`Term Loan Spread' definition
`Term Loan Spread' means the percentage set forth below opposite the range of Leverage Ratio in which the Borrower's Leverage Ratio falls. Reductions and increases in the percentage will be determined quarterly upon receipt of the Borrower's financial statements as required under Section 6.1(b) of the Credit Agreement, but such reductions and increases will be applied retroactively to the beginning of the quarter immediately following the quarter for which the determination was made. From the beginning of each fiscal quarter until such determination is made with respect to that quarter, the Borrower shall pay interest as if the percentage were unchanged from the percentage applicable at the end of the preceding fiscal quarter. If the percentage is determined to have increased and the Borrower has thus underpaid interest since the beginning of that fiscal quarter, the Borrower shall pay such deficiency on demand. If the percentage is determined to have decreased and the Borrower has thus overpaid interest since the beginning of that fiscal quarter, the Lender shall credit such overpayment, first, as a prepayment of accrued but unpaid interest on the Term Loan Note, and, second, as a prepayment of interest thereafter accruing on the Term Loan Note. Notwithstanding the foregoing, no reduction in the percentage will be made if a Default or an Event of Default has occurred and is continuing at the time that such reduction would otherwise be made. Leverage Ratio Percentage
`Term Loan Spread' has the meaning assigned to such term in Section 2.3(c). ----------------
Examples of `Term Loan 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 ▇▇▇▇▇'▇ debt rating, and the Borrower's S&P's debt rating, as the case may be.