Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield (a “Low Debt Yield Trigger”), and shall end (i) upon the Properties achieving a Debt Yield of at least the Low Debt Yield Trigger for two (2) consecutive Calculation Dates or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger (a “Debt Yield Cure Prepayment”).
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at least eighty-five percent (85%) of the Closing Date Debt Yield or (ii) immediately (without waiting for two succeeding consecutive Calculation Dates) upon the Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of eighty-five (85%) of the Closing Date Debt Yield (a “Debt Yield Cure Prepayment”).
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield, and shall end if the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Yield of at least eighty-five percent (85%) of the Closing Date Debt Yield.
Examples of Low Debt Yield Period in a sentence
During any Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.
A Low Debt Yield Period is deemed to have commenced on the Initial Effective Date resulting in a Lockbox Trigger Event (and without limitation of Section 2(a) above).
During any Low DSCR Period or Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.
Section 314 of the Village of Bethel Employee's Handbook, titled, Educational Assistance, states that the "Village of Bethel will reimburse regular full-time employees who are eligible for educational expenses, upon presentation of valid receipts to the Fiscal Officer, and approval by Bethel Village Council.
More Definitions of Low Debt Yield Period
Low Debt Yield Period shall commence if, as of any Calculation Date, (i) the Debt Yield is less than 5.0% or (ii) the Combined Debt Yield is less than 3.91% and shall end if the Properties have achieved a Debt Yield of at least 5.25% and a Combined Debt Yield of at least 4.11% for two consecutive Calculation Dates. The first Calculation Date after the date hereof shall be March 31, 2015 and, solely with respect to such March 31, 2015 Calculation Date, Operating Expenses used in determining Underwritten Net Cash Flow shall be calculated on an annualized trailing three (3) month basis (provided that, with respect to recurring items of expense that are not paid on a monthly basis (e.g. Taxes, utilities, etc.), such items of expense shall be reflected in an amount equal to the yearly amount of such expense based on the prior twelve (12) month period). The foregoing shall not be deemed to modify any adjustments to be made pursuant to the Underwritten Net Cash Flow definition.
Low Debt Yield Period shall have the meaning set forth in the Mortgage Loan Agreement.
Low Debt Yield Period shall commence if, as of any Test Date, the Debt Yield is less than eight percent (8.0%) for two consecutive Test Dates and shall end if the Collateral Assets have achieved a Debt Yield of at least eight percent (8.0%) for one Test Date, as calculated by the Borrowers in good faith.
Low Debt Yield Period shall commence if, as of any Calculation Date, either (a) the Combined Debt Yield is less than 4.50% or (b) the Debt Yield is less than 6.89%, and shall end if, as of any subsequent Calculation Date, the Property has achieved both (i) a Combined Debt Yield of at least 4.5% and (ii) a Debt Yield of at least 6.89%, in each case, as determined by Lender. For the avoidance of doubt, by way of example, a Combined Debt Yield of less than 4.50% equates to an Underwritten Net Cash Flow of less than $16,200,000.00 based upon an aggregate loan amount (i.e., mortgage and mezzanine) of $360,000,000.00.
Low Debt Yield Period shall commence if, based on the applicable Calculation Date Report,
Low Debt Yield Period shall commence (i) if prior to the Stated Maturity Date, as of any Calculation Date, the Debt Yield is less than 7.25% and shall end if the Properties have achieved a Debt Yield of at least 7.25% for two consecutive Calculation Dates, as determined by Agent, and (ii) if, from and after the Stated Maturity Date, as of any Calculation Date, the Debt Yield is less than 8.00% and shall end if the Properties have achieved a Debt Yield of at least 8.00% for two consecutive Calculation Dates, as determined by Agent.
Low Debt Yield Period shall commence if, as of any Calculation Date, the Debt Yield is less than eighty-five percent (85%) of the Closing Date Debt Yield (a “Low Debt Yield Trigger”), and shall end (i) upon the Properties achieving a Debt Yield of at least the Low Debt Yield Trigger for two (2) consecutive Calculation Dates or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower (a) prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger plus two percent (2%) (a “Debt Yield Cure Prepayment”) or (b) adding Additional Properties sufficient to cause the Debt Yield to be equal to or in excess of the Low Debt Yield Trigger plus two percent (2%) (a “Debt Yield Cure Addition”) pursuant to Section 2.11.