Spread Maintenance Payment definition
Spread Maintenance Payment means, with respect to any repayment of all or a portion of the outstanding principal amount of the Loan prior to the Spread Maintenance End Date, a payment to Lender in an amount equal to the sum of the present values of each future installment of interest that would be payable under the Loan on the amount prepaid from the date of such prepayment through and including the Spread Maintenance End Date, assuming an interest rate equal to the difference between (i) the Floating Interest Rate in effect as of the date of such prepayment and (ii) LIBOR in effect as of the date of such prepayment, such future installments of interest to be discounted at an interest rate per annum equal to the Treasury Constant Maturity Yield Index published during the second full week preceding the date on which such premium is payable for instruments having a maturity coterminous with the Spread Maintenance End Date.
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan on or prior to the Spread Maintenance End Date, a payment to Lender in an amount equal to the product of (a) the Spread, (b) the portion of the Loan being repaid and (c) a fraction, the numerator of which is the number of days between the date through which interest on the amount being prepaid has been paid in full and the Spread Maintenance End Date and the denominator of which is 360. With respect to any prepayment made after the Payment Date in March 2014, but prior to the Spread Maintenance End Date, the amount of the Spread Maintenance Payment shall be zero.
Spread Maintenance Payment means, with respect to any prepayment of the outstanding principal amount of the Loan prior to the Spread Maintenance End Date except as otherwise provided in this Agreement, a payment to Lender in an amount equal to the product of (i) the principal amount so prepaid for which a Spread Maintenance Payment is required pursuant to this Agreement, and (ii) the spread applicable to the Note Component(s) to which such prepayment is applied, and (iii) a fraction, the numerator of which is the number of days from (but excluding) the conclusion of the Interest Period in which such prepayment is made through and including the Spread Maintenance End Date, and the denominator of which is 360.
Examples of Spread Maintenance Payment in a sentence
Any such application to the Debt shall be subject to the Spread Maintenance Payment and any Interest Shortfall, if applicable.
On each date on which Lender actually receives a distribution of Net Liquidation Proceeds After Debt Service, Borrower shall prepay the outstanding principal balance of the Loan in an amount equal to one hundred percent (100%) of such Net Liquidation Proceeds After Debt Service, together with interest that would have accrued on such amount through and including the Interest Period related to the next Payment Date and any Spread Maintenance Payment, if applicable.
Other than during the occurrence of an Event of Default, no Spread Maintenance Payment shall be due in connection with any prepayment made pursuant to this Section 2.4.2(a).
Concurrently with any such prepayment, Borrower shall pay to Agent all sums required to be paid pursuant to, and shall otherwise comply with, Section 2.4(f) hereof; noting for the purposes of clarification, provided, however, that, no Exit Fee or Spread Maintenance Payment shall be required to be paid pursuant to Section 2.4(f) hereof with respect to any such prepayment required to be made in connection with a Casualty or a Taking.
Other than following an Event of Default, no Spread Maintenance Payment shall be due in connection with any prepayment made pursuant to this Section 2.4.2.
More Definitions of Spread Maintenance Payment
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan (with the exception of any repayment made in connection with a Deleveraging Prepayment or a CSFB Assets Prepayment) prior to the Prepayment Release Date, a payment to Lender in an amount equal to the sum of the present values of each future installment of interest that would be payable under the Loan on the outstanding principal amount of the Loan from the date of such prepayment through, but excluding, the Prepayment Release Date, assuming an interest rate equal to the difference between (a) either (i) the Floating Interest Rate in effect as of the date of such prepayment (taking into account the effect of any floors on such Floating Interest Rate) if the Loan is a Floating Interest Rate Loan as of the date of such prepayment or (ii) if the Loan is a Prime Rate Loan as of the date of such prepayment, the Prime Rate plus the Prime Rate Spread in effect as of the date of such prepayment and (b) either (i) LIBOR in effect as of the date of such prepayment if the Loan is a Floating Interest Rate Loan as of the date of such prepayment or (ii) the Prime Rate in effect as of the date of such prepayment if the Loan is a Prime Rate Loan as of the date of such prepayment, such future installments of interest to be discounted at an interest rate per annum equal to the Treasury Constant Maturity Yield Index published during the second full week preceding the date on which such premium is payable for instruments having a maturity coterminous with the Prepayment Release Date.
