Implied Debt Yield definition
Implied Debt Yield means, at any date of determination, the ratio of (a) the Adjusted NOI for the Borrowing Base Properties for the most recent fiscal quarter then ended, annualized (for Borrowing Base Properties acquired during the quarter, the annualization will be adjusted to reflect the actual period of ownership if less than a full quarter), to (b) the Aggregate Outstanding Credit Exposure on such date.
Implied Debt Yield means, with respect to a Pre-Stabilized Property, at the time of computation thereof, the ratio (expressed as a percentage) of (a) the product of (i) the Adjusted Net Operating Income for such Pre-Stabilized Property as of the month most recently ended times (ii) 12 to (b) the amount equal to (i) 65% times (ii)(x)the Pre-Stabilized Property Value of such Property minus (y) any excesses described in clauses (a) through (c) of the definition of Aggregate Borrowing Base Properties Value that are excluded from the calculation of Aggregate Borrowing Base Properties Value at such time because such excesses are attributable to such Pre-Stabilized Property, with any subtraction for any excesses excluded under clause (b) with respect to Pre-Stabilized Properties or under clause (c) that included value attributable to both Stabilized Properties and Pre-Stabilized Properties, consisting, in each case, only of such Pre-Stabilized Property’s pro rata share of such excess excluded.
Implied Debt Yield means, with respect to a Pre-Stabilized Property, at the time of computation thereof, the ratio (expressed as a percentage) of (a) the product of (i) the Adjusted Net Operating Income for such Pre-Stabilized Property as of the month most recently ended (or, for purposes of any computation of Implied Debt Yield required under Section 4.1.(b)(ii) or 4.1(c), as of such other month ended to which the Administration Agent agrees) times (ii) 12 to (b) the amount equal to (i) 65% times (ii)(x)the Pre-Stabilized Property Value of such Property minus (y) any excesses described in clauses (a) through (c) of the definition of Aggregate Borrowing Base Properties Value that are excluded from the calculation of Aggregate Borrowing Base Properties Value at such time because such excesses are attributable to such Pre-Stabilized Property, with any subtraction for any excesses excluded under clause (b) with respect to Pre-Stabilized Properties or under clause (c) that included value attributable to both Stabilized Properties and Pre-Stabilized Properties, consisting, in each case, only of such Pre-Stabilized Property’s pro rata share of such excess excluded.