Minimum Debt Yield definition

Minimum Debt Yield means (i) during the first (1st) Loan Year, 9%, (ii) during the second (2nd) Loan Year, 10%, (iii) during the third (3rd) Loan Year, 11%, (iv) during the fourth (4th) Loan Year, 12%, and (v) during the fifth (5th) Loan Year, 13%.

Minimum Debt Yield means (i) prior to the first (1st) anniversary of the Closing Date, 12.75%, (ii) from the first (1st) anniversary of the Closing Date but prior to the second (2nd) anniversary of the Closing Date, 13.25%, (iii) during the First Extension Term, 13.50%, (iv) during the Second Extension Term, 13.75%, and (v) during the Third Extension Term, 14.00%.

Minimum Debt Yield means a Debt Yield of 9.80%.

Examples of Minimum Debt Yield in a sentence

• A "CASH TRAP EVENT" shall occur as of any Calculation Date when the Debt Yield is less than the Minimum Debt Yield for the trailing twelve (12) month period ending on such Calculation Date and shall continue to exist until such time as the Minimum Debt Yield test has been satisfied for three (3) consecutive Calculation Dates (on a trailing twelve (12) month basis) following the commencement of the applicable Cash Trap Event.

• A "CASH TRAP EVENT" shall occur as of any Calculation Date when (x) the Debt Yield is less than the Minimum Debt Yield or (y) the Debt Service Coverage Ratio is less than the Minimum DSCR, in each case for the trailing twelve (12) month period ending on such Calculation Date and shall continue to exist until such time as the Minimum Debt Yield and the Minimum DSCR tests have been satisfied for three (3) consecutive Calculation Dates (on a trailing twelve (12) month basis) following such Calculation Date.

• Any funds of deposit in the Cash Trap Reserve shall continue to be held as additional Collateral in accordance with this Section 6.8 until the earlier of (a) the date that such funds are applied or disbursed pursuant to the foregoing sentence and (b) the date the Minimum Debt Yield and the Minimum DSCR tests have each been satisfied for three (3) consecutive months (as determined above), at which time, provided no Event of Default exists, such funds shall be released to the Borrowers.

• If the base rent payable under the Amazon Lease is reduced in connection with Amazon’s audit rights with respect to construction costs related to the Project under the Amazon Lease, and after giving effect to such base rent reduction, the Project fails to generate a Debt Yield of at least nine percent (9.0%) (the “Minimum Debt Yield”), then within ten (10) days of Lender’s demand, Borrower shall prepay principal of the Loan by the amount necessary to satisfy the Minimum Debt Yield.

• No Borrower shall make any Distribution at any time the Loan or any portion thereof is outstanding in the event that (i) an Event of Default shall have occurred and is continuing or (ii) after giving effect to such Distribution, the Debt Yield Maintenance Ratio would be less than the Minimum Debt Yield.

More Definitions of Minimum Debt Yield

Minimum Debt Yield means a Debt Yield of no less than 14.084%.

Minimum Debt Yield means for any Test Period, the applicable rate set forth on Schedule 7 hereto.

Minimum Debt Yield means the Minimum Debt Yield for any Purchased Asset as of the applicable time period as set forth in the Confirmation for such Purchased Asset.

Minimum Debt Yield means 10.00% (or, commencing on and after the fifth anniversary of the Effective Date, 11.50%).

Minimum Debt Yield shall have the meaning set forth in SECTION 5.1(aa).

Minimum Debt Yield means, with respect to any date of determination, 5.50%. “Minimum DSCR” shall mean, with respect to any date of determination, 1.10:1.

Minimum Debt Yield means that the Debt Yield, as determined by Lender, shall be equal to or greater than (i) from the Closing Date to (but not including) July 1, 2016, eight and 82/100 percent (8.82%), (ii) from July 1, 2016 to (but not including) October 1, 2016, nine percent (9.00%) and (ii) from October 1, 2016 until the Maturity Date, ten percent (10.00%).