Applicable Spread. “Applicable Spread” means, (a) for the Taxable Rate, the number basis points in the column entitled TAXABLE RATE in the applicable chart below on the Level that contains the Obligor Rating and, (b) for the Tax Exempt Rate, the product of the number basis points in the column entitled TAX EXEMPT RATE in the applicable chart below on the Level that contains the Obligor Rating. The Obligor Rating and the Level used to determine the Applicable Spread shall be determined as provided below in this paragraph:
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Sources: Fee Letter Agreement, Fee Letter Agreement