Applicable Interest Rate Spread definition

Applicable Interest Rate Spread means the sum of the Minimum Interest Rate Spread plus the Interest Rate Adjustment, provided that in no event shall the Applicable Interest Rate Spread be less than the Minimum Interest Rate Spread or greater than the Maximum Interest Rate Spread. The Applicable Interest Rate Spread shall be determined quarterly as follows: for any calendar quarter, the Applicable Interest Rate Spread shall be calculated using the Deposit Level Average of the prior calendar quarter, provided that for the first calendar quarter (or portion thereof) of the term of this Note, the Applicable Interest Rate Spread shall mean 1.90%. For illustration purposes only, the chart below shows what the Applicable Interest Rate Spread would be for a calendar quarter when the corresponding Deposit Level Average of the prior calendar quarter is at the amount shown below. Deposit Level Average Applicable Interest Rate Spread $ 30,000,000 1.90 % $ 15,000,000 2.65 % 0 3.40 %

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Applicable Interest Rate Spread means the rate which shall be determined quarterly as follows: for any Calendar Quarter (or any portion thereof), the Applicable Interest Rate Spread set forth in the chart below that corresponds in the chart below to the Deposit Level Average of the prior Calendar Quarter (or any portion thereof), provided that for the first Calendar Quarter (or any portion thereof) of the term of this Agreement, the Applicable Interest Rate Spread shall mean (i) 2.50% as long as the Deposit Level Average during such period is $37,500,000 or greater, (ii) 3.00% if the Deposit Level Average during such period is $18,750,000 to $37,499,99, and (iii) 3.50% if the Deposit Level Average during such period is $0 to $18,749,999. $37,500,000 or greater 2.50% $18,750,000 to $37,499,999 3.00% $0 to $18,749,999 3.50%

Examples of Applicable Interest Rate Spread in a sentence

Borrowers shall maintain average deposit balances at Lender of at least $37,500,000 (Thirty-Seven Million Five Hundred Thousand Dollars) (the “Minimum Deposit Target”), provided that the sole remedy of the Lender for the Borrowers’ failure to satisfy the Minimum Deposit Target shall be an increase in the Applicable Interest Rate Spread and the Applicable Nonusage Rate as provided herein.
The interest rate (the "Interest Rate") on the Loan shall be (except as otherwise provided in Section X(D) hereof) the Applicable Interest Rate Spread plus LIBOR as determined by the Lender as of 11:00 a.m. New York time on the Eurodollar Business Day immediately preceding each of (i) the related Funding Date and (ii) the first day of each succeeding calendar month.
The interest rate (the "Interest Rate") on the Loan shall be (except as otherwise provided in Section X(D) hereof) the Applicable Interest Rate Spread plus LIBOR as determined by Lender as of 11:00 a.m. New York time on the Eurodollar Business Day immediately preceding each of (i) the related Funding Date and (ii) the first day of each succeeding calendar month.
Borrowers shall maintain average deposit balances at Lender of at least $45,000,000 (Forty-Five Million Dollars) (the “Minimum Deposit Target”), provided that the sole remedy of the Lender for the Borrowers’ failure to satisfy the Minimum Deposit Target shall be an increase in the Applicable Interest Rate Spread and the Applicable Nonusage Rate as provided herein.
To maintain average deposit balances of the Borrowers and their Affiliates held at the Lender of not less than Thirty Million Dollars ($30,000,000) in the aggregate (the “Deposit Level Target”), provided that the sole remedy of the Lender for the Borrowers’ failure to satisfy the Minimum Deposit Target shall be an increase in the Applicable Interest Rate Spread (as defined in the Credit Note) and the Applicable Nonusage Rate as provided herein.

More Definitions of Applicable Interest Rate Spread

Applicable Interest Rate Spread. Section I(4)(b).

Applicable Interest Rate Spread means the rate which shall be determined quarterly as follows: for any Calendar Quarter (or any portion thereof), the Applicable Interest Rate Spread set forth in the chart below that corresponds in the chart below to the Deposit Level Average of the prior Calendar Quarter (or any portion thereof), provided that for the first Calendar Quarter (or any portion thereof) of the term of this Agreement, the Applicable Interest Rate Spread shall mean (i) 1.90% as long as the Deposit Level Average during such period is $45,000,000 or greater, (ii) 2.40% if the Deposit Level Average during such period is $22,500,000 to $44,999,999, and (iii) 2.90% if the Deposit Level Average during such period is $0 to $22,499,000.

Applicable Interest Rate Spread means 2.10%.