Spread Margin definition
Spread Margin means, with respect to any Interest Period, if the ▇▇▇ Spread on the applicable Interest Rate Determination Date (i) is less than 1.50, zero percent (0.00%); (ii) is 1.50 or greater but less than 3.00, one percent (1.00%); and (iii) is 3.00 or greater, one and one-half percent (1.50%).
Examples of Spread Margin in a sentence
If the Average Crack Spread Margin for the relevant period is less than or equal to the Crack Spread Target, Seller shall not receive a payment on such Contingent Payment Date.
Whether or not Seller is entitled to receive a payment on a Contingent Payment Date shall be determined by whether or not the Average Crack Spread Margin (as defined below) over the 12-month period ending on August 31 of the calendar year in which such Contingent Payment Date falls exceeds $17.50 (the “Target Crack Spread”).