“NOI” means Revenues less Operating Expenses.

Calculation and Payment of Shared Costs and Revenues. During the Term, the following shall apply:

“NOI” means Operating Revenues less Operating Expenses.

With respect to this Agreement, net revenues shall be defined as gross revenues less any expenses incurred by the Company, including without limitation, platform fees, development, marketing and taxes, which flow through the books of the Company.

Any other expenses, rents, and revenues of the Property shall be prorated through the date of Closing.

Management fees (not to exceed three percent (3%) of the gross revenues of the Office Unit) and reimbursed expenses of Landlord’s Management Agent and administrative expenses not borne by Landlord’s Management Agent, provided, for purposes of determining the Operating Expenses for the Expense Base Year, the management fee includable in the Operating Expenses for the Expense Base Year shall be grossed-up pursuant to Section 6.03 below to three percent (3%) of the gross revenues of the Office Unit for such Expense Base Year.

All prorations and other payments between Tenant, Landlord and/or Successor Operator of operating revenues and expenses have been fully and finally settled and paid;

Each set of financial statements for the Group shall be combined upon auditor's verifiable review (prüferische Durchsicht) of consolidated debt, revenues and expenses.

“Net Revenues” means the net revenues for the 2020 fiscal year of the Company included in the Performance Period, as reported in the Company’s Annual Report on Form 10-K in the Financial Highlights table under Item 6 – Selected Financial Data. Net Revenues are a non-GAAP measure calculated as revenues less directly related operations expenses attributable to the Company's principal services. The Company's management believes that net revenues are a better measure than total revenues when evaluating the Company's operating segment performance since total revenues earned as a freight consolidator include the carriers' charges for carrying the shipment, whereas revenues earned in other capacities include primarily the commissions and fees earned by the Company. Net revenue is one of the Company's primary operational and financial measures and demonstrates the Company's ability to concentrate and leverage purchasing power through effective consolidation of shipments from customers utilizing a variety of transportation carriers and optimal routings.

in relation to Mercer Germany (combined upon auditor's verifiable review (prüferische Durchsicht) of consolidated debt, revenues and expenses), the financial statements for its financial year ended 2021; and