Alternate Rate Loan definition
Alternate Rate Loan means the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the Alternate Rate.
Alternate Rate Loan a Loan that bears interest based on the Alternate Rate.
Alternate Rate Loan means any Loan at such time as interest thereon accrues at a per annum rate of interest based on the Benchmark Replacement.
Examples of Alternate Rate Loan in a sentence
Notwithstanding any provision of this Agreement to the contrary, in no event shall (x) Borrower have the right to convert (i) a SOFR Rate Loan to a Prime Rate Loan or an Alternate Rate Loan, (ii) an Alternate Rate Loan to a SOFR Rate Loan or a Prime Rate Loan, or (iii) a Prime Rate Loan to a SOFR Rate Loan or an Alternate Rate Loan, (y) the Prime Rate be less than the Minimum Rate or the Alternate Rate be less than the Minimum Rate.
If such notice is given, the Loan shall be converted, from and after the first day of the next succeeding Interest Period, to a SOFR Rate Loan or an Alternate Rate Loan, as applicable, bearing interest based on the Term SOFR Rate Index or the Alternate Rate Index, as applicable, in effect on the related Determination Date.
More Definitions of Alternate Rate Loan
Alternate Rate Loan means the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the Alternate Index plus the Alternate Rate Spread.
Alternate Rate Loan means a Loan bearing interest at a rate based on the Alternate Rate.
Alternate Rate Loan. As defined in the Mortgage Loan Agreement.
Alternate Rate Loan when used in reference to any Loan, refers to whether the Loans comprising such Borrowing are bearing interest at a rate determined by reference to the Applicable Alternate Rate.
Alternate Rate Loan means the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the Alternate Rate. “Anti-Money Laundering Laws” shall have the meaning assigned thereto in Section 6.28.
Alternate Rate Loan means the Loan at such time as interest thereon accrues at a per annum rate of interest equal to the Alternate Rate. “AML Laws” shall have the meaning set forth in Section 3.30 hereof.
Alternate Rate Loan means the Loan at such time as interest accrues at a rate per annum equal to the Alternate Rate Index plus the Alternate Rate Spread. “Alternate Rate Spread” means, following any conversion of the Loan to an Alternate Rate Loan, with respect to each Note or Note Component, the amount obtained by subtracting (x) the Alternate Rate Index, determined as of the final Interest Determination Date on which adequate and reasonable means existed for ascertaining LIBOR (or, if the Alternate Rate Index was not then available, the first day on which the Alternate Rate Index was available), from (y) the per annum interest rate payable in respect of such Note or Note Component while the Loan was a LIBOR Loan, determined as of the final Interest Determination Date on which adequate and reasonable means existed for ascertaining LIBOR; provided, however, that if the amount so obtained is a negative number, then such Alternate Rate Spread shall be zero. “Annual Budget” means a capital and operating expenditure budget for the Properties prepared by Borrower that specifies amounts sufficient to operate and maintain the Properties at a standard at least equal to that maintained on the Closing Date. “Anti-Corruption Obligations” means the U.S. Foreign Corrupt Practices Act of 1977 and all other applicable anti-bribery and corruption laws and regulations in the United States. “Applicable Index” means (x) while the Loan is a LIBOR Loan, LIBOR, (y) if and for so long as the Loan is converted to a Prime Rate Loan, the Prime Rate, and (z) if the Loan is converted to an Alternate Rate Loan, the Alternate Rate Index. “Applicable Spread” means, with respect to each Note or Note Component, (x) while the Loan is a LIBOR Loan, the applicable LIBOR Spread, (y) if and for so long as the Loan is a Prime Rate Loan, the applicable Prime Rate Spread, and (z) if the Loan is converted to an Alternate Rate Loan, the applicable Alternate Rate Spread. “Appraisal” means, with respect to each Property, an as-is appraisal of such Property that is prepared by a member of the Appraisal Institute selected by Lender, meets the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (FIRREA) and complies with the Uniform Standards of Professional Appraisal Practice (USPAP). “Approved Annual Budget” has the meaning set forth in Section 5.17. “Approved Management A...