Underwritten Gross Income definition

Underwritten Gross Income means, as of any date of determination, the income for each applicable Property calculated as the sum of (i) with respect to a Stabilized Property or an Unverified Stabilized Property, annualized actual in-place rent under a Lease for such Property for the current calendar month (if any) if such Property is not Vacant and for the most recent calendar month that Property was not Vacant if such Property is Vacant, less any incentives (including free rent or partial rent abatements) offered to Tenants in an amount greater than $150 in respect of any such Lease amortized over the duration of such Lease, plus (ii) with respect to a Standard Non-Stabilized Property, assumed rental payments for such Standard Non-Stabilized Property determined by the Diligence Agent on the basis of (x) if the Borrowers’ total estimated rental payments for all Standard Non-Stabilized Properties financed in the same Loan made (or to be made) with respect to such Property is lower than the total market rental payments estimated under the related Broker Price Opinions for all such Standard Non-Stabilized Properties, the Borrowers’ estimated rental payments for each applicable Property and (y) otherwise, the market rental payment estimated under the related Broker Price Opinion for each applicable Property; provided that, in the case of clause (ii) above, the “Underwritten Gross Income” shall be the amount as adjusted pursuant to any Underwritten Income Reconciliation Process; provided further that, if the Borrower Representative objects to such amount with respect to any Pending Advance Property, the Borrower Representative may remove such Pending Advance Property from the applicable Borrowing Request prior to disbursement of any Property Loan with respect thereto (without prejudice to including such Property in a subsequent advance request).
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Underwritten Gross Income means, as of any date of determination, the income for each applicable Financed Property or Pending Advance Property calculated as the sum of (i) with respect to a Stabilized Property, annualized actual in-place rent under the Lease or Leases on such Property less any incentives (including free rent or partial rent abatements) offered to Tenants in an amount greater than $150 for such Stabilized Property (a) for the current calendar month if such Property is not Vacant or (b) for the most recent calendar month that Property was not Vacant if such Property is Vacant plus (ii) with respect to a Non-Stabilized Property, the assumed rental payments for such Non-Stabilized Property determined by the Diligence Agent on the basis of (x) if the Borrowers’ total estimated rental payments for all Non-Stabilized Properties financed in the same Loan made (or to be made) with respect to such Property is lower than the total market rental payments estimated under the related Broker Price Opinions for all such Non-Stabilized Properties, the Borrowers’ estimated rental payments for such Non-Stabilized Property and (y) otherwise, the market rental payment estimated under the related Broker Price Opinion for each applicable Property.
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Underwritten Gross Income means, with respect to any Property or group of Properties, as of any date of determination, the income for each such Financed Property (or group of Financed Properties) calculated as the annualized actual in-place rent under a Lease of such Property less any incentives (including free rent or partial rent abatements) offered to the Tenant under such Lease in an amount greater than $150 for such Property (a) for the current calendar month if such Property is not Vacant or (b) for the most recent calendar month that such Property was not Vacant if such Property is Vacant.
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Examples of Underwritten Gross Income in a sentence

  • In connection with the disbursement of any Property Loan in respect of a Non-Stabilized Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of such Property Loan with respect to such Non-Stabilized Property pursuant to Section 2.02(c)), an amount equal to fifty (50%) of the monthly Underwritten Gross Income for such Non-Stabilized Property (the “Leasing Commission Reserves”) for transfer to the Leasing Commission Reserves Account.

  • To Seller’s Knowledge, each Acquired Company and Waypoint GI Trust are in compliance in all material respects with all of the requirements of the Loan Documents, including, without limitation, the Underwritten Operating Expense Requirements, Underwritten Gross Income and Cash Flow and Underwritten Vacancy levels.

Related to Underwritten Gross Income

  • Underwritten Net Cash Flow means, as of any date of determination, the excess of: (i) for the twelve (12) month period ending on such date, the sum of (A) the lesser of (1) GPR multiplied by 94.0%, and (2) Actual Rent Collections, and (B) Other Receipts; over (ii) for the twelve (12) month period ending on such date, the sum of (A) Operating Expenses, adjusted to reflect exclusion of amounts representing non-recurring expenses, (B) Underwritten Capital Expenditures and (C)

  • Underwritten Takedown means an underwritten public offering of Registrable Securities pursuant to the Resale Shelf Registration Statement, as amended or supplemented.

  • Underwritten Shelf Takedown shall have the meaning given in subsection 2.3.3.

  • Underwritten Shelf Take-Down has the meaning set forth in Section 2.4(b).

  • Marketed Underwritten Shelf Take-Down has the meaning set forth in Section 2.02(e).

  • Underwritten Public Offering means an underwritten Public Offering, including any bought deal or block sale to a financial institution conducted as an underwritten Public Offering.

  • Underwritten Registration or Underwritten Offering means a registration in connection with which securities of the Company are sold to an underwriter for reoffering to the public pursuant to an effective registration statement.

  • Underwritten Offering means a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

  • Shelf Underwritten Offering shall have the meaning given in subsection 2.1.3.

  • Marketed Underwritten Offering means any Underwritten Offering (including a Marketed Underwritten Shelf Take-Down, but, for the avoidance of doubt, not including any Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down) that involves a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period of at least 48 hours.

  • Company Underwriter has the meaning set forth in Section 4(a) of this Agreement.

  • Underwritten Shelf Take-Down Notice has the meaning set forth in Section 2.02(e).

  • IPO Underwriter means each Person named as an underwriter in Schedule I to the IPO Underwriting Agreement who purchases Common Units pursuant thereto.

  • Shelf Takedown means an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration Statement, including a Piggyback Registration.

  • Underwriter means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

  • Pending Underwritten Offering means, with respect to any Holder forfeiting its rights pursuant to this Section 4.5(l), any underwritten offering of Registrable Securities in which such Holder has advised the Company of its intent to register its Registrable Securities either pursuant to Section 4.5(a)(ii) or 4.5(a)(iv) prior to the date of such Holder’s forfeiture.

  • Piggy-Back Registration is defined in Section 2.2.1.

  • Approved Underwriter has the meaning set forth in Section 3(f) of this Agreement.

  • Participating Underwriter means any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds.

  • Underwritten Offering Notice has the meaning set forth in Section 2(b).

  • Managing Underwriter means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering.

  • Underwritten Demand shall have the meaning given in subsection 2.1.3 of this Agreement.

  • Underwriting Fee has the meaning given to it in the eighth paragraph of this Agreement;

  • Piggyback Registration shall have the meaning given in subsection 2.2.1.

  • Shelf Takedown Request shall have the meaning set forth in Section 3.2.5(a).

  • Managing Underwriters means the investment banker or investment bankers and manager or managers that shall administer an underwritten offering.