UNOI definition

UNOI means the underwritten net operating income for the Property determined by Lender as the sum of (a) Operating Income for the trailing twelve (12) month period, less (b) actual Operating Expenses incurred in connection with the Property during the twelve (12) month period preceding the date of calculation, with adjustments for any anticipated increases in such Operating Expenses projected to occur during the twelve (12) month period following the date of calculation. “Unincorporated Materials” has the meaning assigned to such term in the definition of Stored Materials. “U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “U.S. Person” shall mean any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code. “U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.2.3(e)(ii)(B)(3) hereof. “WARN Act” shall mean the Worker Adjustment and Retraining Notification Act or any other applicable similar state law. “Withdrawal Liability” has the meaning given to such term under Part I of Subtitle E of Title IV of ERISA. “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail- In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

UNOI means the aggregate underwritten net cash flow for the Properties determined by Administrative Agent as the sum of (a) the trailing 12 months of room, food and beverage, retail and other verifiable recurring income less (b) adjustments if necessary to account for (i) new supply and/or (ii) declining trends in RevPar which will be interpolated for the periods that are likely to be effected, less (c) actual Operating Expenses incurred in connection with the Properties during the twelve (12) month period preceding the date of calculation with adjustments to individual line item expenses to bring them up to market norms or to reflect any anticipated increases in such Operating Expenses (including those projected to occur as a result of higher occupancy or step-ups in contracts) and assuming (i) base property management fees equal to the greater of (A) the actual amount paid by any Borrower during such prior 12-month period, and (B) three percent (3%) of Revenues, (ii) a normalized adjustment for FF&E equal to the greater of four percent (4%) of total revenue and those required by the Franchise Agreements, and (iii) franchise fees equal to the greater of six percent (6%) of total revenue and those required by the Franchise Agreements.

Examples of UNOI in a sentence

• All financial statements (including those to be delivered as a condition to closing) (i) shall be prepared in accordance with generally accepted accounting principles ("GAAP"), (ii) shall be presented in a format acceptable to Capital America, and (iii) shall include a statement of operations (profit and loss), a statement of cash flows, a calculation of UNOI, and such other information or reports as shall be reasonably requested by Capital America or any applicable Rating Agency.

• If the Debt Service Coverage Ratio as of June 11, 1999 and as of December 11, 1999 is less than 1.35, Lender shall hold the UNOI L/Cs and UNOI Fund as additional security for the Loans until the Loans are paid in full.

• Upon delivery to Lender of such UNOI L/C, Lender shall return to Borrowers the funds then on deposit in the UNOI Fund.