Projected Net Operating Income means, with respect to any Commercial Property securing a Commercial Mortgage Loan, the following amount (determined for the 12 months following the date of the related Warehousing Advance or any other date of determination):
Projected Net Operating Income means, for the twelve (12) month period succeeding the date of determination, the amount obtained by (i) subtracting Lender’s estimate of Operating Expenses for such period (based on, among other things, the actual Operating Expenses for the twelve (12) month period preceding the date of determination and the applicable Approved Annual Budget), from (ii) Lender’s estimate of Gross Income from Operations projected for collection during such period (based on, among other things, the most recent Rent Roll, in-place Leases, and the applicable Approved Annual Budget).
Projected Net Operating Income means, as of the Effective Date, for the succeeding twelve-month period, the amount obtained by subtracting Operating Expenses for such period from Gross Income from Operations for such period.
Examples of Projected Net Operating Income in a sentence
Projected Net Operating Income Yield on Incremental Investment at Stabilization - for redevelopment projects, this represents projected stabilized incremental net operating income as a percentage of the Estimated Net Investment.
The property interests, business and transactions of the Corporation shall be managed and conducted by a board of directors, which shall consist of three (3) persons.
The Net Operating Income and the Projected Net Operating Income of Marietta Trade Center and Paradise Marketplace shall not, for purposes of this Agreement, be included in the calculation of Net Operating Income for any of the prior four Fiscal Quarters or Projected Net Operating Income for the applicable calendar year at such time as the outstanding principal balance of the Loan is less than $30 million.
If the Marietta Trade Center is encumbered by the CRE Debt, then the Net Operating Income and Projected Net Operating Income for such Facility shall be deemed for purposes of this Agreement to be 80% of the difference between the actual Net Operating Income or Projected Net Operating Income for such property and the amount of debt service attributable to the CRE Debt, assuming a 10% debt constant.
The President and the University Public Relations Director and any other person involved shall confer and decide on the appropriate action.
More Definitions of Projected Net Operating Income
Projected Net Operating Income means the projected net operating income as determined in good faith by BHMF GP in accordance with BHMF GP’s then current twelve (12) month forward net operating income projections.
Projected Net Operating Income means (i) the sum of (1) gross rental income estimated by the Lender to be realized by the Borrower over the twelve (12) month period immediately following the date when tested by the Lender from Qualified Leases of the Property (with no credit for any free rent and with such further adjustment as the Lender may require to reflect extraordinary tenant concessions) for the period in question, (2) common area maintenance charges estimated by the Lender to be received by the Borrower during the period in question by the tenants under such Qualified Leases, and (3) tenant reimbursements of Projected Operating Expenses (as hereinafter defined) estimated by the Lender to be received by the Borrower during such period, less (ii) Projected Operating Expenses estimated by the Lender to be incurred by the Borrower during the period in question. In determining Projected Net Operating Income, no deduction or adjustment will be made for depreciation, depletion or amortization of assets. The term "Projected Operating Expenses" shall mean all costs and expenses estimated by the Lender to be incurred by the Borrower in connection with the Property for such period, including without limitation, a management fee for the Property equal to not less than three percent (3%) of gross rents, plus an adjustment, if determined to be necessary by the Lender, to reflect costs and expenses not historically paid by the Borrower but which would customarily be paid by owners of similar properties in like locations. The term "Debt Service" shall mean the annual principal and interest payments required to fully amortize the Loan in equal monthly installments of principal and interest based on a 20 year mortgage amortization schedule computed at a hypothetical fixed interest rate equal to the greater of (i) 250 basis points per annum in excess of the then current rate on 7 year United States Treasury Notes, as reported in the Federal Reserve Statistical Release H.15(519) (the "Release") for December 31, 1998 or if such day is not a business day, then for the first immediately preceding day for which the Release reports such rate, or (ii) nine percent (9%) per annum.
Projected Net Operating Income means the gross rental income and expense reimbursements as projected by Borrower (and approved by Lender) to be received over the subsequent 12-month period from tenants free from bankruptcy (1) which are in occupancy and paying rent at the commencement of the 12-month period (but, except for apartment properties, only to the extent of the rent payable prior to the lease expiration date if the lease expires during the 12-month period and (2) from tenants with signed leases at the commencement of the 12-month period which are anticipated to take occupancy and commence paying rent within the subject 12-month period (but only to the extent of the rent actually payable during the 12-month period) less Projected Expenses, all as reasonably approved by Lender.
Projected Net Operating Income. Net Operating Income for the first year after refinancing as projected by Tenant in its application to a prospective New Mortgagee in connection with a refinancing under Section 23.4, based upon rents agreed to be paid under signed leases and the fair present rental value of space which is or will be vacant within the next Fiscal Year, subject to a reasonable vacancy factor, Projected Participation Mortgage Payment: Participation Mortgage Payments for the first year after refinancing as projected by Tenant in connection with a refinancing under Section 23.4. Reciprocal Easement Agreement (REA): as defined in Recital D.
Projected Net Operating Income means, for any period, forecasted Gross Revenues less forecasted Operating Expenses, as determined by Collateral Agent in its sole and absolute discretion, where: (A) Gross Revenues, with respect to Leases, shall take into account Gross Revenues only from Operative Leases to the extent such Operative Leases are scheduled to remain in effect during the forecast period, as determined by Collateral Agent in its sole and absolute discretion; and (B) forecasted Operating Expenses shall include only those Operating Expenses which are included in an Approved Operating Budget for the forecast period; provided, however, in determining the Debt Service Coverage Ratio for purposes of SECTION 2.4.1(1), the management fee for the Mortgaged Property shall be deemed to be equal to two and one-half percent (2.5%) of gross revenues, notwithstanding that the actual management fee payable by Borrower may be more or less than such amount.
Projected Net Operating Income means, with respect to any Property, the following amount (determined for the 12 months following the date of the related Warehousing Advance):
Projected Net Operating Income means the gross rental income, expense reimbursements and other recurring income, all as projected by Borrower (and approved by Lender) to be received over the subsequent 12-month period from tenants in occupancy and paying rent (or anticipated to take occupancy and commence paying rent) during the 12-month period (but, only to the extent of the rent payable prior to the lease expiration date if the lease expires during the 12-month period) less Projected Expenses, all as reasonably approved by Lender.