Spread Maintenance Payment means, to the extent provided in Section 2.4 hereof with respect to any payment or prepayment of the Loan on or before the second (2nd) anniversary of the Closing Date which when aggregated with any other payments or prepayments made pursuant to Sections 2.4(a), (b), (c) or (e) hereof on or prior to such second (2nd) anniversary, is in excess of $60,000,000, an amount equal to Interest that would have accrued on the principal amount of the Loan prepaid from the date of prepayment through the second (2nd) anniversary of the Closing Date calculated in accordance with Section 2.2(c) hereon at a rate per annum equal to the LIBOR Rate Margin.
Spread Maintenance Payment means a payment to Lender in an amount equal to the outstanding principal balance immediately prior to a prepayment under the last paragraph of Section 2.3.1 hereof, multiplied by 2.5%, divided by 12 and multiplied by the number of months remaining in the Lockout Period.
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan on or prior to the Spread Maintenance End Date, a payment to Lender in an amount equal to the product of (a) the Spread in effect as of the date of such prepayment on each of the Components, weighted on the principal balance of each such Component on the date of such prepayment, (b) the portion of the Loan being repaid and (c) a fraction, the numerator of which is the number of days between the date through which interest on the amount being prepaid has been paid in full and the Spread Maintenance End Date and the denominator of which is 360. With respect to any prepayment made after the Payment Date in March 2014, but prior to the Spread Maintenance End Date, the amount of the Spread Maintenance Payment shall be zero.
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan prior to the end of the Spread Maintenance Period, a payment to Lender in an amount equal to the Spread Payment multiplied by the Present Value Factor for each of the remaining Payment Dates in the Spread Maintenance
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan (with the exception of any repayment made in connection with a Deleveraging Prepayment or a CSFB Assets Prepayment) prior to the Prepayment Release Date, a payment to Lender in an amount equal to the sum of the present values of each future installment of interest that would be payable under the Loan on the outstanding principal amount of the Loan from the date of such prepayment through, but excluding, the Prepayment Release Date, assuming an interest rate equal to the difference between (a) the weighted average of either (i) the Floating Interest Rate in effect as of the date of such prepayment on each of the Components, weighted on the principal balance of each such Component on the date of such prepayment (taking into account the effect of any floors on such Floating Interest Rate) if the Loan is a Floating Interest Rate Loan as of the date of such prepayment or (ii) if the Loan is a Prime Rate Loan as of the date of such prepayment, the Prime Rate plus the Prime Rate Spread in effect as of the date of such prepayment on each of the Components, weighted on the principal balance of each such Component on the date of such prepayment and (b) either (i) LIBOR in effect as of the date of such prepayment if the Loan is a Floating Interest Rate Loan as of the date of such prepayment or (ii) the Prime Rate in effect as of the date of such prepayment if the Loan is a Prime Rate Loan as of the date of such prepayment, such future installments of interest to be discounted at an interest rate per annum equal to the Treasury Constant Maturity Yield Index published during the second full week preceding the date on which such premium is payable for instruments having a maturity coterminous with the Prepayment Release Date.
Spread Maintenance Payment means, with respect to any repayment of the outstanding principal amount of the Loan prior to the end of the Spread Maintenance Period, a payment to Lender in an amount equal to the Spread Payment multiplied by the Present Value Factor for each of the remaining Payment Dates in the Spread Maintenance Period. Notwithstanding the foregoing, no Spread Maintenance Payment shall be due in connection with a release of an Individual Property pursuant to Section 2.6 hereof in the event that (i) the aggregate Allocated Loan Amounts for the Individual Property being released and all of the Properties previously released in accordance with Section 2.6 hereof equals an amount less than or equal to 10% of the original principal balance of the Loan and (ii) such release occurs on or after May 1, 2008.