NOI

NOI. Shall mean the proforma, gross income from the Project based upon actual lease rates contained in the Approved Lease, annualized, less all Operating Expenses, as reasonably determined by Lender.

NOI. Solely for purposes of the earn-out set forth in Section 12(g), for any period, Operating Revenues less (i) Operating Expenses; (ii) 4% of revenues for the management fees (notwithstanding the fact that Buyer will be paying a 3.5% management fee to Seller or its affiliate under the Management Agreement and a 1% management fee to Asset Manager under the Asset Management Agreement); (iii) 3% of revenues for furniture, fixtures and equipment ('FF&E') reserves; (iv) real property and personal... property taxes, assessments and other taxes levied in connection with the Property and FF&E; (v) insurance premiums and deductibles and (vi) scheduled lease payments under the Van Lease. View More

NOI. Means net operating income, normalized for items that would otherwise inhibit a meaningful comparison of NOI period to period.