Project NOI definition

Project NOI means the Net Operating Income for the Project or a Future Project for the calendar year preceding the date of determination of Cost Recovery.

Project NOI means, with respect to any Stabilized Project for the Applicable Period ending on the date of computation thereof, the net operating income earned by the Operators of such Stabilized Project allocable to such Stabilized Project, determined in accordance with GAAP.

Project NOI means (a) the actual cash income derived from the Property, which amount shall be adjusted, if necessary, to reflect a thirty percent (30%) vacancy and collection loss if the actual vacancy and collection loss for the Project is less than thirty percent (30%) (room rental income plus ancillary income but excluding income other than rental income in excess of one percent (1%) of gross room rental receipts, security deposits, and other charges deemed by Lender to be of a non-recurring nature)(hereinafter "Actual Income") less (b) the greater of (x) $7,100 per room (on an annual basis) or (y) the actual cash operating expenses relating to the Property, other than payments of principal and interest hereunder. The cash operating expenses will be adjusted to include (i) a management fee of not less than 5% of gross room rental income, (ii) appropriate accruals for one time annual operating expenses such as property taxes and insurance, (iii) reserves equal to the greater of (A) four percent (4%) of gross rental income or (B) $500 per room (on an annual basis) for customary repairs and replacements relating to ordinary wear and tear such as carpeting, painting and equipment replacement, and (iv) the costs related to a national marketing and reservation system fee of not less than four percent (4%) of gross rental income.

Examples of Project NOI in a sentence

• Permit the total Unencumbered Project NOI for all Unencumbered Projects in the aggregate to be less than 1.75 times the Recurring Interest Expense relating to Total Unsecured Indebtedness at the end of any fiscal quarter, determined based on information for the most recent quarter annualized.

• Within five Business Days of the designation of any Subsidiary as an Unrestricted Subsidiary, the Company shall notify Holders of the Securities of such designation, which notice may be satisfied through the filing or furnishing of a Current Report on Form 8-K with the Commission.

• Permit the total Unencumbered Project NOI for all Unencumbered Projects in the aggregate to be less than 1.75 times the Recurring Interest Expense relating to Total Unsecured Indebtedness at any date of determination, determined based on information for the most recent quarter annualized.

• For example, if (i) the Class B Limited Partner's Exchange Capital prior to adjustment under this Section 9.5(f) was $10,000,000.00, and (ii) Project NOI for the twelve completed months prior to the date of the Exercise Notice equals $9,450,000.00, the Class B Limited Partner's Exchange Capital would be multiplied by a factor of 87.5%, resulting in adjusted Exchange Capital of $8,750,000.00.

More Definitions of Project NOI

Project NOI means the net operating income of the Partnership for the last twelve full calendar months prior to the date of determination, determined in accordance with generally accepted accounting principles.

Project NOI means, as to any period, with respect to any Project, the excess of its Project Receipts over its Project Expenses.

Project NOI means the projected Annual Net Rent of a Project as of the Lease Commencement Date as projected in the Development Proposal for such proposed development, reduced by a replacement reserve equal to the product of (i) $0.05, and (ii) the rentable square footage of such proposed development.