Release Debt Yield definition

Release Debt Yield shall have the meaning set forth in Section 2.6.1(a)(v) hereof.
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Release Debt Yield means, as of any date of determination, the percentage obtained by dividing (a) Net Cash Flow for the twelve (12) month period immediately preceding such date, excluding the amount of any Net Cash Flow from the Individual Property which is the subject of such Property Release, by (b) the sum of the outstanding principal balance as of such date of the Mortgage Loan, the Loan, and the Other Senior Mezzanine Loans, after taking into account the payment of the applicable Mortgage Loan Release Amount, the Release Amount and the Other Mezzanine Loan Release Amounts.
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Release Debt Yield means the product of (a) 10% multiplied by (b) a fraction, the numerator of which is the sum of (x) the Release Amounts and (y) the Mezzanine Release Amounts of all Mortgaged Properties subject to the lien of the Mortgages and the related Loan Documents (including the Mortgaged Property to be released), and the denominator of which is the sum of (x) the then current Amortized Release Amounts and (y) the then current Amortized Mezzanine Release Amounts of all Mortgaged Properties subject to the lien of the Mortgages and the related Loan Documents (including the Mortgaged Property to be released).
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Examples of Release Debt Yield in a sentence

  • For the purpose of determining whether the Release Debt Yield Thresholds are satisfied for this Section 2.5 only, Borrower may elect to pay down and cause to be paid down the Loan, the ▇▇▇▇▇ Fargo Mortgage Loan, and the Other Senior Mezzanine Loans on the terms and conditions set forth in Section 2.4 and as required pursuant to the ▇▇▇▇▇ Fargo Mortgage Loan Documents and the applicable Other Senior Mezzanine Loan Documents.

  • In connection with any Default Release, Borrower shall be required to satisfy the conditions set forth in Section 2.5.2 (including the payment of the Adjusted Release Amount), except that Borrower shall not be required to satisfy the Release Debt Yield as set forth in Section 2.5.2(e).

  • In connection with any Sale/Franchise/Brand Management Default Release, Borrower shall be required to satisfy the conditions set forth in this Section 2.5.2 (including the payment of the Adjusted Release Amount), except that Borrower shall not be required to satisfy the Release Debt Yield as set forth in Section 2.5.2(e).

  • In connection with any Ground Lease Default Release, Borrower shall be required to satisfy the conditions set forth in Section 2.5.2 (including the payment of the Adjusted Release Amount), except that Borrower shall not be required to satisfy the Release Debt Yield as set forth in Section 2.5.2(e).

  • For the avoidance of doubt and notwithstanding anything to the contrary contained in the Loan Documents, clause (ii) of the definition of Release Debt Yield shall not be applicable unless and until the creation or origination of a Mezzanine Loan.


More Definitions of Release Debt Yield

Release Debt Yield means the greater of (i) the lesser of (A) fifteen percent (15%) or (B) the Debt Yield immediately prior to giving effect to the applicable partial release or (ii) ten and two-tenths percent (10.2%).
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Related to Release Debt Yield

  • Debt Yield means, as of any date of determination, a fraction expressed as a percentage in which:

  • Aggregate Debt Service means, with respect to any particular period of time, the sum of (a) the Debt Service, (b) the Mortgage Debt Service and (c) the Other Mezzanine Debt Service.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Secured Indebtedness Leverage Ratio means, with respect to any Person, at any date, the ratio of (1) the Consolidated Total Indebtedness of such Person that is secured by a Lien on any assets of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with IFRS) less the amount of cash, Cash Equivalents and debt service reserve accounts in excess of any Restricted Cash held by such Person and its Restricted Subsidiaries as of such date of determination to (2) Consolidated EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred. In the event that the specified Person or any of its Subsidiaries which are Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Indebtedness Leverage Ratio Calculation Date”), then the Secured Indebtedness Leverage Ratio will be calculated giving pro forma effect (as determined in good faith by a responsible accounting or financial officer of the Company) to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom; provided that the Company may elect pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being incurred at such time, in which case any subsequent incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an incurrence at such subsequent time. In addition, for purposes of calculating the Secured Indebtedness Leverage Ratio:

  • First Lien Leverage Ratio means, on any date, the ratio of (a) Consolidated First Lien Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.