Term RFR Option Sample Clauses

Term RFR Option. On and after the Term RFR Transition Date with respect to any applicable Alternative Currency, in the case of Loans denominated in any Alternative Currency that bear interest based on Term RFR, a rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in Alternative Currencies as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Term RFR for such Alternative Currency as determined for each applicable Interest Period plus the RFR Adjustment plus the Applicable Rate.
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Term RFR Option. On and after the Term RFR Transition Date with respect to any applicable Affected Currency, in the case of Loans denominated in any Affected Currency that bear interest based on a Term RFR, a rate per annum (computed on the basis of a year of 360 days and actual days elapsed, except that interest on Loans denominated in Affected Currencies as to which market practice differs from the foregoing shall be computed in accordance with market practice for such Loans) equal to the Term RFR for such Affected Currency as determined for each applicable Interest Period plus the RFR Adjustment plus the Applicable Margin.
Term RFR Option. On and after the Term RFR Transition Date with respect to any Currency, in the case of Loans denominated in such Currency that bear interest based on Term RFR, a rate per annum (subject to Section 2.13(e)) equal to the Term RFR for such Currency as determined for each applicable Interest Period plus the Applicable Rate.
Term RFR Option. In the case of Term RFR Loans denominated in Sterling or Canadian Dollars, a rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Term RFR for such Currency as determined for each applicable Interest Period plus the Term RFR Adjustment plus the Applicable Margin..

Related to Term RFR Option

  • Extension Option Tenant is given one (1) option to extend the ---------------- initial term of the Lease, subject to all the provisions contained in the Lease, as amended and restated by this Amendment, except for monthly rent, for a period of five (5) years ("Extended Term"). In order to exercise an option to extend, Tenant shall give notice of exercise of the option ("Option Notice") to Landlord at least three (3) months but not more than nine (9) months before the expiration of the term. The monthly rent during the Extended Term shall be equal to the fair market rental for the Leased Premises, which in no event shall be less than the rent payable immediately prior to the Extended Term. The parties shall have thirty (30) days after Landlord receives the Option Notice in which to agree on monthly rent during the Extended Term. If the parties agree on the monthly rent for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the monthly rent. If the parties are unable to agree on the monthly rent for the Extended Term within the thirty (30) day period set forth above, then within ten (10) days after the expiration of that period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser with at least five (5) years' full-time commercial appraisal experience in appraising properties similar to the Leased Premises in the area in which the Leased Premises are located to appraise and set the monthly rent for the Extended Term. Further, all of the appraisers selected through the process described above shall be certified as required by Virginia law as in effect at the time. If a party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the monthly rent for the Extended Term. If the two appraisers are appointed by the parties as stated in this Paragraph, they shall meet promptly and attempt to set the monthly rent for the Extended Term. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to select a third appraiser meeting the qualifications stated in this Paragraph within ten (10) days after the last day the two appraisers are given to set the monthly rent. If they are unable to agree on the third appraiser, either of the parties to the Lease by giving ten (10) days' notice to the other party can file a petition with the American Arbitration Association solely for the purpose of selecting a third appraiser who meets the qualifications stated in this Paragraph. Each party shall bear half the cost of the American Arbitration Association appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set the monthly rent for the Extended Term. After the monthly rent for the Extended Term has been set, the appraisers shall immediately notify the parties.

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