Eurodollar Rate Spread means, for each Eurodollar Period, the applicable additional component of interest, expressed as a percentage per annum, set forth below opposite the Applicable Pricing Level, to be added to the Eurodollar Rate in determining the applicable rate of interest for Eurodollar Loans: Applicable Pricing Eurodollar Rate Level Spread ----- ------ I 1.50%
Eurodollar Rate Spread means as to each Advance Rate the applicable Eurodollar Rate Spread set forth below opposite such Advance Rate for the applicable Collateral type, or such other Eurodollar Rate Spread as may be mutually agreed to by Borrower and Lender: ------------------------------------------------------------------------------------------------------------- Collateral Type Advance Eurodollar Rate Spread (expressed Rate as percentage points per annum and as basis points) ------------------------------------------------------------------------------------------------------------- Conduit Loan 90% 0.75% 75bp 95% 1.00% 100bp ------------------------------------------------------------------------------------------------------------- Non-Conduit Mortgage Loans First Mortgage (75% LTV maximum) 90% 1.45% 145bp First Mortgage (75% LTV maximum) 95% 1.65% 165bp ------------------------------------------------------------------------------------------------------------- Subordinate Mortgage Loans, Mezzanine 65% 1.75% 175bp Loans, CMBS and Equity Interests* 75% 1.85% 185bp 80% 2.20% 220bp ------------------------------------------------------------------------------------------------------------- * Solely for illustrative purposes, Borrower and Lender agree that the following example of a transaction illustrates their intent: with respect to an item of Collateral for which the appraised value of the underlying real property is $100,000,000, on which Mortgage Loans and Mezzanine Loans have been made in the aggregate amount of $85,000,000, with Lender advancing hereunder 95% of a 75% LTV ($71,250,000), plus 80% of a subordinate Mortgage Loan or Mezzanine Loan (80% of $10,000,000 equals $8,000,000), the aggregate loans from Lender to Borrower would equal $79,250,000, resulting in a 93.2% underlying loan-to-loan value. In addition, Lender will finance loans originated by Borrower with an aggregate underlying LTV up to 95% and above 95% on a case-by-case basis. The Eurodollar Rate Spread may exceed the levels set forth above on loans with underlying LTVs in excess of 90%.
Eurodollar Rate Spread is defined in the Fee Letter.
Examples of Eurodollar Rate Spread in a sentence
Except as otherwise provided in Section 3.6, the unpaid principal amount of any Eurodollar Loan shall bear interest at a rate per annum equal to the Eurodollar Rate for that Eurodollar Loan plus the Eurodollar Rate Spread.
References herein to commercial mortgage backed securities and related terms are solely to set forth the definitions of Eurodollar Rate Spread, Advance Rate and Maximum Advance Rate for such collateral and the CMBS Loan Agreement shall govern as to all other matters.
In the event of any change in the Interest Coverage Ratio of the Consolidated Entity for the most recently ended four full fiscal quarters of the Consolidated Entity, the Eurodollar Rate Spread shall change effective as of the first day of the first Interest Period beginning after the date on which the most recent Financial Statements of the Consolidated Entity were required to be delivered to the Agent pursuant to Section 7.1(a) or 7.1(c), as applicable.
Upon Lender's receipt of all of the Diligence Materials or Lender's waiver thereof, Lender, within five (5) Business Days, shall either (i) notify Borrower of the Maximum Advance Rate (which may be less than the Advance Rate set forth in the definition of Eurodollar Rate Spread) and the Asset Value for the proposed Collateral or (ii) deny, in Lender's sole and absolute discretion, Borrower's request for an advance.
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More Definitions of Eurodollar Rate Spread
Eurodollar Rate Spread means, 3.50%.
Eurodollar Rate Spread means (A) as to each Purchase Rate the applicable Eurodollar Rate Spread set forth below opposite such Purchase Rate for the applicable “Transaction Asset Type” (as set forth in the chart below), or such other Eurodollar Rate Spread as may be mutually agreed to by Seller and Buyer: Transaction Asset Type Purchase Rate Eurodollar Rate Spread (expressed as percentage points per annum and as basis points) Initial Transaction Asset 60% 1.50%* 150 bps* All Eligible Transaction Assets other than Initial Transaction Asset and DYT Assets To be determined in Buyer’s sole good faith discretion. To be determined in Buyer’s sole good faith discretion. DYT Assets Not applicable. Not applicable. * In the event that at any time, and for so long as, the quotient of (a) the outstanding amount of the Repurchase Price of the Initial Transaction Asset divided by (b) the outstanding principal amount of the Initial Transaction Asset, shall be less than fifty percent (50%), the Eurodollar Rate Spread with respect to the Initial Transaction Asset shall be 1.00% (100 bps). In the event that a Rate Step-Up shall become effective pursuant to the terms of this Agreement, the Eurodollar Rate Spread for the Initial Transaction Asset shall be 1.00% (100bps) higher (for each day that such Rate Step-Up is in effect) than the Eurodollar Rate Spread that would otherwise be in effect.
