Debt Yield Cure definition

Debt Yield Cure means (a) no Event of Default, Mortgage Loan Default or Mezzanine A Loan Default shall be continuing and (b) the achievement of the Required Debt Yield for the two (2) consecutive calendar quarters immediately preceding the date of determination based upon the trailing twelve (12) month period immediately preceding such date of determination.
Sample 1
Debt Yield Cure means the achievement of a Debt Yield of equal to or greater than nine percent (9.0%) for two (2) consecutive quarters based upon the trailing twelve (12) month period immediately preceding the date of determination.
Sample 1
Debt Yield Cure means (i) the achievement of a Debt Yield equal to or greater than eight and two-tenths of one percent (8.20%), as reasonably determined by Lender, or (ii) Borrower prepays a portion of the Loan in connection with releases of Individual Properties in accordance with the terms and conditions of Section 2.5.2 hereof or otherwise prepays the Loan in accordance with Section 2.4.1 hereof (including, if applicable, the payment of the Yield Maintenance Premium prior to the Open Prepayment Date), the effect of which is that had the reduced aggregate principal balance of the Loan been in effect, the Debt Yield based solely on the remaining Properties (and disregarding any Individual Property or Properties released in accordance with the terms and conditions of Section 2.5.2 hereof) would have been in excess of eight and two-tenths of one percent (8.20%).
Sample 1Sample 2

Examples of Debt Yield Cure in a sentence

  • Provided no Trigger Period is continuing as of two (2) consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Account to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, Lender shall release Cash Collateral Funds in the Cash Collateral Account to Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment.

  • Provided no Cash Sweep Period is continuing as of two consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, the Lender is required to release the Cash Collateral Funds to Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment.

  • For purposes of determining whether a Senior Mezzanine Debt Yield Trigger has occurred, and thereafter whether a Senior Mezzanine Debt Yield Cure has occurred, (A) Lender shall calculate Senior Mezzanine Debt Yield as of the last day of each calendar quarter (each, a “Debt Yield Test Date”) during the term of the Loan; and (B) Lender shall use the financial reports relating to such period provided by Borrower pursuant to Section 5.11.

  • If following the testing procedure described in the previous sentence, a Debt Yield Cure has occurred, then the existing Cash Trap Period shall be deemed terminated until such time as a subsequent Debt Yield Failure occurs.

  • Provided no Cash Sweep Period is continuing as of two consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, Lender is required to release the Cash Collateral Funds to Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment.

  • Provided no Cash Sweep Period is continuing as of two (2) consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, the Lender is required to release the Cash Collateral Funds to Borrower within two (2) Business Days of the date of such Debt Yield Cure Prepayment.

  • Provided no Trigger Period is continuing as of two (2) consecutive Calculation Dates, Administrative Agent shall release Cash Collateral Funds in the Cash Collateral Account to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, Administrative Agent shall release Cash Collateral Funds in the Cash Collateral Account to Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment.

  • Provided no Event of Default is continuing, upon written request from Borrower, Administrative Agent shall make disbursements from the Cash Collateral Account of Cash Collateral Funds to pay for a voluntary prepayment of the Loan (together with any applicable Yield Maintenance Premium), including, without limitation, any Debt Yield Cure Prepayment.

  • Provided no Cash Sweep Period is continuing as of two consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Debt Yield Cure Prepayment, the Lender is required to release the Cash Collateral Funds to the Borrower within one (1) Business Day of the date of such Debt Yield Cure Prepayment.

  • For purposes of determining whether a Debt Yield Trigger has occurred, and thereafter whether a Debt Yield Cure has occurred, (A) Lender shall calculate Debt Yield as of the last day of each calendar quarter (each, a “Debt Yield Test Date”) during the term of the Loan; (B) Lender shall use the financial reports relating to such period provided by Borrower pursuant to Section 5.11.


