Replacement Rate Loan definition
Examples of Replacement Rate Loan in a sentence
Notwithstanding the foregoing or anything herein to the contrary, provided Borrower makes any prepayment (whether voluntary or mandatory) of the SOFR Loan or a Benchmark Replacement Rate Loan, as applicable, on the last day of an Interest Period, or, following a Securitization, if such date is not the last day of an Interest Period but such prepayment includes the payment of any Interest Shortfall, then no Breakage Costs shall be due and payable in connection with such prepayment.
Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert (x) a SOFR Loan to a Benchmark Replacement Rate Loan or (y) a Benchmark Replacement Rate Loan accruing interest at a rate based upon the then-current Benchmark to a Benchmark Replacement Rate Loan accruing interest at a rate based upon the applicable Benchmark Replacement for the then-current Benchmark.
The Loan shall be converted, from and after the applicable Benchmark Replacement Date to a Benchmark Replacement Rate Loan accruing interest at a rate based upon the applicable Benchmark Replacement (the “Benchmark Replacement Conditions”).
In addition, for the avoidance of doubt, Borrower shall not have the right to affirmatively elect that any portion of the Loan be treated as a Benchmark Replacement Rate Loan or Prime Rate Loan, as applicable.
No prepayment fee shall be due with respect to any LIBOR Loans that are prepaid after May 31, 2011, and no prepayment fee shall to applicable to any prepayment of a Replacement Rate Loan.
Notwithstanding the foregoing, any Interest Period scheduled to end after the Maturity Date shall end on the Maturity Date; and (b) with respect to any Benchmark Replacement Rate Loan, the period beginning on (and including) the last day of the previous Interest Period and ending on (but excluding) the date one (1) month following the previous Interest Period.
For the avoidance of doubt, if at any time the circumstances giving rise to conversion of the Loan to a Base Rate Loan or a Replacement Rate Loan pursuant to the terms hereof, as applicable, are no longer in effect as reasonably determined by Administrative Agent, then the Loan will be converted back to a LIBOR Loan pursuant to the terms hereof.