Underwritten NOI definition

Underwritten NOI means Underwritten EGI minus Underwritten Operating Expenses.

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Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten Operating Expenses.

Underwritten NOI means Underwritten Operating Income less Underwritten Operating Expenses. Lender’s calculation of Underwritten NOI (including determination of items that do, and do not, qualify as Operating Income or Operating Expenses) shall be calculated by Lender in good faith based upon Lender’s determination of Rating Agency criteria and shall be final absent manifest error.

Examples of Underwritten NOI in a sentence

• The Underwritten NOI of the Project generates a Cash on Cash Return of at least 6.5% and a Debt Service Coverage of at least 1.37:1.0.

• Should Borrower fail to satisfy the requirements set forth in either of clause (i) or (ii) above, Lender, in its sole and absolute discretion, may decrease the Valuation Amount and the Underwritten NOI of the “1206 Waltham, MA” Project to exclude any value or income attributable to retail or office uses.

• No change shall have occurred in the financial condition of Borrower or any Borrower Party or in the Underwritten NOI of the Project, or in the financial condition of any major or anchor tenant, which would have, in Lender's sole judgment, a material adverse effect on the Project or on Borrower's or any Borrower Party's ability to repay the Loan or otherwise perform its obligations under the Loan Documents.

• Cut-off Date LTV Ratio, Maturity Date LTV Ratio, DSCR Based on Underwritten NOI / NCF, Debt Yield Based on Underwritten NOI / NCF and Cut-off Date Balance per SF calculations are based on the aggregate cut-off date principal balance of $180,000,000.

• No change shall have occurred in the financial condition of Borrower or any Borrower Party, or in the Underwritten NOI of the Project, or in the financial condition of any major or anchor tenant, which would have, in Lender's sole judgment, a material adverse effect on the Loan, the Project, or Borrower's or any Borrower Party's ability to perform its obligations under the Loan Documents.

More Definitions of Underwritten NOI

Underwritten NOI means, with respect to any Real Property, (i) the projected, annualized rental and other income collectable and attributable to Tenants in occupancy and paying rent, and pursuant to executed Leases for such Real Property (adjusted with the same conditions set forth in clauses (a) and (b) of the definition of Adjusted Revenue), minus (ii) the projected operating expenses on an annual basis, which shall be calculated as $0.55 per interior square foot of such Real Property.

Underwritten NOI shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.

Underwritten NOI means Net Rental Income plus Other Income minus Operating Expenses.

Underwritten NOI means the amount by which Underwritten Operating Revenues on an aggregate basis for all Projects exceed Underwritten Operating Expenses on an aggregate basis for all Projects for the 12-month period immediately preceding the date of calculation.

Underwritten NOI. Exhibit A “Updated Information” – 9.1(b)(i) “Write-Down and Conversion Powers” – 10.27

Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten Operating

Underwritten NOI means Underwritten Operating Income less Underwritten Operating Expenses. Lender's calculation of Underwritten NOI (including determination of items that do, and do not, qualify as Operating Income or Operating Expenses) shall be calculated by Lender in good faith based upon Lender's determination of Rating Agency criteria and shall be final absent manifest error. "Underwritten Operating Expenses" shall mean projected annualized Operating Expenses based on a trailing twelve (12) month period adjusted upwards (but not downwards) by CPI and anticipated increases in Operating Expenses. Lender's calculation of Underwritten Operating Expenses shall be conclusive and binding on Borrower absent manifest error. "Underwritten Operating Income" shall mean projected annualized Operating Income based on the most recent rent roll and such other information as is required to be delivered by Borrower pursuant to Section 4.1.6 hereof excluding rent relating to tenants under Leases (pursuant to the most recent rent roll) which is more than thirty (30) days delinquent as reasonably adjusted by Lender to take into account, a vacancy factor equal to the greater of (a) an imputed vacancy rate of 5%, (b) market vacancies for the market in which the Property is located, and (c) the actual vacancy rate at the Property. Lender's calculation of Underwritten Operating Income shall be conclusive and binding on Borrower absent manifest error. "Unfunded Rollover Funds" shall have the meaning set forth in Section 6.7.1 hereof. "Updated Information" shall have the meaning set forth in Section 9.1(b)(i) hereof. "U.S. Obligations" shall mean "government securities" as defined in Section 2(a)(16) of the Investment Company Act of 1940 and within the meaning of Treasury Regulation Section DMEAST #17478116 v7 17