Tranche B Rate definition

Tranche B Rate means, with respect to any Tranche B Term Loan (a) -------------- 2.00% per annum, in the case of an ABR Loan, and (b) 3.00% per annum, in the case of a Eurodollar Loan.

Tranche B Rate means, with respect to any Tranche B Term Loan (a) 2.25% per annum, in the case of an ABR Loan, and (b) 3.25% per annum, in the case of a Eurodollar Loan; provided, however, that in the event that within twelve months of the Closing Date the Borrower effects an issuance of Subordinated Debt with an initial public offering or purchase price which, together with the outstanding principal amount (after giving effect to any prepayments of the Series B Bonds made with the proceeds of such Subordinated Debt) of the Series B Bonds, exceeds $220,000,000, the Tranche B Rate will be reduced by 25 basis points.

Tranche B Rate means (a) if the Leverage Ratio is greater than or equal to 4.25 to 1.00 (i) 4.25% per annum, in the case of a Eurodollar Loan, and (ii) 3.25% per annum, in the case of an ABR Loan, or (b) if the Leverage Ratio is less than 4.25 to 1.00 (i) 4.00% per annum, in the case of a Eurodollar Loan, and (ii) 3.00% per annum, in the case of an ABR Loan.

Examples of Tranche B Rate in a sentence

• If Lessee fails to provide such notice of election at least three (3) LIBOR Banking Days before any Floating Payment Date, Lessee shall be deemed to have elected a one-month LIBOR based Applicable Equity Rate and Applicable Tranche B Rate.

• This Note bears interest on and after the date hereof to and including the Maturity Date as to Tranche A Advances at the variable rate(s) per annum equal to the Base Rate or LIBO Rate, as selected by Borrower in accordance with the Loan Agreement, and as to Tranche B Advances at the Tranche B Rate.

• Interest on Tranche B Notes (and on any Additional Tranche B Notes) shall be payable at the Tranche B Rate.

• If Borrower fails to provide such notice of election at least three (3) LIBOR Banking Days before any Floating Payment Date, Borrower shall be deemed to have elected a one-month LIBOR based Applicable Tranche B Rate.

• Provided no Lease Event of Default shall have occurred and is continuing, Borrower shall at least three (3) LIBOR Banking Days prior to each Floating Payment Date deliver to the Administrative Agent written notice of its election to have the Applicable Tranche B Rate for all Tranche B Loans be based on one-month, two-month, three-month, or six-month LIBOR or on the Alternate Rate (which election shall be the same as the corresponding election by Lessee under Section 5 of the Participation Agreement).

More Definitions of Tranche B Rate

Tranche B Rate means 12.00% per annum, plus the Treasury -------------- Spread.

Tranche B Rate means, for any day with respect to any ABR Loan or Eurodollar Loan that is a Tranche B Term Loan, the applicable rate per annum set forth below under the caption "ABR Spread" or "Eurodollar Spread", as the case may be, based upon the Leverage Ratio for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such day, PROVIDED that until the delivery to the Administrative Agent, pursuant to Section 5.0 1(a) or (b), of the Borrower's consolidated financial statements for the Borrower's first full fiscal quarter ending after the first anniversary of the Effective Date, the "Tranche B Rate" shall be the applicable rate per annum set forth below in Category 1: =============================================================================== ABR EURODOLLAR LEVERAGE RATIO: SPREAD SPREAD -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CATEGORY 1 Equal to or greater than 4.00 to 1.75% 2.75% 1.00 -------------------------------------------------------------------------------- CATEGORY 2 Less than 4.00 to 1.00 but equal 1.50% 2.50% to or greater than 3.50 to 1.00 -------------------------------------------------------------------------------- CATEGORY 3 1.25% 2.25% Less than 3.50 to 1.00 =============================================================================== For purposes of the foregoing, (a) the Leverage Ratio as described above shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower's consolidated financial statements delivered pursuant to Section 5.0 1(a) or (b) and (b) each change in the Applicable Rate resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the Applicable Rate Determination Date with respect to such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, PROVIDED that the Leverage Ratio shall be deemed to be in Category 1 (i) at any time that an Event of Default has occurred and is continuing or (ii) if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (1,), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered.

Tranche B Rate is defined in Section 2.3(a)(ii).

Tranche B Rate in Section 1.01 of the Credit Agreement is hereby amended by inserting the words ", in each case as such amounts shall be increased in accordance with Section 2.21(b)" after the text "in the case of an ABR Loan".

Tranche B Rate in Section 1.01 of the Credit Agreement is hereby amended by replacing the percentages "2.75%" and "3.75%" with "3.25%" and 4.25%", respectively.

Tranche B Rate in its entirety as follows:

Tranche B Rate means (a) 2.25% per annum, in the case of a Eurodollar Loan, and (b) 1.00% per annum, in the case of an ABR Loan; provided that (i) if the Leverage Ratio as of the most recent determination date (determined as provided in the definition of the term "Applicable Rate") is less than 4.00 to 1.00, the Tranche B Rate will be (x) 2.00% per annum, in the case of a Eurodollar Loan, and (y) 0.75%, in the case of an ABR Loan, and (ii) during any period that the Leverage Ratio is deemed to be in Category 1 pursuant to the proviso to the last sentence of the definition of the term "Applicable Rate", the Tranche B Rate shall be determined without regard to clause (i) of this proviso.