Common use of Variable Rate Debt Clause in Contracts

Variable Rate Debt. (a) Borrower shall not permit all or any portion of the Existing Fixed Rate Indebtedness to be refinanced or otherwise replaced by Indebtedness (i) which has a Variable Interest Rate (unless such Variable Interest Rate is hedged or otherwise capped pursuant to an interest rate swap, cap or other agreement acceptable to the Agent that provides that such Variable Interest Rate shall not through the maturity date of such Indebtedness exceed a rate equal to the sum of (x) the then-current yield on obligations of the United States Treasury having a maturity date the same as (to the extent practicable) such Indebtedness, determined by the Agent as of the date of the incurrence of such Indebtedness, plus (y) three percent (3.0%), or (ii) has a scheduled maturity date which is earlier than the maturity date with respect to the portion of the Existing Fixed Rate Indebtedness that is being refinanced or replaced, or (iii) which provides for any principal amortization or other scheduled payments of principal, other than the payment of principal at maturity. (b) Notwithstanding Section 8.12(a)(i), no more than thirty percent (30%) of the total Indebtedness (excluding Indebtedness described in Section 8.1(b)-(e), but including the Obligations) of Borrower and its Consolidated Subsidiaries may be Indebtedness that is payable with respect to a Variable Interest Rate that is not hedged or otherwise capped as described in Section 8.12(a)(i).

Variable Rate Debt. (a) Borrower shall not permit all or any portion of the Existing Fixed Rate Indebtedness to be refinanced or otherwise replaced by Indebtedness (i) which has a Variable Interest Rate (unless such Variable Interest Rate is hedged or otherwise capped pursuant to an interest rate swap, cap or other agreement acceptable to the Agent that provides that such Variable Interest Rate shall not through the maturity date of such Indebtedness exceed a rate equal to the sum of (x) the then-current yield on obligations of the United States Treasury having a maturity date the same as (to the extent practicable) such Indebtedness, determined by the Agent as of the date of the incurrence of such Indebtedness, plus (y) three percent (3.0%)), or (ii) has a scheduled maturity date which is earlier than the maturity date with respect to the portion of the Existing Fixed Rate Indebtedness that is being refinanced or replaced, or (iii) which provides for any principal amortization or other scheduled payments of principal, other than the payment of principal at maturity. (b) Notwithstanding Section 8.12(a)(i), no more than thirty Indebtedness in an amount not to exceed twenty-five percent (3025%) of the total Indebtedness (excluding Indebtedness described in Section 8.1(b)-(e), but including Modified Book Asset Value of the Obligations) Consolidated Total Assets of the Borrower and its Consolidated Subsidiaries may be Indebtedness that is payable with respect to a Variable Interest Rate that is not hedged or otherwise capped as described in Section 8.12(a)(i)) and that has a maturity date of greater than twelve (12) months.

Variable Rate Debt. (a) Borrower shall not permit all or any portion of the Existing Fixed Rate Indebtedness to be refinanced or otherwise replaced by Indebtedness (i) which has a Variable Interest Rate (unless such Variable Interest Rate is hedged or otherwise capped pursuant to an interest rate swap, cap or other agreement acceptable to the Agent that provides that such Variable Interest Rate shall not through the maturity date of such Indebtedness exceed a rate equal to the sum of (x) the then-current yield on obligations of the United States Treasury having a maturity date the same as (to the extent practicable) such Indebtedness, determined by the Agent as of the date of the incurrence of such Indebtedness, plus (y) three percent (3.0%), or (ii) has a scheduled maturity date which is earlier than the maturity date with respect to the portion of the Existing Fixed Rate Indebtedness that is being refinanced or replaced, or (iii) which provides for any principal amortization or other scheduled payments of principal, other than the payment of principal at maturity. (b) Notwithstanding Section 8.12(a)(i), no more than thirty percent (30%) of the total Indebtedness (excluding Indebtedness described in Section 8.1(b)-(e), but including the Obligations) of Borrower and its Consolidated Subsidiaries may be Indebtedness that is payable with respect to a Variable Interest Rate that is not hedged or otherwise capped as described in Section 8.12(a)(i)) and that has a maturity date of greater than twelve (12) months.