Transient Debt Yield definition

Transient Debt Yield means, for purposes of the Mortgage Loan Documents, as of any date, the ratio conveyed as a percentage and calculated by Lender in which (i) the numerator is the Net Cash Flow for the three (3) month period ending with the most recently completed calendar month, annualized (and for the purposes of calculating this definition, utilizing underwritten Operating Expenses (including, without limitation, underwritten replacement reserve, underwritten taxes and actual insurance premiums and excluding non-monthly contributions to the Reserve Funds) as reasonably determined by Lender over the next succeeding twelve (12) month period) and (ii) the denominator is the outstanding principal balance of the Whole Loan and the outstanding principal balance of the Mezzanine Loan at the time of calculation. Lender’s computation of same will be final absent manifest error.