Gross Operating Income definition
Gross Operating Income means with respect to any period, all cash receipts of the Company and its Subsidiaries from the operation of its business, including gross rental income received by the Company and its Subsidiaries from tenants at the Properties and including payments by tenants in respect of tenant reimbursable expenses, but excluding proceeds from Capital Transactions, Capital Contributions and Working Capital Reserves.
Gross Operating Income means the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Land and Improvements), discounts or credits to the Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to the Borrower from any person with respect to the Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Land and Improvements. Gross Operating Income shall be computed on a cash basis and shall include for each quarterly statement all amounts actually received in such quarter whether or not such amounts are attributable to a charge arising in such quarter.
Gross Operating Income means the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property) discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any person with respect to Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property, including, without limitation, from parking operations. Gross Operating Income shall be computed on a basis consistent with GAAP, as adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and the amortization of intangibles pursuant to FASB ASC 805.
Examples of Gross Operating Income in a sentence
Until deposited into the Property Account, any Gross Operating Income and all other moneys paid to or received by Borrower with respect to the use, ownership or operation of the Property shall be deemed to be Collateral and shall be held in trust by it for the benefit, and as the property, of the Lenders and shall not be commingled with any other funds or property of Borrower.
In addition, the Borrower shall provide to Administrative Agent, not later than thirty (30) days prior to the fiscal year end, operating and capital budgets for the Property and Improvements for the next calendar year, which budgets shall show projected Gross Operating Income, Operating Expenses and capital expenditures, each on a monthly basis.
A monthly, quarterly or annual statement that shows in detail the amounts and sources of Gross Operating Income, the amounts and nature of Operating Expenses, and Net Operating Income, in each case for the preceding calendar month, quarter or year.
Notwithstanding anything contained herein, for purposes of this Section 8.5, Operating Expenses shall not include (i) management fees that exceed the lesser of (x) actual management fees owed or paid and (y) three percent (3%) of Gross Operating Income from operations of the Property; or (ii) any payments to Borrower Affiliates, excluding management fees payable to Manager under the Management Agreement.
Funding for such Gross Operating Income is included in the Total Maximum Obligation set forth in Exhibit B, Paragraph I (above), and County shall not pay nor be obligated to pay additionally for such Gross Operating Income.
More Definitions of Gross Operating Income
Gross Operating Income for this purpose shall mean the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property and Improvements) discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any person with respect to Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property and Improvements. Gross Operating Income shall be computed on a cash basis and shall include for each quarterly statement all amounts actually received in such quarter whether or not such amounts are attributable to a charge arising in such quarter.
Gross Operating Income means the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property and Improvements) discounts or credits to the Borrower, income, proceeds of business interruption insurance, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any Person with respect to Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property and Improvements, including, without limitation, from parking operations. With respect to all financial reporting, Gross Operating Income shall be computed in accordance with GAAP or International Financial Reporting Standards but without taking into account straight-lining of rents, and, additionally, there shall be added to Gross Operating Income in the calculation of the same the amount of rent that would be payable under any Lease that includes “free rent” concessions to the tenant for the period immediately after the commencement of the term of such Lease as if the tenant had instead paid the full amount of rent during such free rent period.
Gross Operating Income shall have the meaning ascribed to such term in Section 12.5.
Gross Operating Income means all revenues generated by the Property from whatever source (including, without limitation, all rent, additional rent and tenant pass-throughs), excluding therefrom only the proceeds of any financing, refinancing or sale of the Property. The Management Compensation for each calendar month shall be payable to Manager on the twenty-fifth (25th) day of such month (prorated for any partial month).
Gross Operating Income means the sum of any and all amounts, payments, fees, rentals, additional rentals, expense reimbursements (including, without limitation, all reimbursements by tenants, lessees, licensees and other users of the Property) discounts or credits to Borrower, income, interest and other monies directly or indirectly received by or on behalf of or credited to Borrower from any person with respect to Borrower’s ownership, use, development, operation, leasing, franchising, marketing or licensing of the Property. Gross Operating Income shall be computed on a cash basis and shall include for each quarterly statement all amounts actually received in such quarter whether or not such amounts are attributable to a charge arising in such quarter.
Gross Operating Income means the sum of any and all Rental Income, and all other normal and recurring (but not extraordinary) cash income actually received by Borrowers during the applicable time period in question (the "Calculation Period") from the ownership, use and operation of the Properties that continue to then be encumbered by the Deeds of Trust and contribute to the Borrowing Base Amount. In calculating Gross Operating Income, Agent shall include in Rental Income the base rent payable under any lease which is in a free rent period during the Calculation Period, subject to the following conditions: (i) the tenant under such lease is not in default, (ii) Agent has approved the terms of the lease in its reasonable discretion, (iii) as of the end of the Calculation Period the number of months remaining prior to the date rent commences under such lease does not exceed six months, and (iv) Agent shall make such positive adjustment to Rental Income for the amount which equals the product of (a) the number of months of free rent during the Calculation Period provided such months are during the six-month period prior to the date rent commences under such lease multiplied by (b) the actual monthly rent collections anticipated on the date rent commences under such lease. The preceding sentence shall not be deemed to modify Section 5.9 hereof and shall provide Agent with approval rights only with respect to including base rent payable under leases in a "free rent" period in the calculation of Net Operating Income.
Gross Operating Income means the sum of any and all (A) Rental Income, excluding any income from any lease if the tenant under such lease (a) is in monetary or other material default (after expiration of any applicable notice and cure periods and except (i) as expressly specified in subsection (d) below or (ii) the default has not been in effect for more than 30 days beyond the Closing Date for any tenants in default as of the Closing date and 60 days following the occurrence of any tenant default after the Closing Date, the only notice sent as to such default is a reservation of rights notice (not specifying any particular action will be taken, including without limitation, lease termination or exercise of offset rights), tenant and Borrower are negotiating (and continue to negotiate) in good faith a cure of such default (including, but not limited to, waiving such default, modifying the lease to cure such default, or taking some other action to bring said lease back into good standing (in each case, to the extent Administrative Agent has consented to such actions or such actions are permitted to be taken under the applicable lease without the consent of Administrative Agent)), (b) is in bankruptcy (unless such tenant has affirmed and assumed its lease obligations in the bankruptcy proceeding), (c) has given notice of termination or otherwise exercised any termination right under the lease (and such lease termination shall be effective within six (6) months from the applicable test date), but including, without duplication, the annualized rental income for any newly executed leases for such space, or (d) is scheduled to pay rent during such testing period and such rent has been deferred for more than four (4) months in the aggregate from the Closing Date (so that any then existing deferred rent time periods shall not count against such four (4) month period), except to the extent any portion of such rent is actually paid during such period (provided the exclusion in this clause (d) may be waived subject to approval of Administrative Agent), and (B) all other normal and recurring (but not extraordinary) cash income accrued during the applicable time period in question or another, from the ownership, use and operation of the Project and paid, whether paid in the applicable period of time in question or another, from the ownership, use and operation of the Projects that continue to then be encumbered by the Security Instrument and contribute to the Borrowing Base Amount. Additiona...