the avoidance of doubt, the Net Operating Income of a real property asset that is sold by a Person within the fiscal quarter will be excluded in calculating Borrowing Base NOI. Income from tenants in bankruptcy will be excluded from the calculation. For the purposes of calculating Borrowing Base NOI:
Borrowing Base NOI means, as of any date of determination, the aggregate Net Operating Income for all Borrowing Base Properties for the then most recently ended period of four full fiscal quarters; provided that, for purposes of determining Borrowing Base NOI for any such period of four full fiscal quarters: