Debt Yield Trigger Event definition

Debt Yield Trigger Event means that, as of any Debt Yield Determination Date, the Debt Yield for the two (2) consecutive calendar quarters immediately preceding such Debt Yield Determination Date is less than the Debt ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇.

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Debt Yield Trigger Event means either (i) as of the date of determination, the Debt Yield based on the trailing twelve (12) month period immediately preceding the date of such determination is less than nine percent (9.0%) for two (2) consecutive calendar quarters, or (ii) if Borrower previously cured or prevented a Debt Yield Trigger Event by depositing a Debt Yield Cure – Letter of Credit with Lender, the expiration of the three (3) month period that commenced on the date Borrower delivered such Debt Yield Cure – Letter of Credit to Lender; provided, however, that a Debt Yield Trigger Event shall not be deemed to have occurred if, within five (5) Business Days of the date described in clause (i) or (ii) of this definition, Borrower deposits with Lender the applicable Debt Yield Cure – Letter of Credit or completes the applicable Debt Yield Cure – Partial Prepayment.

Debt Yield Trigger Event shall have the meaning set forth in the Mortgage Loan Agreement.

Examples of Debt Yield Trigger Event in a sentence

Upon the occurrence of a Cash Trap Event arising solely in connection with a Debt Yield Trigger Event, Excess Cash Flow shall be deposited with and held by Mortgage Lender for disbursement in accordance with Section 7.5.2 of the Mortgage Loan Agreement and the Cash Management Agreement.
If an Event of Default is continuing or a Debt Yield Trigger Event Period is continuing the Annual Budget shall be subject to Lender’s written approval, which approval shall not be unreasonably withheld, conditioned or delayed (each such Annual Budget, an “Approved Annual Budget”).
Upon the occurrence of a Cash Trap Event arising solely in connection with a Debt Yield Trigger Event, Excess Cash Flow shall be deposited with and held by Lender for disbursement in accordance with Section 7.5.2 below (the “Debt Yield Reserve Deposit”.
During a Cash Trap Event (other than a Cash Trap Event caused solely by a Debt Yield Trigger Event) Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.
If an Event of Default is continuing or a Debt Yield Trigger Event Period is continuing the Annual Budget shall be subject to Lender’s written approval, which approval shall not be unreasonably withheld, conditioned or delayed] (each such Annual Budget, an “Approved Annual Budget”).

More Definitions of Debt Yield Trigger Event

Debt Yield Trigger Event means a Debt Yield of less than eight and two-tenths of one percent (8.20%) on any date of determination, as reasonably determined by Lender.

Debt Yield Trigger Event shall have the meaning set forth in the definition of “Trigger Period”.

Debt Yield Trigger Event means the Debt Yield at the end of any fiscal quarter, tested on each Test Date, falling below (a) ten and one-half percent (10.5%) as of any Test Date occurring during the period commencing on the Closing Date through the Initial Maturity Date, and (b) eleven and one-half percent (11.5%) as of any Test Date thereafter.

Debt Yield Trigger Event means, on any date of determination, a Debt Yield of less than nine percent (9.00%) as of the last day of the calendar quarter immediately preceding the date of determination based upon the trailing twelve (12) month period ending on the last day of such calendar quarter.

Debt Yield Trigger Event means, that as of the date of determination, the Debt Yield based on the trailing twelve (12) month period immediately preceding the date of such determination is less than 7.50%.

Debt Yield Trigger Event means, commencing on the Closing Date, a Debt Yield of less than eight and three-quarters percent (8.75%) based upon the trailing twelve (12) month period immediately preceding such date of determination.

Debt Yield Trigger Event means the failure of the Debt Yield to equal or exceed the Trigger Period Threshold for two (2) consecutive fiscal quarters.