FCC Proudreed Properties 2005 HSBC SG CORPORATE ...

Loan Agreement during such Forward-Looking Calculation Period calculated on an accruals basis and
using the rate applicable to the relevant Commercial Mortgage Loan on the last Calendar Quarter Date
preceding the relevant Loan Calculation Date;
Projected Net Rental Income means, in respect of any Forward-Looking Calculation Period:
(a) the aggregate amount of Gross Rental Income (excluding any amounts attributable to VAT) to be
invoiced or received in respect of the relevant Forward-Looking Calculation Period, adjusted in
accordance with the then-applicable Accounting Principles (including in relation to the treatment of
any premium or other consideration paid to a Borrower in connection with the surrender of an
Occupational Lease and any amount payable under any policy of insurance in respect of loss of rent,
including for the payment of default interest);
(b) minus any amounts under items (h) and (i) of the definition of Gross Rental Income in respect of
the relevant Forward-Looking Calculation Period;
(c) minus the aggregate amount of all other Gross Rental Income from the Secured Properties (other
than those referred to in paragraph (b) above) and relating to (i) any Occupational Lease which will
either terminate (or which may be terminated by the relevant Occupational Tenant) during the
relevant Forward-Looking Calculation Period, in respect of that part of the relevant Forward-
Looking Calculation Period after which the relevant Occupational Lease will or may so be
terminated (provided that, in respect of any Occupational Lease that is to be terminated, notice of
termination or non-renewal has already been served by the relevant Borrower or Occupational
Tenant, as the case may be, and that, in the case of an Occupational Lease that may be terminated
at the option of the Occupational Tenant, that the relevant notice of termination or non-renewal can
take effect during the relevant Forward-Looking Calculation Period), (ii) any Occupational Lease
in respect of which the relevant Occupational Tenant is subject to any insolvency proceedings;
(iii) any Occupational Lease in respect of which the relevant Occupational Tenant is more than
three months in arrears on its payment obligations under any Occupational Lease at the start of such
period;
less the sum of the following items, in each case in respect of the relevant Forward-Looking Calculation
Period, as reasonably determined by the relevant Borrowers’ Agent:
(d) the aggregate amount of all non-recoverable property costs and expenses charges and taxes in
respect of Occupational Tenants paid, or which should reasonably be paid, by the Property Manager
(or its agents);
(e) any fees and expenses paid or to be paid by the Borrowers pursuant to sub-paragraph (b)(iv) of the
definition of On-going Facility Fee;
(f) any other amounts paid or to be paid by the Borrower to the Issuer by way of On-going Facility Fee
under the Commercial Mortgage Loan Agreement in respect of amounts described in subparagraphs
(a) to (e) and sub-paragraphs (h) and (i) of the definition of On-going Facility Fee;
(g) any corporation or equivalent tax paid or to be paid by the Borrower in respect of the Gross Rental
Income;
(h) any other amounts paid or to be paid by the Borrowers to the French tax authorities (other than
VAT);
(i) any amounts paid or to be paid to a Valuer in respect of any Valuation Report issued in accordance
with the terms of a Commercial Mortgage Loan Agreement;
(j) any breakage costs paid or to be paid by the Borrowers to the Lenders pursuant to the Financing
Documents;
(k) any amount paid or to be paid by or on behalf of the Borrowers in respect of the fees and charges
of the Borrowers Account Banks;
(l) (without double counting in respect of items already included in (d) to (k) above) the aggregate
amount of all irrecoverable costs, expenses, charges and rental taxes in respect of the Occupational
Tenants incurred or which should reasonably be incurred by the relevant Borrowers;
(m) any amounts of irrecoverable VAT on amounts paid or to be paid under paragraphs (d) to (l) above;
Property Management Agreement means each property management agreement (mandat de gestion),
entered into between the Property Manager and each Borrower under which the Property Manager
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