Securitization Interest Rate definition
Securitization Interest Rate means, if applicable, during the Securitization Extension Term (as hereinafter defined), a rate equal to either LIBOR or the Treasury Rate, plus 2.50 percent (2.50%), as selected in Payee's sole discretion; provided, however, that if the aggregate Net Operating Income from all of the Properties, as determined by Payee in its sole and absolute discretion, for the twelve (12) month period commencing on June 30, 1998 and ending on June 30, 1999, as adjusted with an assumed management fee of 4% of Operating Income (as defined in the Mortgage) and an FF&E reserve of 4% of Operating Income, is less than $18,000,000, at a rate equal to LIBOR or the Treasury Rate, as selected in ▇▇▇▇▇'s sole discretion, plus 3.5 percent (3.5%).