Substitute Rate Spread definition
Substitute Rate Spread means, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Substitute Rate Loan the difference (expressed as the number of basis points) between (i) LIBOR plus the Applicable Spread as of the Interest Determination Date for which LIBOR was last utilized to determine the interest rate of the Loan minus (ii) the Substitute Base Rate as of such Interest Determination Date for which LIBOR was last utilized to determine the interest rate of the Loan, or (b) a Base Rate Loan to a Substitute Rate Loan the difference (expressed as the number of basis points) between (i) the Base Rate in effect for the Interest Period prior to the Interest Period in which the Substitute Rate is to be applied minus (ii) the Substitute Base Rate in effect for the Interest Period prior to the Interest Period in which the Substitute Rate is to be applied; provided, however, that if such difference is a negative number, then the Substitute Rate Spread shall be zero.
Substitute Rate Spread means, in connection with any conversion of the Loan from (a) a LIBOR Loan to a Substitute Rate Loan, the difference (expressed as the number of basis points) between (i) LIBOR plus the Spread as of the Interest Determination Date for which LIBOR was last utilized to determine the interest rate of the Loan minus (ii) the Substitute Base Rate as of such Interest Determination Date for which LIBOR was last utilized to determine the interest rate of the Loan, or (b) a Base Rate Loan to a Substitute Rate Loan, the difference (expressed as the number of basis points) between (i) the Base Rate in effect for the Interest Period prior to the Interest Period in which the Substitute Rate is to be applied minus (ii) the Substitute Base Rate in effect for the Interest Period prior to the Interest Period in which the Substitute Rate is to be applied; provided, however, that if such difference is a negative number, then the Substitute Rate Spread shall be zero. If the Loan is a Substitute Rate Loan immediately prior to the commencement of the Third Extended Term, the Substitute Rate Spread shall be increased by twenty-five basis points (0.25%) from and after the first day of the Third Extended Term, in accordance with Section 2.7.1(e) hereof, without duplication of any increase with respect to the Spread or the Base Rate Spread.