CONSOLIDATED NET OPERATING INCOME

CONSOLIDATED NET OPERATING INCOME. Means the net operating income of the Borrower and its Subsidiaries as shown on its annual audited consolidated financial statements or on its interim unaudited consolidated financial statements, all as prepared on a consistent basis in accordance with generally accepted accounting principles; provided that, for purposes of calculating Consolidated Net Operating Income for any period, (I) any Person which was not a Consolidated Subsidiary at the beginning of such period but was a Consolidated... Subsidiary at the end of such period shall be deemed to have been a Consolidated Subsidiary for the entire period and (II) any person which was a Consolidated Subsidiary at the beginning of such period but was not a Consolidated Subsidiary at the end of such period shall be deemed to have not been a Consolidated Subsidiary for the entire period. View More