Debt Yield. The ratio (expressed as a percentage) of (i) Adjusted Net Operating Income (determined solely for the Borrowing Base Properties) to (ii) the Outstanding Loans. For the purposes of calculating Adjusted Net Operating Income, Adjusted Net Operating Income shall be calculated (i) for the fiscal quarter ending September 30, 2020, by multiplying the Adjusted Net Operating Income for the period from July 1, 2020 through and including ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇ ▇▇▇▇ (▇), (▇▇) for the fiscal quarter ending December 31, 2020, by multiplying the Adjusted Net Operating Income for the period from July 1, 2020 through and including December 31, 2020, by two (2), (iii) for the fiscal quarter ending March 31, 2021, by multiplying the Adjusted Net Operating Income for the period from July 1, 2020 through and including March 31, 2021, by one and one-third (1.33), and (iv) for each calendar quarter thereafter, Adjusted Net Operating Income shall be calculated for the prior four (4) consecutive fiscal quarters most recently ended. Default. See §12.1.
Appears in 2 contracts
Sources: Credit Agreement (Condor Hospitality Trust, Inc.), Composite Credit Agreement (Condor Hospitality Trust, Inc.)