Underwritten NOI definition

Underwritten NOI means Underwritten EGI minus Underwritten Operating Expenses.

Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten Operating Expenses.

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.

Examples of Underwritten NOI in a sentence

• The Underwritten NOI of the Project generates a Cash on Cash Return of at least 6.5% and a Debt Service Coverage of at least 1.37:1.0.

• No change shall have occurred in the financial condition of Borrower or any Borrower Party or in the Underwritten NOI of the Project, or in the financial condition of any major or anchor tenant, which would have, in Lender's sole judgment, a material adverse effect on the Project or on Borrower's or any Borrower Party's ability to repay the Loan or otherwise perform its obligations under the Loan Documents.

• 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.

• No change shall have occurred in the financial condition of Borrower or any Borrower Party, or in the Underwritten NOI of the Project, or in the financial condition of any major or anchor tenant, which would have, in Lender's sole judgment, a material adverse effect on the Loan, the Project, or Borrower's or any Borrower Party's ability to perform its obligations under the Loan Documents.

• For the purpose of this procedure, Marathon, on behalf of the Issuer, instructed us to round the “Mortgage Loan Underwritten NOI DSCR” and “Whole Loan UW NOI DSCR” to two decimal places.

More Definitions of Underwritten NOI

Underwritten NOI shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.

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 has the meaning set forth in the definition of “Net Operating Income”.

Underwritten NOI means (a) the aggregate twelve-month trailing Net Operating Income for all Individual Properties plus (b) Net Operating Income for all Individual Properties expected from executed Leases for which occupancy will occur within the twelve month period commencing on the applicable Closing Date minus (c) the Assumed Capital Expenditures for all Individual Properties.

Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten Operating Expenses, as reasonably determined by Lender on a Project-by-Project basis for the trailing 12-month period in the manner generally set forth in the Excel spreadsheet entitled "GE Cash Test Method 2-28-05" and delivered to Borrower prior to the Closing Date.

Underwritten NOI means the amount by which Underwritten Operating Revenues exceed Underwritten OperatingExpenses.