Underwritten Net Operating Income definition

Underwritten Net Operating Income means, on any date with respect to any one or more Purchased Assets, the underwritten net operating income from the Underlying Mortgaged Property or Underlying Mortgaged Properties securing such Purchased Asset or Purchased Assets as of such date, as determined by Buyer in its sole discretion.

Underwritten Net Operating Income shall have the meaning set forth in the Mortgage Loan Agreement.

Underwritten Net Operating Income means the first year’s Net Operating Income of the Consolidated Group used to underwrite the acquisition of a Borrowing Base Property.

Examples of Underwritten Net Operating Income in a sentence

• Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $260,000,000.

• Cut-off Date LTV Ratio, LTV Ratio at Maturity, Underwritten NCF DSCR, Debt Yield on Underwritten Net Operating Income, Debt Yield on Underwritten Net Cash Flow and Loan Per Unit calculations are based on the aggregate Cut-off Date Balance of $130,000,000.

• For the purpose of this procedure, the Depositor instructed us to round the “Underwritten NOI DSCR (x),” “Underwritten NCF DSCR (x),” “2013 NCF DSCR,” “2014 NCF DSCR,” “2015 NCF DSCR” and “Most Recent NCF DSCR” to two decimal places and the “Cut-off Date LTV Ratio (%),” “LTV Ratio at Maturity (%),” “Debt Yield on Underwritten Net Operating Income (%)” and “Debt Yield on Underwritten Net Cash Flow (%)” to the nearest 1/10th of one percent.

• The resized Loan Amount shall be equal to (a) Underwritten Net Operating Income divided by 1.4, divided by (b) the Debt Constant.

• A retail "Class B" intoxicating liquor license, when issued by the Town Clerk under authority of the Town Board, shall permit its holder to sell, deal and traffic in intoxicating liquors to be consumed by the glass only on the premises so licensed and in the original package or container in multiples not to exceed four liters at any one time, to be consumed off the premises, except that wine may be sold in the original package or otherwise in any other quantity to be consumed off the premises.

More Definitions of Underwritten Net Operating Income

Underwritten Net Operating Income means, as of the end of any calendar quarter for which Underwritten Net Operating Income is determined (or such other date for which Underwritten Net Operating Income is determined) the excess of: (a) the sum of: (i) annualized base rent in place as of the date of the determination based on executed Leases which are effective or that have future lease commencement dates within twelve (12) months of the date of calculation unless such Tenant is an investment-grade entity, and including executed Leases with free rent periods currently in effect not to exceed the greater of (x) twelve (12) months or (y) one (1) month for each year of the initial term of the Lease (unless the excess is reserved with Lender) (without duplication), plus (ii) any contractual rent increases within the twelve months following the date of such calculation, which are not subject to any tenant contingencies; plus (iii) for the twelve (12) month period preceding the month in which such Underwritten Net Operating Income is calculated, (x) monthly recoveries actually received by Borrower under executed existing Leases, provided that monthly recoveries for any Tenants that have not been in place for twelve (12) months shall be annualized based on the trailing twelve (12) month expenses, and provided, further, that the aggregate monthly recoveries under this clause (iii)(x) for any Individual Property over such twelve (12) month period shall not exceed actual operating expenses for such Individual Property for such twelve (12) month period, and (y) actual rent and revenue received by Borrower from other sources at the Properties to the extent such receipts are recurring in nature and derived from ordinary course operations of the Properties for such twelve (12) month calculation period (this clause (a), collectively, “Gross Revenue”); over (b) for the twelve (12) month period preceding the month in which such Underwritten Net Operating Income is calculated, Operating Expenses over such twelve (12) months, in each case adjusted to reflect Lender’s determination of: (i) an adjustment so that property management fees are equal to the greater of three percent (3.0%) of Gross Revenues and the property management fees actually paid under the Management Agreement; (ii) exclusion of (X) amounts representing non-recurring items and (Y) amounts received from (1) Tenants affiliated with Borrower or Guarantor, (2) Tenants in monetary default for more than sixty (60) days or material non-monetary defau...

Underwritten Net Operating Income means, for any twelve (12) full calendar month period, the underwritten Net Cash Flow of the Property determined by Lender in its reasonable discretion in accordance with Lender’s then current underwriting standards for loans of this type and the then current underwriting standards of the Rating Agencies, based upon (i) Qualifying Income actually collected by Borrower for the last full calendar month prior to the date of the calculation, annualized, less (ii) Operating Expenses (other than expenses for tenant improvements and leasing commissions), for the trailing twelve full calendar month period and (iii) Capital Expenditures at the annual rate of $0.10 per leasable square foot of space at the Property.

Underwritten Net Operating Income means for any period the amount obtained by subtracting Operating Expenses from Gross Income From Operations, and then applying the following adjustments:

Underwritten Net Operating Income means, in Lender’s reasonable discretion:

Underwritten Net Operating Income shall have the meaning specified in the Fee Letter.

Underwritten Net Operating Income means the underwritten net operating income for any Mortgaged Property or Underlying Mortgaged Property as determined by Buyer in its commercially reasonable discretion based upon the difference between (i) and (ii) below:

Underwritten Net Operating Income means, as of any date of determination (such date, the “Reference Date”), (a) Gross Operating Income for the immediately succeeding calendar quarter (the “Calculation Period”) (excluding, however, any Gross Operating Income received from tenants under Leases that are not Approved Leases as of the Reference Date) and (i) adjusted downwards by Lender in accordance with the definition of “Concessions” and (ii) adjusted upward to give credit for rents of tenants in possession but not paying rent due to a free rent period (provided, the amount credited in the foregoing subclause (ii) shall be the monthly rent, at the monthly Net Effective Rental Rate, that the applicable tenant is required to pay during the first month in which it is required to pay rent under its Lease), provided such tenant will commence paying rent within six (6) months after the last day of the Calculation Period, multiplied by four (4); minus (b) the actual reasonable Operating Expenses for the immediately preceding calendar quarter multiplied by four (4).