More Definitions of Debt Yield Cure

Debt Yield Cure means (a) no Event of Default shall be continuing and (b) the achievement of the Required Debt Yield for the two (2) consecutive calendar quarters immediately preceding the date of determination based upon the trailing twelve (12) month period immediately preceding such date of determination (which Required Debt Yield may be achieved, at Borrower’s sole discretion, by making a Debt Yield Cure Payment in accordance with the terms of this Agreement in amounts necessary to achieve the Required Debt Yield, provided, that in the event of such Debt Yield Cure Payment, the Required Debt Yield shall be deemed satisfied immediately upon receipt by Lender of the Debt Yield Cure Payment (and any other amounts due under Section 2.4.5 hereof) and the requirement that two (2) consecutive calendar quarters shall have expired after the initial achievement of the Required Debt Yield pursuant to the foregoing shall be deemed inapplicable thereto.
Sample 1Sample 2
Debt Yield Cure means, the achievement of a Debt Yield for 4 consecutive calendar months of (a) greater than 9% during the first year of the term of the Mortgage Loan and (b) greater than 9.5% from and during the second year of the term of the Mortgage Loan through the Maturity Date.
Sample 1
Debt Yield Cure means if, on any two consecutive Debt Yield Test Dates, the Debt Yield is equal to or greater than the Debt Yield Threshold.
Sample 1
Debt Yield Cure means (i) the achievement of a Debt Yield equal to or greater than 6.5% for the applicable Test Period, as reasonably determined by Lender, or (ii) Borrower prepays the Loan and Mezzanine Borrower prepays the Mezzanine Loan in connection with releases of Individual Properties in accordance with the terms and conditions of Section 2.5.2 hereof (and, with respect to Mezzanine Borrower, Section 2.5.2 of the Mezzanine Loan Agreement) or otherwise prepays the Loan in accordance with Section 2.4.1 hereof (and, with respect to Mezzanine Borrower, Section 2.4.1 of the Mezzanine Loan Agreement), the effect of which is that had the reduced aggregate principal balance of the Loan and the Mezzanine Loan been in effect for the applicable Test Period, the Debt Yield based solely on the remaining Properties (and disregarding any Individual Property or Properties released in accordance with the terms and conditions of Section 2.5.2 hereof) during such applicable Test Period would have been in excess of 6.5%; or (iii) Borrower delivers to Lender a Letter of Credit having a face amount equal to the amount necessary to cause the Debt Yield for the applicable Test Period to equal at least 6.5%, as if such amount of such Letter of Credit had been applied pro-rata to the reduction of the principal balance of the Loan and the Mezzanine Loan, it being understood that any Letter of Credit deposited with Lender pursuant to this clause (iii) shall be held as additional collateral for the Loan and shall only be returned to Borrower upon the earlier of (A) the date Lender determines that the Debt Yield is at least 6.5% for the applicable Test Period without giving effect to such Letter of Credit and (B) payment in full of the Debt.
Sample 1
Debt Yield Cure means (a) no Event of Default or Mezzanine Loan Default shall be continuing and (b) the achievement of a Debt Yield (Mortgage Only) and Debt Yield (Aggregate) equal to or exceeding Required Debt Yield for the two (2) consecutive calendar quarters immediately preceding the Calculation Date based upon the trailing twelve (12) month period immediately preceding such Calculation Date (which Required Debt Yield may be achieved, at Borrower’s sole discretion, by making voluntary prepayments in accordance with the terms of this Agreement in amounts necessary to achieve a Debt Yield (Mortgage Only) and Debt Yield (Aggregate) equal to or exceeding the Required Debt Yield; provided that in the event the Required Debt Yield is achieved by such a prepayment, the Debt Yield Trigger Period shall terminate upon such prepayment).
Sample 1

Related to Debt Yield Cure

  • Debt Yield as of any date of determination, the percentage obtained by dividing:

  • Adjusted Leverage Ratio means, as of any date, the ratio of (a) Consolidated Total Funded Debt outstanding as of such date minus any Unrestricted Cash over $3,000,000 to (b) EBITDA for the period of four consecutive fiscal quarters ending on such date.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Net Debt is calculated by adding short-term and long-term debt and subtracting cash and liquid assets.

  • Leverage Ratio means, on any date, the ratio of (a) Consolidated Total Indebtedness as of such date to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company most recently ended on or prior to such date.

  • Consolidated Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed four fiscal quarters.

  • First Lien Leverage Ratio means the ratio, as of any date, of (a) Consolidated First Lien Debt as of the last day of the Test Period then most recently ended to (b) Consolidated Adjusted EBITDA for the Test Period then most recently ended, in each case of the Borrower and its Restricted Subsidiaries on a consolidated basis.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Net Total Leverage Ratio means on any date, the ratio of (A) (i) the sum of, without duplication, (x) the aggregate principal amount of any Consolidated Debt consisting of Loan Obligations outstanding as of the last day of the Test Period most recently ended as of such date (other than Excluded Transaction Debt) and (y) the aggregate principal amount of any other Consolidated Debt of the Borrower and its Subsidiaries as of the last day of such Test Period (other than Excluded Transaction Debt) less (ii) without duplication, the Unrestricted Cash and unrestricted Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (B) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Net Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.

