Required Debt Yield definition

Required Debt Yield means a Debt Yield, as determined by Lender, equal to or exceeding (a) if determined on any date during the Initial Term, seven percent (7.00%), and (b) if determined on any date that is on or after the commencement of the first Extension Option, seven and one half percent (7.50%).
Sample 1Sample 2Sample 3
Required Debt Yield means a Debt Yield, as determined by Lender, equal to or exceeding seven percent (7.00%).
Sample 1Sample 2
Required Debt Yield. 15.51%; provided if within ten (10) Business Days of the Closing Date (or such later date as the Administrative Agent agrees in its sole discretion), the Administrative Agent receives written notice from the Borrower that the “Closing Date Debt Yield” under and as defined in the Mortgage Loan Agreement has been amended to reflect the financial status of the Borrower (as defined in the Mortgage Loan Agreement) as of March 31, 2018 (the “Amended Mortgage Loan Debt Yield”), together with evidence reasonably satisfactory to the Administrative Agent of the effectiveness of such amendment under the Mortgage Loan Agreement, then from and after the date of receipt of such notice and reasonably satisfactory evidence by the Administrative Agent, the Required Debt Yield shall be a percentage equal to the product of (x) 0.90 and (y) the Amended Mortgage Loan Debt Yield.
Sample 1Sample 2

Examples of Required Debt Yield in a sentence

  • If at any time the Debt Yield falls below the Required Debt Yield (a “Covenant Failure”), a default shall exist hereunder provided; however, Borrower may, at its option cure such default by paying down the then outstanding principal balance of the Loan in an amount sufficient to achieve the Required Debt Yield or greater within seventy five (75) days of the applicable Test Date.

  • Borrower shall maintain a Debt Yield throughout the term of the Loan, in an amount not less than the Required Debt Yield.

  • It argues that its customers may orally provide their wireless phone number as a point of contact and therefore those customers expect marketing and service calls.67 We disagree.


More Definitions of Required Debt Yield

Required Debt Yield means (a) a Debt Yield (Mortgage Only), as determined by Lender, equal to (i) with respect to the initial term of the Loan and the first and second Extension Terms, eight percent (8.00%) (the “Initial Required Debt Yield (Mortgage Only)” and (ii) with respect to the third, fourth and fifth Extension Terms, nine percent (9.00%) (the “Secondary Required Debt Yield (Mortgage Only)”); provided that in connection with the creation of a New Mezzanine Loan or the origination of the Additional Mezzanine Loan, the Initial Required Debt Yield (Mortgage Only) and Second Required Debt Yield (Mortgage Only) shall be recalculated at the time of such creation or origination to be an amount equal to (A) with respect to the Initial Required Debt Yield (Mortgage Only), a percentage equal to the quotient resulting from (x) the product of eight percent (8.00%) times the aggregate then outstanding principal balance of the Loan and the Mezzanine Loans (including the newly created or originated Mezzanine Loan) divided by (y) the then outstanding principal balance of the Loan and (B) with respect to the Secondary Required Debt Yield (Mortgage Only), a percentage equal to the quotient resulting from (x) the product of nine percent (9.00%) times the aggregate then outstanding principal balance of the Loan and the Mezzanine Loans (including the newly created or originated Mezzanine Loan) divided by (y) the then outstanding principal balance of the Loan and (b) following the creation of any Mezzanine Loan, a Debt Yield (Aggregate), as determined by Lender, equal to (i) with respect to the initial term of the Loan and the first and second Extension Terms, eight percent (8.00%) and (ii) with respect to the third, fourth and fifth Extension Terms, nine percent (9.00%).
Sample 1
Required Debt Yield means a Debt Yield, as determined by Lender, equal to (i) with respect to the initial term of the Loan and the first, second and third Extension Terms, twelve and thirty-three hundredths percent (12.33%) and (ii) with respect to the fourth and fifth Extension Terms, twelve and eighty-three hundredths percent (12.83%).”
Sample 1

Related to Required Debt Yield

  • Debt Yield means, as of any date of determination, a fraction expressed as a percentage in which:

  • Secured Debt Ratio means the ratio of (a) Secured Debt to (b) Property Value plus, to the extent Secured Debt includes Funded Debt on Construction-in-Process, total construction costs incurred as of such date with respect to such Construction-in-Process.

