Debt Yield Trigger Event definition

Debt Yield Trigger Event means that, as of any Debt Yield Determination Date, the Debt Yield for the two (2) consecutive calendar quarters immediately preceding such Debt Yield Determination Date is less than the Debt ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇.

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Debt Yield Trigger Event means either (i) as of the date of determination, the Debt Yield based on the trailing twelve (12) month period immediately preceding the date of such determination is less than nine percent (9.0%) for two (2) consecutive calendar quarters, or (ii) if Borrower previously cured or prevented a Debt Yield Trigger Event by depositing a Debt Yield Cure – Letter of Credit with Lender, the expiration of the three (3) month period that commenced on the date Borrower delivered such Debt Yield Cure – Letter of Credit to Lender; provided, however, that a Debt Yield Trigger Event shall not be deemed to have occurred if, within five (5) Business Days of the date described in clause (i) or (ii) of this definition, Borrower deposits with Lender the applicable Debt Yield Cure – Letter of Credit or completes the applicable Debt Yield Cure – Partial Prepayment.

Debt Yield Trigger Event means a Debt Yield of less than the applicable Required Debt Yield on any date of determination for the calendar quarters immediately preceding the date of such determination, based upon the trailing twelve (12) month period immediately preceding such date of determination, as determined by Lender.

Examples of Debt Yield Trigger Event in a sentence

• Upon the occurrence of a Cash Trap Event arising solely in connection with a Debt Yield Trigger Event, Excess Cash Flow shall be deposited with and held by Mortgage Lender for disbursement in accordance with Section 7.5.2 of the Mortgage Loan Agreement and the Cash Management Agreement.

• If an Event of Default is continuing or a Debt Yield Trigger Event Period is continuing the Annual Budget shall be subject to Lender’s written approval, which approval shall not be unreasonably withheld, conditioned or delayed (each such Annual Budget, an “Approved Annual Budget”).

• Upon the occurrence of a Cash Trap Event arising solely in connection with a Debt Yield Trigger Event, Excess Cash Flow shall be deposited with and held by Lender for disbursement in accordance with Section 7.5.2 below (the “Debt Yield Reserve Deposit”.

• During a Cash Trap Event (other than a Cash Trap Event caused solely by a Debt Yield Trigger Event) Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

• If an Event of Default is continuing or a Debt Yield Trigger Event Period is continuing the Annual Budget shall be subject to Lender’s written approval, which approval shall not be unreasonably withheld, conditioned or delayed] (each such Annual Budget, an “Approved Annual Budget”).

More Definitions of Debt Yield Trigger Event

Debt Yield Trigger Event shall have the meaning set forth in the Mortgage Loan Agreement.

Debt Yield Trigger Event means a Debt Yield of less than eight and two-tenths of one percent (8.20%) on any date of determination, as reasonably determined by Lender.

Debt Yield Trigger Event shall have the meaning set forth in the definition of “Trigger Period”.

Debt Yield Trigger Event means (i) prior to the Initial Maturity Date, a Debt Yield of less than 6.5% for the applicable Test Period, as reasonably determined by Lender and (ii) for the period beginning on the date immediately following the Initial Maturity Date and ending on the Extended Maturity Date, a Debt Yield of less than 6.5% on any date of determination for the applicable Test Period, as reasonably determined by Lender.

Debt Yield Trigger Event means, commencing on the Closing Date, a Debt Yield of less than eight and three-quarters percent (8.75%) based upon the trailing twelve (12) month period immediately preceding such date of determination.

Debt Yield Trigger Event means the Debt Yield for two (2) consecutive quarters, tested on each Debt Yield Test Date, falling below (a) 10.5% as of any Debt Yield Test Date occurring during the period commencing on the Closing Date through the last day of the third (3rd) Loan Year and (b) 11.0% as of any Debt Yield Test Date thereafter.

Debt Yield Trigger Event means the Debt Yield, as determined by Lender on the last day of any quarter of a Fiscal Year based upon the trailing twelve (12) month period immediately preceding the date of determination, and after giving effect to any Debt Yield Cure Action made pursuant to Section 2.4.6 of this Agreement, less than (a) if determined on any date that is prior to the First Extended Date, six and nine-tenths percent (6.90%), (b) if determined on any date that is on or after the First Extended Date but prior to the Second Extended Date, eight and one quarter percent (8.25%), and (c) if determined on or after the Second Extended Date, eight and one-half percent (8.50%).