Prime Rate Spread definition

Prime Rate Spread means the difference (expressed as the number of basis points) between (a) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event shall such difference be a negative number.

Prime Rate Spread means the additional component of interest, expressed as a percentage per annum, to be added to the Prime Rate in determining the applicable rate of interest for Prime Rate Loans. As of the date of this Agreement, the Prime Rate Spread is zero percent (0%) per annum.

Prime Rate Spread means, with respect to any Component of the Loan, as the same may be reallocated pursuant to, and in accordance with, Section 11.1(b) hereof, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Prime Rate Loan, the greater of (i) the difference (expressed as the number of basis points) obtained by subtracting (A) the Prime Index Rate as of the Determination Date for which LIBOR was last available from (B) LIBOR, determined as of such Determination Date, plus the LIBOR Spread applicable to such Component, and (ii) zero (0), or (b) an Alternate Rate Loan to a Prime Rate Loan, the greater of (i) the difference (expressed as the number of basis points) obtained by subtracting (A) the Prime Index Rate as of the Determination Date for which the Alternate Index Rate was last available from (B) the Alternate Index Rate, determined as of such Determination Date, plus the Alternate Rate Spread for such Component, and (ii) zero (0). The Prime Rate Spread shall be increased by (x) 25 basis points (0.25%) from and after the first day of the first Extension Option and (y) an additional 25 basis points (0.25%) from and after the first day of the second Extension Option in accordance with Section 2.9(g), without duplication of any increase with respect to the LIBOR Spread or the Alternate Rate Spread in accordance with Section 2.9(g).

Examples of Prime Rate Spread in a sentence

• The applicable LIBOR Spread, Prime Rate Spread and Term Loan Spread shall be subject to change at any time as determined based upon the lower (i.e. less desirable) of the Borrower's Moody's debt rating, and the Borrower's S&P's debt rating, as the case may be.

• 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 Prime Rate Spread shall change effective as of the first calendar month 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 and during the continuance of any Event of Default, the Indebtedness evidenced by the Notes shall, at the election of the Majority Banks and upon notice to Borrower (and in lieu of interest provided for in the preceding sentence), bear interest at a fluctuating interest rate per annum at all times equal to the sum of the Prime Rate plus the Applicable Prime Rate Spread plus 2%, to the extent permitted by applicable Law, until no Event of Default exists (whether before or after judgment).

• If any installment of principal or interest under the Notes or any other amount payable to the Banks under any Loan Document is not paid when due, it shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the sum of the Prime Rate plus the Applicable Prime Rate Spread plus 2%, to the extent permitted by applicable Law, until paid in full (whether before or after judgment).

• Subject to the provisions of Section 4.3 hereof, interest on Prime Rate Loans shall be payable monthly as of the end of each month at an interest rate per annum equal to the Prime Lending Rate plus the Prime Rate Spread.

More Definitions of Prime Rate Spread

Prime Rate Spread means the number of basis points determined by Administrative Agent as the sum of (a) the LIBOR Rate last in effect for the Interest Period immediately prior to the date on which such Lender has determined that the Alternative Rate is in effect with respect to its portion of the Loan, plus (b) the Spread, less (c) the Prime Rate Index in effect as of the last date of its determination pursuant to the definition thereof immediately prior to the date on which Administrative Agent has determined that the Alternative Rate is in effect with respect to the Loan.

Prime Rate Spread means, in connection with any conversion of the Loan to a Prime Rate Loan, the amount obtained by subtracting (x) the Prime Rate, as determined on the date of such conversion, from (y) the per annum interest rate payable hereunder in respect of a LIBOR Loan, determined as of the Interest Determination Date for which LIBOR was last available; provided, however, that if the amount so obtained is a negative number, then the Prime Rate Spread shall be zero.

Prime Rate Spread means, in connection with any conversion of the Transaction in accordance with the terms hereof to a Prime Rate Transaction, the difference (expressed as the number of basis points and determined at the time of such conversion) between (a)(i) if the Transaction is converted from a LIBOR Transaction to a Prime Rate Transaction, the sum of (x) the LIBO Rate, determined as of the Pricing Rate Determination Date for which LIBOR was last applicable to the Transaction, plus (y) the Applicable Spread, or (ii) if the Transaction is converted from an Alternate Rate Transaction to a Prime Rate Transaction, the Alternate Rate, determined as on the Pricing Rate Determination Date for which the Alternate Rate was last applicable to the Transaction, minus (b) the Prime Index Rate as of such Pricing Rate Determination Date; provided, however, that if such difference is a negative number, then the Prime Rate Spread shall be zero.

Prime Rate Spread means, as the same may be reallocated pursuant to, and in accordance with, the restrictions and limitations contained in Section 11.1(b)(iv) hereof, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Prime Rate Loan, the greater of (i) the difference (expressed as the number of basis points) between (x) LIBOR plus the LIBOR Spread on the date that LIBOR was last applicable to the Loan and (y) the Prime Index Rate on the date that LIBOR was last applicable to the Loan, and (ii) zero (0), or (b) an Alternate Rate Loan to a Prime Rate Loan, the greater of (i) the difference (expressed as the number of basis points) between (x) LIBOR plus the Alternate Rate Spread on the date that LIBOR was last applicable to the Loan and (y) the Prime Index Rate on the date that LIBOR was last applicable to the Loan, and (ii) zero (0).

Prime Rate Spread means the difference (expressed as the number of basis points, and which may be a positive or negative value or zero) between (a) the arithmetic mean of Term SOFR (or the applicable Benchmark Replacement) plus the Applicable Spread calculated over the ninety (90) day period prior to the date Term SOFR (or such Benchmark Replacement) was last applicable to a Transaction and (b) the arithmetic mean of the Prime Index Rate calculated over the ninety (90) day period prior to the date Term SOFR (or such Benchmark Replacement) was last applicable to a Transaction.

Prime Rate Spread means the difference (expressed as the number of basis points) between (a) the Term SOFR Reference Rate (or the Unadjusted Alternate Index Rate, as applicable) plus the Spread on the date Term SOFR Reference Rate (or the Unadjusted Alternate Index Rate, as applicable) was last applicable to the Loan and (b) the Prime Index Rate on the date that Term SOFR Reference Rate (or the Unadjusted Alternate Index Rate, as applicable) was last applicable to the Loan.

Prime Rate Spread means, in connection with any conversion of the Loans in accordance with the terms hereof to Prime Rate Loans, the sum (expressed as the number of basis points and determined at the time of such conversion) of the Spread and the Prime Rate Spread Adjustment; provided that the Prime Rate Spread shall not be less than a spread resulting in the Interest Rate immediately after giving effect to the conversion to Prime Rate Loans being at least equal to the Interest Rate immediately prior to conversion to Prime Rate Loans, and in no event will the Prime Rate Spread be less than zero.