Minimum Debt Yield Ratio (Senior Debt). The Parent shall not allow the Debt Yield Ratio (Senior Debt) to be less than 11.35% beginning on June 30, 2021 and at any time thereafter, provided, however, that for purposes of calculating such Debt Yield Ratio (Senior Debt), (i) for the calendar quarter ending on June 30, 2021, the Adjusted NOI shall be based on the quarter ending June 30, 2021 multiplied by four (4); (ii) for the calendar quarter ending on September 30, 2021, the Adjusted NOI shall be based on the trailing two (2) quarters multiplied by two (2); (iii) for the calendar quarter ending on December 31, 2021, the Adjusted NOI shall be based on the trailing three (3) quarters multiplied by four-thirds (4/3) and (iv) thereafter, the Adjusted NOI shall be based on the trailing four (4) quarters ended on the test date.
Appears in 5 contracts
Samples: First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust), First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust), Second Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)
