In Place NOI definition
In Place NOI means, with respect to any Test Period, Net Operating Income for such Test Period, subject to the following adjustments:
In Place NOI is defined as the sum of actual contractual rents for the period in which the calculation is performed, annualized, including fixed minimum rent and aggregate reimbursement actually paid for the applicable period under Leases (less any free rent or concessions reducing rent and not including rent or revenue from any Lease in default beyond any applicable cure period, or any Lease under which scheduled rental payments (other than free rent concession) have been abated, in whole or in part, for any reason, other than an abatement of rent arising from a casualty event and for which the proceeds of rental insurance coverage is sufficient to cover such abated rent (provided that the tenant does not have the right to terminate such Lease on account of such casualty event), less delinquencies, plus prior 12 months miscellaneous income (excluding late fees), plus actual expense reimbursements less the greater of (A) actual trailing twelve month operating expenses, including a 3% management fee, property taxes and insurance premiums as such amounts are set forth in Borrower’s annual operating budget approved by Lender from time to time, and $0.10 per square foot in capital reserves), or (B) if actual twelve month operating expenses are not available, actual annualized operating expenses for the applicable period. Operating expenses will not include (x) non-cash expenses, such as depreciation, and (y) any interest or principal payments on the Loan.
In Place NOI. - means the in place Net Operating Income; provided that the in place Net Operating Income shall be adjusted to include the rents payable under executed Approved Leases with Credit Tenants (that would not otherwise be includable due to clause (vi) of the definition of Approved Leases) so long as the commencement of contractual base rent (after any concession period) is within six (6) months of the calculation of the In Place NOI, notwithstanding that such amounts are not included in determining Net Operating Income, as hereinafter defined.
Examples of In Place NOI in a sentence
Further, in computing the amount of the Earnout Holdback available for disbursement, In Place NOI shall be adjusted to exclude any Property that is no longer in the Collateral Pool as of the date of the requested disbursement from the Earnout Holdback.
Notwithstanding the foregoing, clause (vi) in the preceding sentence shall not apply to any Lease with a Credit Tenant so long as contractual base rent (following any concession period) will commence within six (6) months of the date of such computation, as provided in the definition of In Place NOI.
More Definitions of In Place NOI
In Place NOI means the in place Net Operating Income; provided that the in place Net Operating Income shall be adjusted to include the rents payable under executed Approved Leases with Credit Tenants (that would not otherwise be includable due to clause (vi) of the definition of Approved Leases) so long as the commencement of contractual base rent (after any concession period) is within six (6) months of the calculation of the In Place NOI, notwithstanding that such amounts are not included in determining Net Operating Income, as hereinafter defined.
In Place NOI means the in place Net Operating Income, adjusted for Approved Leases whose term is expected to commence or expire within six (6) months. In calculating In Place NOI, unless otherwise agreed to in writing (which may be by email) by the Requisite Lenders, Operating Revenue generated from Approved Leases which are classified as License Agreements will be limited to a maximum of ten percent (10%) of total Operating Revenue from the Property, and any Operating Revenue from License Agreements in excess of ten percent (10%) of total Operating Revenue from the Property will be excluded from In Place NOI; provided, further, that in calculating the In Place NOI solely for the purpose of determining the amount of any disbursement of the Earnout Holdback to which Borrower is entitled as of the date of any future Advance, the Operating Revenue from License Agreements shall be limited to a maximum of nine percent (9%) of total Operating Revenue from the Property, and any Operating Revenue from License Agreements in excess of nine percent (9%) of total Operating Revenue from the Property will be excluded from In Place NOI in determining the amount of the disbursement of the Earnout Holdback.
In Place NOI means the sum of the Commercial NOI plus the Hotel NOI, which amount is subject to review and adjustment consistent with Administrative Agent’s standard practices and approval by Administrative Agent.
In Place NOI shall have the meaning set forth in the Mortgage Loan Agreement.
In Place NOI. — means the sum of the Commercial NOI plus the Hotel NOI, which amount is subject to review and adjustment consistent with Administrative Agent’s standard practices and approval by Administrative Agent.