Underlying Revenues definition
Underlying Revenues means, for any Underlying Property, the revenues received, or annualized or estimated in some cases, in respect of the Underlying Property for any period, based upon the latest available operating statement and other information for such period furnished by the related Borrower. For purposes of the foregoing, revenues generally consist of all revenues received in respect of the property, including guest room rates, food and beverage charges, telephone charges and other revenues, as well as any management fees in excess of 3% of gross revenue.