  • Acquired Debt means, with respect to any specified Person:

  • Covered Debt Amount means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind interest) of Other Covered Indebtedness outstanding on such date.

  • Net Yield means, with respect to any Monthly Period, Portfolio Yield with respect to such Monthly Period minus the Base Rate with respect to such Monthly Period.

  • Secured Indebtedness Leverage Ratio means, with respect to any Person at any date, the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date (determined on a consolidated basis in accordance with GAAP) to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date. In the event that the Company or any of the Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Company may elect, pursuant to an Officer’s Certificate delivered to the Trustee, that all or any portion of the commitment under any Secured Indebtedness as being Incurred at the time such commitment is entered into and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be the creation or Incurrence of a Lien at such subsequent time. For purposes of making the computation referred to above, Investments, acquisitions (including the Acquisition), dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Company or any of the Restricted Subsidiaries has either determined to make or made after the Issue Date and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions (including the Acquisition), dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) net operating expense reductions and other net operating improvements or synergies reasonably expected to result from the applicable pro forma event (including, to the extent applicable, from the Transactions), and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 5 to the “Summary historical and pro forma combined financial data” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Total Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Maximum Leverage Ratio shall have the meaning assigned thereto in the Pricing Side Letter.

  • Initial Covered Debt means the Corporation’s 6.25% Notes due 2036, CUSIP No. 000000XX0.

  • Effective Leverage Ratio has the meaning set forth in the Statement.

  • Total Indebtedness means, at any time, the sum of the aggregate principal amount (including capitalized interest) of all Indebtedness of the Borrower and its Subsidiaries on a consolidated basis (including the Loans and purchase money obligations); provided that Total Indebtedness shall not include:

  • Consolidated Secured Debt Ratio as of any date of determination means, the ratio of (1) Consolidated Total Indebtedness of the Company and its Restricted Subsidiaries that is secured by Liens as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur to (2) the Company’s EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Adjusted Leverage Ratio means, on any date, the ratio of (a) Total Debt as of such date to (b) Adjusted Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP.

  • Net Total Leverage Ratio means, on any date, the ratio of (A) (i) without duplication, the aggregate principal amount of any Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of the Test Period most recently ended as of such date (other than Excluded Transaction Debt) less (ii) without duplication, the Unrestricted Cash and unrestricted Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (B) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Net Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

  • Total Funded Indebtedness means, at any date, the aggregate principal amount of all Funded Indebtedness of Holdings and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP.

  • First Lien Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Borrower for such Test Period.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Secured Debt means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.

  • Consolidated Senior Secured Debt Ratio as of the last day of any period of four consecutive Fiscal Quarters, the ratio of (a) Consolidated Senior Secured Debt on such day to (b) Consolidated EBITDA for such period.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Consolidated Secured Net Leverage Ratio means, with respect to any four-quarter period, the ratio of (a) Consolidated Secured Net Debt as of the last day of such period to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period.

  • Covered Debt means (a) at the date of this Replacement Capital Covenant and continuing to but not including the first Redesignation Date, the Initial Covered Debt and (b) thereafter, commencing with each Redesignation Date and continuing to but not including the next succeeding Redesignation Date, the Eligible Debt identified pursuant to Section 3(b) as the Covered Debt for such period.

  • Required Deposit Rating A rating on short-term unsecured debt obligations of P-1 by Xxxxx’x Investors Service, Inc. and A-2 by S&P Global Ratings. Any requirement that short-term unsecured debt obligations have the “Required Deposit Rating” shall mean that such short-term unsecured debt obligations have the foregoing required ratings from each of such applicable rating agencies.