  • Net Debt to EBITDA Ratio means the ratio of Net Debt to EBITDA for the then most recently concluded fiscal year, subject to adjustments for Asset Dispositions and investments made during the period.

  • Secured Indebtedness Leverage Ratio means, with respect to any Person at any date, the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date (determined on a consolidated basis in accordance with GAAP) to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date. In the event that the Company or any of the Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Company may elect, pursuant to an Officer’s Certificate delivered to the Trustee, that all or any portion of the commitment under any Secured Indebtedness as being Incurred at the time such commitment is entered into and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be the creation or Incurrence of a Lien at such subsequent time. For purposes of making the computation referred to above, Investments, acquisitions (including the Acquisition), dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Company or any of the Restricted Subsidiaries has either determined to make or made after the Issue Date and during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions (including the Acquisition), dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Company as set forth in an Officer’s Certificate, to reflect (1) net operating expense reductions and other net operating improvements or synergies reasonably expected to result from the applicable pro forma event (including, to the extent applicable, from the Transactions), and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in footnote 5 to the “Summary historical and pro forma combined financial data” under “Summary” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Indebtedness as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Pro Forma Debt Service means with respect to the Borrower and the Restricted Subsidiaries, on a consolidated basis, with respect to the next succeeding complete twelve (12) month period following the calculation date, and after giving effect to any Interest Rate Hedge Agreements and Eurodollar Advances, the amount of all (i) scheduled payments of principal on Indebtedness for Money Borrowed for such period (including imputed principal payments with respect to Capitalized Lease Obligations), determined on the basis of the aggregate amount of Indebtedness for Money Borrowed outstanding as of the date of calculation and giving effect to any mandatory reductions in the Commitments and the operation of the other terms of this Agreement (or other instruments or agreements governing Indebtedness for Money Borrowed) during such next succeeding twelve (12) month period, (ii) cash interest payable (including imputed interest with respect to Capitalized Lease Obligations) with respect to Indebtedness for Money Borrowed of such Persons, (iii) fees payable under this Agreement and the other Loan Documents (but specifically excluding fees paid during previous periods but amortized during such period in accordance with GAAP), and (iv) other payments (including fees) payable by such Persons during such period in respect of Indebtedness for Money Borrowed (other than voluntary prepayments under Section 2.7 hereof). For purposes of this definition, where interest payments for the twelve (12) month period immediately succeeding the calculation date are not fixed by way of Interest Rate Hedge Agreements, Eurodollar Advances, or otherwise for the entire period, interest shall be calculated on such Indebtedness for Money Borrowed for periods for which interest payments are not so fixed at the Eurodollar Basis (as determined on the date of calculation and based on the then current adjustment under Section 2.3(f) hereof) for a Eurodollar Advance having an Interest Period of twelve (12) months; provided, however, that if such Eurodollar Basis cannot be determined in the reasonable opinion of the Administrative Agent, such interest shall be calculated using the Base Rate Basis as then in effect.

  • Cash Flow Leverage Ratio means as of the last day of any calendar quarter the ratio of the Total Funded Debt as of such day to Adjusted EBITDA for the four calendar quarters then ended.

  • Consolidated Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Debt as of such date that is then secured by Liens on property or assets of the Company and its Restricted Subsidiaries as of any date of determination to (b) EBITDA of the Company and its Restricted Subsidiaries for the most recently ended Test Period on or prior to such date, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Interest Coverage Ratio.”

  • Total Debt Service means the sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in each case for such period.

  • Total Leverage Ratio means, on any date, the ratio of (a) Consolidated Total Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Net Debt Proceeds means, with respect to any incurrence of Indebtedness for borrowed money, the cash proceeds (net of underwriting discounts and commissions and other reasonable costs associated therewith) received by the respective Person from the respective incurrence of such Indebtedness for borrowed money.

  • Net Leverage Ratio means, at any time, the ratio of (a)(i) Consolidated Total Indebtedness at such time minus (ii) the Qualified Cash Amount to (b) Consolidated EBITDA for the most recently completed period of four fiscal quarters.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Maximum Leverage Ratio shall have the meaning assigned thereto in the Pricing Side Letter.

  • Average Delinquency Ratio on any Payment Date means the average of the Delinquency Ratios for the preceding three calendar months.

  • Net Yield means, with respect to any Monthly Period, Portfolio Yield with respect to such Monthly Period minus the Base Rate with respect to such Monthly Period.

  • Consolidated Interest Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed four fiscal quarters to (b) Consolidated Interest Charges for the most recently completed four fiscal quarters.