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).
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 ninety (90) basis points (0.90%).
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, following any conversion of the Loan to an Alternate Rate Loan, with respect to each Note or Note Component, the amount obtained by subtracting (x) the Alternate Rate Index, determined as of the final Interest Determination Date on which adequate and reasonable means existed for ascertaining LIBOR (or, if the Alternate Rate Index was not then available, the first day on which the Alternate Rate Index was available), from (y) the per annum interest rate payable in respect of such Note or Note Component while the Loan was a LIBOR Loan, determined as of the final Interest Determination Date on which adequate and reasonable means existed for ascertaining LIBOR; provided, however, that if the amount so obtained is a negative number, then such Alternate Rate Spread shall be zero. “Annual Budget” means a capital and operating expenditure budget for the Properties prepared by Borrower that specifies amounts sufficient to operate and maintain the Properties at a standard at least equal to that maintained on the Closing Date. “Anti-Corruption Obligations” means the U.S. Foreign Corrupt Practices Act of 1977 and all other applicable anti-bribery and corruption laws and regulations in the United States. “Applicable Index” means (x) while the Loan is a LIBOR Loan, LIBOR, (y) if and for so long as the Loan is converted to a Prime Rate Loan, the Prime Rate, and (z) if the Loan is converted to an Alternate Rate Loan, the Alternate Rate Index. “Applicable Spread” means, with respect to each Note or Note Component, (x) while the Loan is a LIBOR Loan, the applicable LIBOR Spread, (y) if and for so long as the Loan is a Prime Rate Loan, the applicable Prime Rate Spread, and (z) if the Loan is converted to an Alternate Rate Loan, the applicable Alternate Rate Spread. “Appraisal” means, with respect to each Property, an as-is appraisal of such Property that is prepared by a member of the Appraisal Institute selected by Lender, meets 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) and complies with the Uniform Standards of Professional Appraisal Practice (USPAP). “Approved Annual Budget” has the meaning set forth in Section 5.17. “Approved Management Agreement” means that certain Real Property Management Agreement, dated as of October 1, 2018, between Borrower and the initial Approved Property Manager, and ...
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 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.
Alternate Rate Spread means, in connection with any conversion of the Loan from (a) a Floating Interest Rate Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) between (1) LIBOR plus the Spread applicable to the Loan 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, the difference (expressed as the number of basis points) between (1) the Prime Index Rate applicable to the Loan 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.