Weighted Average LIBOR Spread definition
Weighted Average LIBOR Spread means, as of any Measurement Date, a fraction (expressed as a percentage and rounded up to the next 0.001%), (a) the numerator of which is the sum of the products determined by multiplying the Outstanding Loan Balance of each Floating LIBOR Rate Loan (excluding Charged-Off Loans and Delinquent Loans) in the Collateral as of such Measurement Date by the stated spread above or below LIBOR of the current Loan Rate applicable to such Loan, and (b) the denominator of which is the sum of the Outstanding Loan Balances of all Floating LIBOR Rate Loans (excluding Charged-Off Loans and Delinquent Loans) in the Collateral as of such Measurement Date; provided that if the foregoing amount is less than the Minimum Weighted Average LIBOR Spread as of such Measurement Date, any Fixed Rate Excess and any Prime Excess as of such Measurement Date shall be added to such amount (but solely to the extent that such Fixed Rate Excess and such Prime Excess have not been included in the calculation of the Weighted Average Prime Spread or the Weighted Average Coupon, respectively, on such Measurement Date); and provided further that for purposes of this definition, (1) no contingent payment of interest will be included in such calculation; (2) any Loan Rate shall exclude any portion of the interest that is currently being deferred in violation of the terms of the related Loan Documents; (3) in the case of Loan Rate for a Floating LIBOR Rate Loan not expressed as a stated spread above or below LIBOR, the stated spread to LIBOR relating to such Loan shall be calculated on any Measurement Date by the Servicer in its sole discretion on behalf of the Issuer by subtracting LIBOR from the Loan Rate of such Loan; and (4) Loans that are Charged-Off Loans and Delinquent Loans will be included in the calculations described herein if, as of such Measurement Date, such Loans are paying in full current interest pursuant to the terms of their respective Underlying Note or, in the case of a Noteless Loan, the Underlying Loan Agreement.
Weighted Average LIBOR Spread means, as of any Measurement Date, the sum of (a) a fraction (expressed as a percentage and rounded up to the next 0.001%), (i) the numerator of which is the sum of the products determined by multiplying the Outstanding Loan Balance of each Floating LIBOR Rate Loan, Floating Prime Rate Loan and Blended Rate Loan (excluding Charged-Off Loans and Delinquent Loans) owned by the Issuer as of such Measurement Date by the LIBOR Spread with respect to such Loan, and (ii) the denominator of which is the sum of the Outstanding Loan Balances of all Floating LIBOR Rate Loans, Floating Prime Rate Loans and Blended Rate Loans (excluding Charged-Off Loans and Delinquent Loans) owned by the Issuer as of such Measurement Date and (b) the Fixed Rate Adjustment Amount.
Weighted Average LIBOR Spread means, as of any Determination Date, a fraction (expressed as a percentage and rounded up to the next 0.001%), (a) the numerator of which is the sum of the products determined by multiplying the Outstanding Loan Balance of each Loan (excluding Charged-Off Loans and Delinquent Loans) owned by the Issuer as of such Determination Date by the LIBOR Spread with respect to such Loan, and (b) the denominator of which is the sum of the Outstanding Loan Balances of all Loans (excluding all Charged-Off Loans and Delinquent Loans) owned by the Issuer as of such Determination Date.
More Definitions of Weighted Average LIBOR Spread
Weighted Average LIBOR Spread means (a) initially, three hundred forty five (345) basis points (i.e., 3.45%), or (b) at any time after the Outstanding Principal Balance has been partially repaid after the occurrence of an Event of Default or from the application of Net Proceeds in accordance with this Agreement (in either case without a pro rata principal payment with respect to the Mezzanine Loan Outstanding Principal Balance having been made concurrently therewith, the actual weighted average spread in effect with respect to the Loan and the Mezzanine Loan based on the Spread applicable hereunder and the Spread applicable under (and as defined in) the Mezzanine Loan Agreement).
Weighted Average LIBOR Spread means, on any date of determination, with respect to Portfolio Obligations (other than Defaulted Obligations), the weighted average (calculated using the Portfolio Obligation Calculation Amount), which may be negative, of (i) with respect to each such Portfolio Obligation which bears interest at a rate based on LIBOR, the spread to LIBOR for such Portfolio Obligation as of such date and (ii) with respect to each such Portfolio Obligation which does not bear interest at a rate based on LIBOR as of the relevant date, the current interest rate on such Portfolio Obligation minus the LIBOR rate in effect as of such date; provided that, with respect to each Portfolio Obligation that is a Revolving Loan, the applicable spread will be calculated as described in (i) or (ii) above for the funded portion of such Portfolio Obligation only.