Quarterly Minimum Debt Yield definition
Quarterly Minimum Debt Yield means, for any Fiscal Quarter until the Indebtedness is paid in full, a Debt Yield of at least thirteen percent (13%) for the Test Period ending upon the expiration of such Fiscal Quarter; and (ii) a “Deferral Period” shall mean each of the following: (x) the period of time commencing on November 4, 2010, and ending upon the expiration of the first Fiscal Quarter as to which Borrower has achieved the Quarterly Minimum Debt Yield; and (y) thereafter, any additional period commencing upon the expiration of any Fiscal Quarter as to which Borrower fails to achieve the Quarterly Minimum Debt Yield, and ending upon the expiration of the first succeeding Fiscal Quarter as to which Borrower has achieved the Quarterly Minimum Debt Yield. Lender and Borrower acknowledge that, as of the Modification Closing Date, Borrower has not achieved the Quarterly Minimum Debt Yield. Borrower shall deliver to Lender, within forty-five (45) days following the end of each Fiscal Quarter, a Debt Yield Certification for such Fiscal Quarter. Lender will have up to thirty (30) days following receipt of a Debt Yield Certification to review and verify the same.
Examples of Quarterly Minimum Debt Yield in a sentence
Lender and Borrower acknowledge that, as of the Modification Closing Date, Borrower has not achieved the Quarterly Minimum Debt Yield.