Less definition

Less. Section 1231 Loss (1994) (55) (55) (55) (55) (55) (55) Less: Cash Distributions (through September 30, 1996) (661) (661) (634) (634) (574) (574) Estimated 1996 Rental Loss (16) (16) (16) Estimated 1996 Investment Interest Expense (11) (11) (11) (11) (11)

Less. “Current” “Current” Class ABV Units GOLV Units “Original Cost” Sales Units Units OLV Drilling Equipment DE Excavator E Pick-Up Trucks PU Crawler Crane CC Hauling H Tower Xxxxx XX Conveyor CC Loader L Telehandler TLH SUV SUV Other Other Leased Assets Titled Vehicles/Other Not Perfected - Less: Liquidation Expenses Advance Rate 85%

Less. Any provision for (or plus any benefit from) income or franchise taxes included in the determination of net income __________ Unfinanced Capital Expenditures (as calculated on Exhibit 4.8(C)) __________ Other Capitalized Costs, defined as the gross amount capitalized, for any fiscal period, as long-term assets (net of cash received in respect of long-term assets), other than (a) Capital Expenditures and (b) fees and expenses capitalized with respect to the Related Transactions __________ Scheduled principal payments with respect to Indebtedness actually paid in cash (including the principal portion of scheduled payments of capital lease obligations but excluding (i) mandatory prepayments required by subsection 1.5, (ii) excluding reductions of the Revolving Loan and (iii) payments in respect of the Macro Earn-Out and/or ProTel Earn-Out) __________ Total Interest Expenses (as calculated on Exhibit 4.8(C)) __________ The aggregate of all voluntary prepayments of the Term Loan made in accordance with subsection 1.5(A) of the Credit Agreement __________ Restricted Junior Payments made in cash and permitted under subsection 3.5 __________ Macro Earn-Out Adjustment Amount (as defined and calculated in Schedule 1 hereto) ___________ Total Deductions $=========== EXHIBIT 1.5(B) (cont'd) EXCESS CASH FLOW CERTIFICATE OPINION RESEARCH CORPORATION Date: __________, ____ Plus: Decrease (increase) in Working Capital (defined below) __________ Decreases (increases) in long term deferred tax assets __________ Increases (decreases) in long term deferred tax liabilities __________ Increases (decreases) in long term portion of accrued liabilities and other long-term liabilities, excluding _________ Indebtedness Total Addbacks $========= Excess Cash Flow $========= Required prepayment percentage 50% Required prepayment amount $========= EXHIBIT 1.5(B) (cont'd) EXCESS CASH FLOW CERTIFICATE OPINION RESEARCH CORPORATION Date: __________, ____ Decrease (increase) in Working Capital, for the purposes of the calculation of Excess Cash Flow, means the following:

More Definitions of Less

Less amounts due under clause 12 (Options) Less: GST (if any) Net amount payable to the Company Wire details (date, bank and account details) GEM Capital Commitment Agreement Reference: EYF Legal/70269901_1 Name of allottee If the allottee is GEM, GEM:

Less means less satisfied than the reference country. ‘More’ means more satisfied than the reference country.

Less. Net collections since last certificate ( – ) >

Less. Ineligible Accounts Receivable: a.) Receivables over 90 days old b.) Contra Accounts c.) Affiliate/ Sub d.) Employee

Less. Allowance for loan and lease losses............................

Less than lethal weapons” and an approved carrying case, and; (i) Flashlight. (j) Approved Taser (k) Laptop Computer 17.3 The University will provide employees who are furnished and required by the University to wear a uniform, a maintenance allowance in the amount of five hundred dollars ($500.00) annually. This maintenance allowance will be paid in two equal payments, one in June and one in December, and it may be pro-rated for new employees. 17.4 Employees assigned to full time plain clothes positions shall receive a clothing/maintenance allowance in the amount of six hundred dollars ($600.00) annually. Such payment will be paid in two equal payments, one in June and one in December. 17.5 The University will allow each employee to select one pair of shoes each year from an approved vendor, in an amount not to exceed one hundred dollars ($100).

Less. Gain on sales of depreciable real estate 0.06 0.06 ------ ------ FFO Per Share $2.32 $2.40 ====== ====== This guidance is based upon management's current estimates. Actual results may differ materially. This information involves forward-looking statements which are subject to uncertainties noted below under Forward-Looking Statements. Non-GAAP Financial Measures --------------------------- Funds from Operations ("FFO") ----------------------------- The Company believes that FFO is a widely recognized and appropriate measure of performance of an equity REIT. The Company presents FFO because it considers it an important supplemental measure of the Company's operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. As a result, FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities, interest costs and other matters without the inclusion of depreciation and amortization, providing perspective that may not necessarily be apparent from net income. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined by NAREIT as net income or loss, excluding gains or losses from sales of depreciable properties plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. Since all companies and analysts do not calculate FFO in a similar fashion, the Company's calculation of FFO presented herein may not be comparable to similarly titled measures as reported by other companies. Reckson Associates Realty Corp. is a self-administered and self-managed real estat...