Deleted Defined Terms. Effective as of March 1, 2023 (the "Interest Rate Effective Date"), the following definitions are hereby deleted from Section 1.1 of the Loan Agreement and all references in the Loan Documents thereto are hereby deleted in their entirety and are of no further force or effect: "LIBOR", "LIBOR Based Rate", and "LIBOR Rate". For purposes of clarification, until the Interest Rate Effective Date, interest shall continue to accrue at the rate(s) set forth in the Loan Agreement without taking into account the terms of this Agreement.
Appears in 1 contract
Sources: Modification Agreement (KBS Real Estate Investment Trust III, Inc.)
Deleted Defined Terms. Effective as of March 1, 2023 (the "Interest Rate Effective Date"), the following definitions are hereby deleted from Section 1.1 of the Loan Agreement and all references in the Loan Documents thereto are hereby deleted in their entirety and are of no further force or effect: "LIBORLIBOR Based Rate", "LIBOR Based RateBreakage Costs", and "LIBOR Rate". For purposes of clarification, until the Interest Rate Effective Date, interest shall continue to accrue at the rate(s) set forth in the Loan Agreement without taking into account the terms of this Agreement.
Appears in 1 contract
Sources: Modification Agreement (KBS Real Estate Investment Trust III, Inc.)