Alternate Rate Spread means, in connection with any conversion of the Loan from a LIBOR Rate Loan or a Base Rate Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) between (a) LIBOR plus the LIBOR Margin as of the Determination Date for which LIBOR was last available and (b) the Alternate Rate as of such Determination Date; provided, however, that if such difference is a negative number, then the Alternate Rate Spread shall be zero.
Alternate Rate Spread means, in connection with any conversion of any Transaction in accordance with the terms hereof to an Alternate Rate Transaction, the difference (expressed as the number of basis points and determined at the time of such conversion) between (a) the sum of (i) LIBOR, determined as of the Pricing Rate Determination Date for which LIBOR was last applicable to the Transaction, plus (ii) the Applicable Spread minus (b) the Alternate Index Rate as of such Pricing Rate Determination Date; provided, however, that if such difference is a negative number, then the Alternate Rate Spread shall be zero.
Alternate Rate Spread means, with respect to any Component of the Loan, as the same may be reallocated pursuant to, and in accordance with, Section 11.1(b) hereof, in connection with any conversion of the Loan from (a) a LIBOR Loan to an Alternate Rate Loan, the greater of (i) the difference (expressed as the number of basis points) obtained by subtracting (A) the Alternate Index Rate as of the Determination Date for which LIBOR was last available from (B) LIBOR, determined as of such Determination Date, plus the LIBOR Spread applicable to such Component, and (ii) zero (0), or (b) a Prime Rate Loan to an Alternate Rate Loan, the greater of (i) the difference (expressed as the number of basis points) obtained by subtracting (A) the Alternate Index Rate as of the Determination Date for which the Prime Index Rate was last available from (B) the Prime Index Rate, determined as of such Determination Date, plus the Prime Rate Spread applicable to such Component, and (ii) zero (0). The Alternate Rate Spread shall be increased by (x) 25 basis points (0.25%) from and after the first day of the first Extension Option and (y) an additional 25 basis points (0.25%) from and after the first day of the second Extension Option in accordance with Section 2.9(g), without duplication of any increase with respect to the LIBOR Spread or the Prime Rate Spread in accordance with Section 2.9(g).
Examples of Alternate Rate Spread in a sentence
If such notice is given, the Pricing Rate shall be converted from the LIBOR Rate plus the Applicable Spread to the Alternate Rate plus the Alternate Rate Spread for the Pricing Period to which such Alternate Rate Determination relates, and for any subsequent Pricing Period until such notice has been withdrawn by Buyer (which withdrawal shall be delivered by Buyer promptly after Buyer becomes aware that the condition for switching to the Alternate Rate no longer exists).
More Definitions of Alternate Rate Spread
Alternate Rate Spread means, as the same may be reallocated pursuant to, and in accordance with, the restrictions and limitations contained in Section 11.1(b)(iv) hereof, in connection with any conversion of the Loan from (a) a LIBOR Loan to an Alternate Rate Loan, the spread to be determined as part of the applicable LIBOR Successor Rate Conforming Changes, or (b) a Prime Rate Loan to an Alternate Rate Loan, the spread to be determined as part of the applicable LIBOR Successor Rate Conforming Changes.
Alternate Rate Spread means, if the Pricing Rate has been converted to the Alternate Rate pursuant to Section 3(k) hereof, the difference (expressed as the number of basis points) between (a) LIBOR plus the Applicable Spread on the date for which LIBOR was last applicable to the outstanding Transactions prior to such conversion and (b) the Alternate Rate on the date for which LIBOR was last applicable to the outstanding Transactions prior to such conversion; provided, however, that if such difference is a negative number, then the Alternate Rate Spread shall be zero.
Alternate Rate Spread means, in connection with any conversion of the Loan from (a) a Term SOFR Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) Term SOFR as of the Determination Date for which Term SOFR was last applicable to the Loan plus the Spread minus (ii) the Alternate Rate Index as of such Determination Date, or (b) a Prime Rate Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) the Prime Rate Index as of the Determination Date for which the Prime Rate Index was last applicable to the Loan plus the Prime Rate Spread minus (ii) the Alternate Rate Index as of such Determination Date; provided, however, that in either such case, if such difference is a negative number, then the Alternate Rate Spread shall be zero. “Applicable Rate Index” means (i) Term SOFR for so long as the Loan is a Term SOFR Rate Loan, (ii) the Alternate Rate Index for so long as the Loan is an Alternate Rate Loan or (iii) the Prime Rate Index for so long as the Loan is a Prime Rate Loan. “Appraisal” means a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared by an appraiser directly engaged by Lender, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA), (iii) has been prepared on “as-stabilized” basis, (iv) has been prepared not more than sixty (60) days prior to the relevant date and (v) has been reviewed as to form and content and approved by Lender, in its reasonable discretion. “Approved Accounting Method” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and circumstances on the date of determination, consistently applied.
Alternate Rate Spread means ninety (90) basis points (0.90%).
Alternate Rate Spread means, the positive or negative difference, stated as a percentage, between (i) the Eurodollar Rate as of the last day on which interest on this Note accrues at the Eurodollar Rate and (ii) the Base Rate as of such day. For example, if on such date the Eurodollar Rate is 6.75% and the Base Rate is 6.25%, then the Alternate Rate Spread shall be +0.50% or, if on such date the Base Rate is 7.50%, then the Alternate Rate Spread shall be -0.75%.
Alternate Rate Spread means, in connection with any conversion of any Loan from (a) a Loan accruing interest based on LIBOR to an Alternate Rate Loan or (b) a Loan accruing interest based on ABR to an Alternate Rate Loan, a spread adjustment (which may be a positive or negative value or zero) that shall be selected by Administrative Agent, in its sole discretion in good faith, giving due consideration to any spread adjustment reflecting any evolving or then-existing convention for similar Dollar-denominated credit facilities.
Alternate Rate Spread means, in connection with any conversion of the Loan from (a) a Floating Interest Rate Loan to an Alternate Rate Loan, with respect to each Component, the difference (expressed as the number of basis points) between (1) LIBOR plus the Spread applicable to such Component as of the Determination Date for which LIBOR was last available and (2) the Alternate Index Rate as of such Determination Date; or (b) a Prime Rate Loan to an Alternate Rate Loan, with respect to each Component, the difference (expressed as the number of basis points) between (1) the Prime Index Rate applicable to such Component in effect for the Interest Period prior to the Interest Period in which the Alternate Rate is to be applied and (2) the Alternate Index Rate as of such Determination Date; provided, however, that if such difference is a negative number, then the Alternate Rate Spread shall be zero percent.