Common use of Funds Available for Distribution Clause in Contracts

Funds Available for Distribution. Consolidated net income (loss) of the Borrower and its Subsidiaries before extraordinary items, computed in accordance with generally accepted accounting principles, plus, to the extent deducted in determining net income (loss) and without duplication, (i) gains (or losses) from debt restructuring and sales of Mortgage Loans, (ii) non-recurring charges, (iii) real estate related depreciation, amortization and other non-cash charges, and (v) amortization of organizational expenses. generally accepted accounting principles. Principles that are (a) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same principles; provided that a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly applied. Guaranteed Pension Plan. Any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. Hazardous Substances. Collectively, any hazardous waste, as defined by 42 U.S.C. §9601(5), any hazardous substances as defined by 42 U.S.C. §9601(14), any pollutant or contaminant as defined by 42 U.S.C. §9601(33) or any toxic substances, oil or hazardous materials or other chemicals or substances regulated by any Environmental Laws.

Funds Available for Distribution. Consolidated net income (loss) of the Borrower and its Subsidiaries before extraordinary items, computed in accordance with generally accepted accounting principles, plus, to the extent deducted in determining net taxable income (loss) and without duplication, (i) gains (or losses) from debt restructuring and sales of Mortgage Loans, (ii) non-recurring charges, (iii) real estate related depreciation, amortization and other non-cash charges, and (viv) amortization of organizational expenses. generally accepted accounting principles. Principles that are (a) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same principles; provided that a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly applied. Guaranteed Pension Plan. Any employee pension benefit plan within the meaning of §3(2ss.3(2) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. Hazardous Substances. Collectively, any hazardous waste, as defined by 42 U.S.C. §9601(5ss.9601(5), any hazardous substances as defined by 42 U.S.C. §9601(14ss.9601(14), any pollutant or contaminant as defined by 42 U.S.C. §9601(33ss.9601(33) or any toxic substances, oil or hazardous materials or other chemicals or substances regulated by any Environmental Laws.