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.
Examples of Alternate Rate Loan in a sentence
Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to elect to convert a LIBOR Rate Loan to a Base Rate Loan, or to convert a Base Rate Loan to a LIBOR Rate Loan or an Alternate Rate Loan.
During a Benchmark Unavailability Period, the component of the Interest Rate based on Term SOFR (or the then-current Benchmark if the Loan is then an Alternate Rate Loan) shall during such Benchmark Unavailability Period be replaced with the Prime Rate.
The Interest Rate of the Loan shall be based on: (A) the SOFR Rate with respect to the applicable Interest Period if the Loan is a SOFR Loan or (B) the Alternate Rate with respect to the applicable Interest Period if the Loan is an Alternate Rate Loan.
Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert (w) a LIBOR Loan to a Prime Rate Loan or an Alternate Rate Loan or (x) a Prime Rate Loan to a LIBOR Loan or an Alternate Rate Loan or (y) an Alternate Rate Loan to a LIBOR Loan or a Prime Rate Loan.
In the event the foregoing conditions shall be satisfied and the Loans are converted to Alternate Rate Loans as provided above, the Loans shall bear interest at the applicable Alternate Rate effective as of the first day on which the Loans are converted to the applicable Alternate Rate Loan.
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 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 rate of interest based upon the Alternate Rate. “Alternate Rate Spread” means, in connection with any conversion of the Loan from (a) a Term SOFR Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) Term SOFR as of the Determination Date for which Term SOFR was last applicable to the Loan plus the Spread minus (ii) the Alternate Rate Index as of such Determination Date, or (b) a Prime Rate Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) the Prime Rate Index as of the Determination Date for which the Prime Rate Index was last applicable to the Loan plus the Prime Rate Spread minus (ii) the Alternate Rate Index as of such Determination Date; provided, however, that in either such case, if such difference is a negative number, then the Alternate Rate Spread shall be zero. “Applicable Rate Index” means (i) Term SOFR for so long as the Loan is a Term SOFR Rate Loan, (ii) the Alternate Rate Index for so long as the Loan is an Alternate Rate Loan or (iii) the Prime Rate Index for so long as the Loan is a Prime Rate Loan. “Appraisal” means a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared by an appraiser directly engaged by Lender, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including 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), (iii) has been prepared on “as-stabilized” basis, (iv) has been prepared not more than sixty (60) days prior to the relevant date and (v) has been reviewed as to form and content and approved by Lender, in its reasonable discretion. “Approved Accounting Method” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to...
Alternate Rate Loan as defined in subsection 3.18.
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 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...
Alternate Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon the Alternate Rate. “Alternate Rate Spread” means, in connection with any conversion of the Loan from (a) a Term SOFR Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) Term SOFR as of the Determination Date for which Term SOFR was last applicable to the Loan plus the Spread minus (ii) the Alternate Rate Index as of such Determination Date, or (b) a Prime Rate Loan to an Alternate Rate Loan, the difference (expressed as the number of basis points) of (i) the Prime Rate Index as of the Determination Date for which the Prime Rate Index was last applicable to the Loan plus the Prime Rate Spread minus (ii) the Alternate Rate Index as of such Determination Date; provided, however, that in either such case, if such difference is a negative number, then the Alternate Rate Spread shall be zero. “Applicable Rate Index” means (i) Term SOFR for so long as the Loan is a Term SOFR Rate Loan, (ii) the Alternate Rate Index for so long as the Loan is an Alternate Rate Loan or (iii) the Prime Rate Index for so long as the Loan is a Prime Rate Loan. “Appraisal” means a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared by an appraiser directly engaged by Lender, (ii)
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 for the Note (or each Component, as applicable).