Unencumbered Adjusted Net Operating Income definition
Unencumbered Adjusted Net Operating Income means, for any fiscal period, the total Adjusted Net Operating Income attributable to all Unencumbered Properties for such period.
Unencumbered Adjusted Net Operating Income shall be calculated using the three (3) fiscal quarters then ended multiplied by four-thirds (4/3); and><
Unencumbered Adjusted Net Operating Income means, for any period, without duplication, (i) the aggregate Adjusted Net Operating Income for all Unencumbered Assets plus (ii) Allowed Unconsolidated Affiliate Earnings that are not subject to any Lien; provided, however, that the portion of the Unencumbered Adjusted Net Operating Income attributable to Allowed Unconsolidated Affiliate Earnings shall not exceed 15%.
Examples of Unencumbered Adjusted Net Operating Income in a sentence
The ratio of Unencumbered Adjusted Net Operating Income for any period of four consecutive fiscal quarters of the Company then ended to Unsecured Interest Expense for such period to be less than 2.0 to 1.0.
The ratio of Unencumbered Adjusted Net Operating Income for any period of four (4) consecutive fiscal quarters of the Company to Unsecured Interest Expense for such period to be less than 2.0 to 1.0.
The ratio of (i) the sum of Unencumbered Adjusted Net Operating Income as determined for the fiscal quarter most recently ending to (ii) Unsecured Interest Expense as determined on a consolidated basis for the fiscal quarter most recently ending multiplied by four (4), to be less than 2.0 to 1.0 at any time.
The ratio of Unencumbered Adjusted Net Operating Income for any period of four consecutive fiscal quarters of the Company to Unsecured Interest Expense for such period to be less than 2.0 to 1.0.
The Borrower shall not permit the ratio of (i) Unencumbered Adjusted Net Operating Income for the period of four consecutive fiscal quarters most recently ended to (ii) Unsecured Interest Expense for such period, to be less than 2.00 to 1.00.
More Definitions of Unencumbered Adjusted Net Operating Income
Unencumbered Adjusted Net Operating Income means Net Operating Income (in each case as adjusted for any non-recurring items during the reporting period) from (i) all Eligible Properties and (ii) all Other Multifamily Properties that satisfy the conditions of clauses (b) through (e) of the definition of Eligible Property as applied to such Other Multifamily Properties and the owners or lessees thereof.
Unencumbered Adjusted Net Operating Income means the Net Operating Income for all Eligible Properties owned by the Borrower or any Wholly Owned Subsidiaries during a given period plus their respective pro rata shares of the Net Operating Income for all Eligible Properties owned by Non-Wholly Owned Subsidiaries during such period, each as adjusted for any non-recurring items during such period.
Unencumbered Adjusted Net Operating Income means (without duplication),
Unencumbered Adjusted Net Operating Income means as of any date the sum of (a)(i) the aggregate amount of the Net Operating Income from the Unencumbered Assets for the most recently ended fiscal quarter of Borrower multiplied by (ii) four (4), less (b) the Capital Reserve for the Unencumbered Assets.
Unencumbered Adjusted Net Operating Income means, for any Eligible Property for a given period, Net Operating Income from such Eligible Property during such period as adjusted for any non-recurring items during such period.
Unencumbered Adjusted Net Operating Income means, for any period, the total Adjusted Net Operating Income attributable to all Unencumbered Properties for such period. “Unencumbered Asset Value” means the sum of the following, without duplication: (a) for each Unencumbered Property that is a New Acquisition, the acquisition cost for such property; plus (b) for each Unencumbered Property (other than a New Acquisition) located in the United States, an amount equal to the quotient of (i)(x) the Adjusted Net Operating Income for 28 such Unencumbered Property determined for the most recently ended fiscal quarter, times (y) four, divided by (ii) the applicable Capitalization Rate; plus (c) for each Unencumbered Property (other than a New Acquisition) not located in the United States, the book value (after impairments and before depreciation) of such Unencumbered Property; plus (d) the book value (after impairments) of first priority Mortgage Notes receivable held by the Company or any of its Wholly-Owned Subsidiaries so long as (i) such Mortgage Note is not subject to any Liens or Negative Pledges, (ii) such Mortgage Note is not more than sixty (60) days past due or otherwise in payment default after giving effect to applicable cure periods, and (iii) the property securing such Mortgage Note meets the criteria for an Unencumbered Property (other than clause (a) of the definition thereof); plus (e) unrestricted cash and Cash Equivalents of the Company and its Wholly-Owned Subsidiaries; plus (f) 50% of the book value of each Real Estate Asset that meets the criteria for an Unencumbered Property (other than clause (g) of the definition thereof) which is unoccupied (excluding such Unencumbered Property if (i) a monetary default has occurred and has continued under a binding lease with respect to such Unencumbered Property or (ii) for more than the 12 consecutive month period prior to any date of determination, such Unencumbered Property has been unoccupied by tenants which are not affiliated with the Company); provided that (A) not more than 20% of Unencumbered Asset Value may be attributable to any single Unencumbered Property, (B) not more than 20% of Unencumbered Asset Value may be attributable to Unencumbered Properties for which the same Person is the tenant, (C) not more than 10% of Unencumbered Asset Value may be attributable to Unencumbered Properties that are subject to a ground lease, (D) not more than 10% of Unencumbered Asset Value may be attributable to first priority Mortgage Notes receivable, (...
Unencumbered Adjusted Net Operating Income means, as of any date of determination, the aggregate Adjusted Net Operating Income of the Qualified Unencumbered Pool Properties.