Effective Spread means, asAs of any date of determination (a) with respect to any floating rate Collateral Obligation that bears interest based on LIBOR, the per annum rate at which such Collateral Obligation pays interest minus LIBOR for such Collateral Obligation (in each case, as of such date) or (b) with respect to any floating rate Collateral Obligation that bears interest based on a floating rate index other than a London interbank offered rate-based index, the base rate applicable to such Collateral Obligation plus the rate at which such Collateral Obligation pays interest in excess of such base rate minus three-month LIBOR (in each case, as of such date); provided that (i) with respect to any unfunded commitment of a Delayed Drawdown Collateral Obligation or a Revolving Collateral Obligation, the Effective Spread shall be the commitment fee payable with respect to such unfunded commitment, (ii) with respect to the funded portion of a commitment under a Delayed Drawdown Collateral Obligation or a Revolving Collateral Obligation, the Effective Spread shall be the per annum rate at which it pays interest minus LIBOR for such Collateral Obligation (in each case, as of such date) or, if such funded portion bears interest based on a floating rate index other than a London interbank offered rate-based index, the Effective Spread will be the then-current base rate applicable to such funded portionplus the rate at which such funded portion pays interest in excess of such base rate minus three- month LIBOR, (iii) with respect to any Libor Floor Obligation, the stated interest rate spread applicable to such Collateral Obligation above the applicable index with respect to such Collateral Obligation shall be deemed to be equal to the sum of (A) such stated interest rate spread over such applicable index and (B) the excess, if any, of the specified "floor" rate with respect to such Collateral Obligation over such applicable index and (iv) with respect to any Collateral Obligation that bears interest at a floating rate and is a Deferrable SecurityObligation or a Partial Deferrable SecurityObligation that is deferring interest on the Measurement Date, the Effective Spread will be that portion of its spread that is not being deferred.
Effective Spread means, with respect to any Floating Rate Loan that bears interest based on the Benchmark, its stated spread over the Benchmark or, if such Floating Rate Loan bears interest based on a floating rate index other than the Benchmark, the Effective Spread shall be the then applicable base rate applicable to such Floating Rate Loan plus the rate at which such Floating Rate Loan pays interest in excess of such base rate minus the Benchmark for the then applicable Interest Accrual Period; provided that with respect to (i) the funded portion of any commitment under any Revolving Collateral Loan or Delayed Drawdown Collateral Loan that bears interest based on the Benchmark, the Effective Spread will be its stated spread over the Benchmark or, if such funded portion bears interest based on a floating rate index other than the Benchmark, the Effective Spread shall be the then applicable base rate applicable to such funded portion plus the rate at which such funded portion pays interest in excess of such base rate minus the Benchmark for the then applicable Interest Accrual Period; and (ii) any Benchmark Floor Obligation, the Effective Spread will be its stated spread over the Benchmark plus, if positive, (x) the Benchmark floor value minus (y) the Benchmark for the then applicable interest period; provided that, that the Effective Spread of any floating rate Collateral Obligation shall (a) be deemed to be zero, to the extent that the Borrower or the Collateral Manager has actual knowledge that no payment of cash interest on such floating rate Collateral Obligation will be made by the Obligor thereof during the applicable due period, (b) not include any non-cash interest and (c) not include any Non-Cash Paying PIK Loan.
