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%).
View Source
Required Debt Yield means a Debt Yield, as determined by Lender, equal to or exceeding seven percent (7.00%).
View Source
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.
View Source

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.

  • If, as of any such Retest Date, the Minimum Required Debt Yield is then satisfied, Borrower shall have no further obligation to deposit Excess Cash Flow into the Borrower’s Funds Account during such Excess Cash Flow Collection Period and all amounts then on deposit in the Borrower’s Funds Account shall be promptly released to Borrower.

  • Notwithstanding the foregoing, if the Minimum Required Debt Yield is not satisfied as of any Test Date, then Lender shall retest as of the end of each three-month period during the Excess Cash Flow Collection Period (each a “Retest Date”) whether the Minimum Required Debt Yield is then satisfied.

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

  • Percentage (a ÷ b) Required Debt Yield 9% Compliance [Yes][No] I, [ ], the undersigned, do hereby certify that I am the Secretary of EXTENDED STAY AMERICA, INC.


More Definitions of Required Debt Yield

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%).”
View Source
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%).
View Source