Underwritten Operating Expenses means projected annualized Operating Expenses based on a trailing 12-month period adjusted upwards or downwards in Lender’s reasonable discretion by anticipated changes in Operating Expenses.
Underwritten Operating Expenses means $_________, which includes the Underwritten Management Fee.
Underwritten Operating Expenses means, as of any date of determination, an amount calculated for each applicable Financed Property or Pending Advance Property (in a consistent manner on a portfolio basis for all such Properties) in accordance with the Underwriting Schedule, as follows:
Examples of Underwritten Operating Expenses in a sentence
Notwithstanding anything to the contrary, in calculating the Debt Yield and Debt Service Coverage with respect to Subsequent Advances under Section 3.3(1) and Section 3.3(2), Underwritten Operating Revenues shall include pro forma rents from the Condominium Units being acquired by the Borrower and Underwritten Operating Expenses shall include projected operating expenses regarding the Condominium Units being acquired by the Borrower.
More Definitions of Underwritten Operating Expenses
Underwritten Operating Expenses means Operating Expenses as determined and adjusted by Lender to reflect the Standard Adjustments and otherwise in accordance with its then current audit policies and procedures for properties similar to the Project.
Underwritten Operating Expenses shall have the meaning set forth on Exhibit A attached hereto and made a part hereof.
Underwritten Operating Expenses means, for any Test Period, Operating Expenses for such Test Period, as determined and adjusted by Lender to reflect the Standard Adjustments and otherwise in accordance with its then current audit policies and procedures for properties similar to the Project.
Underwritten Operating Expenses means Operating Expenses as reasonably determined and adjusted by Lender to reflect the Standard Adjustments and otherwise in accordance with its then current audit policies and procedures for properties similar to the Projects.
Underwritten Operating Expenses is defined in Section 1.03.
Underwritten Operating Expenses means the trailing twelve (12) months of Operating Expenses, based on the most recent operating statements and such other information as is required to be delivered by Borrower pursuant to Section 4.1.6 hereof, less any actual non-recurring Operating Expenses for such trailing twelve (12) month period less FF&E Expenditures equal to the greater of (i) four percent (4%) of Operating Income or (ii) if applicable, the percentage of Operating Income being reserved by any Brand Manager, in each case, with respect to each Individual Property, each on a trailing twelve (12) month period. Lender’s calculation of Underwritten Operating Expenses shall be conclusive and binding on Borrower absent manifest error.
Underwritten Operating Expenses means projected annualized Operating Expenses based on a trailing twelve (12) month period adjusted upwards (but not downwards) by anticipated increases in Operating Expenses as reasonably determined by Lender. Lender’s calculation of Underwritten Operating Expenses shall be conclusive and binding on Borrower absent manifest error.