Effective Spread means, with respect to any Floating Rate Collateral Debt Obligation (excluding Defaulted Obligations and only the portion of any Deferrable SecurityCollateral Debt Obligation which is currently deferring interest or paying such interest in kind), (i) if such Floating Rate Collateral Debt Obligation bears interest at a rate consisting of a spread plus a London interbank offered rate (a "LIBOR Rate"), the then-current per annum rate at which it pays interest in excess of the LIBOR Rate in effect as of such time on such Floating Rate Collateral Debt Obligation; provided, that, if such Floating Rate Collateral Debt Obligation utilizes a minimum LIBOR Rate (the "LIBOR Floor") for the purposes of calculating interest due on such Floating Rate Collateral Debt Obligation (thea "LIBOR Floor Obligation") and the LIBOR Floor is in effect, then such asset shall have an Effective Spread equivalent to (a) the spread of such asset plus (b) the LIBOR Floor minus (c) the then-current LIBOR rate in effect with respect to the Secured Notes or (ii) if such Floating Rate Collateral Debt Obligation bears interest based on a non-London interbank offered rate based floating rate index, the Effective Spread shall be the then-current base rate applicable to such Floating Rate Collateral Debt Obligation (or, if such Floating Rate Collateral Debt Obligation utilizes a minimum interest rate index for the purposes of calculating interest due on such Floating Rate Collateral Debt Obligation (the "Floor Rate") and such Floor Rate is in effect, the then–current Floor Rate applicable to such Floating Rate Collateral Debt Obligation) plus the rate at which such Floating Rate Collateral Debt Obligation pays interest in excess of such base rate minus the then-current LIBOR rate in effect with respect to the Secured Notes, which number may be less than zero.
Examples of Effective Spread in a sentence
Quoted Spread is the difference between the best bid and the best ask, Effective Spread is the effective bid-ask spread paid by the traders, Quoted Quantity is the face-value quantity offered on average per bond on the bid and ask side in millions of euros, Lambda is a measure of depth, and the Amihud and Roll measures are illiquidity measures.
See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread.
See "Use of Non-GAAP Measures—Net Effective Spread" above for an explanation of net effective spread.
Quoted Quantity and LambdaFigure 2: Time Series of Liquidity Measures Panel A shows the time-series evolution of the Quoted and Effective Spread, while Panel B shows the depth measure Lambda and Quoted Quantity.
For more information, see "Use of Non-GAAP Measures—Net Effective Spread" above.
More Definitions of Effective Spread
Effective Spread means, with respect to any floating rate Asset, the current per annum rate at which it pays interest minus LIBOR or, if such floating rate Asset bears interest based on a floating rate index other than a London interbank offered rate-based index, the Effective Spread will be the then-current base rate applicable to such floating rate Asset plus the rate at which such floating rate Asset pays interest in excess of such base rate minus three-month LIBOR; provided, that the Effective Spread of any floating rate Asset will (i) be deemed to be zero, to the extent that the Borrower or the Collateral Manager has actual knowledge that no payment of cash interest on such floating rate Asset will be made by the obligor thereof during the applicable due period, and (ii) not include any non-cash interest.
Effective Spread means with respect to any Floating Rate Collateral Debt Obligation (including the Funded Amount of a Revolving Obligation or a Delayed Drawdown Obligation), the current per annum rate at which it pays interest in excess of EURIBOR or such other floating rate index (any such floating rate index, a "Base Rate" and any such current per annum rate the "Spread") upon which such Collateral Debt Obligation bears interest; provided, that, if such Floating Rate Collateral Debt Obligation utilises a minimum Base Rate for the purposes of calculating interest due on such Floating Rate Collateral Debt Obligation (the "Base Rate Floor") and the Base Rate Floor is in effect, then such asset shall have an Effective Spread equal to its Spread plus its Base Rate Floor minus its Base Rate."
Effective Spread means, as of any date of determination, with respect to any (i) floating rate Eligible Loan Asset, the current per annum rate at which it pays interest minus the Benchmark applicable during the Remittance Period in which such date of determination occurs and (ii) fixed rate Eligible Loan Asset, the interest rate for such Eligible Loan Asset minus the Benchmark applicable during the Remittance Period in which such date of determination occurs; provided, that, in each case, (a) with respect to any unfunded commitment of any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the commitment fee payable with respect to such unfunded commitment and (b) with respect to the funded portion of any commitment under any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the current per annum rate at which it pays interest minus the Benchmark applicable during the Remittance Period in which such date of determination occurs.
Effective Spread means, with respect to any (i) floating rate Eligible Loan Asset as of any date of determination, the current per annum rate at which it pays interest minus the Index applicable during the Remittance Period in which such date of determination occurs and (ii) fixed rate eligible Loan Asset, the interest rate for such Eligible Loan Asset minus the Index applicable during the Remittance Period in which such date of determination occurs; provided, that, in each case, (a) with respect to any unfunded commitment of any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the commitment fee payable with respect to such unfunded commitment and (b) with respect to the funded portion of any commitment under any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the current per annum rate at which it pays interest minus the Index applicable during the Remittance Period in which such date of determination occurs.
