Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield (a “Low Debt Yield Trigger”), and shall end (i) upon the Properties achieving a Debt Yield of at least the Low Debt Yield Trigger for two (2) consecutive Calculation Dates or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger (a “Debt Yield Cure Prepayment”).
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at least eighty-five percent (85%) of the Closing Date Debt Yield or (ii) immediately (without waiting for two succeeding consecutive Calculation Dates) upon the Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of eighty-five (85%) of the Closing Date Debt Yield (a “Debt Yield Cure Prepayment”).
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at least eighty-five percent (85%) of the Closing Date Debt Yield.
Examples of Low Debt Yield Period in a sentence
During any Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.
A Low Debt Yield Period is deemed to have commenced on the Initial Effective Date resulting in a Lockbox Trigger Event (and without limitation of Section 2(a) above).
During any Low DSCR Period or Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.
During any Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Administrative Agent a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Administrative Agent’s approval.
More Definitions of Low Debt Yield Period
Low Debt Yield Period shall commence if, as of any Calculation Date, (i) the Debt Yield is less than 5.0% or (ii) the Combined Debt Yield is less than 3.91% and shall end if the Properties have achieved a Debt Yield of at least 5.25% and a Combined Debt Yield of at least 4.11% for two consecutive Calculation Dates. The first Calculation Date after the date hereof shall be March 31, 2015 and, solely with respect to such March 31, 2015 Calculation Date, Operating Expenses used in determining Underwritten Net Cash Flow shall be calculated on an annualized trailing three (3) month basis (provided that, with respect to recurring items of expense that are not paid on a monthly basis (e.g. Taxes, utilities, etc.), such items of expense shall be reflected in an amount equal to the yearly amount of such expense based on the prior twelve (12) month period). The foregoing shall not be deemed to modify any adjustments to be made pursuant to the Underwritten Net Cash Flow definition.
Low Debt Yield Period shall have the meaning set forth in the Mortgage Loan Agreement.
Low Debt Yield Period shall commence if, as of any Test Date, the Debt Yield is less than eight and one-half percent (8.5%) and shall end if the Collateral Assets have achieved a Debt Yield of at least eight and one-half percent (8.5%) for two consecutive Test Dates, as calculated by the Borrowers in good faith.
Low Debt Yield Period means the period (i) commencing on the Payment Date following the conclusion of any Fiscal Quarter Debt Yield Test for which the Debt Yield Ratio for the Property is less than 8.5%, and (ii) ending on the day immediately preceding the Payment Date following the conclusion of two consecutive Fiscal Quarters Debt Yield Test for which the Debt Yield Ratio exceeds 8.5%. Management Agreement shall mean that certain Operating Agreement, dated October 8, 1998, between Vestar-Athens/YCP II Half Moon Bay, L.L.C. and Manager, as amended, supplemented, or affected by that certain (i) Letter dated October 8, 1998; (ii) Letter dated October 8, 1998; (iii) Letter dated October 8, 1998; (iv) Letter dated November 1998; (v) Letter dated November 20, 1998; (vi) Letter dated January 6, 1999; (vii) Amendment to Operating Agreement, dated August 24, 2004; (viii) Assignment and Assumption of Leases, Contracts, Licenses and Permits, dated August 24, 2004; (ix) Amendment to Operating Agreement, dated May 30, 2007; (x) Letter dated May 30, 2007; (xi) Letter dated May 30, 2007; (xii) Letter dated May 30, 2007; (xiii) Letter dated December 11, 2012; (xiv) Letter dated November 14, 2013; (xv) Letter dated December 10, 2013; and (xvi) Letter dated December 10, 2013, as the same may be Modified from time to time in accordance with the terms hereof. Management Control shall mean, with respect to any direct or indirect interest in Borrower or the Property (not including Manager’s interest under an Acceptable Management Agreement), the power and authority to make and implement or cause to be made and implemented all material decisions with respect to the operation, management, financing and disposition of the specified interest. Management Fee shall mean an amount equal to the monthly property management fees payable to the Manager pursuant to the terms of the Management Agreement for management services, incentive management fees and any other fees described in the Management Agreement, and any allocated franchise fees. Manager shall mean The Xxxx-Xxxxxxx Hotel Company, L.L.C., or any replacement “Manager” appointed in accordance with Section 5.2.14 hereof.
Low Debt Yield Period shall commence (i) if prior to the Stated Maturity Date, as of any Calculation Date, the Debt Yield is less than 7.25% and shall end if the Properties have achieved a Debt Yield of at least 7.25% for two consecutive Calculation Dates, as determined by Agent, and (ii) if, from and after the Stated Maturity Date, as of any Calculation Date, the Debt Yield is less than 8.00% and shall end if the Properties have achieved a Debt Yield of at least 8.00% for two consecutive Calculation Dates, as determined by Agent.
Low Debt Yield Period shall commence if, based on the applicable Calculation Date Report,
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield (a “Low Debt Yield Trigger”), and shall end (i) upon the Properties achieving a Debt Yield of at least the Low Debt Yield Trigger for two (2) consecutive Calculation Dates or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower (a) prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger plus two percent (2%) (a “Debt Yield Cure Prepayment”) or (b) adding Additional Properties sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger plus two percent (2%) (a “Debt Yield Cure Addition”) pursuant to Section 2.11.