Applicable Spread

Applicable Spread. Means the rate per annum determined from time to time in accordance with the following: (i) If the relevant Leverage Ratio is: the Applicable Spread shall be: Not greater than 2.00:1 2.500% (250.0 "basis points") Greater than 2.00:1 and not greater than 2.50:1 2.625% (262.5 "basis points") Greater than 2.50:1 and not greater than 3.00:1 ... 2.750% (275.0 "basis points") Greater than 3.00:1 and not greater than 3.25:1 3.000% (300.0 "basis points") Greater than 3.25:1 and not greater than 3.50:1 3.500% (350.0 "basis points") Greater than 3.50:1 4.000% (400.0 "basis points") (ii) The Applicable Spread shall be adjusted quarterly as provided in Section 2.4.2. View More

Applicable Spread. Means that number of percentage points to be taken into account in determining the per annum rate at which interest will accrue on the Revolving Loan based on the Eurodollar Base Rate or Alternative Base Rate determined by reference of the ratio of the Borrower's Total Debt to its Total Capitalization in accordance with the following table: Applicable Spread Ratio of Total Debt to Alternate ... Eurodollar Base Rate Total Capitalization Base Rate (1,2,3, or 6 month) (12 month) Less than .33:1.00 -50 b.p. +130 b.p. +140 b.p. Equal to or greater than .33:1.00 -25 b.p. +145 b.p. +155 b.p. but less than or equal to .50:1.00 Greater than .50:1.00 0 b.p. +160 b.p. +170 b.p. The Applicable Spread shall be determined on the basis of the financial statements of the Borrower for each fiscal quarter furnished to the Lenders pursuant to the requirements of Section 6.1(ii) with prospective effect for the following fiscal quarter. Interest will accrue and be payable in any fiscal quarter on the basis of Applicable Spread in effect during the preceding fiscal quarter until an adjustment is made under the terms of this provision. The Applicable Spread shall be adjusted on the first interest payment date which follows receipt by the Lenders of the financial statements upon which such adjustment is based. In the event that the Borrower fails to deliver the financial statements and compliance certificates required under Section 6.1(ii) for any month which ends a fiscal quarter, then the Applicable Spread shall be the largest spread shown on the above table from the date such financial statements were required to be delivered until the first interest payment date which follows delivery to the Lenders of such financial statements. It is noted that the above table provides an Applicable Spread for a ratio of Total Debt to Total Capitalization greater than that which is permitted under the terms of Section 6.18.3 hereof. For the avoidance of doubt, it is agreed that it is the intent of the parties that the Lenders shall be free to exercise all remedies otherwise provided for in this Agreement in the event of a violation of the Borrower of the covenants stated in Section 6.18.3, notwithstanding the accrual of interest upon the Loan at a rate determined in accordance with this definition. As used herein, "b.p." means a basis point, which is one one-hundredth of one percent. View More

Applicable Spread. Means the spread corresponding to the Prevailing Rating of the Senior Notes, as set forth below, in effect at the close of business on the Business Day immediately preceding the date of the Failed Remarketing, if applicable: PREVAILING RATING SPREAD ----------------- ------ AA/Aa2................................ 3.00% ... A/A2.................................. 4.00% BBB/Baa2.............................. 5.00% Below BBB/Baa2........................ 7.00% View More

Applicable Spread. Applicable Spread " shall mean 100 basis points.

Applicable Spread. Means that number of Basis Points to be taken into account in determining the LIBOR-based Rate determined by reference to the Company's ratio of Funded Debt to EBITDA as follows: Ratio of Funded Debt to EBITDA Applicable Spread ... > 4.00 250 b.p. > 3.00 but < 4.00 200 b.p. > 2.00 but < 3.00 150 b.p. < 2.00 100 b.p. Effective as of the date of the Eighth Amendment, the Applicable Spread shall be the highest tier. Thereafter, the Applicable Spread shall be determined as of the end of each fiscal quarter upon receipt of the Company's quarterly financial statements delivered in accordance with Section 5(b)(ii) herein. View More

Applicable Spread. Means that number of Basis Points to be taken into account in determining the per annum at which the LIBOR-based Rate of interest on the Revolving Loan shall be calculated and which shall be 55 Basis Points at all times on and after the date of the Fourth Amendment.

