Base Rate Spread

Base Rate Spread. Means, with respect to any Loan bearing interest at the Base Rate for any time prior to the Final Maturity Date, the applicable margin set forth below under the caption "Base Rate Spread", determined by reference to the percentage of the Borrowing Base that the sum of all Loans outstanding plus all LC Obligations represent at that time. Percentage of Borrowing Base Usage Base Rate Spread ... ------------------ ----------------- greater than or equal to 75% 0.25% greater than or equal to 60% but less than 75% 0.00% greater than 40% but less than 60% 0.00% less than or equal to 40% 0.00% View More