Achieving Required Debt Yields Clause Samples

Achieving Required Debt Yields. (a) Lender hereby acknowledges and agrees that nothing herein contained shall prohibit Borrowers, in accordance with the provisions of Section 2.4.1 hereof, and provided that no Event of Default, Mortgage Event of Default or any Mezzanine Event of Default shall have occurred and be continuing, from satisfying any Debt Yield requirement set forth in Section 2.7.1 or 2.7.2 hereof by partially prepaying the Mortgage Loan, the Loan or the Mezzanine Loans prior to the commencement of the First Non-Qualified Extension Term, the Second Non-Qualified Extension Term or the Second Qualified Extension Term, as applicable, which prepayment shall be applied in accordance with Section 2.4.4(a) hereof. (b) Without limiting the generality of the foregoing Section 2.7.3(a), Mortgage Borrowers shall also have the right to satisfy any Debt Yield requirement set forth in Section 2.7.1 or 2.7.2 hereof by delivering to Mortgage Lender (for the benefit of Mortgage Lender, Lender and Mezzanine Lenders) a Letter of Credit in an amount equal to the principal repayment of the Aggregate Outstanding Principal Balance that would be required in order to achieve the applicable required Debt Yield (each, a “Debt Yield Letter of Credit”). If Mortgage Borrowers elect to deliver any Debt Yield Letter of Credit, the following shall apply to each such Debt Yield Letter of Credit: (i) Borrowers shall cause Mortgage Borrowers to pay to Mortgage Lender all of Mortgage Lender’s reasonable out-of-pocket costs and expenses in connection therewith, including, without limitation, any costs or expenses incurred in drawing down on such Debt Yield Letter of Credit. Mortgage Borrowers shall not be entitled to draw from any such Debt Yield Letter of Credit. Upon five (5) days notice to Lender and Mortgage Lender and provided that no Event of Default, Mortgage Event of Default or any Mezzanine Event of Default shall have occurred and be continuing, Mortgage Borrowers may replace such Debt Yield Letter of Credit with a partial prepayment of the Mortgage Loan, the Loan and the Mezzanine Loans in an aggregate amount equal to such Debt Yield Letter of Credit, which prepayment shall be applied in accordance with Section 2.4.3(a) of the Mortgage Loan Agreement and Section 2.4.4(a) hereof, following which prepayment, Mortgage Lender shall promptly return such Debt Yield Letter of Credit to Mortgage Borrowers. (ii) Each Debt Yield Letter of Credit delivered under this Agreement shall be additional security for the ...