Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten Operating Expenses.
Underwritten NOI means Underwritten EGI minus Underwritten Operating Expenses.
Underwritten NOI shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.
Examples of Underwritten NOI in a sentence
Underwritten NOI Debt Yield Calculation Computation in which the respective loan's Underwritten Net Operating Income ($) was divided by the corresponding Cut-off Date Balance ($).
Underwritten NOI DSCR (x) Calculation Computation in which the respective loan's Underwritten Net Operating Income ($) was divided by the corresponding Trust Annual Debt Service.
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.
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.
With respect to the AFR/Bank of America Portfolio Mortgage Loan, the Underwritten NOI and the Underwritten Net Cash Flow do not include income relating to the Shadow Occupied Release Space.
More Definitions of Underwritten NOI
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 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 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 means Underwritten Operating Income less Underwritten Operating Expenses. Lender's calculation of Underwritten NOi shall be conclusive and binding on Borrower absent manifest error.
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
Underwritten NOI. At all times during the Facility, and upon the funding of the Permanent Loan, each of the Properties must demonstrate UNOI (as determined in accordance with the terms hereof) on a trailing 12-month basis (based on the consecutive 12-month period ending in the month immediately preceding the closing date for which detailed financial information is available) in an amount sufficient to generate the minimum DSCR for either the Facility or Permanent Loan, as the case may be. UNOI shall be calculated by determining the actual net income of the Properties before interest, depreciation and income taxes during the most recent 12-month period immediately prior to the closing of the Loan. Capital America will make adjustments, in its sole discretion, based on underwriting criteria which will include, but not be limited to, the following (i) supply and demand dynamics in the specific market for each Property and the effect of new construction on occupancy and rate; (ii) the growth or decline, as the case may be, in occupancy, average daily rate, gross revenue, departmental profit and gross operating profit for each Property; (iii) the operating performance of Properties which have been recently renovated; and (iv) expense and other operating ratios of each Property compared to those ratios achieved for a comparable asset in the hotel industry at large. In addition, Capital America will analyze the management contract and franchise agreement for each Property and adjust the fees currently paid on those contracts, when necessary, to reflect minimum standards in the hotel industry for either full-service or limited-service hotels that have both a national franchise and management affiliation. Furthermore, Capital America's determination of the appropriate FF&E reserve will be based upon third-party reports and other due diligence, but in no event will the adjustment be less than 5% of gross revenues. In determining UNOI, all pro forma adjustments to revenue and expenses shall be approved by Capital America in its sole discretion and shall be subject to Capital America's full due diligence. The above underwriting assumes that there is no material adverse change anticipated in the operations of the Properties or in the UNOI of the Properties from the execution of the Commitment Letter to the closing of the Loan.
Underwritten NOI has the meaning set forth in the definition of “Net Operating Income”.