Effective Spread means, with respect to any Floating Rate Underlying Asset that bears interest based on LIBOR, its stated spread or, if such Floating Rate Underlying Asset bears interest based on a floating rate index other than LIBOR, the Effective Spread shall be the then-current base rate applicable to such Floating Rate Underlying Asset plus the rate at which such Floating Rate Underlying Asset pays interest in excess of such base rate minus LIBOR for the current Interest Accrual Period; provided that with respect to (i) any unfunded commitment of any Revolving Credit Facility or Delayed-Draw Loan, the Effective Spread means the commitment fee payable with respect to such unfunded commitment; (ii) the funded portion of any commitment under any Revolving Credit Facility or Delayed-Draw Loan that bears interest based on LIBOR, the Effective Spread will be its stated spread or, if such funded portion bears interest based on a floating rate index other than LIBOR, the Effective Spread will be the then-current base rate applicable to such funded portion plus the rate at which such funded portion pays interest in excess of such base rate minus LIBOR for the current Interest Accrual Period; (iii) any Underlying Asset that has a LIBOR floor, the Effective Spread will be its stated spread over LIBOR plus, if positive, (x) the LIBOR floor value minus (y) LIBOR for the then-applicable interest accrual period; and (iv) any Floating Rate Underlying Asset that is a PIK Security, a Partial PIK Security or an Underlying Asset that is excluded from the definition of Partial PIK Security by the proviso thereto, the Effective Spread will be that portion of its spread, if any, that cannot be deferred.
Effective Spread means, with respect to any floating rate Eligible Loan Asset as of any date of determination, the current per annum rate at which it pays interest minus the Applicable LIBOR Rate or Applicable Prime Rate applicable during the Collection Period in which such date of determination occurs; provided, that (a) with respect to any unfunded commitment of any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the commitment fee payable with respect to such unfunded commitment and (b) with respect to the funded portion of any commitment under any Delayed Draw Loan Asset or Revolving Loan, as applicable, the Effective Spread means the current per annum rate at which it pays interest minus the Applicable LIBOR Rate or Applicable Prime Rate applicable during the Collection Period in which such date of determination occurs.
Effective Spread. With respect to any floating rate Collateral Obligation, the current per annum rate at which it pays interest minus LIBOR or, if such floating rate Collateral Obligation bears interest based on a floating rate index other than a London interbank offered rate-based index, the Effective Spread shall be the then-current base rate applicable to such floating rate Collateral Obligation plus the rate at which such floating rate Collateral Obligation pays interest in excess of such base rate minus three-month LIBOR; provided that (i) with respect to any unfunded commitment of any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, the Effective Spread means the commitment fee payable with respect to such unfunded commitment, (ii) with respect to the funded portion of any commitment under any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, the Effective Spread means the current per annum rate at which it pays interest minus LIBOR or, if such funded portion bears interest based on a floating rate index other than a London interbank offered rate-based index, the Effective Spread will be the then-current base rate applicable to such funded portion plus the rate at which such funded portion pays interest in excess of such base rate minus three-month LIBOR and (iii) with respect to any LIBOR Floor Obligation, the stated interest rate spread on such Collateral Obligation above the applicable index shall be deemed to be equal to the sum of (A) the stated interest rate spread over the applicable index and (B) the excess, if any, of the specified “floor” rate relating to such Collateral Obligation over the LIBOR rate applicable to the Secured Notes on the immediately preceding Interest Determination Date; provided, further, that the Effective Spread of any floating rate Collateral Obligation shall (i) be deemed to be zero to the extent that the Issuer or the Collateral Manager has actual knowledge that no payment of cash interest on such floating rate Collateral Obligation will be made by the Obligor thereof during the applicable due period and (ii) not include any non-cash interest; provided, further, that the Effective Spread of any Letter of Credit shall not include any amounts that the Issuer or the Collateral Manager have actual knowledge are being withheld by the related agent bank or will be deposited into a Letter of Credit Reserve Account.