Underwritten Net Cash Flow definition

Underwritten Net Cash Flow means, as of any date of determination, the excess of: (i) for the twelve (12) month period ending on such date, the sum of (A) the lesser of (1) GPR multiplied by 94.0%, and (2) Actual Rent Collections, and (B) Other Receipts; over (ii) for the twelve (12) month period ending on such date, the sum of (A) Operating Expenses, adjusted to reflect exclusion of amounts representing non-recurring expenses, (B) Underwritten Capital Expenditures and (C)
Underwritten Net Cash Flow means, as of any date of determination, the sum of (a) the excess of (x) (i) Underwritten Gross Income less (ii) the Underwritten Vacancy Adjustment over (y) Underwritten Operating Expenses plus (b) “Other Income” as set forth on the Underwriting Schedule for the applicable geographic region; provided that “Other Income” shall be zero for a Stabilized Property if the Actual Underwritten Gross Income for such Property is zero. Underwritten Net Cash Flow shall be subject to such other adjustments deemed necessary by the Administrative Agent based upon the Administrative Agent’s reasonable underwriting criteria and the actual experience of the Borrowers; provided, however, that any such adjustments (other than adjustments caused by variations in actual in-place rental payments or various actual in-place charges, costs or expenses) reflecting underwriting criteria that would result in an increased Underwritten Net Cash Flow compared to Underwritten Net Cash Flow calculated without giving effect to such adjustments shall be presented to the Lenders for review and shall become effective on the sixth (6th) Business Day after such presentation, unless the Thirty-Three Percent Lenders object to such adjustments prior to such time in accordance with Section 10.20. Lenders constituting Thirty-Three Percent Lenders shall have a right at any time to request, in accordance with Section 10.20, that the Administrative Agent review the then current formula for calculation of Underwritten Net Cash Flow to determine whether any additional adjustments are necessary; provided that such Thirty-Three Percent Lenders shall provide a reasonably detailed written statement of their reasons for making such a request. The Calculation Agent’s calculation of Underwritten Net Cash Flow shall be final absent manifest error. Notwithstanding anything herein to the contrary, the Underwritten Net Cash Flow of any Property (a) that is a Disqualified Property or a Disqualified Non-Conforming Property but, in either case, is not a Reserved Property or (b) that is a Specified Property (and is not a Permitted Specified Property or a Reserved Property) shall be zero for all purposes of this Agreement.
Underwritten Net Cash Flow shall have the meaning set forth in the Mortgage Loan Agreement.

Examples of Underwritten Net Cash Flow in a sentence

  • Accordingly, there can be no assurance that the Underwritten Net Cash Flow for any of the mortgaged real properties shown on Exhibit A-1 to this information circular will be representative of the actual future net cash flow for the particular property.

  • Underwritten Net Cash Flow: The current annual ground lease rental payments paid by the Ground Lessee, as verified by Lender.

  • ItemFunctionDescription1 Underwritten NCF per Part II, Chapter 2: Valuation and Income, Section 202.01: Underwritten Net Cash Flow (Underwritten NCF).2DIVIDED BYAnnual debt service for the Mortgage Loan amount.

  • Based on Underwritten Net Cash Flow (as defined herein and assuming LIBOR of 5.32% (subject to rounding as set forth in the related Note or Loan Agreement)) and the portion of the Whole Loan principal balance that is deposited in the Trust.

  • Net income for any of the underlying real properties as determined under GAAP would not be the same as the Underwritten Net Cash Flow for the property shown on Exhibit A-1 to this information circular.