Applicable Spread. Means the rate per annum determined from time to time in accordance with the following: (i) If the relevant Leverage Ratio is: the Applicable Spread shall be: Not greater than 1.75:1 1.65% (165 "basis points") Greater than 1.75:1 and not greater than 2.00:1 1.875% (187.5 "basis points") Greater than 2.00:1 and not greater than 2.50:1 2.00% (200 "basis points") ... Greater than 2.50:1 and not greater than 3.00:1 2.125% (212.5 "basis points") Greater than 3.00:1 2.25% (225 "basis points") (ii) If, based on the Covenant Compliance Certificate most recently delivered by Borrowers, the ratio of (x) the book value of all land owned by Borrowers, Guarantor or any subsidiary of a Borrower or of Guarantor which is not subject to a Qualifying Agreement of Sale and on which no Unit is constructed or under construction to (y) Consolidated Adjusted Tangible Net Worth exceeds 1.50:1, the Applicable Spread that is determined pursuant to the foregoing clause (i) shall be increased by one-eighth of one percent (0.125%) per annum (that is, by 12.5 "basis points"). 1 (iii) If, based on the Covenant Compliance Certificate most recently delivered by Borrowers, the Debt Service Ratio is less than 2:25:1, the Applicable Spread that is determined pursuant to the foregoing clause (i) shall be increased by one-quarter of one-percent (0.25%) per annum (that is, by 25 "basis points"). (iv) The adjustments to the Applicable Spread pursuant to the foregoing clauses (ii) and (iii) shall be cumulative. (v) The Applicable Spread shall be adjusted quarterly as provided in Section 2.4.2. View More

Applicable Spread. A rate per annum equal to 2.75%; provided that (i) after the first anniversary of the Closing Date, the Applicable Spread may be increased by a rate per annum not to exceed to 0.50% upon the occurrence of an Applicable Spread Increase Event; (ii) if the Applicable Spread has been increased following an Applicable Spread Increase Event, the Applicable Spread shall, subject to the limitations in clauses (iii) and (iv) of this definition, be reduced to a rate equal to 2.75% upon the first Business... Day following the occurrence of an Applicable Spread Decrease Event; (iii) any adjustment to the Applicable Spread shall remain effective until the later of (A) the next Applicable Spread Event and (B) the date that is 364 days after such adjustment; (iv) there shall only be one (1) Applicable Spread Event during any 364-day period; (v) so long as no Event of Default has occurred and is continuing, the Applicable Spread shall not be greater than a rate per annum equal to 4.25%; and (vi) at no time shall the Applicable Spread be less than a rate of 2.75% per annum. View More

Applicable Spread. A rate per annum equal to 2.00%.

Applicable Spread. A rate per annum equal to the percentage determined in accordance with the following formula, rounded to four decimal places: Applicable Spread = (ASF x PercentageF) + (ASO x PercentageO) where: ASF = 2.00%; ASO = 2.75%; PercentageF = Average Adjusted BalanceF / Average Adjusted BalanceAgg; PercentageO = 100% - PercentageF; Average Adjusted BalanceF = (Beginning Adjusted BalanceF + Ending Adjusted BalanceF)/2 Beginning Adjusted BalanceF = Adjusted Balance related to First Lien Loans on the... first day of the related Accrual Period; Ending Adjusted BalanceF = Adjusted Balance related to First Lien Loans on the last day of the related Accrual Period; Average Adjusted BalanceAgg = (Beginning Adjusted BalanceAgg + Ending Adjusted BalanceAgg)/2 Beginning Adjusted BalanceAgg = Aggregate Adjusted Balance on the first day of the related Accrual Period; and Ending Adjusted BalanceAgg = Aggregate Adjusted Balance on the last day of the related Accrual Period. View More