Common use of Prime Rate and Base Rate Determination Clause in Contracts

Prime Rate and Base Rate Determination. (a) The initial Prime Rate applicable to any Prime Rate Borrowing Tranche required under Sections 3.3.2 or 3.4.3 shall equal the Prime Rate as of the Borrowing Date or Renewal Date, as applicable. The Prime Rate shall thereafter fluctuate in accordance with any changes to the Prime Rate as published from time to time during the term of the Prime Rate Borrowing Tranche. (b) The Base Rate applicable to any Base Rate Borrowing Tranche hereunder shall, subject to the provisions set forth below, equal the Base Rate calculated as of the date of the Loan Request and set forth in the Loan Request. In the event that the Base Rate, calculated as of the Borrowing Date, is more than twenty-five basis points (0.0025) higher or lower than the Base Rate set forth in the Loan Request, the Base Rate applicable to such Loan Request shall instead be the Base Rate calculated as of the Borrowing Date. Thereafter, (i) the portion of the Base Rate attributable to the Reference Bills® Rate (or such alternative index as may be selected by Lender in accordance with the provisions of Section 3.4) for any Base Rate Borrowing Tranche shall be redetermined as of each renewal of such Borrowing Tranche pursuant to Section 3.3.3 and (ii) the Margin for all Base Rate Borrowing Tranches then outstanding shall be redetermined as of each determination and redetermination of the Net Spread. As determined and redetermined pursuant to this Agreement, the same Margin shall apply to all Base Rate Borrowing Tranches then outstanding. The portion of the Margin attributable to the Net Spread shall be determined based on the Facility Debt Service Coverage Ratio in accordance with the table set forth in Schedule 3.2. The Facility Debt Service Coverage Ratio and Net Operating Income shall each be redetermined in accordance with the definitions thereof, as applicable.

Prime Rate and Base Rate Determination. (a) The initial Prime Rate applicable to any Prime Rate Borrowing Tranche required under Sections 3.3.2 or 3.4.3 3.4 shall equal the Prime Rate as of the Borrowing Date or Renewal Date, as applicable. The Prime Rate shall thereafter fluctuate in accordance with any changes to the Prime Rate as published from time to time during the term of the Prime Rate Borrowing Tranche. (b) The Base Rate applicable to any Base Rate Borrowing Tranche hereunder shall, subject to the provisions set forth below, equal the Base Rate calculated as of the date of the Loan Request and set forth in the Loan Request. In the event that the Base Rate, calculated as of the Borrowing Date, is more than twenty-five basis points (0.0025) higher or lower than the Base Rate set forth in the Loan Request, the Base Rate applicable to such Loan Request shall instead be the Base Rate calculated as of the Borrowing Date. Thereafter, (i) the portion of the Base Rate attributable to the Reference Bills® LIBO Rate (or such alternative index as may be selected by Lender in accordance with the provisions of Section 3.4) for any Base Rate Borrowing Tranche shall be redetermined as of each renewal of such Borrowing Tranche pursuant to Section 3.3.3 and (ii) the Margin for all Base Rate Borrowing Tranches then outstanding shall be redetermined as of each determination and redetermination of the Net Spread. As determined and redetermined pursuant to this Agreement, the same Margin shall apply to all Base Rate Borrowing Tranches then outstanding. The portion of the Margin attributable to the Net Spread shall be determined based on the Facility Debt Service Coverage Ratio in accordance with the table set forth in Schedule 3.2. The Facility Debt Service Coverage Ratio and Net Operating Income shall each be redetermined in accordance with the definitions thereof, as applicable.

Prime Rate and Base Rate Determination. (a) The initial Prime Rate applicable to any Prime Rate Borrowing Tranche required under Sections 3.3.2 or 3.4.3 hereunder shall equal the Prime Rate as of the Borrowing Date or Renewal Date, as applicable. The Prime Rate shall thereafter fluctuate in accordance with any changes to the Prime Rate as published from time to time during the term of the Prime Rate Borrowing Tranche. (b) . The Base Rate applicable to any Base Rate Borrowing Tranche hereunder shall, subject to the provisions set forth below, equal the Base Rate calculated set forth in the Loan Request, which shall be the Base Rate as of it exists on the date of the Loan Request and set forth in the Loan Request. In the event that the Base Rate, calculated as of determined on the Borrowing Date, is more than twenty-five basis points (0.0025.0025) higher or lower than the Base Rate set forth in the Loan Request, the Base Rate applicable to such Loan Request shall instead be the Base Rate calculated as of it exists on the Borrowing Date. Thereafter, (i) the portion of the Base Rate attributable to the Reference Bills® BillsSM Rate (or such alternative index as may be selected by Lender in accordance with the provisions of Section SECTION 3.4) for any Base Rate Borrowing Tranche shall be redetermined as of each renewal of such Borrowing Tranche pursuant to Section SECTION 3.3.3 and (ii) the Margin for all Base Rate Borrowing Tranches then outstanding shall be redetermined as of each determination and redetermination of the Net SpreadG-Fee. As determined and redetermined pursuant to this AgreementIn all events, the same Margin shall apply to all Base Rate Borrowing Tranches then outstanding. The portion of the Margin attributable to the Net Spread G-Fee shall be determined based on the Facility Debt Service Coverage Ratio in accordance with the table set forth in Schedule SCHEDULE 3.2. The Facility Debt Service Coverage Ratio and (but not Net Operating Income Income, which shall each only be redetermined in accordance with (a) on or before August 31st of each calendar year during the definitions thereofterm of this Agreement, commencing on or about August 31, 2004 and (b) on each addition or deletion of a real property from the Collateral Pool pursuant to SECTIONS 2.9, 2.10 and 2.15 respectively), and the G-Fee for all Borrowing Tranches then outstanding and/or requested shall be determined and redetermined (1) as applicableof each Loan Request, (2) as of each Renewal Request, (3) on or before August 31st of each calendar year during the term of this Agreement, commencing on or about August 31, 2004, (4) as of each addition or deletion of a real property to or from the Collateral Pool pursuant to SECTIONS 2.9, 2.10 and 2.15 respectively, and (5) as of each expiration of an Interest Period for any Base Rate Borrowing Tranche.