More Definitions of Underwritten Net Cash Flow

Underwritten Net Cash Flow means, as of any date of calculation with respect to the Mortgaged Property, (i) the Operating Revenues calculated based upon the base rent portion of the Rents during the most recent three month period for which such information was furnished to Lender pursuant to Section 5.1(r)(v) hereof, annualized, plus (ii) any utility and other income during the most recent twelve month period for which such information was furnished to Lender pursuant to Section 5.1(r)(v) hereof, minus (iii) the Operating Expenses with respect to the Mortgaged Property during the most recent twelve month period for which such information was furnished to Lender pursuant to Section 5.1(r)(v) hereof, each as determined by Lender and after Lender makes adjustments, if necessary, for
Underwritten Net Cash Flow means, as of any date of determination and calculated with respect to the preceding twelve (12) month period for which financial statements are available pursuant to Section 5.11 hereof, the amount determined by Lender as the excess of (a) Gross Revenues over (b) Operating Expenses, adjusted to (i) include amounts for (A) management fees equal to the greater of (1) three percent (3%) of Gross Revenues and (2) the management fees actually paid under the Management Agreement, (B) any franchise, license and marketing fees and reimbursables paid or payable to Franchisor under any Franchise Agreement and/or Management Agreement, as applicable, and (C) Capital Expenditures (i) equal to the greater of (1) four percent (4%) of Gross Revenues per annum (regardless of whether deposits to a reserve account for such items is required under this Agreement) and (2) the Capital Expenditures actually paid under the Franchise Agreement; and (ii) exclude amounts (A) which are non-recurring items and (B) received from any Affiliate of Borrower, Mortgage Borrower or Guarantor or from any Tenant in default under its Lease or in bankruptcy (unless such Lease has been assumed in the bankruptcy proceeding). Lender’s calculation of Underwritten Net Cash Flow shall be final absent manifest error.
Underwritten Net Cash Flow. With respect to any Mortgaged Property, the estimated annual revenue derived from the use and operation of such Mortgaged Property, less estimated annual expenses, including operating expenses (such as utilities, administrative expenses, repairs and maintenance, tenant improvement costs, leasing commissions, management fees and advertising), fixed expenses (such as insurance, real estate taxes and, if applicable, ground lease payments) and replacement reserves and an allowance for vacancies and credit losses. In calculating Underwritten Net Cash Flow, certain non-operating items such as depreciation, amortization, partnership distributions, financing fees and capital expenditures other than applicable reserves, are not included as expenses.
Underwritten Net Cash Flow. With respect to any Mortgage Loan, the estimated annual revenue derived from the use and operation of such Mortgaged Property, less estimated annual expenses, including operating expenses (such as utilities, administrative expenses, repairs and maintenance, management fees and advertising), fixed expenses (such as insurance and real estate taxes) and replacement reserves.
Underwritten Net Cash Flow means, for any trailing twelve (12) month period, Lender’s reasonable calculation of the excess of (A) the sum of (i) rental income for the applicable period actually paid by Tenants under Leases for such period Property pursuant to Leases that are in full force and effect (including the pro rata amounts of rental income for Leases where Tenants prepaid such rental obligations), and (ii) all amounts other than rental income actually paid to Mortgage Borrower for such period in respect of items which would be included in Mortgage Borrower’s Financial Statements for such period as operating income of the Property in accordance with GAAP, including, but not limited to common area maintenance, real estate tax recoveries, utility recoveries, other miscellaneous expense recoveries, income generated by from solar energy lease income and other miscellaneous income derived from self-storage operations, but excluding (1) sales, use and occupancy or other taxes on receipts required to be accounted for by Mortgage Borrower to any Governmental Authority, (2) refunds and uncollectible accounts, (3) proceeds from the sale of furniture, fixtures and equipment, (4) any proceeds resulting from any Mortgage Liquidation Event, including, without limitation, any Insurance or Condemnation Proceeds (other than business interruption or other loss of income insurance), (5) any disbursements to Mortgage Borrower from any of the Mortgage Reserve Funds, (6) unforfeited Security Deposits, utility and other similar deposits, (7) non-recurring or extraordinary income, including, without limitation lease termination payments (provided that the pro rata amounts of rental income for Leases where Tenants prepaid such rental obligations shall be included as provided in clause (A)(i) above), less (B) Operating Expenses for such period; provided, that in its calculation of Underwritten Net Cash Flow and the components thereof, Lender may make adjustments in its reasonable discretion to take into account:
Underwritten Net Cash Flow means, as of the end of any calendar quarter for which Underwritten Net Cash Flow is determined (or ending at such other date for which Underwritten Net Cash Flow is determined), the excess of:
Underwritten Net Cash Flow shall have the meaning set forth in the Pricing Letter.