Mortgageability Cash Flow means, with respect to any Borrowing Base Asset and for the most recently ended fiscal quarter for which financial information has been delivered to the Administrative Agent pursuant to the terms of this Credit Agreement, an amount equal to the most-recently calculated Net Revenues received by the applicable Borrower with respect to such Borrowing Base Asset (as calculated on an annualized basis for the most recently ended fiscal quarter for which financial information has been delivered to the Administrative Agent pursuant to the terms of this Credit Agreement) in connection with a so-called triple net lease entered into between the applicable Borrower and a Person which is not an Affiliate of any Consolidated Party.
Mortgageability Cash Flow means, as of any date of calculation, the sum of the Net Operating Incomes from each of the Borrowing Base Properties for the most recently-ended Calculation Period (and, if specifically required, including adjustments for subsequent events or conditions on a Pro Forma Basis).
Mortgageability Cash Flow means, as of any time with respect to any Borrowing Base Property, an amount equal to (i) the Borrowing Base NOI for such Borrowing Base Property at such time, minus (ii) the Annual Capital Expenditure Adjustment for such Borrowing Base Property at such time (provided, that solely in the case of the Empire State Building, this clause (ii) shall not apply at any time to the extent that the Empire Reserve at such time is greater than $0), minus (iii) an amount equal to the greater of (x) two percent (2.00%) of the aggregate amount of rent paid in respect of such Borrowing Base Property during the then most recently ended period of four consecutive fiscal quarters for which financial statements have been provided to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) and (y) the aggregate amount of actual management fees (if any) paid in cash in respect of such Borrowing Base Property during the then most recently ended period of four consecutive fiscal quarters for which financial statements have been provided to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b).
More Definitions of Mortgageability Cash Flow
Mortgageability Cash Flow means at any time and with respect to any Borrowing Base Property, the Borrowing Base NOI from such Borrowing Base Property, minus the Annual Capital Expenditure Adjustment, but calculated exclusively with respect to such Borrowing Base Property, minus an amount equal to four percent (4%) of rents for management fees.
Mortgageability Cash Flow means, with respect to any Borrowing Base Asset and for the most recently ended four (4) fiscal quarter period, an amount equal to the most-recently calculated Net Revenues received by the applicable Borrower with respect to such Borrowing Base Asset in connection with a so-called triple net lease entered into between the applicable Borrower and a Person which is not an Affiliate of any Consolidated Party.
Mortgageability Cash Flow means, with respect to any Borrowing Base Asset and for the most recently ended quarter, an amount equal to the most recently calculated four (4) fiscal quarter Net Revenues received by the applicable Borrower with respect to such Borrowing Base Asset in connection with a lease entered into between the applicable Borrower and a Person which is not an Affiliate of any Consolidated Party. For purposes of computing Mortgageability Cash Flow for any applicable test period, any lease adjustments and/or modifications (including new leases with respect to new Borrowing Base Asset) shall be given pro forma effect as if such transaction had taken place as of the first day of such applicable test period.
Mortgageability Cash Flow means (a) as of any time with respect to any Eligible Portfolio Property owned by one or more Affiliated Investors for at least four full fiscal quarters for which financial statements have been provided to the Administrative Agent and the Lenders, an amount equal to (i) the Portfolio Property Net Operating Income for such Portfolio Property for the then most recently ended four fiscal quarter period of the REIT for which financial statements have been provided to the Administrative Agent and the Lenders, minus (ii) the Annual Capital Expenditure Adjustment for such Eligible Portfolio Property at such time and (b) as of any time with respect to any Eligible Portfolio Property owned by one or more Affiliated Investors for less than four full fiscal quarters in which financial statements have been provided to the Administrative Agent and the Lenders, an amount equal to (i) the Portfolio Property Net Operating Income for such Portfolio Property for the then most recently ended fiscal quarter of the REIT for which financial statements have been provided to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b), (or, if prior to the first delivery of such financial statements or if such Eligible Portfolio Property has not been owned by one or more Affiliated Investors for an entire fiscal quarter covered in any such financial statements, as set forth in the then most recent financial statements delivered to the Administrative Agent and the Lenders containing a full fiscal quarter of Portfolio Property Net Operating Income for such Eligible Portfolio Property under prior ownership), multiplied by four, minus (ii) the Annual Capital Expenditure Adjustment for such Eligible Portfolio Property at such time.
Mortgageability Cash Flow means, as of any date of calculation, the sum of the Net Operating Incomes from each of the Unencumbered Borrowing Base Properties for the most recently-ended Calculation Period (and, if specifically required, including adjustments for subsequent events or conditions on a Pro Forma Basis); provided that following the fiscal quarter ended June 30, 2012, there shall be excluded from the calculation of Mortgageability Cash Flow: (a) any excess above forty percent (40%) of aggregate Mortgageability Cash Flow from any one Major MSA and (b) any excess above thirty-three percent (33%) of aggregate Mortgageability Cash Flow from any one Other MSA.
Mortgageability Cash Flow means at any time and with respect to any Borrowing Base Property, the Borrowing Base NOI from such Borrowing Base Property, minus the Annual Capital Expenditure Adjustment (as defined in Addendum II) allocable to such Borrowing Base Property (except that until the Empire Reserve is fully used the Annual Capital Expenditure Adjustment shall not apply to the Empire State Building), minus an amount equal to the greater of (x) 2% of rents and (y) actual management fees paid in cash.
Mortgageability Cash Flow means, as of any time with respect to any Eligible Investment Property, an amount equal to the product of (i) the Investment Property Net Operating Income for such Investment Property at such time, multiplied by (ii) four.