Benchmark Replacement Rate Loan definition

Benchmark Replacement Rate Loan means a Loan that bears interest at a rate based on the Benchmark Replacement.

Benchmark Replacement Rate Loan means the Loan at such time as interest thereon accrues at a rate of interest based upon any Benchmark other than the Term SOFR Reference Rate.

Benchmark Replacement Rate Loan means a Loan that bears interest at a rate based on the Benchmark Replacement. “Benchmark Transition Event” has the meaning assigned to such term in Section 3.7(g).

Examples of Benchmark Replacement Rate Loan in a sentence

• 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.

• 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.

• 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.

• 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.