Debt Yield Failure Clause Samples

Debt Yield Failure. If, as of any Test Date, the Debt Yield is below 8.75% (“Debt Yield Failure”), the Loan shall begin amortization based on a thirty (30) year amortization schedule, utilizing a six percent (6%) interest rate, as determined by Administrative Agent in its discretion (absent manifest error), solely for calculating the principal amortization and for no other purpose; provided, however, once during the term of the Loan, Borrowers may elect, after providing notice with the delivery of the applicable Compliance Certificate, to pay down the principal balance of the Loan in an amount sufficient to cause the debt yield to be equal to or greater than 8.75% in lieu of such amortization. If as of any Test Date there is a Debt Yield Failure where the Debt Yield is below 8.25%, in addition to the amortization described in the immediately preceding sentence, Borrowers shall pay down on or prior to the twentieth (20th) day following the required delivery date of the applicable Compliance Certificate the principal balance of the Loan on a pro rata basis in an amount sufficient to cause the Debt Yield to be equal to or greater than 8.25%.
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Related to Debt Yield Failure

  • Excess Availability Borrowers shall maintain Excess Availability at ------------------- all times of at least $4,500,000.

  • Minimum Excess Availability Borrower shall have Excess Availability under the Revolving Credit Loans facility of not less than the amount specified in the Schedule, after giving effect to the initial advance hereunder and after giving effect to any applicable Loan Reserves against borrowing availability under the Revolving Credit Loans.

  • Minimum Call-Back Time All employees who are called out and required to work in an emergency outside their regular working hours shall be paid for a minimum of two (2) hours at overtime rates and shall be paid from the time they leave home to report for duty until the time they arrive back upon proceeding directly from work.

  • Debt Service Coverage Ratio Calculation: If school owns its facility or if the school leases its facility and the lease is capitalized: (Net Income + Depreciation Expense + Interest Expense) divided by (Principal + Interest + Lease Payments) If school leases its facility and the lease is not capitalized: (Facility Lease Payments + Net Income + Depreciation Expense + Interest Expense) divided by (Principal + Interest + Lease Payments) Data Source: Annual Fiscal Audit Report

  • Consolidated Leverage Ratio Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 2.50 to 1.0.