Common use of Debt Yield Clause in Contracts

Debt Yield. Through the Initial Maturity Date, the Property shall support a Debt Yield of at least 10.75%, based upon Net Operating Income. In the event that Borrower exercises the First Option to Extend, from and after the date of the notice of extension under Section 2.9(a) hereof through the First Extended Maturity Date, the Property shall support a Debt Yield of at least 11.25%, based upon Net Operating Income. If at any time the Property does not meet the required Debt Yield, then Borrower shall immediately pay down the outstanding principal balance of the Loan to meet such Debt Yield requirement. Borrower shall deliver to Lender within forty five (45) days after the end of each of the Property’s fiscal quarters, a compliance certificate, in form attached hereto as Exhibit D, certifying compliance with the foregoing requirements.