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): PNOI = PFOR - XX - XXX,
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 (NOI) for first stabilized year (and projected year) vs.
Also, the full text of a clause may be accessed electronically at this/these.
Projected Net Operating Income for the Property The NOI for the Property in year 1 is estimated to be approximately $1,535,081 (based on the rent under the Lease).
Oyster Point Marina Projected Net Operating Income (Enterprise), Scenario 1 For Scenario 1, Dornbusch projects average annual net operating income (Enterprise) of approximately$671,000 for OPM.
Figure 6 shows the ionic fractions for a num- ber of elements along two sightlines that pass through the bipolar lobes (along the z-axis) and the circumstellar disk (along the x and y axes).
More Definitions of Projected Net Operating Income
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 projected net operating income as determined in good faith by BHMF Member in accordance with BHMF Member’s then current twelve (12) month forward net operating income projections.
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 means, with respect to any Multifamily Property or Mobile Home Park securing a Bridge Mortgage Loan, the following amount (determined for the 12 months following the date of the related Advance): PNOI = PFOR - VR - XXX,
Projected Net Operating Income means (A) the projected rental income from all executed Direct Leases (excluding the Schwab Lease) and all other income from the Secured Property (including any business interruption insurance but only to the extent received and deposited into the Sponsor’s Lockbox Account or the Clearing Account, as applicable, less the anticipated revenue from any tenant that has terminated its Lease) during the twelve (12) month period following the date of determination (collectively, “Gross Revenues”), which calculation of Gross Revenues shall be adjusted to include a Free Rent Credit (as defined below), less (B) the projected expenses for the same twelve (12) month period, adjusted to include all expenses Lender reasonably determines are necessary to operate and maintain the Secured Property in an institutional-quality manner (including, without limitation, real estate taxes, insurance, and actual property management fees (not less than two and one-half percent (2.50%) of Gross Revenues)). Such calculation of Projected Net Operating Income shall be determined by Borrower subject to confirmation by Lender. “Free Rent Credit” shall mean a credit equal to (i) the actual free rent amount, or a reasonable approximation of such free rent amount, based on the anticipated rental payments to be made by Credit Tenants after their free rent period expires, as applicable, plus (ii) if Guarantor shall guarantee the free rent amount for non-Credit Tenants pursuant to the Free Rent Guaranty (as defined in the Side Letter), such guaranteed amount (which Free Rent Guaranty shall terminate upon the expiration of the free rent period of such non-Credit Tenants).
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 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.