Projected Net Rental Income means – the annual rent (taking into account the principles set out in Section 15.3.2) payable to the Borrower from tenants with respect to lease agreements over the Property (excluding any (pre)payments for ancillary costs (Nebenkosten) and VAT payments by the tenants), insurance payments for loss of rent (but only to the extent the payment obligation is approved and accepted by the relevant insurer) and – provided such amount has been paid into the Deposit Account and is still standing to the credit of the Deposit Account – any amount paid by a tenant as compensation for lost future rent in consideration for the Borrower’s consent to an early termination of the lease agreement with such tenant less – the operating costs (Bewirtschaftungskosten), which are not payable by the tenants as well as any other costs not payable by the tenants in relation to the Property as further specified in Section 15.3.3 (Operating Costs) during the relevant Test Period. Insurance payments and compensation payments from a tenant will only be taken into account to the extent these payments are to be attributed to the relevant Test Period. The following payments shall not be taken into account when calculating the Projected Net Rental Income: – payments from tenants, who are at least two months in arrears with rent at the relevant Test Date; – rent from lease agreements, which are not legally valid, binding and enforceable, subject to a condition precedent which has not yet occurred or grant rent-free periods in the future (but, for the avoidance of doubt, only in relation to the rent-free period); – payments, which are not rent income, but compensation or similar payment for lost rent (other than insurance payments for lost rent and compensation payments from a tenant for lost future rent, in each case to the extent to be considered as Projected Net Rental Income as specified above), late payment of rent or other contractual or statutory claims against the relevant tenants; – payments from Group Companies or companies affiliated therewith or pursuant to lease agreements that have been entered into with Group Companies or companies affiliated therewith, unless the lease is in line with market terms and conditions and the area leased is actually used in accordance with the lease agreement.
Projected Net Rental Income means, on any relevant date, the aggregate Net Rental Income receivable for the twelve month period commencing at such relevant date, together with an amount equal to the notional amount of rental income that would otherwise have been payable under an Occupational Lease during that same period but for a rent free period, subject to certain assumptions in relation to the exercise of breaks, the renewal of Occupational Leases expiring during the period and as to the amount of Rental Income following the periodic review of such Rental Income (where applicable);
Projected Net Rental Income means, in respect of any future period, the Net Rental Income receivable during that period, less the amounts listed in paragraphs (a) to (i) below:
Examples of Projected Net Rental Income in a sentence
If evidence is provided that the actual operating costs (Bewirtschaftungskosten) which are not payable by the tenants plus any other costs not payable by the tenants in relation to the Property is lower than the Lump Sum, then the costs actually incurred based on the twelve months period prior to the relevant Test Date shall be used in place of the Lump Sum, but in any case a minimum of 12% of the Projected Net Rental Income.
The principal activities of the Group are provision of investment and financial services, and distribution and trading.
Projected ICR is calculated as Projected Net Rental Income as a percentage of the Projected Interest Costs for the twelve months period commencing immediately after the date of the calculation.
Projected ICR is calculated, for the secured property under the bank loan, as Projected Net Rental Income as a percentage of the Projected Interest Costs for the twelve months period commencing immediately after the date of the calculation.
The Interest Cover Ratio is the ratio of the aggregate of the Long Acre Projected Net Rental Income to Long Acre Projected Interest Costs, calculated on each Loan Payment Date for each of the next four successive Loan Payment Dates.
More Definitions of Projected Net Rental Income
Projected Net Rental Income. ’ generally means, on any Testing Date, the amount of rents, licence fees, and equivalent amounts payable to the relevant Obligor in connection with the letting, use or occupation of the relevant Property estimated by the Loan Facility Agent.
Projected Net Rental Income means, for any Loan Interest Period, the Security Agent's good faith estimate of the Net Rental Income which will be receivable by or for the benefit of the Property Companies during or at the end of that Loan Interest Period after:
Projected Net Rental Income is defined in Section 15.3.
Projected Net Rental Income at any time shall mean the aggregate amount of Net Rental Income which the Agent considers acting reasonably will be paid in respect of the Property during the next following period of 12 months and sums expected by the Agent (acting reasonably) to be standing to the credit of the Rectification Account during the next following period of 12 months and calculated on the assumptions that: (a) Rental Income will only be taken into account where there is a legally valid and binding Occupational Lease in place; (b) any Rental Income payable by a tenant or licensee in respect of which an event referred to in Clauses 19.6.1, 19.6.3, 19.6.4, 19.6.5, 19.6.7 (Insolvency), 19.7 (Insolvency Proceedings), 19.8.1 and 19.8.2 (Applications, appointments or enforcements), and/or 19.10 (Analogous Proceedings) has occurred will not be received; (c) any valid and remaining break clause in any Occupational Lease will be exercised at the earliest available opportunity by the tenant or licensee under that Occupational Lease and with effect from that date the relevant part of the Property will remain vacant (unless the Agent, acting reasonably, has received evidence satisfactory to it that the tenant under the Occupational Lease has irrevocably and unconditionally agreed not to exercise that break option); (d) any part of the Property where there is no subsisting Occupational Lease at that time is treated as being vacant at that time and thereafter (unless and to the extent that the Agent is satisfied (acting reasonably, and based on legal or other advice where it considers it appropriate) that there is a duly executed and delivered, valid and binding unconditional agreement for lease in respect of which Rental Income is expected to be paid at any time during the next following 12 months); (e) there will be no rental uplift on any rent review under any Occupational Lease unless that rental uplift is fixed under the terms of that Occupational Lease or has been finally determined under those terms or agreed and a rent memorandum signed; (f) the Rental Income to be received from any tenant or licensee under any Occupational Lease where any principle rent is in arrears for more than 30 days shall be zero.
Projected Net Rental Income is defined in Section 15.3. “Property” is defined in Section 1.1. “Property Management Agreement” is defined in Section 11.2.2. “Property Manager” is defined in Section 11.2.2. “Property Purchase Agreement” is defined in Section 1.2. 11 “Public Law Contract” means the public law contract dated 26/28 January 2011 between Stadt Frankfurt am Main and the Borrower regarding the implementation of fire protection and safety related measures, as amended by the following amendment agreements:
Projected Net Rental Income means, for any period, the contracted Net Rental Income, as determined by the Lender, in respect of such period, after deduction of (a) all Net Rental Income payable by the tenants under a Lease if the tenant is more than ten (10) days in arrears with its rental payments under such Lease; (b) the cost of any tenant improvements which the Borrower will be obliged to discharge in respect of any part of the Project that is not covered by Service Charge Proceeds; and (c) potential Net Rental Income increases except where there are fixed rental increases pursuant to the applicable Lease.
Projected Net Rental Income. ’ means, for any rental quarter, the Borrower’s estimate (acting reasonably) of the Rental Income (excluding paragraphs (v), (vi), (vii), (viii), (ix), (x) and (xi) of the definition thereof) (‘‘Adjusted Rental Income’’) which shall be received by the Borrower under any Occupational Lease (as defined in the Facility Agreement) in respect of that rental quarter after: