Underwritten Operating Expenses means projected annualized Operating Expenses based on a trailing 12-month period adjusted upwards or downwards in Lender’s reasonable discretion by anticipated changes in Operating Expenses.
Underwritten Operating Expenses means $_________, which includes the Underwritten Management Fee.
Underwritten Operating Expenses means, for any Test Period, Operating Expenses for such Test Period, as determined and adjusted by Lender to reflect the Standard Adjustments and otherwise in accordance with its then current audit policies and procedures for properties similar to the Project.
More Definitions of Underwritten Operating Expenses
Underwritten Operating Expenses means, as of any date of determination, an amount calculated for each applicable Financed Property or Pending Advance Property (in a consistent manner on a portfolio basis for all such Properties) in accordance with the Underwriting Schedule, as follows:
Underwritten Operating Expenses shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.
Underwritten Operating Expenses is the amount set forth in Section 1.03, which includes the Underwritten Management Fee.
Underwritten Operating Expenses means 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
Underwritten Operating Expenses means the trailing twelve (12) months of Operating Expenses, based on the most recent operating statements and such other information as is required to be delivered by Borrower pursuant to Section 4.1.6 hereof, less any actual non-recurring Operating Expenses for such trailing twelve (12) month period less FF&E Expenditures equal to the greater of (i) four percent (4%) of Operating Income or (ii) if applicable, the percentage of Operating Income being reserved by any Brand Manager, in each case, with respect to each Individual Property, each on a trailing twelve (12) month period. Lender’s calculation of Underwritten Operating Expenses shall be conclusive and binding on Borrower absent manifest error.
Underwritten Operating Expenses means projected annualized Operating Expenses based on a trailing twelve (12) month period adjusted upwards (but not downwards) by anticipated increases in Operating Expenses as reasonably determined by Lender. Lender’s calculation of Underwritten Operating Expenses shall be conclusive and binding on Borrower absent manifest error.
Underwritten Operating Expenses is defined in Section 1.03.