Underwritable Cash Flow in each case is an estimate of stabilized cash flow available for debt service. In general, it is the estimated stabilized revenue derived from the use and operation of a Mortgaged Property (consisting primarily of rental income) less the sum of (a) estimated stabilized operating expenses (such as utilities, administrative expenses, repairs and maintenance, management fees and advertising), (b) fixed expenses (such as insurance, real estate taxes and, if applicable, ground lease payments) and (c) capital expenditures and reserves for capital expenditures, including tenant improvement costs and leasing commissions. Underwritable Cash Flow generally does not reflect interest expenses and non-cash items such as depreciation and amortization. In determining Underwritable Cash Flow for a Mortgaged Property, the Master Servicer may rely on rent rolls and other generally unaudited financial information provided by the respective borrowers and may estimate cash flow taking into account historical financial statements, material changes in the operating position of the Mortgaged Property, and estimated capital expenditures, leasing commissions and tenant improvement reserves. The Master Servicer may make certain changes to operating statements and operating information obtained from the respective borrowers. EXHIBIT U Form of Assignment and Assumption Submission to Special Servicer PRESENT MORTGAGOR: PROPOSED MORTGAGOR: PRIMARY SERVICER #: SPECIAL SERVICER #: COLLATERAL TYPE: (Retail, Industrial, Apartments, Office, etc.) ADDRESS: PROPERTY ADDRESS CITY, STATE, ZIP CODE ASSET STATUS: As of (date)
Underwritable Cash Flow in each case is an estimate of stabilized cash flow available for debt service. In general, it is the estimated stabilized revenue derived from the use and operation of a Mortgaged Property (consisting primarily of rental income) less the sum of (a) estimated stabilized operating expenses (such as utilities, administrative expenses, repairs and maintenance, management fees and advertising), (b) fixed expenses (such as insurance, real estate taxes and, if applicable, ground lease payments) and (c) capital expenditures and reserves for capital expenditures, including tenant improvement costs and leasing commissions. Underwritable Cash Flow generally does not reflect interest expenses and non-cash items such as depreciation and amortization. In determining Underwritable Cash Flow for a Mortgaged Property, the Master Servicer may rely on rent rolls and other generally unaudited financial information provided by the respective borrowers and may estimate cash flow taking into account historical financial statements, material changes in the operating position of the Mortgaged Property, and estimated capital expenditures, leasing commissions and tenant improvement reserves. The Master Servicer may make certain changes to operating statements and operating information obtained from the respective borrowers. EXHIBIT U [Form of Assignment and Assumption Submission to Special Servicer] See Primary Servicing Agreement EXHIBIT V [Form of Additional Lien, Monetary Encumbrance and Mezzanine Financing Submission Package to the Special Servicer] See Primary Servicing Agreement EXHIBIT W RESTRICTED SERVICER REPORTS [Available at CMSA Website version 2.0 dated 11/15/99] EXHIBIT X UNRESTRICTED SERVICER REPORTS [Available at CMSA Website version 2.0 dated 11/15/99] EXHIBIT Y [Investor Certificate]
Underwritable Cash Flow means an amount calculated by Lender on a monthly basis equal to the sum of Gross Rents plus the trailing twelve (12) months Operating Income, less the trailing twelve (12) months Operating Expenses, each of which shall be subject to Lender’s application of the UCF Adjustments. Lender’s calculation of Underwritable Cash Flow (including determination of items that 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 Underwritable Cash Flow in a sentence
As the demand for broadcast services has dropped dramatically with the advent of webcasts, video streaming, and other online services, the OCFS studio was closed at the end of 2018.
Borrower agrees that without the prior consent of Lender, Borrower will not execute modifications to any REA it is a party to if such modifications will have a material adverse effect on the use, operation or value (including the Underwritable Cash Flow) of the Individual Property, taken as a whole, or the ability of Borrower to pay its obligations in respect of the Loan.
For the purposes of the statistical information set forth in this Prospectus Supplement, as to such multiple property loans, a portion of the aggregate Cut-Off Date Balance has been allocated to each property, generally, based on relative appraised value or Underwritable Cash Flow.
At closing, the New Properties shall provide an Initial Underwritable Cash Flow (the “Initial UCF”), as determined by Lender and using applicable rating agency criteria, of at least $21.58 million (assuming a Loan Amount of $210,800,000) and the New Properties shall provide a minimum DSCR of 1.40x.
Such allocation in determining an Allocated Loan Amount is generally based on the ratio of the Underwritable Cash Flow, or net operating income (calculated as provided in the loan documents) or appraised value, or some combination thereof, of each such mortgaged property, to the aggregate Underwritable Cash Flow, or net operating income or appraised value of all such mortgaged properties securing the mortgage.
More Definitions of Underwritable Cash Flow
Underwritable Cash Flow means the excess of Gross Revenue over Operating Expenses. Lender’s calculation of Underwritable Cash Flow (including determination of items that do not qualify as Gross Revenue or Operating Expenses) shall be calculated by Lender based upon Lender’s determination of Rating Agency criteria and shall be final absent manifest error.
Underwritable Cash Flow shall, with respect to any period of time, mean the excess of Gross Revenue for such period of time over Operating Expenses for such period of time. Lender's calculation of Underwritable Cash Flow (including determination of items that do not qualify as Gross Revenue or Operating Expenses) shall be final absent manifest error. Underwritable Cash Flow shall be subject to adjustment by Lender to normalize extraordinary costs of expenses and receipt of extraordinary Gross Revenue items.
Underwritable Cash Flow means the excess of Gross Revenue over Operating Expenses. Lender's calculation of Underwritable Cash Flow (including determination of items that do not qualify as Gross Revenue or Operating Expenses) shall be calculated by Lender based upon Lender's determination of Rating Agency criteria and shall be final absent manifest error.
Underwritable Cash Flow means an amount calculated by Lender on a monthly basis equal to the sum of Gross Rents plus the trailing twelve (12) months Operating Income, less the trailing twelve (12) months Operating Expenses, each of which shall be subject to Lender’s application of the Cash Flow Adjustments. Lender’s calculation of Underwritable Cash Flow (including determination of items that do not qualify as Operating Income or Operating Expenses) shall be calculated by Lender in good faith based upon Lender’s reasonable determination of Rating Agency criteria and shall be final absent manifest error.
Underwritable Cash Flow means, as of any date of calculation, an amount calculated by Lender (subject in all cases to Lender’s Cash Flow Adjustments) equal to:
Underwritable Cash Flow means, with respect to any Mortgaged Property or REO Property, for any twelve month period (or such shorter period calculated on an annualized basis), the underwritable cash flow amount calculated in accordance with Exhibit H hereto.