Debt Yield. The Loan Parties will not permit the Debt Yield for all Financed Properties to be less than 5.75% as of any Quarterly Determination Date.
Debt Yield. Borrower must maintain a Debt Yield of at least 10.0%, measured as of (i) the earlier of (A) December 31, 2021 and (B) the last day of the first Fiscal Quarter after the First Amendment Date during which the Financial Covenants Benchmark is satisfied and (ii) the last day of each Fiscal Quarter of Borrower’s next succeeding Fiscal Quarters throughout the Loan term.
Debt Yield. The NOI for the Property (using, as the determination date, the first day of the calendar month immediately preceding the date of the Draw Request) provides for a Debt Yield of at least sixteen percent (16%) based on the outstanding principal balance of the Loan on the date in question including the amount requested in the applicable Draw Request. Agent hereby agrees that if, in Agent’s reasonable determination, Agent determines that the Debt Yield is less than sixteen percent (16%) and Agent used a lower NOI to calculate such Debt Yield than the NOI which was calculated by Borrower, Agent shall review the same with Borrower and/or its representatives, including Agent’s adjustment (if any) to Gross Revenues and/or Operating Expenses, as applicable, to provide to Borrower and/or its representatives the basis for and details surrounding such determination (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by Agent and the final determination of the Debt Yield shall be unilaterally made by Agent);
Debt Yield. Permit the Debt Yield as at the last day of any calendar month, if, as of any date during such calendar month, any Loans or Reimbursement Obligations were outstanding or any Letters of Credit were outstanding that were not Cash Collateralized in an amount not less than the Minimum Collateral Amount, to be less than 9.00%.
Debt Yield. Within thirty (30) days after the end of each Fiscal Year, Borrower shall deliver to Administrative Agent a Compliance Certificate setting forth the Debt Yield calculated as of the last day of such Fiscal Year. In the Event the Debt Yield is less than _____ percent (___.0%), as determined by Administrative Agent in its sole discretion, Borrower shall be required to prepay the Loan within thirty (30) days of notice of the failure to meet the required Debt Yield in an amount that would result in a Debt Yield of _____ percent (__.0%).]
Debt Yield. (a) Borrower will not permit the Combined Debt Yield Ratio to be less than eleven percent (11%) (the “Minimum Required Debt Yield”), which shall be tested as of the end of the twelfth (12th) month following the closing of the Loan and as of the end of each twelve-month period thereafter (each a “Test Date”). If, as of any Test Date, the Combined Debt Yield Ratio is less than eleven percent (11%), then for the twelve (12) month period following such Test Date (each an “Excess Cash Flow Collection Period”), Borrower shall deposit all Excess Cash Flow generated by the Property during each month into a restricted account maintained with Lender (the “Borrower’s Funds Account”), which deposits shall be made within twenty (20) days after the end of each such month. If, as of the last day of any Excess Cash Flow Collection Period, the Combined Debt Yield Ratio is less than eleven percent (11%), then, within twenty (20) days after the end of such Excess Cash Flow Collection Period, Borrower shall pay to Lender (each such payment, a “Remargin Payment”) for application to the Obligations an amount demanded by Lender up to the lesser of (i) the amount required to fully repay the Obligations, and (ii) the amount required to cause the Minimum Required Debt Yield to be satisfied as of the last day of such Excess Cash Flow Collection Period (provided, however, that the amount then demanded by Lender from Borrower and each Affiliate Borrower under Section 4.13 of each Other Loan Agreement, shall not, in the aggregate, exceed the amount required to cause the Minimum Required Debt Yield to be satisfied as of the last day of such Excess Cash Flow Collection Period). At Borrower’s request in connection with any required Remargin Payment, Lender shall apply the amount then on deposit in the Borrower’s Funds Account to any such required Remargin Payment; provided, however, if the amount then on deposit in the Borrower’s Funds Account is not sufficient to pay in full the required Remargin Payment, Borrower shall pay the deficiency to Lender from other sources as and when due under this Section 4.13. 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. If, as of any such Retest Date, the Minimum Required Debt Yield is then satisfied, Borrow...
Debt Yield. Through the Initial Maturity Date, the Property shall support a Debt Yield of at least 10.75%, based upon Net Operating Income. In the event that Borrower exercises the First Option to Extend, from and after the date of the notice of extension under Section 2.9(a) hereof through the First Extended Maturity Date, the Property shall support a Debt Yield of at least 11.25%, based upon Net Operating Income. If at any time the Property does not meet the required Debt Yield, then Borrower shall immediately pay down the outstanding principal balance of the Loan to meet such Debt Yield requirement. Borrower shall deliver to Lender within forty five (45) days after the end of each of the Property’s fiscal quarters, a compliance certificate, in form attached hereto as Exhibit D, certifying compliance with the foregoing requirements.
Debt Yield. (a) Borrower shall maintain a minimum yield (“Debt Yield”) of 9.00%. The Debt shall be tested on an annual basis with the first test to be performed in 2024 based on the year end operating statements for the annualized period ending on December 31, 2023, and shall be measured from year-end operating statements for each year thereafter. The Debt Yield shall be calculated by dividing Borrower’s Net Income for any annual period by the outstanding Loan Amount at the end such annual period.
(b) The certificate of Bank as to any Debt Yield calculation shall, absent manifest error, be final, conclusive and binding on Borrower.
(c) Should Borrower fail to meet the minimum Debt Yield requirement set forth under Section 5.30(a) above, Borrower may, no later than 30 days after receipt of notice from Bank that Borrower is not in compliance with the minimum Debt Yield requirement, pay down the outstanding Loan Amount or make the Cash Collateral Pledge, to extent necessary to bring the Debt Yield in compliance. Any such paydown of the Loan or the tender of a Cash Collateral Pledge may be made from amounts in the accounts in which the Minimum Deposits are held. For the purposes of calculating the Debt Yield after a Cash Collateral Pledge, cash collateral shall be deemed a dollar for dollar reduction in the outstanding Loan Amount.
Debt Yield. (i) Current Quarter Net Operating Income $
(ii) Debt Yield Loan Amount ((b)(i) divided by .12) $
