Underwritten Net Operating Income means, on any date with respect to any one or more Purchased Assets, the actual net operating income from the Underlying Mortgaged Property or Underlying Mortgaged Properties securing such Purchased Asset or Purchased Assets with respect to the prior twelve (12) months, as determined in accordance with the Purchased Asset Documents, certified by the underlying obligor and approved by Administrative Agent, on behalf of Buyers, in its good faith discretion.
Underwritten Net Operating Income means, as of the end of any calendar quarter for which Underwritten Net Operating Income is determined (or such other date for which Underwritten Net Operating Income is determined) the excess of: (a) the sum of: (i) annualized base rent in place as of the date of the determination based on executed Leases which are effective or that have future lease commencement dates within twelve (12) months of the date of calculation unless such Tenant is an investment-grade entity, and including executed Leases with free rent periods currently in effect not to exceed the greater of (x) twelve (12) months or (y) one (1) month for each year of the initial term of the Lease (unless the excess is reserved with Lender) (without duplication), plus (ii) any contractual rent increases within the twelve months following the date of such calculation, which are not subject to any tenant contingencies; plus (iii) for the twelve (12) month period preceding the month in which such Underwritten Net Operating Income is calculated, (x) monthly recoveries actually received by Borrower under executed existing Leases, provided that monthly recoveries for any Tenants that have not been in place for twelve (12) months shall be annualized based on the trailing twelve (12) month expenses, and provided, further, that the aggregate monthly recoveries under this clause (iii)(x) for any Individual Property over such twelve (12) month period shall not exceed actual operating expenses for such Individual Property for such twelve (12) month period, and (y) actual rent and revenue received by Borrower from other sources at the Properties to the extent such receipts are recurring in nature and derived from ordinary course operations of the Properties for such twelve (12) month calculation period (this clause (a), collectively, “Gross Revenue”); over (b) for the twelve (12) month period preceding the month in which such Underwritten Net Operating Income is calculated, Operating Expenses over such twelve (12) months, in each case adjusted to reflect Lender’s determination of: (i) an adjustment so that property management fees are equal to the greater of three percent (3.0%) of Gross Revenues and the property management fees actually paid under the Management Agreement; (ii) exclusion of (X) amounts representing non-recurring items and (Y) amounts received from (1) Tenants affiliated with Borrower or Guarantor, (2) Tenants in monetary default for more than sixty (60) days or material non-monetary defau...
Underwritten Net Operating Income shall have the meaning set forth in the Mortgage Loan Agreement.
Examples of Underwritten Net Operating Income in a sentence
Underwritten Net Operating Income ($) Underwriting File The net operating income, as stated in the underwritten column of the Underwriting File.
Underwritten NOI Debt Yield Calculation Computation in which the respective loan's Underwritten Net Operating Income ($) was divided by the corresponding Cut-off Date Balance ($).
Total Loan NOI DSCR Calculation Computation in which the Underwritten Net Operating Income ($) was divided by the Total Loan Annual Payment ($).
Total Debt Loan NOI Debt Yield Calculation Computation in which the Underwritten Net Operating Income ($) was divided by the Total Loan Cut-Off Date Balance ($).
A new subdivision (2) was added to BL Section 595-b by the MLRL and authorizes the Superintendent to prescribe regulations relating to disclosure to borrowers of interest rate resets, requirements for providing payoff statements, and governing the timing of crediting of payments made by the borrower.
More Definitions of Underwritten Net Operating Income
Underwritten Net Operating Income means the first year’s Net Operating Income of the Consolidated Group used to underwrite the acquisition of a Borrowing Base Property.
Underwritten Net Operating Income means, for any twelve (12) full calendar month period, the underwritten Net Cash Flow of the Property determined by Lender in its reasonable discretion in accordance with Lender’s then current underwriting standards for loans of this type and the then current underwriting standards of the Rating Agencies, based upon (i) Qualifying Income actually collected by Borrower for the last full calendar month prior to the date of the calculation, annualized, less (ii) Operating Expenses (other than expenses for tenant improvements and leasing commissions), for the trailing twelve full calendar month period and (iii) Capital Expenditures at the annual rate of $0.10 per leasable square foot of space at the Property.
Underwritten Net Operating Income shall have the meaning specified in the Fee Letter.
Underwritten Net Operating Income means, in Lender’s reasonable discretion:
Underwritten Net Operating Income means for any period the amount obtained by subtracting Operating Expenses from Gross Income From Operations, and then applying the following adjustments:
Underwritten Net Operating Income means, as of any date of calculation and for the applicable period, (a) annualized Operating Income based on In Place Rents, but subject to a maximum market occupancy cap of ninety five percent (95.0%), but excluding Tenants that are more than sixty (60) days delinquent in the payment of base rent and any leasing concessions, less (b) actual Operating Expenses incurred in connection with the Property for the trailing twelve (12) month period preceding the date of calculation, (adjusted in Lender’s determination to account for any changes in occupancy and normalized for expenses paid once or twice per year (e.g., property taxes including projected re-assessments and insurance premiums)), and assuming a base property management fees equal to the greater of (A) the actual amount paid by Borrower during such prior twelve (12) month period, and (B) three percent (3%) of Gross Revenue. Lender shall calculate Underwritten Net Operating Income based upon information provided to Lender by Borrower pursuant to Section 4.1.6 hereof and such determination shall be conclusive and binding absent manifest error.
Underwritten Net Operating Income means as determined by Lender in its reasonable discretion, (X) the sum of (i) all rents for occupied units received by Borrower from third-party tenants at the Property for the immediately preceding twelve (12) month period as shown on the operating statements delivered to Lender pursuant to the terms hereof, adjusted to reflect deductions for: (a) a vacancy factor equal to the greater of 5% or actual vacancy at the Property and (b) credit loss and concessions factors based on the same preceding twelve (12) month period, and (ii) other normal and ordinary income received by Borrower with respect to the Property during the same twelve (12) month period, in each case subject to Lender’s standard adjustments, minus (Y) actual operating expenses with respect to the Property for the immediately preceding twelve (12) month period, subject to Lender’s standard adjustments, including, but not limited to, for non-reoccurring expenses, imminent increases in operating expenses, real estate tax reassessments, and replacement reserves. The Underwritten Net Operating Income shall be calculated by Lender in good faith and in its reasonable discretion using the reports and information from the Property delivered by Borrower as required hereunder, and shall be final absent manifest error.