Debt Yield Test definition

Debt Yield Test. Defined in the Fee and Pricing Letter, which definition is incorporated herein by reference.

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Debt Yield Test means, with respect to the Purchased Loans, the test that shall be satisfied at any time the Average Debt Yield shall be 9.00% or greater.

Debt Yield Test shall have the meaning assigned to such term in the Fee Letter.

Examples of Debt Yield Test in a sentence

• Buyer shall apply the funds received in pursuant to this Section 4.01(b) to reduce the Repurchase Prices of one or more of the Purchased Assets that contributed to the breach by Seller of the Facility Debt Yield Test in such manner and in such amounts as Buyer determines in its sole discretion.

• Any cash transferred to Buyer pursuant to this Section 4(b) shall be applied to reduce the Purchase Price of the Purchased Loans as designated by Seller with respect to any non-satisfaction of the Debt Yield Test.

• Prior to the approval of each proposed Future Funding Transaction by Buyer, Buyer shall have determined, in its sole and absolute discretion, that all of the applicable conditions precedent for a Transaction, as described in Section 6.02(b), (e), (f) and (h) have been met by Seller and that the consummation of the related Future Funding Transaction would not otherwise cause Seller to breach the Minimum Portfolio Debt Yield Test.

• If at any time there exists a Debt Yield Test Failure, Seller shall effect a Debt Yield Test Cure in strict accordance with the requirements of Section 3.04 hereof, but only to the extent that DYT Assets are available for such purpose.

• Any request for increase of the Maximum Amount will be deemed to be denied if any of the following has occurred and is continuing as of the proposed effective date of the related increase in the Maximum Amount: (i) a Default or Event of Default has occurred and is continuing, (ii) the Facility Debt Yield Test is not satisfied or (iii) an accrued and unpaid Margin Deficit exists.

More Definitions of Debt Yield Test

Debt Yield Test means the test of the Debt Yield Ratio performed by Borrower and/or Administrative Agent on the trailing twelve (12) month period ending on the last day of the most recent Fiscal Quarter based on the financial information delivered by Borrower pursuant to Section 11.2 hereof, subject to Administrative Agent’s review and approval. Default shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. Default Rate shall have the meaning set forth in Section 2.2.10.

Debt Yield Test. Defined in Schedule 2, which definition is incorporated herein by reference.

Debt Yield Test means, (i) with respect to any Purchased Asset with the related Mortgaged Property (or Mortgaged Properties) secured by multifamily property, a test that will be satisfied on the related Purchase Date if the Debt Yield of such Purchased Asset equals or exceeds 7.5% as of such date, (ii) with respect to any Hotel Purchased Asset, a test that will be satisfied on the related Purchase Date if the Debt Yield of such Hotel Purchased Asset equals or exceeds 11.0% as of such date, and (iii) with respect to any other Purchased Asset, a test that will be satisfied on the related Purchase Date if the Debt Yield of such Purchased Asset equals or exceeds 8.5%.

Debt Yield Test. (i) The Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all Core Purchased Assets other than Hotel Assets and Metropolitan Purchased Assets must at all times and during all relevant time periods generate a Debt Yield of at least *** percent (***%), (ii) the Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all Core Purchased Assets consisting of Hotel Assets must at all times and during all relevant time periods generate a Debt Yield of at least *** percent (***%), (iii) the Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all Core Purchased Assets consisting of Metropolitan Purchased Assets, must at all times and during all relevant time periods generate a Debt Yield of at least *** percent (***%), (iv) the Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all Flex Purchased Assets other than Hotel Assets must at all times and during all relevant time periods generate a Debt Yield of at least *** and *** percent (***%); (v) the underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all Flex Purchased Assets consisting of Hotel Assets must at all times and during all relevant periods generate a Debt Yield of at least *** percent (***%), (vi) the Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all CMBS Purchased Assets with Applicable Percentages which are equal to or less than *** percent (***%) must at all times and during all relevant time periods generate a Debt Yield of at least *** percent (***%); and (vii) the Underlying Mortgaged Property or Underlying Mortgaged Properties pledged to secure all CMBS Purchased Assets with Applicable Percentages which are greater than *** percent (***%) must at all times and during all relevant time periods generate a Debt Yield of at least *** and *** percent (***%); provided, however, that if Buyer shall approve, as of the Purchase Date for any Purchased Asset, a Debt Yield for such Purchased Asset that is lower than the applicable required Debt Yield set forth in any of sub clauses (i) through (vii) above, then such Purchased Asset shall be calculated separately from the other Purchased Assets comprising such sub clause in determining compliance with the Debt Yield Test otherwise applicable to Purchased Assets in such sub-clause and the lower Debt Yield as assigned by Buyer shall be deemed to be the Debt Yield Test appli...

Debt Yield Test means the test with respect to the trailing twelve (12) calendar month period ending on the last day of the most recent Fiscal Quarter immediately preceding the Second Extended Maturity Date to determine the Debt Yield Ratio for such period (based on the financial information delivered by Borrower pursuant to Section 11.2 hereof with respect to such period).

Debt Yield Test means, a test that is satisfied if the Debt Yield as of the applicable date of determination is greater than or equal to 5.8%.

Debt Yield Test. (i) The Underlying Mortgaged Property pledged to secure all Purchased Assets other than the Life Time Purchased Assets must at all times and during all relevant time periods generate a Debt Yield of at least fifteen percent (15.0%), except that, at all times when the only Purchased Assets on the Facility are the ▇▇▇▇▇▇▇, Bank One and Constellation Purchased Assets, the Purchased Assets must at all times and during all relevant time periods generate a Debt Yield of at least twelve percent (12%), and (ii) the Debt Yield for the Underlying Mortgaged Property pledged to secure the Life Time Purchased Assets, must at all times and during all relevant time periods generate a Debt Yield of at least thirty percent (30%).