Eurodollar Rate Spread means as to each Purchase Rate the applicable Eurodollar Rate Spread set forth below opposite such Purchase Rate for the applicable Transaction Asset Type, or such other Eurodollar Rate Spread as may be mutually agreed to by Seller and Buyer: Eurodollar Rate Spread (expressed as percentage points Transaction Asset Type Purchase Rate per annum and as basis points) ---------------------- ------------- ------------------------------ ----------------------------------------------------------------------------------------------------------- Whole Loans [****] [****] [****] ----------------------------------------------------------------------------------------------------------- B Notes, Preferred Equity Interests and Mezzanine [****] [****] [****] Loans and participation interests in any of the foregoing* ---------------------------------------------------- (50% - 55% LTV maximum) [****] [****] [****] ---------------------------------------------------- (56% - 60% LTV maximum) [****] [****] [****] ---------------------------------------------------- (61% - 70% LTV maximum) [****] [****] [****] ---------------------------------------------------- (71% - 75% LTV maximum) [****] [****] [****] ----------------------------------------------------------------------------------------------------------- (76% - 80% LTV maximum) [****] [****] [****] ---------------------------------------------------- (81% - 85% LTV maximum) [****] [****] [****] ---------------------------------------------------- (86% - 90% LTV maximum) [****] [****] [****] ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- CMBS [****] [****] [****] Rating: [****] [****] [****] ---------------------------------------------------- BBB [****] [****] [****] ---------------------------------------------------- BBB- [****] [****] [****] ----------------- ----------------- ---------------- BB+ [****] [****] [****] ---------------------------------------------------- BB [****] [****] [****] ---------------------------------------------------- BB- [****] [****] [****] ----------------------------------------------------------------------------------------------------------- B+ [****] [****] [****] ---------------------------------------------------- B [****] [****] [****] ---------------------------------------------------- B- [****] [****] [****] ...
Eurodollar Rate Spread means an additional component of ---------------------- interest (which may vary over the term of any Eurodollar Rate Loan) to be added to the Eurodollar Rate in determining the interest rate payable with respect to Eurodollar Rate Loans. As of each date of determination, the Eurodollar Rate Spread equals the interest rate per annum set forth below opposite the credit rating then assigned to the Senior Unsecured Debt by Xxxxx'x Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Group (a division of XxXxxx-Xxxx, Inc.) ("S&P") on that date: Credit Rating Eurodollar Rate Spread ------------- ---------------------- S&P Moody's --- ------- A- or A3 (or higher) .1600% BBB+ or Baa1 .2000% BBB or Baa2 .2250% BBB- or Baa3 .2500% BB+ or Ba1 (or lower) .5000% ; provided that (a) if the credit ratings assigned by Moody's and S&P -------- differ by one "notch" (e.g., BBB+ versus Baa2) then the higher (BBB+) --- of the two credit ratings shall be used, (b) if the credit ratings assigned by Moody's and S&P differ by more than one "notch" (e.g. BBB+ versus Baa3), then the average --- (BBB/Baa2) of the two credit ratings shall be used and (c) if the Senior Unsecured Debt is at any time not rated by Moody's or S&P then the credit rating that is one "notch" below the credit rating then assigned to the First Mortgage Bonds by Moody's or S&P (as applicable) shall be deemed to be the credit rating assigned by such rating agency to the Senior Unsecured Debt.
Eurodollar Rate Spread means (A) with respect to each item of Eligible Collateral pledged to Lender before March 30, 1999 and set forth on Exhibit G attached hereto, for the period to, and including, December 8, 1999, as to each Advance Rate the applicable Eurodollar Rate Spread set forth below opposite such Advance Rate for the applicable Collateral type, or such other Eurodollar Rate Spread as may be mutually agreed to by Borrower and Lender: ------------------------------------------------------------------------------------------------------ Collateral Type Advance Rate Eurodollar Rate Spread (expressed as percentage points per annum and as basis points) ------------------------------------------------------------------------------------------------------ Subordinate Mortgage Loans, Mezzanine 65% 1.75% 175bp Loans, CMBS and Equity Interests 75% 1.85% 185bp 80% 2.20% 220bp ------------------------------------------------------------------------------------------------------
Eurodollar Rate Spread means, during the Pricing Period immediately following each Test Date, upon which the Senior Funded Debt to EBITDA Ratio is (a) equal to or greater than 3.50:1.00, 3.25%, (ii) equal to or greater than 3.00:1.00 and less than 3.50:1.00, 3.00%, (iii) equal to or greater than 2.50:1.00 and less than 3.00:1.00, 2.75%, and (iv) less than 2.50 to 1.00, 2.50%.
Eurodollar Rate Spread means 2.75%.