NOI

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.