Debt Yield Ratio definition

Debt Yield Ratio means, with respect to any Eligible Property or Properties directly or indirectly securing a New Asset, the quotient (expressed as a percentage) of (i) net operating income for the trailing 12-month period for the most recently ended fiscal quarter, divided by (ii) the total amount of indebtedness secured directly or indirectly by such Eligible Property or Properties that are senior to or pari passu with such New Asset.

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Debt Yield Ratio means the ratio (expressed as a percentage) of Net Operating Income (measured for the trailing six (6) months and on an annualized basis) to the average outstanding balance of the Loans at the time of determination.

Debt Yield Ratio means a ratio, as reasonably determined by Administrative Agent for the applicable period, in which:

Examples of Debt Yield Ratio in a sentence

• The Borrower will not at any time permit the Unencumbered Debt Yield Ratio to be less than fourteen percent (14%).

• 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.

• The Borrower will not at any time permit the Debt Yield Ratio (expressed as a percentage) to be less than eleven percent (11%).

• For the purpose of clause (ii) of the immediately preceding sentence, (i) such Non-Eligible Property shall be deemed to have an Advance Rate, Market Value, Property Value and Asset Purchase Price of zero and (ii) the Debt Service Coverage Ratio, the Debt Yield Ratio and the Portfolio Delinquency Amount shall be recalculated as of the most recently ended Measurement Quarter with the Annualized Net Cash Flow related to such Non-Eligible Property excluded from the applicable calculation.

• Borrower acknowledges that it shall be reasonable for Lender to disapprove any proposed terms for renewal of the Deckers Lease if, after giving effect to any such proposed terms, the Property and the Other Property would not satisfy, on a pro forma basis, both (1) a Combined Debt Service Coverage Ratio of at least 1.60:1.00, and (2) a Combined Debt Yield Ratio of at least twelve percent (12%).

More Definitions of Debt Yield Ratio

Debt Yield Ratio. At any time, the percentage equivalent of a fraction, determined as of the last day of the most recently ended Measurement Quarter, the numerator of which is equal to the Annualized Net Cash Flow (excluding income and expense attributable to Non-Leased Properties during the Exclusion Period) for such Measurement Quarter and the denominator of which is equal to the Advances Outstanding as of such last day of such Measurement Quarter (excluding the Allocated Loan Amounts for Non-Leased Properties during the Exclusion Period).

Debt Yield Ratio has the meaning given in Section 6.1(a).

Debt Yield Ratio means, with respect to any Eligible Property directly or indirectly securing a New Asset, the quotient (expressed as a percentage) of (i) net operating income for the trailing 12-month period for the most recently ended fiscal quarter, divided by (ii) the total amount of indebtedness secured directly or indirectly by such Eligible Property that is senior to or pari passu with such New Asset (calculated in the Applicable Currency relevant to such Eligible Property).

Debt Yield Ratio means, at any time of determination, Net Cash Flow for the trailing 12-month period divided by the then outstanding Loan Amount.

Debt Yield Ratio means, as of any date of calculation, a ratio conveyed as a percentage in which: (a) the numerator is the Net Operating Income (which shall be calculated on the basis of the Operating Expenses and the Operating Income for a trailing period of six (6) months each (annualized and normalized)); and (b) the denominator is the Loan Amount. Lender’s calculation Loan Agreement Loan Number 201916813 #63074348_v17 of the Debt Yield Ratio, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.

Debt Yield Ratio means, as of any date of determination, the ratio, expressed as a percentage, of (a) the MCASH NOI on a trailing four (4) fiscal quarter basis as of the last day of the most recently completed fiscal quarter for which financial statements are required to be delivered pursuant to Section 9.1 or Section 9.2, as applicable, to (b) the Aggregate Outstanding Balance as of such date.

Debt Yield Ratio means, as of any date of determination, the ratio, expressed as a percentage, of (i) the Borrowing Base Modified Cash NOI on a trailing 12-month basis, first tested as of the last day of the first quarter of 2023 and thereafter on a quarterly basis (each, a “Testing Date”), with a Compliance Certificate to be delivered 45 days after each Testing Date, to (ii) the aggregate outstanding principal amount of New Bank Term Loans as of such date. As used in this summary of terms, “Borrowing Base Modified Cash NOI” means net operating income from collateral properties, determined on a GAAP basis that (i) excludes straight-line rents and above / below market lease rates, (ii) includes lease buyouts and landlord inducements, but not write-offs of landlord inducements, and (iii) excludes the Imputed Base Management Fee. REIT Bad-Act Guaranty: CBL & Associates Properties, Inc. will provide an unsecured Guaranty (the “REIT Guaranty”) in the same form as provided in connection with the First Lien Credit Agreement covering losses solely with respect to those suffered by reason of fraud of or willful misrepresentation by the (i) New Bank Claim Borrower, (ii) the New Notes Issuer, or the (iii) Bank Claim Borrower. The REIT Guaranty will be limited to an aggregate principal amount of $175.0 million, which amount shall be reduced, to the extent paid, by an amount equal to the following: (i) 100% of the first $2.5 million of mandatory amortization per year; (ii) 50% of remaining mandatory amortization; (iii) 100% of Excess Cash (as defined below) sweep payments; and (iv) 150% of any voluntary prepayments of the New Bank Term Loan Facility in each case beginning immediately after the Plan Effective Date; provided that such reduction shall be exclusive of any mandatory prepayments in connection with dispositions and casualty events. The REIT Guaranty will terminate on the earlier of the date on which (i) the outstanding principal amount of the New Bank Term Loans is reduced to less than $650.0 million and (ii) after the second anniversary of the Closing Date, the Debt Yield Ratio is greater than 15.0%.