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      When the benchmark in my loan is changed, will the “spread” over the benchmark also change?

      Yes, possibly. One of the overarching goals of the LIBOR transition is to ensure that there is no “value transfer” between two parties to a contract simply because the benchmark interest rate has changed. Since no replacement benchmark is the same as LIBOR, it is possible that a “spread adjustment” will be required to ensure there is no value transfer from one party to the other.

      Your Old National relationship manager will be able to answer any specific questions you may have about a spread adjustment that may be required on your loan.